Results are in: Viable drill targets identified in two areas at Woyla

Junior gold explorer Far East Gold has revealed a “significant outcome” for its Woyla project following the company’s first-ever Induced Polarisation geophysics survey at the site

Junior gold explorer Far East Gold has revealed a “significant outcome” for its Woyla project following the company’s first-ever Induced Polarisation geophysics survey at the site.

Initial results of the survey – which is being carried out with the Geological Agency of the Indonesian Government’s Ministry of Energy and Mineral Resources – have confirmed viable drill targets at both the Anak Perak North Zone and the Anak Perak Main Zone.

This provides Far East Gold (ASX: FEG) with optionality on where to start drilling for the first time in the history of the copper-gold project, located in Indonesia’s Aceh Province.

The company’s application for an Izin Persetujuan Penggunaan Kawasan Hutan (IPPKH) – a ‘borrow-use’ licence for drilling on forest-designated land – is progressing and once received will allow Far East Gold to drill the Anak Perak Main Zone.

The Anak Perak North Zone, meanwhile, is located on non-forest-designated land, meaning the company is able to start drilling in that location without an IPPKH.

Far East Gold recently announced a drilling contract had been signed with Omega Drilling, which has since mobilised the first drill rig to the Woyla project’s base camp.

The highly prospective Woyla site has previously been explored by major players Barrick Gold and Newcrest – however, neither were able to get the required permits to progress to drilling.

Recent exploration by Far East Gold has returned results of up to 119 g/t Au and 1179 g/t Ag within epithermal vein systems.

“Woyla is one of the most highly prospective undrilled copper-gold projects in South-East Asia,” chairman Paul Walker noted recently. “It represents an opportunity for Far East Gold to secure its place alongside globally significant explorers.”

Woyla includes three porphyry anomalies and four epithermal gold prospect areas that have a combined defined strike length of over 13km, with the Anak Perak prospect area comprising an epithermal vein system over a 4.7km strike.

The recent survey has clearly defined the extent of the Anak Perak Main Zone vein, confirming the vein is as previously mapped on surface while also suggesting the presence of a second vein that occurs as an offshoot from the main vein zone, which the company was previously unaware existed.

With confirmation the two Anak Perak zones represent robust drill targets, Far East Gold has taken a further step towards conducting its initial diamond drill program to test the resource potential of the epithermal vein system.

Join an investor briefing with chairman Paul Walker tomorrow, Thursday 11th August at 12pm (AEST), to hear more about Far East Gold’s progress. Click here to register.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Far East Gold Ltd and may receive fees for its services.

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