In more good news for Far East Gold Ltd (ASX: FEG), the mining exploration company has announced it is extending the Phase 2 scout drill program at the highly prospective Woyla Copper Gold Project for an additional 2,000m.
This follows excellent high-grade, wide zone drill results from the Pertama vein at Rek Rinti in Indonesia.
This strategic move reflects the company’s commitment to harnessing the full potential of the 24,260-hectare contract of work at Woyla. The project is located in the Aceh region of North Sumatra, Indonesia, where Australian companies have been trying to drill since the early 1990s with limited success.
Far East Gold’s Phase 2 program has so far completed 68 holes totalling 10,790m of diamond drilling across the Anak Perak, Aloe Eumpeuk and Rek Rinti Prospect areas within Woyla. These priority prospects have walk-up drill targets, which have been developed based on results from previous work by Barrick Gold and Newcrest.
The expanded Phase 2 drill program will further test the Pertama vein ‘sweet spot’ at Rek Rinti, which will also include an initial evaluation of interpreted Unmanned Aerial Vehicle ( UAV) magnetic anomalies within the Rek Rinti vein system.
About 85% of the UAV survey has already been completed.
Join an investor briefing with Chairman of Far East Gold, Paul Walker, next Wednesday 27th September at 12pm (AEST) to hear more on the progress and potential at Woyla. Register here.
Image: Rek Rinti prospect plan, Far East Gold.
The Phase 2 drill program at Rek Rinti intersected a wide zone of “significant mineralisation” within the Pertama vein southwest of the Agam zone ¹, showing the existence of a high grade gold and silver sweet spot.
Two drill holes (RRD019 and RRD020) intersected high-grade gold and silver mineralisation within multiphase massive quartz veins and stockwork quartz veins.
These significant assay intersections included 2.2m @ 4.06g/t gold, 65.1g/t silver (4.84g/t gold equivalent) from 38 – 40.2m across a 34.7m wide zone from 31.8m – 66.5m. As well as 5.5m @ 4.16g/t gold, 49.8g/t silver (4.76g/t gold equivalent) from 59.4m – 64.9m across a 38.1m wide zone. Both zones remain open to depth and along strike.
The company has maintained that the Woyla Project represents “one of the most prospective undrilled gold properties in Indonesia with potential for high-grade bonanza style epithermal-type veins and proximal porphyry and skarn-type copper-gold deposits.”
Far East Gold holds a 51% interest in the Woyla project, which will increase to 80% upon completion of a feasibility study and definition of a maiden JORC resource estimate for the project.
The company expects the extended Phase 2 program will be completed by the end of 2023.
Join an investor briefing with Chairman of Far East Gold, Paul Walker, next Wednesday 27th September at 12pm (AEST) to hear more on the progress and potential of Woyla. Register here.
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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