Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has fielded additional high-grade gold assay results – including 20 metres at 7.57 g/t gold from the Victory vein – in its maiden scout drilling program at the Woyla Copper Gold Project’s Aloe Rek prospect area.
The project is a highly prospective undrilled copper-gold play in Aceh, Indonesia, with the 20-metre intersection in hole ARD-009 also including 8.5 g/t silver for 7.67 g/t gold equivalent from 67.5 metres and within this was 11 metres at 13.45 g/t gold and 13.68 g/t silver from 70.5 metres and 3.3 metres at 31.64 g/t gold and 26.8 g/t silver from 75.8 metres.
Long, open strike
The finds have increased the project’s total strike length to 18.5 kilometres, with the deposit remaining open at depth and along strike to the south.
And the latest assays, particularly from diamond drill hole ARD-009, have yielded significant gold and silver mineralisation, positioning the project for further exploration and potential resource expansion.
CEO Shane Menere said: “Woyla continues to reveal more of why it was historically considered one of the best undrilled prospects in SE Asia.
“FEG was first to drill and develop the project and it certainly has not disappointed.
“These latest high-grade results combined with sizeable meterage at the drill tip, confirm what Barrick suspected when it targeted Aloe Rek as its top ranked prospect area.
“These are exciting times for FEG as it hits its targets and unlocks value in its portfolio of world-class gold and copper assets.”
Strong results
Among the other results were highlights such as:
- ARD-003 – 3.4 metres at 6.68 g/t gold and 7.81 g/t silver (6.77 g/t gold equivalent) from 68.5 metres, including 0.7 metres at 30.05 g/t gold and 21.9 g/t silver from 70.2 metres; and
- ARD-007 – 18.5 metres at 1.38 g/t gold and 3.84 g/t silver (1.43 g/t gold equivalent) from 17.9 metres, including 2.4 metres at 3.41 g/t gold and 1.35 g/t silver from 18.9 metres, and 1.4 metres at 4.89 g/t gold and 10.67 g/t silver from 35 metres.
Grab samples taken from exposed veins 600 metres south of the drilled holes have returned assays of 15.6 g/t gold and 25.8 g/t silver, indicating further potential for high-grade gold extensions.
The 12-hole drilling program for 1,884 metres continues to build on earlier findings, including thick high-grade gold intercepted in ARD-001, which returned 5 metres at 2.36 g/t gold and 10 g/t silver from 46 metres, and 12.4 metres at 5.59 g/t gold and 25.3 g/t silver from 82.3 metres.
The project is also expected to host high-grade epithermal and porphyry deposits.
Far East Gold holds a 51% interest, which will increase to 80% upon completion of a feasibility study and definition of a maiden JORC resource estimate.
Q&A session
Far East Gold’s CEO Shane Menere will be joined by non-executive chairman Justin Werner for an online Q&A session tomorrow, Tuesday, July 23, at 12.00pm AEST.
Book your spot or request a replay here: https://fareastgold.investorportal.com.au/investor-briefing/