This is the first time in the history of the Woyla Copper-Gold Project that the Indonesian Government has granted an IPPKH to enable drilling on the project.
The IPPKH is an administrative authority required for advanced exploration activities to take place on the forest designated section of the tenement, including the Anak Perak Main Zone area.
Woyla was previously explored by major companies such as Barrick Gold and Newcrest, however in the 25-year history of the project no other company has been able to achieve this important milestone.
Far East Gold (ASX:FEG) has worked hard to extend the total strike length of known epithermal vein systems to 13,000m across its four priority prospect areas, which have returned bonanza grade assay results of up to 119g/t gold and 1,179g/t silver.
These high grades occur within vein samples exhibiting ginguro bands, which are an important textural feature common to high-grade vein deposits such as Gosowong in Indonesia (6Moz gold at grades of 20-40g/t) and Hishikari in Japan (8Moz gold at grades of 30-40g/t).
Shares in Far East Gold were trading up 18% in morning trade.
What’s next?
Plans are in place to carry out diamond drill program, testing the resource potential of the 4,700m Anak Perak epithermal vein system in the Anak Perak North Zone on non-forest designated land.
With the granting of the IPPKH, the company can also now proceed to drill the remaining three priority prospect areas.
Further afield
The Woyla Project is just one of Far East Gold’s six advanced gold copper projects across Australia and Indonesia.
Join a briefing
Join Chairman Paul Walker for an online investor briefing on Friday 16th September at 11am (AEST) where he will discuss the progress made on the Woyla project and provide an update on activities. Click here to register.
This article was developed in collaboration with Far East Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.