One of 2022’s best performing IPOs continues to uncover extensive zones of high-grade gold and silver at the Woyla project, where a maiden resource is due out “ASAP”.

FEG listed earlier this year with a 1Moz and growing gold resource at the ‘Wonogiri’ project in Indonesia.

There’s also ‘Trenggalek’, where more than 17,700m of drilling has been carried out to date, and ‘Woyla’, a project previously held by Barrick Gold and Newcrest.

In September, Far East Gold (ASX:FEG) commenced initial drilling at the Anak Perak prospect within the Woyla Contract of Work (COW) area.

This is the first drilling to be conducted at Woyla since initial exploration by Barrick in 1997. Initial results have been outstanding.

The company has now identified four main epithermal vein systems; Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek which have a combined strike length of 13,000m.

Each vein system comprises several separate quartz vein-breccia zones.

Bonanza grade discoveries

The preliminary results announced today included bonanza grade gold and silver assays from three separate holes drilled at the Anak Perak and Rek Rinti vein systems.

Highlights include bonanza grades of 78g/t gold and 631g/t silver over 0.5m at Rek Rinti, and a high of 24.91g/t gold and 25.2g/t silver at Anak Perak.

Far East Gold considers each hole to represent a discovery, effectively confirming the potential for delineation of a significant gold–silver resource at Woyla.

The mineralised zones intercepted remain open along strike and to depth, it says.

The company is aiming to conclude the Phase 1 drill program at Anak Perak and Rek Rinti by the end of 2022.

“It is very exciting for the company that our Phase 1 drill program has successfully produced a discovery hole in three different veins from two separate vein systems,” FEG CEO Shane Menere says.

“This confirms our belief that Woyla has the potential to host a significant high-grade epithermal gold-silver resource.

“Our aim is to advance these discoveries to a maiden JORC resource estimate as quickly as possible.”

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.

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