Far East uncovers signs of free gold at Woyla ahead of maiden drilling in Indonesia
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While Far East will soon drill its Woyla copper-gold project in Indonesia, petrographic studies of vein material has highlighted the presence of free gold associated with sulphides.
The studies of samples collected from the Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek low sulphidation epithermal vein systems corroborate a previous petrographic study by Newcrest on the Aloe Rek vein system that also identified gold associated with sulphides.
Importantly for Far East Gold (ASX:FEG), the results confirm the presence of high-grade gold and silver mineralisation associated with ginguro banded quartz within all of the defined Woyla vein systems.
Ginguro bands are an important textural feature common to high grade vein deposits such as Gosowong in Indonesia (6Moz gold at grades of 20g/t to 40g/t) and Hishikari in Japan (8Moz gold at grades of 30g/t to 40g/t).
With the unique quartz texture characteristics associated with zones of high-grade gold and silver now confirmed within all four of the vein prospects, the find is a hint that the upcoming drilling could discover multiple zones of high-grade mineralisation.
That the company recently extended the defined epithermal strike length across the four prospects from 5,000m to 13,000m, which remain open in all directions, certainly doesn’t hurt either.
Confirming the presence of gold is timely given that the company recently completed upgrades to critical site infrastructure including an upgrade and expansion of the site camp and upgrading access roads to enable mobilisation of drill rigs.
That Far East secured the UKLUPL permit and is now in the final process of permitting to allow drilling for the first time in the project’s history, is also a milestone in itself given that previous major explorers such as Barrick Gold and Newcrest were never granted the opportunity to do so.
A contract has been signed with Omega Drilling for the first phase of the drill program, which will be carried out in collaboration with the Geological Agency of the Indonesian Government’s Ministry of Energy and Mineral Resources at the Anak Perak prospect.
The agency is currently completing Induced Polarisation Survey works at the prospect, which are expected to be completed by mid-August though progressive reports are expected from early July.
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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.