With its Indonesian projects on the boil, Far East still has momentum back in Australia
While its Indonesian gold projects remains top of mind for Far East, its Australian operations have not been neglected with Phase 1 earn-in obligations met on all three projects.
This work, which included the Phase 1 drill program at the Hill 212 gold project and the MIMDAS geophysical survey at the Mount Clark West copper-gold project, were required to maintain the company’s interest in the three projects in Queensland.
Far East Gold (ASX:FEG) has also decided to proceed with the next stages of the earn-in agreements and has defined a conceptual Exploration Target of between 400Mt and 650Mt grading 0.4% to 0.6% copper equivalent at Mount Clark West.
This was developed using the recent MIMDAS deep ground penetrating geophysics survey combined with previous stream sediment sampling, soil sampling, rock chip sampling, field mapping, detailed ground magnetic survey, induced polarisation survey and diamond core drilling.
Meanwhile, the 11 hole reverse circulation drill program at Hill 212 has improved the company’s understanding of the nature of the mineralisation of the project’s vein system and identified further areas for additional exploration.
Mount Clark West covers 1,912 hectares in central Queensland about 24km north of Nebo on the geological boundary of the Connors Arc Carboniferous volcanic rocks to the east with the overlying Bowen Basin Permo-Triassic sediments to the west.
The Connors Arc is known to be prospective for, and host to large (>1Moz) epithermal-type gold -silver deposits including the high-sulphidation type Mt. Carlton deposit to the north and the low-sulphidation type Cracow deposit to the south.
Previous drilling by Medusa Mining between 2018 and 2019 returned a 104m intersection grading 0.1% copper including 14m at 0.23% copper.
Despite this, the district has not been effectively explored for associated porphyry-type copper-gold mineralization which is the focus of the company’s exploration efforts.
The company is designing a drill program to confirm the presence of porphyry-type mineralisation by targeting specific geophysical anomalies.
Hill 212 is an advanced gold project covering 1,920 hectares in the Drummond Basin within the same geological region as the Pajingo Gold Mine which has produced over 3Moz of gold at 10g/t.
It contains low sulphidation type epithermal gold-silver mineralization within quartz veins and breccias up to 8 metres in width, which are contained within a northeast-trending structural corridor that can be traced for 10,000m.
Just 2,500m of this corridor has been mapped or sampled with spectral mapping identifying numerous mineral anomalies along the trend of the corridor extending northeast towards the company’s Blue Grass Creek project tenement.
Far East will soon start detailed surface mapping and sampling across the areas outside the current mapped area to properly assess the gold potential of the defined structure.
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.