Far East Gold (ASX:FEG) has begun maiden scout drilling along the ‘highly prospective’ Victory Vein at the Aloe Rek prospect in Indonesia.
The $37.35 million market capitalisation company says this round of drilling is the first type of drilling ever embarked on at Victory Vein in the prospect’s history.
Victory Vein was top priority for gold and copper producer Barrick (NYSE:GOLD) during its historical ownership period.
Drilling began on 2 March and comprises 9 holes for 1,500m designed to test the Victory vein zone with 100m spaced drillholes over a strike length of 500m and to a vertical depth of about 120m.
Previous soil sampling has ouitlined a gold-arsenic anomaly coincident with the vein system where the gold anomaly is up to 70m wide over a strike length of 900m with anomalous arsenic values over an area up to 200m wide.
CEO Shane Menere says: “We are extremely excited to have drill turning at Aloe Rek. The Victory Vein surface sampling, mapping, and subsurface work, has shown us bonanza gold grades up to 76g/t, and significant vein width up to 70m wide.
This milestone serves as yet another testament to the exceptional capabilities of our team in achieving in-country objectives where others have fallen short. It underscores our unwavering commitment to surpassing challenges and delivering tangible results.”
Far East Gold is an Australian junior explorer with a portfolio of 6 copper and gold projects in Indonesia and Australia.
The company’s Woyla Copper Gold Project is a 24,260 hectare, 6th generation conotract of work located in the Aceh region of North Sumatra, Indonesia. Far East Gold holds a 51% interest in the project that will increase to 80% upon completion of a feasibility study and definition of a maiden JORC resource estimate for the project.
Write to Adam Drought at Mining.com.au
Images: Far East Gold
