Far East Gold (ASX:FEG) has received assay results that reveal a ‘high-grade’ gold and silver sweet spot at the Rek Rinti prospect within the Woyla Project in Southeast Asia.
The phase two drilling program at Rek Rinti intersected a zone of ‘significant’ mineralisation within the Pertama vein southwest of the Agam zone, says the $52.80 million market capitalisation company.
Drillhole RRD019 recorded 2.2m @ 4.06g/t Au, 65.1g/t Ag from 38m to 40.2m, including 1.3m @ 6.13g/t Au, 65.9g/t Ag from 38.9m, and 0.4m @ 9.26g/t Au, 61g/t Ag from 39.8m.
Meanwhile drillhole RRD020 recorded with 5.5m @ 4.16g/t Au, 49.8g/t Ag from 59.4 to 64.9m, including 2.6m @ 5.81g/t au, 71.3g/t Ag from 59.4m and 1m @ 9.21g/t Au, 96g/t Ag from 60m.
Commenting on the drill results, Far East Gold Chief Executive Officer (CEO) Shane Menere says: “We have been excited by the numerous bonanza grade gold and silver assay results so far from our initial scout drilling at Woyla.
These previous results, coupled with the recent discovery at Rek Rinti of a nearly 40m wide zone of significant and consistent mineralisation from 2 drillholes in a relatively untested quartz vein confirms the remarkable prospectivity of the Woyla Project.
The company continues to build positive results as we increase our understanding of the extensive vein system at the company’s potential tier one Woyla Project.”
Far East Gold’s share price has increased 9.76% at $0.225 as of 2:20pm AEST today (5 September).
Drillholes RRD019 and RRD020 indicate there is a central core of massive to vuggy, chalcedonic and colloform-banded quartz that hosts ‘high-grade’ gold and silver mineralisation in this location of the Pertama vein.
Both holes had sections of core loss due to cavities associated with historic artisanal mining activities, totalling 5.5m and 6.9m.
Far East Gold is an ASX-listed exploration company, with a portfolio of 6 advanced copper and gold projects, located in Indonesia and Australia. As of 30 June 2023, the company had $3.9 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Far East Gold
