Far East Gold (ASX:FEG) plans to continue detailed mapping and surface rock sampling to define targets for drill testing within the Victory vein system at the Aloe Rek prospect in Indonesia.
This follows the company completing a 12-hole for 1,884m maiden scout drilling program at the Woyla Copper Gold Project, with drillhole ARD-009 returning one of the project’s best cumulative gold metre intercepts to date.
Far East Gold, which has a market capitalisation of $45 million, reports hole ARD-009 returned 20m @ 7.57 grams per tonne (g/t) gold, 8.5g/t silver from 67.5m to 87.5m, including 3.3m @ 31.64g/t gold, 26.8g/t silver from 75.8m to 79m.
The gold mineralisation intersected in hole ARD-009 is associated with high concentrations of arsenic and antimony with assays of up to 9.8% arsenic and 0.24% antimony.
This association supports Far East Gold’s interpretation that the level of exposure of the Aloe Rek vein system reflects a “high level” of formation within Woyla’s epithermal system.
Far East Gold to define Victory targets
CEO Shane Menere says the project continues to reveal more of why it was historically considered among the “best” undrilled prospects in Southeast Asia.
“Far East Gold was first to drill and develop the project, and it certainly has not disappointed,” Menere says.
“These latest high-grade results combined with sizable meterage at the drill tip, confirm what Barrick suspected when it targeted Aloe Rek as its top ranked prospect area. This is exciting times for Far East Gold as it hits its targets and unlocks value in its portfolio of world-class gold and copper assets.”
The company notes the Aloe Rek prospect remains open at depth and along strike to the south.
Grab samples have been taken from exposed veins about 600m to the south of the drilled holes along strike of the Victory vein returning assays of 15.6g/t gold and 25.8g/t silver. The company says this suggests the possibility for further gold extensions to the south.
Aloe Rek lies 1.5km south of the Aloe Eumpeuk prospect area, where gold-silver was intersected during an initial 30 scout drilling program completed in August 2023.
Far East Gold is a copper and gold explorer focused on its six advanced projects across Australia and Indonesia.
Write to Aaliyah Rogan at Mining.com.au
Images: Far East Gold
