ASX-listed copper-gold exploration company Far East Gold (ASX:FEG) has identified visible gold and electrum following a phase two resource delineation drill program at the Rek Rinti and Aloe Eumpeuk prospects within its Woyla Project in Indonesia.
The company says visible gold and electrum along with other sulphides were identified within a quartz vein intersected in drillhole AGM007, which was drilled as part of a phase two drilling program focused on the Agam Zone within the Rek Rinti prospect area.
In addition, the presence of these elements confirms a lateral extension of ‘high-grade’ mineralisation within the Agam Zone.
In addition, the presence of these elements confirms a lateral extension of ‘high-grade’ mineralisation within the Agam Zone
Far East notes the mineralisation occurs within narrow ginguro bands in massive quartz, which is consistent with ‘bonanza’ gold (Au) and silver (Ag) mineralisation observed within ginguro bands intersected in phase one scout drillhole RRD004 about 50m northeast of AGM007 along strike.
The company also notes further coarse visible gold was identified within samples gathered from artisanal mining pits following recent mapping at the Aloe Eumpeuk prospect ahead of a planned maiden scout drilling program being undertaken 1.5km to the southwest of the Rek Rinti vein system.
Drilling has been designed to follow-up on 2 ‘high-grade’ veins extending for about 300m along strike discovered in 1997, and previous samples gathered by Far East which returned gold and silver grades up to 63g/t Au and 1,179g/t Ag.
The drill program represents the first ever drilling of this prospect and is expected to comprise 6 holes for 650m, with drilling expected to begin before the end of March 2023.
Far East Gold is an ASX-listed company with 6 advanced projects situated across Australia and Indonesia included within its exploration arsenal. The company’s Woyla project comprises a total landholding of 24,260 hectares, as well as a sixth-generation contract of work located in the Aceh region of North Sumatra, Indonesia.
The company currently holds a 51% interest in the project that will increase to 80% upon the company’s completion of a Feasibility study and definition of a maiden JORC Mineral Resource Estimate (MRE) for the project.
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