The Far East Gold story is gathering pace, and not just because the company’s share price has soared since floating in March.
After recently raising $2.1 million through an institutional placement, Far East Gold has come up with another $2.8 million through a share purchase plan (SPP), which has just been extended from Wednesday December 7 to Monday December 12.
This exceeds Far East Gold’s goal of $1.5 million and provides a financial boost as the company continues exploration activities at its fancied Woyla gold project in Indonesia.
Far East Gold said the SPP, which is priced at $0.50 per share, was extended to allow shareholders additional time to complete applications following postal delays.
As part of the SPP, the company is offering shareholders the opportunity to apply for up to $30,000 of new shares.
Woyla represents one of the most prospective undrilled gold projects in Indonesia, boasting early potential for bonanza-grade epithermal-style veins.
Far East Gold gained permission to drill Woyla in September, achieving a feat neither Barrick Gold nor Newcrest Mining were able to accomplish.
Having identified four main epithermal vein systems at Woyla, Far East Gold has targeted the Anak Perak and Rek Rinti prospects to begin with.
Far East Gold has completed the first three drill holes of a planned five-hole, 1120m initial diamond drill program at Rek Rinti, while 16 holes of a planned 18-hole, 2560m initial diamond drill program have been completed at Anak Perak.
Visible gold- and silver-bearing minerals associated with ginguro bands have been observed in the drill core of RRD004 at Rek Renti, while Anak Perak intersections show consistent width along 700m of strike length and indicate the zone was the site of repeated and superimposed vein and breccia development.
Rek Rinti and Anak Perak boast unique characteristics. Anak Perak is a long and wide quartz vein system that’s a 4.7km road of quartz, while Rek Rinti is a 1.5km vein system with lots of little vein shoots.
Each prospect is demonstrating potential at depth, with drilling conducted to depths of hundreds of metres.
“The earlier holes we did at Anak Perak were quite high in the system,” Far East Gold chair Paul Walker told Australian Resources & Investment.
“The next six were about 100 to 150 metres lower in elevation, and then Rek Rinti is another couple 100 metres lower again. So we’re seeing quite different features the deeper in the system we go which is very encouraging.”
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