One drill hole has been the star performer for Far East Gold in its maiden drill program at the Woyla project in Indonesia, delivering a series of significant assays.
After returning bonanza grades of 78 grams per tonne (g/t) and 631g/t silver over 0.5m (from 108.6m) from initial findings, drill hole RRD004 has followed up with strong gold equivalent (AuEq) results of 3.43g/t AuEq over 30m (from 98–128m).
This included 8.9g/t AuEq over 8.1m (102.4–110.5m) and 27g/t AuEq over 2m (108–110m). A deeper intercept of 2.1g/t AuEq over 4m also occurred from 147–151m.
Targeting Woyla’s Rek Rinti prospect, RRD004 was drilled to test a projected vein occurrence to the southeast of holes RRD001–003, with assay results indicating multiple zones of gold and silver mineralisation which are open along strike and to depth.
RRD004 intersected a 61m wide zone of massive quartz from 98–159m, representing an apparent true width of approximately 56m. RRD004 has also showed a very rare occurrence of fine-grained electrum mineralisation at 108.8m downhole in a narrow zone of ginguro-banded quartz. This was associated with the 78g/t assay.
Far East Gold plans to complete diamond drilling as part of Woyla’s Phase 1 drill program by the end of 2022.
The company recently reported findings of three ‘discovery holes’ across Woyla’s Rek Rinti and Anak Perak prospects.
Alongside RRD004’s success, RRD003 intersected 59g/t gold over 1m (from 192m). Significant assays from Anak Perak drill holes APD001–011 included 3.2g/t gold and 10.4g/t silver over 10.75m (from 49.35–60.1m), including 7.8g/t gold and 17.5g/t silver over 3.5m (from 50–53.5m).
“It is very exciting for the company that our Phase 1 drill program has successfully produced a discovery hole in three different veins from two separate vein systems,” Far East Gold chief executive officer Shane Menere said.
“This confirms our belief that Woyla has the potential to host a significant high-grade epithermal gold-silver resource. Our aim is to advance these discoveries to a maiden JORC resource estimate as quickly as possible.”
Far East Gold raised $4.4 million in a share purchase plan (SPP) that closed on Monday December 12, far exceeding its goal of $1.5 million.
Priced at $0.50 per share, the SPP provides a financial boost as Far East Gold continues exploration activities at its fancied Woyla gold project in Indonesia.
“We are overjoyed to have seen such strong support from shareholders for our SPP,” Far East Gold chair Paul Walker said.
“The $6.5 million raised from both the recent placement and the SPP will enable us to progress exploration activities at the Woyla project, where … bonanza gold and silver grades have been received in the first round of assays.”
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