Far East Gold (ASX:FEG) vectors toward Indonesia’s Victory Vein

Far East Gold (ASX:FEG) vectors toward Indonesia’s Victory Vein

March 7, 2024 Off By Jack Baker

Far East Gold has turned the drill toward the Aloe Rek prospect and a highly prospective Victory Vein once a top target for Barrick, as the company continues work on its drill-approved Woyla copper-gold project in Indonesia.

Both multi-billion-dollar gold titans Barrick and Newcrest failed to get approvals for Woyla, but a landmark decision from Jakarta opened the gates for junior Far East to get cracking on four drill-ready prospects and bonanza-grade gold.

Historical work from the majors interpreted Aloe Rek as a middle-to-high-level low-sulfidation epithermal vein system, with soil sampling since showing a coincident gold-arsenic anomaly up to 70 metres wide over a strike length of 900m.

Far East has continued to be impressed from multiple bonanza gold and silver strikes from early drilling across Woyla, and has now begun an expanded nine-hole 1500m diamond campaign with a view toward its maiden resource.

The company’s Chief Executive Officer Shane Menere said the company was excited to have the drills turning at Aloe Rek.

“The Victory Vein surface sampling, mapping and subsurface work, has shown us bonanza gold grades up to 76 grams per tonne, and significant vein width up to 70 metres wide,” Menere said.

“This milestone serves as yet another testament to the exceptional capabilities of our team in achieving in-country objectives where others have fallen short.

“It underscores our unwavering commitment to surpassing challenges and delivering tangible results.”

Indonesian ounces

Home to the world’s largest industrial gold mine, Indonesia’s once-boutique gold sector has been scaling up over the past decades, and the nation is now the world’s sixth largest producer.

Far East saw an attractive opportunity if it could succeed where the majors failed in permitting, eyeing off a fast-growing economy with large mineral reserves and low operating costs.

The Brisbane and Jakarta-based company put its team together with an onus on extensive Indonesian mining experience and is increasingly confident that Woyla holds the economic grades for it to establish a highly profitable gold mine.

Far East currently holds 51 per cent of Woyla, a figure which will increase to 80% after receipt of a feasibility study and a maiden JORC resource.

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