Rich vein: Far East wins drilling rights over Aceh gold prospect
Newly-listed Brisbane company Far East Gold has cracked the bureaucracy of Indonesia to achieve something that Barrick Gold and Newcrest failed to achieve.
Far East has earned the right to drill the Woyla copper gold prospect.
FEG’s shares shot up 6 per cent this morning after it said it had been granted environmental approval by Indonesia for advanced exploration of the highly prospective Woyla copper gold project.
The project, in the Aceh province, was combed over by Newcrest and Barrick previously but they failed to get environmental approval and drilling has never been done.
However, it has been regarded as one of the most promising prospects in South-East Asia based on early exploration including rock chip samples which delivered grades of up to 119 grams per tonne of gold and 1179 g/t of silver.
Within Woyla is the Anak Perak vein system which FEG’s mapping and sampling has identified as 4700m of strike, with mineralisation remaining open.
The environmental approval covers four areas, including Anak Perak and totals 7529 ha.
FEG said the approval would allow for geological mapping, rock and soil sampling, airborne magnetics geophysics induced polarisation surveys, trenching and drilling.
FEG said it would lodge an application that would allow drilling on forest designated land.
