Far East Gold secures environmental approval from Indonesian Government to advance exploration at Woyla
Far East Gold says Woyla is “one of the most highly prospective undrilled copper-gold projects in South East Asia”.
Far East Gold (ASX: FEG) has gained environmental approval from the Indonesian Government to undertake drilling at its Woyla copper-gold project, which was previously explored by Barrick Gold and Newcrest Mining (ASX: NCM).
Despite Barrick and Newcrest exploring Woyla previously, Far East says it is the only company to secure an environmental authority from the Indonesian Government to drill the project.
Drilling approval covers 7,529 hectares of ground within the project and covers the four main epithermal prospect areas: Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek. Approval is also given for the Lower Beurieung porphyry target.
Far East noted government approval also covered geological mapping, rock and soil sampling, airborne magnetics, induced polarisation surveys, and trenching.
Another application will be lodged with the Indonesian Government to carry out drilling on forest designated land within the Woyla project.
Meanwhile, exploration activities will progress on non-forest land in the northern section of the Anak Perak prospect.
Woyla copper-gold project
Far East describes Woyla as “one of the most highly prospective undrilled copper-gold projects in South East Asia”.
“This is the first time in the history of the Woyla project that the Indonesian Government has granted an environmental authority for drilling to occur on the site.”
Woyla covers 24,260ha and is governed by a contract of work agreement, which is valued for 30 years from the start of production and can be extended.
Far East pointed out a contract of work is a specific form of Indonesian mining tenure that affords Woyla with the “highest level of rights and protections” available to a mining company.
Prior to Far East’s ownership, Barrick explored Woyla from 1996 to 1998, then Newcrest picked up the asset and evaluated it between 1999 and 2002.
This historical exploration included an aeromagnetic and radiometric survey, Landsat TM-based lithostructural interpretations, regional stream sampling and mapping, petrographic investigations, anomaly follow-up prospecting and soil and trench sampling.
Since then, Far East has built on prior results including delineating the known epithermal vein system to 13,000m.
Bonanza grade gold and silver have also been identified with peak assays for 119 grams per tonne gold and 1,179g/t silver.