Two gold stocks to watch today
Far East Gold (ASX:FEG) wins key Indonesian approval; Vango Mining (ASX:VAN) flags RC campaign
Source: File photo
Mentioned
KEY POINTS
- Far East Gold is up 6% to 35c in morning trade as the company highlights its receipt of key environmental approvals from the Indonesian government for the Woyla copper-gold project
- Vango Mining and JV partner Lodestar Minerals have announced today the company will begin drilling a 1,200m space between two successful drill-holes, chasing up a magnetic anomaly
Far East Gold (ASX:FEG)
Far East Gold (ASX:FEG) is up 6% to 35c in morning trades as the company announces its receipt of environmental approvals for advanced gold exploration activities on-site its 24,260 hectare acreage in Aceh, Indonesia.
The approval today allows Far East to commence exploration activities with 7,529ha of the Woyla Project tenement; that parcel includes the four main target areas (Anak Perak, Rek Rinti, Aloe Eumpeuk and Aloe Rek,) as well as the accessory Lower Beurieung porphyry target.
Specifically, the company is now permitted to carry out geological mapping, surface sampling, airborne magnetic surveys, trenching, and of course, drilling.
This month the company is to lodge a separate application that will enable it to carry out drilling in an area of the project classified as designated forest, minimising compliance risk for the company's forward operations. Far East claims it is still largely unimpeded from carrying out works in the same area without this application having been executed.
The Woyla Copper-Gold Project is a well-explored area of Indonesia that has formerly attracted the attention of Newcrest (ASX:NCM) and Aurora Gold.
The company's geologists believe total strike length of known geological vein systems to extend up to 13km.
(Source: Far East Gold) The company's 3 month charts compared to the materials index
Vango Mining (ASX:VAN)
Vango Mining (ASX:VAN) has seen its JV partner Lodestar Mineral (ASX:LSR) provide an update to the partnerships' Ned's Creek JV gold drilling project with significant anomalies discovered in re-sampled drill holes.
Samples went missing in transit and were ultimately not delivered to a laboratory on the first attempt.
The partnership now reports results indicating considerable intersections, albeit, of low grade. In the Central Park target in drill hole LNRC099, the partnership found 10m @ 0.86 grams of gold per tonne.
At the Contessa target, the players hit 17m @ 0.7g/t.
Of most interesting note, however, is that the partnership will now proceed to extending an RC drilling campaign over a 1.2km area between Contessa and Central Park, chasing up on previously identified magnetic anomalies.
(Source: Lodestar Minerals) Magnetic imagery of the partnerships' 1.2km area of interest
