Woyla Project Update: Drilling Commenced

Far East Gold Limited (FEG or the Company) is pleased to announce that on 18 September 2022, Phase 1 of the diamond drilling program for the Anak Perak prospect at the Company’s Woyla Copper Gold Project has commenced. This is the first time in the life of the Woyla Project that drilling has been able to occur. The Woyla Project was previously explored by both Barrick and Newcrest and in the 25-year history of the project no other company has been able to proceed to advanced exploration and undertake drilling on the tenement.

The Woyla Copper Gold Project is a 24,260 ha 6^th generation Contract of Work located in Aceh Province, Indonesia and in the Company’s opinion is one of the most highly prospective undrilled copper gold projects in South-East Asia with the potential to host high grade epithermal and porphyry deposits. The commencement of drilling on-site is a significant milestone that further de-risks the project and enables the Company to proceed with its near-term plans to carry out advanced exploration activities on the Anak Perak and Rek Rinti prospects and to progress towards a maiden JORC resource estimate for the project.

HIGHLIGHTS:

• On 7 September 2022, the Indonesian Government granted the Company “Approval of the Borrow-Use Management Ability Statement of the Gold and its Associated Mineral Exploration Activities” that allowed advanced exploration activities to take place across approximately 7,181 ha of forest designated land within the Woyla Project’s Contract of Work area.
• Following receipt of the “Borrow-Use” licence, the Company notified the Indonesian Government’s Ministry of Energy and Mineral Resources (ESDM) that effective from 12 September 2022 the Company has removed the Contract of Work for the Woyla Project from its voluntary suspension status. The Woyla Project’s Contract of Work is now active as advanced exploration activities are progressing on-site.
• On 18 September 2022 the first ever drill rig to enter the Woyla project in the 25-year history of the project and commence drilling at the Company’s highly prospective Anak Perak prospect. Second drill rig is being mobilized to site. The Company plans for both drills to operate in tandem to complete the Phase 1 drill program at the Anak Perak prospect.
• The Induced Polarisation (IP) survey works being carried out in collaboration with the Geological Agency of ESDM at the Anak Perak prospect’s 4,700m long epithermal vein system has completed its current phase. On 14 September 2022 the Company commenced IP survey works at the Rek Rinti prospect vein system which will be used to further refine FEG’s planned drill program.
• Significant upgrades to the Woyla Project’s base camp at Anak Perak have now been completed. The base camp has facilities and accommodation for over 70 staff on-site and has all required infrastructure to carry out the Company’s planned Phase 1 and 2 drill programs.

The Anak Perak (AP) vein system is well defined with good access. The completed phases of the IP geophysics survey provide a clear signature of the width and extent of the vein system and corroborates interpretations from previous surface mapping. The Phase 1 drill program is a 2,560 metre, 18-hole program that will test the AP Main Zone vein system along 900m of strike length (see Figure 1 below). Drill sites will be at 100 - 150m spacing along that length and will test the vein at 50m and 100m vertical depth. The Phase 1 drill program objective is to demonstrate resource potential within the AP Main Zone area.

An expanded 2,440-metre, 16-hole Phase 2 drill program will test an additional 800m of AP vein strike length. Upon completion of these drill programs, it is the Company’s intention to progress to a program of resource definition drilling using multiple drill rigs.

Drill core will be logged and stored on site. Selected samples will be forwarded the PT. Geoservices – GeoAssay laboratories in Jakarta for assay.

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