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Highlights
- Far East Gold has resumed diamond drilling at its Mount Clark West Project after wet-season disruptions.
- The company is currently drilling the second diamond hole of a planned two-to-three-hole program.
- The company has secured an extension of Exploration Permit for Minerals (EPM 26008) until February 2031, with statutory relinquishment requirements deferred.
- Conduct and Compensation Agreements with both landholders are now in place, providing secure access for ongoing and future exploration activities.
Far East Gold Limited (ASX:FEG) has resumed drilling at its Mount Clark West (MCW) Project in Queensland following seasonal weather disruptions, while also securing a regulatory extension for the project’s key exploration permit. Stabilised land access and improved logistical conditions now allow the company to progress its planned drilling program.
Drilling Activities Back Underway
Drilling at Mount Clark West recommenced after being temporarily halted during December and January due to wet-season access constraints. With logistics, land access, and site readiness in place, drilling is advancing at the second diamond hole of a planned two-to-three-hole program. Each hole aims to analyse defined geophysical targets to depths of up to 600 metres.
Geological Observations from Current Program
Ongoing geological logging continues to confirm porphyry-style alteration, potentially indicating the presence of a large-scale hydrothermal system. Core sampling for assay testing is currently underway.
These observations are consistent with results from a four-hole drill program completed in 2019 by Medusa Mining Limited, which intersected 104m @ 0.1% Cu (including 14m @ 0.23% Cu from 114m and 14m @ 0.23% Cu from 180m) within altered volcanic rocks. The current drilling strategy will use alteration styles and types to guide follow-up drilling toward higher-temperature zones identified in conceptual deposit models.
Regulatory Extension Secures Project Timeline
Far East Gold has received formal confirmation from the Queensland Department of Natural Resources and Mines, Manufacturing and Regional and Rural Development that Exploration Permit for Minerals (EPM) 26008 has been extended to February 2031. The Department has deferred the statutory requirement to relinquish land until February 2023.
In granting this extension, the regulator accepted the company’s explanation that its six-sub-block footprint is highly targeted, that drilling access was only secured in September 2025, and exploration commenced thereafter. Because the area is surrounded by land held by multinational mining firms, the Department agreed that relinquishment would effectively "sterilise" the ground, making it inaccessible for future exploration.
The Department also acknowledged the project’s potential contribution to future development outcomes and regional economic benefits.
Land Access Agreements in Place
Conduct and Compensation Agreements have now been executed with both landholders at Mount Clark West. These agreements provide secure access for ongoing exploration activities and establish certainty for future drilling and potential development programs.
With drilling operations resumed, land access secured, and regulatory tenure extended, Far East Gold is advancing exploration activities at the Mount Clark West Project. The current program is focused on testing deep geophysical targets and improving geological understanding of the system.
FEG shares were trading at AUD 0.17 per share at the time of writing on 10 February 2026.
