Far East Gold’s (ASX: FEG) Idenburg Project: Unlocking Untapped Gold Potential in Indonesia

Highlights

• Far East Gold is advancing exploration across the Idenburg Gold Project, a 95,280ha high-grade asset in Papua, Indonesia.
• The initial JORC-compliant inferred resource estimate stands at 540,000 ounces of gold at 4.1 g/t and 468,000 ounces of silver.
• Recent surface grab samples from a new quartz vein zone show up to 53 g/t gold, confirming high-grade zones.
• Independent consultants estimate an exploration target of up to 7.2 million ounces of gold at grades of 6.1 g/t.
• A 32-hole diamond drill program is planned for 2025 across four key prospects: Sua, Bermol, Mafi, and Kwaplu.

Far East Gold Limited (ASX:FEG), an ASX-listed copper and gold exploration company, is gearing up to commence drilling at the Idenburg Gold Project. Located in the Keerom Regency of West Papua Province, Indonesia, this 95,280-hectare Contract of Work (CoW) lies within the same region that hosts several world-class multi-million-ounce gold and copper deposits.

The acquisition of the Idenburg Project was first announced in July 2024 through a Binding Term Sheet (BTS) with PT Iriana Mutiara Idenburg (IMI). It was formalised  in October 2024via a Conditional Share Purchase Agreement (CSPA). With this move, Far East Gold secured up to 100% ownership of this highly prospective asset, historically underexplored but with world-class discovery potential, as highlighted by the company.

Project Highlights

• JORC Resource Established
  In November 2024, Far East Gold announced an initial JORC-compliant inferred mineral resource estimate of 540,000 ounces of gold at an average grade of 4.1 g/t and 468,000 ounces of silver at 3.6 g/t. This resource was derived from the Sua, Bermol, and Mafi prospect areas using historical drill data combined with new topographic survey data. These prospects are 3 of the total 14 prospect areas identified by historical exploration.
• Limited Exploration to Date
  Of the 14 identified prospects across the Idenburg CoW, only five have been drill tested. Historical exploration (~USD25mn) includes 5,531m of diamond drilling, with only 30% of the area explored in detail. This leaves significant room for expansion across the underexplored zones.
• High-Grade Gold Zones Discovered
  Recent surface grab samples at a new quartz vein zone east of the Bermol prospect returned assays of up to 53 g/t gold. Additional results across the North Bermol, Bermol, and Mafi prospects have shown grades including 19.31 g/t, 16.75 g/t, and 10.18 g/t, confirming historical data.

2025 Drilling Program

Far East Gold’s 2025 exploration plan reflects its intent to expand the current resource:

• Exploration Target Potential:
  An independent report by SMG Consultants has highlighted an exploration target of up to 7.2 million ounces at grades up to 6.1 g/t Au,
• Strategic Importance
  The Idenburg project sits within the same geological province as globally significant deposits like Grasberg (+70 Moz Au) and Frieda River (20 Moz Au). Its location, combined with the early success in resource estimation and ongoing exploration, has paved a smooth way for Far East Gold.
• Planned Drilling:
  A 32-hole diamond drill campaign totaling 3,670 metres is set to commence across four prospects:
• Sua Prospect: 1,120m (5 holes) targeting east-west extensions.
• Bermol Prospect: 1,050m (8 holes) to test continuity of mineralization.
• Mafi Prospect: 500m (7 holes) aimed at expanding its current contribution.
• Kwaplu Prospect: 1,000m (12 holes), a high-priority untested area with strong gold-in-soil anomalies.

CEO Shane Menere has emphasised the company’s readiness, stating:

“The Company is well-funded and has the people and plans in place to complete our exploration strategy. The focus is to significantly increase the in-situ gold resource and advance the project to feasibility as quickly as possible.”

The Idenburg Project, held by Far East Gold, is based on established geological data and previous exploration efforts. With a funded exploration program underway, drilling is expected to continue through 2025. Investors and stakeholders are likely to monitor developments as the company advances work on this underexplored asset.

FEG shares traded at AUD 0.14 on 20 May 2025.