Far East Gold Ltd (ASX:FEG) earlier this week provided an update on resumed diamond drilling at its Mount Clark West copper-gold project in central Queensland, as well as continued momentum at its flagship Idenburg gold project in Papua, Indonesia.
Chief executive officer Shane Menere said drilling had recommenced at Mount Clark West following wet-season interruptions in December and January. The program is targeting a large-scale geophysical anomaly at around 600 metres depth, with the company seeking to test what it believes is a porphyry copper system.
Menere emphasised that the project is not a greenfields concept, noting historical drilling intersected 104 metres of copper mineralisation, including 14 metres at 0.23% copper, within altered volcanic rocks. He said these results confirmed the presence of copper mineralisation within a broader hydrothermal system and that improved geophysics and modelling are now guiding deeper drilling toward a potentially higher-grade core.
Interview highlights
- Diamond drilling has resumed at Mount Clark West after wet-season delays
- Current program targeting a large-scale geophysical anomaly at ~600m depth
- Historical drilling intersected 104m of copper mineralisation, including 14m at 0.23% copper
- Exploration model focused on testing for a porphyry copper system
- Five-year Queensland Government permit extension secured through to 2031
- No relinquishment requirement until 2030, providing tenure certainty
- Assay results represent a near-term catalyst
- Idenburg Project in Papua positioned as flagship gold asset
- 540,000oz gold resource at 4.1 g/t from three drill-tested prospects
- Multiple strong gold intercepts indicate scale and continuity
- Management highlights extensive Indonesian operating experience
Interview Q&A
Proactive: Welcome back to Proactive Investors. I’m your host, Kerry Stevenson. Today I’m joined by Shane Menere, chief executive officer of Far East Gold. The company has six projects across Indonesia and Australia. There’s news regarding the Mount Clark West project in Queensland. Shane, great to see you again.
Shane Menere: Thanks very much, Kerry. Great to be back. Mount Clark West is progressing very well. Drilling has recommenced after the wet season. We started late last year and had to pause during December and January due to rainfall in central Queensland. We are now drilling the second hole of our diamond drilling program, targeting a large-scale geophysical feature at around 600 metres depth. Land access has been fully secured, site conditions have stabilised and the program is running smoothly.
The objective at Mount Clark West is to properly test what we believe is a porphyry copper system. That means drilling deeper and testing for scale, rather than focusing on shallow, narrow mineralisation as in some historical work.
Proactive: Why are you confident there is a copper porphyry system there, given the need for deeper drilling?
Menere: This is not just a greenfields speculation. Historical drilling at Mount Clark West intersected 104 metres of copper mineralisation, including 14 metres at 0.23% copper, within altered volcanic host rocks. That confirms copper mineralisation within a broader hydrothermal system. We are now using improved geophysics and modelling to drill deeper—up to 600 metres—to better understand the system and vector toward the higher-temperature core where copper grades are typically stronger.
Proactive: Where exactly is Mount Clark West located?
Menere: It is in central Queensland, west of Mackay near the town of Nebo, within the Drummond Basin. The region is known for coal deposits, but it has not been extensively explored for copper. Logistics and support infrastructure are strong, and Queensland is supportive of mining.
Proactive: You’ve also secured a permit extension from the Queensland Government.
Menere: Yes, that is an important development. The permit has been extended for another five years through to 2031, with no relinquishment requirement until 2030. That gives us the certainty and continuity to properly test the system without prematurely surrendering prospective ground. Assays from the current drilling program are the near-term catalyst.
Proactive: Turning to gold, can you update us on the Idenburg Project?
Menere: Idenburg in Papua, Indonesia, is the flagship gold asset. It is located near several large-scale gold projects. We have reported strong gold intercepts across multiple prospect areas. Importantly, the results indicate scale and continuity rather than isolated hits. We have drill-tested five prospects, with three contributing to a JORC resource of 540,000 ounces at 4.1 grams per tonne. We have also reported long intercepts and solid grades across thicker zones.
Proactive: Indonesia can be challenging. How do you address that?
Menere: Indonesia requires experience and understanding. I have nearly 20 years’ experience operating there. The company’s chairman, Justin Werner, has built a successful business in Indonesia under a similar model—Indonesian assets listed on the ASX with a large strategic shareholder. We have done it before and intend to do it again with Far East Gold Ltd.
Proactive: Thanks for the update.
Menere: Thank you.