Idenburg JORC MRE Increases to 780,000 oz of Gold
Released
Released
Announcement PDF
FAR EAST GOLD ASX ANNOUNCEMENT
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IDENBURG JORC MRE INCREASES FROM
540,000 OUNCES TO 780,000 OUNCES OF GOLD
The Directors of Far East Gold Limited (ASX: FEG) (FEG or the Company) are pleased to
announce an updated independent Inferred JORC Mineral Resource Estimate (MRE) of 7.8
million tonnes at an average grade of 3.1 g/t gold, representing 780,000 ounces of gold at the
Company's Idenburg Gold Project (see Table 1 below).
The updated MRE represents an increase of 240,000 ounces of gold, or approximately 44%,
from the Company's initial JORC Inferred Resource Estimate of 4.1 million tonnes at an average
grade of 4.1 g/t gold, representing 540,000 ounces of gold. Both estimates have been
independently determined by SMG Consulting, based in Jakarta, Indonesia, in accordance with
the JORC Code (2012 Edition).
HIGHLIGHTS:
• Significant 44% increase in total JORC Inferred Mineral Resource Estimate to
780,000 ounces of gold — FEG's Idenburg Gold Project now hosts a total MRE of 7.8
million tonnes at 3.1 g/t gold, representing 780,000 oz gold (refer to Table 1),
underlining the Project's substantial and growing resource base.
• Resource growth driven across multiple high-quality prospects — the updated
MRE consolidates mineralisation from four distinct prospect areas: an upgraded
resource at the Sua prospect, a maiden resource at the highly prospective North
Bermol prospect, and previously reported resources at the Bermol and Mafi prospects.
Critically, only 4 of 15 identified prospect areas have been drill-tested with the other
11 prospect areas identified by historical exploration have had little follow-up
exploration. The Company has also identified an additional 15 high priority, interpreted
structural targets that require detailed mapping to confirm. Such targets highlight the
exceptional new discovery potential remaining at Idenburg.
• Resource estimates validate the Company's exploration strategy — resource
estimates across all four prospects are consistent with the initial exploration targets set
out in the SMG Consulting Exploration Target Report of June 2024, demonstrating the
quality and reliability of FEG's geological model and the systematic execution of its
exploration program.
• Scoping Study underway — project development pathway is now firmly in focus —
FEG has engaged Mining One Consultants (Jakarta) to complete a Scoping Study
evaluating the potential development of the Idenburg Gold Project's inferred resources.
With continued exploration and targeted diamond drilling across the remaining 11
historical prospect areas, the Board is confident of delivering further material resource
additions, with significant potential to grow the resource base well beyond its current
scale.
ASX ANNOUNCEMENT
05 May 2026
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CEO Comment – Shane Menere
“This updated Mineral Resource represents a defining milestone for the Idenburg Gold Project
and clearly signals Far East Gold’s transition from exploration into project development.
Through disciplined drilling at Sua, we have increased the resource from 540,000 ounces to
780,000 ounces while making a new discovery at North Bermol, validating both the scale and
continuity of the system, with substantial upside remaining across a largely underexplored
district.
Importantly, we have now established the core technical and permitting foundations required
to advance Idenburg along a development pathway. Metallurgical test work indicates strong
recoveries using conventional processing methods, permitting milestones including forestry
reclassification have been achieved, and a Scoping Study the next step to further define the
project’s development potential.
In parallel with ongoing exploration aimed at systematically expanding the resource base, the
Company intends to progress technical studies toward feasibility-level assessment in
Indonesia. This work aligns with our contractual pathway to increase project ownership and
will provide greater clarity around the potential production profile and long-term value of the
asset.
The combination of resource growth, favourable metallurgy, advancing permitting, and district-
scale exploration potential positions Idenburg as a compelling gold project within the region.
With only a small portion of identified prospect areas drill tested to date, we see a clear
pathway to continue delivering resource growth alongside development milestones,
supporting a consistent pipeline of news flow.
As the project continues to mature, we are seeing increasing interest in assets of this scale
and quality, particularly those with clear development pathways and exposure to strong gold
fundamentals. We believe Idenburg is emerging as a strategically important gold asset with
the potential to attract broader market attention as we continue to advance both exploration
and development in parallel.”
CEO & Director Shane Menere has released a video discussing this announcement. Watch the
video on our investor hub here: https://fareast.gold/link/PmdE8r
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Figure 1: Map showing the location of the Idenburg COW in Papua Indonesia relative to the locations of world class multimillion
ounce gold-rich porphyry copper deposits.
The Idenburg Project is situated within the Keerom and the Pegunungan Bintang Regencies of
Papua (Figure 1), near the border with Papua New Guinea. The all-weather Trans Irian Highway
is an asphalted road from the regional capital of Jayapura that transects the Exploration COW and
allows for relatively easy access and cost-effective logistical support (Figure 2). Compared to
other projects in Papua logistical support is simple and cost-effective especially when compared
to the other major producers in Papua.
Geology and Geological Interpretation
Field observations show that the basic style of gold mineralisation as determined from mapping
and drill core logging is of the orogenic gold type, also referred to as mesothermal lode gold. The
presence of coarse gold with a high nugget value is inherent to deposits of this type and will need to
be evaluated when sampling or assaying.
The current Idenburg project COW is situated in the northeast corner of a diverse terrain located
at the boundary of the zone of plate interaction on the northern edge of the Mamberamo Fold and
Thrust Belt. This is a 200-kilometre wide, northwest trending, complex zone of anastomosing,
linear, and locally imbricate faulting and thrusting.
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The Idenburg project COW is situated within the western portion of the Idenburg Inlier, which
extends into the Amanab Terrane in western Papua New Guinea. This is a block of older
continental crust situated within the boundary zone between the two colliding plates. It consists
of the Australian plate metamorphic rocks (phyllites, schists, and gneisses), and abducted
ophiolites (gabbro, granodiorite, diorite, diabase, and basalt unconformably overlain by early to
mid-Tertiary shelf limestone, shallow marine limestone and mid-to-late Tertiary shallow marine
claystone, siltstone, greywacke and carbonates (Figure 2).
Figure 2 – Geology of the Idenburg Inlier showing the Sua-Afley Shear Zone and Mafi River Thrust Fault in Blue
Dash-Dot Lines. The Idenburg project COW boundary is shown (red) as are the locations of several of the known
prospect areas.
Two regional post-Mesozoic deformation events were responsible for the present structural
configuration of the region:
1. Compressive deformation accompanying the Oligocene-Miocene collision of the
Australian and Pacific Plates; and
2. Subsequent on-going oblique collision between the two plates during the Late
Miocene that was responsible for the structural inversion of the North Coast Basin and
development of the Mamberamo Thrust Belt.
A zone of dilatational jogs with sigmoidal fractures and linear ridges associated with sinistral
wrenching has been identified in the Derewo Metamorphics that occurred during deformation.
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This is the same event that focused emplacement of the Grasberg/Ertsberg intrusions that
are associated with the world-class copper-gold deposits of the Ertsberg mining district.
Two regional dislocations developed in the area during these deformation events:
1. The Derewo Fault Zone separating the Australian Plate and the Derewo Metamorphics; and
2. The Der Wal Fault Zone and the Luban Fault Zone, which separate the Derewo
Metamorphics from the Ophiolite Belt in the northwest and from the ophiolites and
Idenburg Inlier in the southeast.
The Idenburg Inlier is structurally complex with NW-trending regional folds and
associated axial plane faults, strong NW-striking regional thrusts, and normal and
strike-slip faults containing intensely sheared ultramafic rocks.
In June 2024, SMGC reported Exploration Targets for 14 prospects identified by
historical exploration within the Idenburg CoW area (Figure 3). Refer to the
independent SMG Consultants (SMGC) report titled Pt. Iriana Mutiara Idenburg
Exploration Targeting Report of June 2024 that was included in the Company’s ASX
announcement of August 21, 2024.
Figure 3 : Map showing the location of the Idenburg COW and prospect areas identified. The Sua, North Bermol, Bermol
and Mafi prospects comprise the current JORC 2012 inferred resource estimate determined by SMGC.
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DRILLING
Three campaigns of diamond drilling have been completed at Idenburg. Two of these were
historical drilling completed up to 2007 and resulted in 59 holes drilled for a total of 5,690.95m
within the Sua (22 holes/2,255.25m), Bermol (7 holes / 77.41m), Mafi (23 holes / 1,642.2m),
Sikirima (4 holes / 598.3m) and Selia (3 holes / 423.8m).
Drill results from Sua, Bermol and Mafi were used for the initial Idenburg JORC 2012 inferred
mineral resource completed by SMGC in 2024. Recent diamond drilling by FEG completed
between June 2025 and March 2026 total 6,892.6m in 56 drill holes. The drilling was
completed at Sua (18 holes/4,125m), Bermol (12 holes/1,224.9m) and North Bermol (26
holes/1,542.7m). To date a total of 12,583.55m have been drilled at Idenburg from 115 drill
holes to test 6 separate prospect areas.
The updated mineral resource reported herein is based on 90 drilled holes and results reported
from a total of 4,896 individual assays of drill core. FEG drilled holes included in the updated
inferred JORC 2012 resource estimate include 13 holes from Sua and 25 holes from North
Bermol representing an additional 4,175.7 m of drilling. The Bermol and Mafi resource
estimates stated in the updated resource are based on historical drilling and assay data and
are unchanged from the initial inferred JORC 2012 resource estimate prepared by SMGC in
2024. Compiled significant intersections for historical drillholes and FEG drill holes included
as part of the updated Sua resource estimate are listed in Appendix 1. Hole spacings for each
deposit area were generally drilled along 100m spaced fences with 2 holes at 100m spacing
often drilled on each section. Most holes were drilled on section and oriented perpendicular to
the interpreted main strike of shallow dipping vein/shear structures. Drilled widths of
mineralized zones are interpreted as apparent true widths. FEG did complete a few 50m
spaced drill holes at the Sua prospect. The Mafi deposit had 6 holes drilled at variable
orientations from 2 drill pads due to difficult terrain.
Although the drill results confirmed the interpreted strike and dip continuity of gold-bearing shear
zones and contained quartz veins, the current hole density is insufficient to allow for detailed
geological model of the host structures and veins. This was particularly evident at the Bermol
prospect where despite FEG drilling 12 holes geological modelling remains ongoing, and SMGC
decided to defer to the initial 2024 resource estimate for Bermol. As such, until a program of
closer-spaced infill drilling is completed the updated mineral resource estimate for Idenburg
reported herein remains classified as inferred under JORC 2012.
Drilling Technique
• Triple tube diamond core drilling – fully drilled with a diamond bit without RC pre-collar.
• Core diameter was normally PQ size from surface to the base of oxidation then HQ to end of
hole unless it became necessary due to ground conditions to reduce to NQ to finish the hole.
• Downhole surveying was routinely conducted at 30 metre intervals for historical drilling and
50m for FEG drilling.
• Hole and drillcore orientation was measured using a downhole lance for historical holes
and a MagCruiser MM105 tool from Stockholm Precision Tools for FEG drilling.
• The core was fitted together and marked up for sampling by a trained IMI/FEG geologist.
Where loose fragments were seen the core was wrapped in masking tape before the core
was cut in half.
• Core recoveries exceeded 90% for all mineralised intervals reported. Rock quality data
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(RQD) was recorded for each hole on a digital logging sheet.
• Statistical analyses indicate no relationship between grade and recovery.
Sampling and Subsampling
Techniques Drill Core Sampling
• All drill core was digitally photographed and logged by project geologists. Core
with any potential for mineralisation was marked up for sampling and dispatched
to an analytical laboratory for geochemical analysis. Only obvious non-mineralised
core was not sampled.
• Half core was selected for geochemical analysis.
• Historical drill core sample intervals ranged from 1.0 to 2.0 metres, with an average interval
of 1.38 metres. More recent FEG sampling of Sua and North Bermol drillholes, ranged from 0.3
to 1.5 metres, with an average interval of 0.8 metres.
• All historical half-core samples were packed into woven polysacks by experienced site
personnel and air freighted to the Sucofindo Laboratory in Timika, Central Papua. FEG core
samples were air freighted to the Geoservices Laboratory in Bekasi, West Java. Both
laboratories are located in Indonesia.
• All historical sample preparation and assays were undertaken by the Sucofindo Laboratory.
FEG sample preparation and assays were completed at Geoservices Laboratory.
A comprehensive review of the results of historical exploration is provided in the independent
SMG Consultants (SMGC) report titled Pt. Iriana Mutiara Idenburg Exploration Targeting Report
of June 2024 that was included in the Company’s ASX announcement of August 21, 2024.
Data Verification and Sampling Analysis
A complete review of the Idenburg project geological database was conducted to assess if the
data was suitable to support the estimating and reporting of Gold Resources by a Competent
Person according to SMGC’s interpretation of the 2012 JORC Code. To allow estimation and
reporting according to SMGC’s interpretation of the 2012 JORC Code, a Resource must have
enough valid points of observation, and these points must be suitably spaced to accurately
represent the deposit being modelled. Domain continuity and its characteristics must be
understood to allow confirmation of the Resource. Points of observation can be outcrops,
exploration trenches, or boreholes.
Valid points of observation require the following information:
▪ Correct survey location data; ensuring that there is an acceptable
discrepancy with the surface topography
▪ Geological logs detailing the various lithologies and geological structures present
at a given Location
▪ A downhole survey must be undertaken to check for borehole deviation
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▪ Representative ore samples must be collected and submitted to an accredited
laboratory for analysis, followed by verification through QA/QC procedures.
The majority of all the above criteria were met by FEG project exploration data to date. Borehole
collar elevation adjustments were made to the topographic surface for Sua, North Bermol,
Bermol, and Mafi. FEG provided X, Y, Z point data, which were used by SMGC to generate a
three-dimensional Digital Terrain Model (DTM) that was applied for the update resource
estimation as the upper boundary (topographic constraint) for the Sua Prospect. In October
2024, PT Energi dan Mineral Teknologi Internasional (Enmintech) conducted a topographic
survey using photogrammetry technology. A three-dimensional digital terrain model (DTM) was
generated and provided to SMGC for both Bermol and Mafi. In October 2025, Enmintech
completed a UAV LiDAR and geomagnetic survey covering approximately 1,130 hectares, over
the Bermol and North Bermol prospects. A high-resolution 3D DTM for North Bermol was
generated from the LiDAR data and supplied to SMGC and was used in the resource estimation
for North Bermol.
During the historical IMI exploration phase, QA/QC procedures were limited to laboratory-based
controls. This was assessed by duplicate sampling undertaken by SMGC during a site visit in
August 2024, and which identified some concerns. FEG has implemented more comprehensive
QA/QC protocols for its drilling programs within the Sua, North Bermol, and Bermol prospects
areas during June 2025 to February 2026. This included the routine insertion of Certified
Reference Materials (CRMs), field duplicates, and blank samples to ensure ongoing monitoring
of assay accuracy, precision, and contamination.
A total of 106 standard samples were submitted and analysed by Geoservices Laboratory. The
assay results indicate that all of the CRM values fall within ±2 standard deviations. SMGC
considers these results to demonstrate good agreement between the analytical results and the
certified values, indicating that the assay data are within acceptable limits. Accordingly, the
laboratory performance is assessed to have a high level of analytical accuracy. These factors
are important considerations for classifying the resource into the appropriate category. SMGC
has also noted the presence of limited artisanal mining at the Mafi prospect area and considers
it has no material impact to the geological and resource block models determined.
Taking all into account SMGC deemed that the gold deposits at Sua, North Bermol, Bermol and
Mafi can be categorized as Inferred Mineral Resources according to JORC 2012 requirements.
Estimation and Modelling Techniques
For the JORC Mineral Resource estimation SMGC completed a thorough review of the available
Idenburg geological database to assess if the data was suitable to support the estimating and
reporting of gold resources by a Competent Person according to the 2012 JORC Code. Based
on their interpretation SMGC determined that the necessary criteria were met. SMGC
determined that the zones of mineralisation delineated within the Sua, North Bermol, Bermol
and Mafi prospects areas could be classified as a `Mineral Resource’ according to the 2012
JORC Code standards as stated below:
A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic economic interest
in or on the Earth’s crust in such form, quality and quantity that there are reasonable prospects
for eventual economic extraction. The location, quantity, grade, geological characteristics and
continuity of a Mineral Resource are known, estimated or interpreted from specific geological
evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological
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confidence, into Inferred, Indicated and Measured categories (2012 JORC Code)
Generally, the parameters which are considered for classification of the Mineral Resource are
the distribution and density of drill data, confidence in interpreted geological continuity of the
mineralised zones, and confidence in the resource block estimates. SMGC used the exploration
data to build geological models and grade wireframes for the Sua and North Bermol prosects.
Wireframes used for the Bermol and Mafi prospect block models were from IMI historical data and have
not been modified for the updatedresource estimate. In preparing the updated 2012 JORC estimate,
SMGC was of the opinion that the deposits in the four prospective areas could only be
categorized as Inferred Resources (Table 1). SMGC estimated the ore tonnage for the 4
prospect areas using a cut-off grade of 0.1 g/t Au with no grade capping applied to the IMI
historical assays or the FEG assays. No metal equivalencies were applied.
Table 1: Idenburg mineral resource table as estimated by SMGC as of March 31, 2026. The estimation is based on
historical and FEG exploration data using a cut-off grade of 0.1 g/t Au with no grade capping applied. No metal
equivalencies were applied for the resource estimation.
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade
(or quality) are estimated on the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral
Resource has a lower level of confidence than that applying to an Indicated Mineral Resource
and must not be converted to an Ore Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
To estimate grades for Sua and Mafi, SMGC applied the Inverse Distance Weighting (IDW)
method. This method assigns a value to a grid node by calculating the weighted average of
either all data points or a selection of neighbouring points distributed in various directions. Each
data point’s value is weighted based on the inverse of its distance from the grid node, squared.
The choice of the exponent’s value determines the degree of localisation in gridding, with higher
exponents leading to a more localised influence of distant points on the value assigned to each
grid node. There was no grade capping applied in the IMI geological modelling. Further technical
specifics of the resource determination are provided in the appended JORC Table 1. Table 2
below shows the difference between the initial Idenburg inferred JORC 2012 resource estimate
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(Dec.2024) and the updated inferred JORC resource estimate (April 2026). The Mineral
Resource Estimate in 2026 is 3.6 million tonnes (240 Koz) more than the previous estimate in
2024. This additional resource was contributed by the Sua prospect of 3.1million tonnes (218
Koz) and North Bermol 0.5 million tonnes (22 Koz).
Table 2: Idenburg mineral resource table showing the difference between the initial and updated estimates as
determined by SMGC. Both estimates are based on historical and FEG exploration data using a cut-off grade of 0.1
g/t Au with no grade capping applied.
Geological Modelling Techniques
SMGC created 4 geological models for the updated Idenburg JORC 2012 resource estimate. The
area covered by the 4 models are: 1) Sua: ~ 1,130m x 1,000m; 2) Bermol: ~ 1,240 m x 1,280 m;
3) North Bermol – 750m x 1,700; and 4) Mafi: ~ 500m x 460 m. The geological models for each
mineral resource area are discussed below. SMGC used the existing wireframes of Bermol, and
Mafi for ore domaining that were modelled and presented in the Company’s August 21, 2024
Exploration Target announcement. FEG provided interpreted wireframes for Sua and North
Bermol for drillholes completed between 2025 to 2026. Checks and validation of the borehole
databases against the wireframes were undertaken by SMGC to ensure that the wireframes
intersected the gold mineralized zones.
These checks included:
• A visual cross-sectional check of borehole sample Au assays against the ore domain.
• Conduct a visual inspection of the wireframe extrapolations.
• Reporting of the gold grade within the ore domain.
• The geological model is limited by a maximum 100m extrapolation from data.
• The parent block size selected 20m x 20m x 2m (minimum block size 2.5m x 2.5m x 2m)
were considered appropriate for this style of mineralisation. The assumption of the block size
was designed to match the drill spacing.
• For the initial (2024) Idenburg resource estimate, SMGC opted for the Inverse Distance
Weighting (IDW) method for the Sua and Mafi prospects and weighted average approach for
Bermol. SMGC applied the same IDW method for the updated resource including FEG
drillholes completed at Sua and North Bermol while the Mafi resource remained unchanged.
• The grade estimation for Bermol which applied a weighted average approach was
unchanged for the current resource estimate.
• There was no grade capping applied in the initial (2024) and current (2026) geological modelling.
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• Validation to the model was carried out using three main techniques:
• Histograms of sample assays and model grades.
• Swath Plots of sample assays and model grades.
• Cross sections depicting boreholes in relation to the block model.
The initial (2024) Idenburg resource estimate was determined using a historical IMI determined
specific gravity (SG) of 2.8 t/m3
for the Sua prospect through bulk density measurements. FEG
determined the same specific gravity based on bulk density measurements completed in the
field. SMGC believes this measurement to be consistent with the host rock and style of
mineralization and applied the same specific gravity when estimating the mineral resources at
the 4 prospects.
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Sua Prospect
The gold mineralisation occurs in an extensive shear zone system containing boudinaged quartz
± sulphide veins. Veins vary from <1m to about 3m in thickness. Although rare coarse gold has
been observed in drill core, petrographic study indicates that most of the gold occurs as free
grains within pyrite occurring along microfractures. Surface oxidation extends to maximum 20m
depth. The shear zones show intense ductile deformation manifest as mylonites and intensely
foliated rock types and are interpreted to be part of a extensive thrust fault system. The shear
zones have a preferred NNE trend and moderate NNW dip, hosted predominately within silica-
sericite-chlorite-pyrite altered diorite. There is visual evidence that both deformation and
sulphide mineralisation was multistage and superimposed.
Geological modelling indicates that the gold-bearing shear zones occur as a system of stacked
zones that have variable thickness and lateral extent (Figure 4). Importantly that zones have
considerable vertical extent and have been intersected from surface to approximately 250m
depth. This is consistent with other orogenic gold systems globally.
Figure 4: Oblique View Boreholes and Mineralization Wireframes Sua Prospect
Wireframes modeled by FEG to represent the interpreted geometry of the gold-bearing shear-
quartz vein systems were provided to SMGC. The extent of these extrapolations was guided
primarily by geological interpretation derived from field mapping, supplemented by experience
with analogous vein-hosted gold systems.
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The wireframes were evaluated by SMGC relative to the drillhole database and to maintain a
conservative approach, were not extended more than 100 metres beyond the limits of supporting
drillhole data (Figure 5).
Figure 5: CrosssectionofSua mineralisation wireframe showing drillholes and grade grade distribution
North Bermol Prospect
Gold mineralisation at North Bermol occurs in association of structurally deformed quartz veins
± sulphides contained within what FEG interprets as a laterally extensive, low-angle (10 degrees)
thrust fault shear zone. The shear zone is characterised by intense ductile deformation of
metadiorite and metabasalt and is best developed along lithological contacts. The vein geometry
has been modelled as an elongated mineralised body aligned with the majority structural NE trend
and shallow NE and SW dip recognised in the data. The quartz veins vary in thickness from a
few millimetres up to 3 metres. The quartz veining is associated with a shear zone along the
ductile-brittle deformation and are mineralised with gold and sulphides.
Wireframes were constructed to represent the interpreted geometry of the gold-bearing quartz
veins at the North Bermol Prospect (Figure 6). The models were developed primarily from available
drilling data and extended along strike and down dip to reflect the interpreted continuity of
mineralisation. These extensions were guided by geological interpretation, including observed
vein orientations and continuity within the drill dataset, supported by analogues from comparable
vein-hosted systems. A conservative modelling approach was applied, whereby wireframes were
not extrapolated more than 100 metres beyond the limits of supporting drillhole data.
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