Far East Gold’s 95,280-hectare Idenburg project in Indonesia boasts enormous prospectivity. Pic: Getty Images.
Far East Gold revs up maiden resource work at Idenburg
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- Far East Gold has engaged SMG Consulting to prepare a 2012 JORC resource for Idenburg
- Work kicked off this week including a site visit and audit of drilling cores and assays
- The company believes it has a sizeable head start to development
Special Report: Far East Gold has engaged SMG Consulting to prepare a 2012 JORC resource for the company’s PT Iriana Mutiara Idenburg gold concession (Idenburg).
The advanced Idenburg copper-gold project was acquired by Far East Gold (ASX:FEG) last month and came with a substantial historical database of work completed by many of the world’s major gold miners including Barrick, Newmont, Newcrest and Placer Dome.
Idenburg sits within Indonesia’s Papua province on a sixth-generation Contract of Work licence, the preferred form of licence for foreign investors.
The asset has been described by FEG as a “rare find”, with results from previous exploration returning wide and high-grade gold intervals in multiple instances from surface.
The main reason the project was not advanced further in the past was due to previous forestry classifications over the major prospect areas which restricted open cut mining.
These restrictions have now been removed, paving the way for development.
READ MORE: Why ASX explorers are digging deep into Indonesian gold, gas and critical minerals
‘Sizeable head-start’
FEG has engaged SMG Consulting to begin the preparation of a 2012 JORC resource for PT Iriana Mutiara Idenburg gold concession (Idenburg).
Work started this week with the SMG Consulting team which includes a site visit and full audit of drilling cores as well as previous assay work.
“This work tell us exactly what drilling and assay work is required to fast track to a 2012 compliant resource,” FEG CEO Shane Menere says, adding:
“FEG has amassed significant amounts of data from previous exploration, including the processing of a plethora of historical data from previous work at Idenburg.
“Combining this data with the recently completed exploration target of over 7.2m ounces will create a clear path to a maiden JORC for FEG.
“Add this to the recently downgraded forestry restrictions to Production Forest and we feel the project has a sizable head start toward its next phase of development.”
This article was developed in collaboration with Far East Gold, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
