Far East Gold Completes Scoping Study Confirming 390koz High-Grade Gold Core at Sua
Far East Gold Completes Internal Idenburg Scoping Study, Confirms High-Grade Gold Core at Sua
Far East Gold (ASX: FEG) has completed the internal Idenburg Scoping Study, establishing a conceptual development pathway centred on the Sua Prospect in Papua, Indonesia. At a 3.0 g/t Au cut-off on Sua’s grade-tonnage curve, the inferred Mineral Resource Estimate contains approximately 390,000 oz at 9.2 g/t Au—representing approximately 76% of Sua’s contained gold within just 24% of its tonnage. This high-grade subset sits within Sua’s broader inferred MRE of 5.6 Mt at 2.9 g/t Au for 514,000 oz. It is an unconstrained grade-tonnage presentation, not a reserve or production target. The Study evaluated two conceptual development cases and supports the Indonesian Feasibility Study pathway required to lift FEG’s ownership from 51% to 80%. The work was prepared by PT Mining One Indonesia.
What the Scoping Study Revealed at Sua
A Concentrated High-Grade Core
The grade-tonnage analysis reveals a compelling concentration story: at a 3.0 g/t Au cut-off, Sua contains approximately 390,000 oz at 9.2 g/t Au. This concentration persists at higher thresholds—at a 4.0 g/t Au cut-off, the MRE still holds approximately 350,000 oz at 11.5 g/t Au. These figures represent an unconstrained grade-tonnage presentation and do not apply pit design, dilution, ore loss, or recovery.
Near-Surface and Accessible
Sua’s mineralisation is near-surface, with oxidation extending from surface to approximately 10–20 metres average depth. Historical intercept results include 16 m at 8.49 g/t Au from surface (KSD013), including 1 m at 105 g/t Au. The prospect is located approximately 5 kilometres from the Trans-Irian Highway, offering logistical advantages. The mineralised system remains open along strike and to depth.
| Metric | Detail | Investor Relevance |
|---|---|---|
| Grade-tonnage subset (3.0 g/t cut-off) | ~390,000 oz @ 9.2 g/t Au | Represents ~76% of Sua’s gold in ~24% of tonnage—high-grade concentration |
| Sua total inferred MRE | 5.6 Mt @ 2.9 g/t Au for 514,000 oz | Current resource base before infill drilling |
| Metallurgical recovery (test / adopted) | ~95% test; 92% adopted | Conventional gravity-CIL route supports standard extraction |
| Distance to highway | ~5 km | Lower infrastructure and transport costs |
| Ownership pathway | 51% → 80% | Completion of Indonesian Feasibility Study by 31 Dec 2027 triggers increased ownership |
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Strong Metallurgy and a Conventional Processing Route
Preliminary Sua testwork (reported 21 April 2026) returned approximately 95% total gold recovery via whole-ore CIL and gravity-CIL. The Study adopted a more conservative 92% after a 3% plant-loss deduction. Diagnostic leach results indicate 94–96% of gold is readily amenable to cyanidation, gravity-recoverable gold exceeded 50%, and low arsenic and deleterious elements were observed, subject to further testwork. The independent metallurgist described a “relatively straightforward conventional gravity and CIL processing route,” with the qualifier that it must be confirmed as the resource is better defined.
The conceptual flowsheet comprises the following stages:
- Crushing
- SAG + ball milling
- Gravity recovery + intensive leach
- CIL
- Electrowinning & smelting → gold doré
With additional steps for cyanide detoxification, filtration, and dry-stack tailings.
Understanding a Scoping Study—and Why It Matters to Investors
A Scoping Study is a preliminary, low-level technical and economic study assessing whether a project concept is worth advancing. It is the earliest formal study stage. The JORC confidence ladder progresses from Inferred → Indicated → Measured (increasing confidence), with Ore Reserves requiring higher-confidence resources plus advanced studies. Because Idenburg’s resource is entirely Inferred, ASX Listing Rules 5.16 and 5.17 mean FEG cannot yet publish production targets or financials—so investors should read this as a directional milestone that defines the work ahead, not a valuation event. It de-risks the pathway by identifying exactly what drilling and studies are needed next.
Two Development Cases, Both Supporting Progression
The Study evaluated two conceptual development cases: Sua standalone and Sua with staged expansion into Bermol and North Bermol. Both were evaluated at US$3,300/oz and a 9% discount rate, with mining costs tested at ±40%. Even with mining costs 40% higher, both cases still supported progression. This qualitative “supported progression” statement is not a disclosure of financial results. Both cases used only independent JORC inferred MREs at Sua, Bermol and North Bermol; Mafi and all Exploration Targets were excluded. Sua can advance while broader exploration continues across the 95,280-hectare Contract of Work.
Shane Menere, Chief Executive Officer
“This Scoping Study is an important milestone because it has given us a clear starting point for Idenburg’s conceptual development pathway—and that starting point is Sua… For us, the Study is not the endpoint—it establishes the development pathway.”
The Road Ahead—Drilling, Resource Growth, and the Path to 80%
Recommended Drilling Program
Mining One recommended a 73-hole, approximately 6,085 m program across Sua, Bermol and North Bermol. Initial phase at Sua: 26 holes for approximately 2,840 m targeting the main high-grade corridor and conceptual pit area.
- Sua — 26 holes, ~2,840 m (infill, step-out, two twin holes)
- Bermol — 28 holes, ~2,600 m (infill and extension)
- North Bermol — 19 holes, ~645 m (shallow infill and extension)
Total: 73 holes, ~6,085 m (subject to approval, access and funding).
Pathway to Potential Project Economics and 80% Ownership
Next steps include completing infill/twin/extension drilling, updating the MRE with the objective of Indicated/Measured classification, completing metallurgical, geotechnical, hydrogeological, tailings, infrastructure and permitting work, PFS-level evaluation, potential Ore Reserve, and potential future disclosure of project economics. This work supports the Indonesian Feasibility Study required to move FEG from 51% to 80% ownership by 31 December 2027 under the Conditional Share Purchase Agreement. There is no certainty drilling will convert resources to higher confidence categories.
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Why the Idenburg Milestone Matters for Far East Gold
A concentrated high-grade core, near-surface and accessible mineralisation, strong preliminary metallurgy, a conventional processing route, two viable-looking development cases, and district-scale upside across 95,280 ha—all while advancing toward majority (80%) ownership. Two parallel value pathways exist: advancing Sua through resource-definition and PFS-readiness work, and continued district exploration for new discoveries. The Study defines a clear, staged pathway to potential future project economics—with the next catalyst being drill results from the Sua high-grade corridor. All resources are Inferred and economic outcomes remain unproven at this stage.
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