Far East Gold to acquire up to 100% of advanced Idenburg Gold Project

Proactive - Interviews for investors

Far East Gold Ltd (ASX:FEG) CEO Shane Menere joins Jonathan Jackson in the Proactive studio to discuss a Binding Term Sheet (BTS) with PT Iriana Mutiara Idenburg (IMI) to acquire up to 100% of the Idenburg Gold Project in Papua, Indonesia. The 95,280-hectare Contract of Work (CoW) is in a region known for significant gold and copper deposits, such as Grasberg and Porgera. Historical exploration worth more than US$25 million, including 5,531 metres of diamond drilling, indicates the project's advanced status. The deposit is orogenic, akin to notable goldfields like Kalgoorlie and South Eastern Australia. Noteworthy is that major gold producers, including Barrick, Newmont and Newcrest, have previously explored the site. Despite extensive exploration, only 30% of the CoW has been detailed and metallurgical testing shows promising gold recoverability. An independent report by SMGC suggests an exploration target of up to 7.2 million ounces at 6.1 g/t gold, though this remains conceptual. The project benefits from excellent logistics, being just 120 kilometres south of Jayapura and intersected by the Trans Papua Highway. The deal terms include staged earn-in and minimal cash payments. FEG's acquisition is facilitated by the removal of previous forestry restrictions that hindered development. The company sees this as an endorsement of its exploration capabilities and looks forward to further developing the Idenburg project. The company has also appointed non-executive chair Justin Werner with immediate effect. #ProctiveInvestors #FarEastGold #ASX #IdenburgProject, #GoldMining, #PapuaIndonesia, #MiningAcquisition, #GoldExploration, #ContractOfWork, #GoldDeposit, #MetallurgicalTesting, #OrogenicGold, #MiningDeal, #ExplorationTargets, #SMGCReport, #BarrickGold, #Newmont, #Newcrest, #TransPapuaHighway, #HistoricalExploration, #GoldRecovery, #MiningDevelopment #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews