Far East Gold Limited (ASX: FEG) (“Far East Gold” or “the Company”) has announced a major gold discovery at its North Bermol prospect in Papua Province, Indonesia. The Company completed its first scout drilling programme at the site within the Idenburg Contract of Work. The discovery confirms the project’s potential as a district-scale opportunity.
The Company identified a northwest-trending shear zone hosting high-grade gold mineralisation at North Bermol. The mineralisation features shallow zones of intense deformation with quartz veins and coarse sulphide minerals. The geological characteristics match those found at the main Bermol prospect.
Figure 1: North Bermol plan map showing locations of completed drill holes BND001-005. The interpreted extent of the North Bermol shear zone is indicated in orange. Coordinates are referenced to datum WGS84, zone 54 south.
Drilling Results
Far East Gold completed 12 drill holes at North Bermol. Assay results from drill holes BND001 to BND005 have been reported, with significant compiled intersections identified across these holes.
- BND003 delivered 6 metres at 3.9 g/t gold from 11.3 metres, including 0.5 metres at 15 g/t gold from 12.4 metres.
- BND004 intercepted 5 metres at 4.9 g/t gold from 23.5 metres depth, including 6 metres at 12.8 g/t gold from 24.8 metres.
- BND005 intersected 2.8 metres at 8.4 g/t gold starting at 32 metres, with 1.6 metres at 12.3 g/t gold from 33.2 metres.
Structural Analysis
The North Bermol shear zone forms a shallow-dipping plane striking northwest and dipping northeast. The shear zone dips at approximately 15 degrees. Drilling intersected the zone at depths of around 30 metres. The apparent true thickness ranges from 2 to 6 metres.
Three-dimensional modelling suggests the shear plane extends at least 300 metres along strike to the northwest. The dip extent reaches approximately 400 metres to the northeast. The Company visually confirmed intense shear deformation in holes BND011 and BND012. Assay results remain pending for these holes.
Table 1: Compiled significant intersections from FEG drillholes BND001 to BND005. Intersections were compiled using a 0.2 g/t Au cut-off with no grade top cut. A maximum of 3 meters of internal dilution was included.
Historical Context
Historical exploration identified anomalous gold in surface rocks and soils at North Bermol. Far East Gold conducted follow-up mapping and rock sampling. The work defined structural targets that delivered strong gold intercepts from the first drill programme. Surface rock samples included a peak assay of 53 g/t gold.
An independent structural evaluation ranked North Bermol as a Priority 1 target. The study identified 14 Priority 1 structural targets within the Idenburg Contract of Work.
Bermol Inferred Resource
The main Bermol prospect delivered a JORC Inferred Resource of 228,000 ounces of gold. Seven mineralised drill holes out of nine established this resource. The resource extends across a 600-metre strike and 300-metre width. Bermol’s best intercept recorded 5 metres at 4.9 g/t gold.
CEO Outlines District-Scale Potential
Far East Gold CEO Shane Menere said the results appear significant when viewed alongside Bermol. He stated: “These results, when viewed in the context of Bermol, are extremely significant. At Bermol, just seven mineralised drill holes out of nine delivered a JORC Inferred Resource of 228,000 oz Au across a 600 m strike and 300 m width, with a best intercept of 5m at 5 g/t Au. At North Bermol, we are already seeing a similar best intercept of 5m at 4.9 g/t Au, and importantly, the characteristic shearing and sulphide mineralisation has been confirmed visually for over 300m of strike and over a dip extent of 400m.
This discovery fundamentally strengthens our view of Idenburg as a genuine district-scale gold system. North Bermol and Bermol both occur within shallow-dipping shear zones that have potentially a large extent and would be very amenable to open pit development”.
Figure 3: Far East Gold CEO, Mr Shane Menere
Sua Prospect Development
Drilling operations continue at the Sua prospect. Historical drilling at Sua saw 18 of 22 holes intercept high-grade mineralisation. Hole KSD008 returned 5 metres at 21.8 g/t gold. Multiple high-grade intercepts occurred across several holes.
The Sua prospect holds a JORC inferred resource of 296,000 ounces at 3.7 g/t gold.
Figure 4: Image showing the Sua prospect area and the locations of planned drillholes (yellow)
Kwaplu Prospect Plans
Far East Gold advances preparations at the Kwaplu prospect. The geology mirrors that of the Sua prospect. Historical soil sampling defined an anomaly larger than the Sua prospect. Peak soil samples assayed up to 3.5 parts per million gold.
Idenburg Project at a Glance
Idenburg Contract of Work covers an area of 95,280 hectares in Papua Province, Indonesia. A contract is established between PT Iriana Mutiara Idenburg and the Government of Indonesia. Agreement was signed on 28 April 1997 and currently remains in the exploration stage. Contract provides for a 30-year production period, with the possibility of extensions. Terms further allow for two additional 10-year extensions, subject to approval.
Figure 5: Map showing prospect and resource areas within the Idenburg COW tenement. Areas of recent PIPPIP reclassification are shown (green). The North Bermol prospect is indicated. Coordinates are referenced to datum WGS84, zone 54 south.
Exploration Plan and Next Steps
Far East Gold plans to expand its exploration strategy. The approach involves low-cost, detailed mapping and sampling over priority structural targets. The Company will define drill targets through this systematic methodology. Follow-up drilling aims to confirm a shear zone extension 350 metres to the south.
Assay Methods and Core Recovery
The Company sent all drill core samples to PT Geoservices in Bekasi, West Java. Gold analyses used fire assay with atomic absorption spectrometry finish on 50-gram samples. The detection limit sits at 0.01 g/t gold.
Drill core sample intervals range from 0.5 to 1.5 metres in length. Far East Gold submitted certified reference samples, blank samples and field duplicates. The submission rate reached one per 20 samples.
The Company achieved excellent core recoveries during drilling. No significant drilling problems occurred. Statistical analyses show no relationship between grade and recovery. Project geologists recorded all core sample recovery in hard copy and digital logging sheets.
Future Work
The Company plans further drilling to extend and infill known mineralised zones. Work will continue to delineate additional mineralised zones within the project area. The mineralisation remains open laterally and down-dip within the shear plane. Assay results remain pending from seven additional holes at North Bermol.
Mr Menere said: “The broader Idenburg story is rapidly unfolding into one of the most compelling gold exploration opportunities in the region“.
Gold Market Overview
The global gold market size was valued at USD 291.68 billion in 2024. The market is expected to grow from USD 308.32 billion in 2025 to USD 457.90 billion by 2032, recording a CAGR of 5.80% during the forecast period. Morgan Stanley has raised its forecast for gold to US$4,400 per ounce by the end of 2026, up from its prior estimate of US$3,313. Gold prices — up nearly 50% in 2025 — are expected to continue rising into 2026. High prices may dampen demand (especially in jewellery), and supply expansion is constrained by permitting and regulatory issues.
Figure 6: Gold Market Overview
Investor’s Outlook
Far East Gold Limited (ASX: FEG) trades at approximately A$0.135 per share as of 27th October 2025. The Company has a market capitalisation of A$47.71 million with 52-week range of $A0.110 – $A0.210. Far East offers significant exploration upside with a maiden JORC resource of 540,000 ounces. The company has over $9 million in cash supporting ongoing drilling and resource expansion.
Strong grades across multiple prospects and a strategic approach to defining the district-scale Idenburg project enhance growth potential. Continued assay results and drilling news could positively impact share sentiment. The current gold price environment, nearing US$4,000 per ounce, favours project economics and investor interest.
