Far East Gold Limited (ASX: FEG; “the Company”) has announced a major milestone for its Mount Clark West (MCW) Copper-Gold Project in Queensland, signing a Conduct and Compensation Agreement (CCA) with local landowners and engaging Eagle Drilling NQ Pty Ltd to undertake an upcoming drill program.
The program, scheduled to commence in early November 2025, will test three priority porphyry copper-gold targets defined through historical exploration data combined with recent geophysical and geochemical surveys. This initiative marks the Company’s first major drilling campaign at Mount Clark West and represents a pivotal moment in its pursuit of large-scale mineralisation.
Figure 1: Location of the Mount Clark West (MCW) and Hill 212 tenements, showing MCW within the Connors Arc volcanic rocks and nearby epithermal Au-Ag deposits in the Drummond Basin.
Highlights of the Announcement
- CCA Signed: A Conduct and Compensation Agreement has been finalised with landowners, providing secure access for exploration activities.
- Drilling Program Confirmed: Eagle Drilling NQ Pty Ltd contracted to complete a minimum of three drill holes totalling 1,800 metres using combined reverse circulation (RC) and diamond drilling methods.
- Porphyry Targets Identified: Surveys and soil geochemistry revealed three distinct circular low magnetic zones surrounded by high chargeability anomalies, believed to be indicative of mineralised porphyry systems.
- Previous Drilling Encouraging: Historical drilling intersected low-grade copper mineralisation, including 0.1% Cu over 104m from 114m depth, with a higher-grade interval of 0.23% Cu over 14m from 180m (hole MCDD002).
CEO’s Comment on the Drilling Campaign
Chief Executive Officer, Shane Menere, emphasised the strategic importance of this program: “The historical drilling at Mount Clark West gave us the first clear signs of copper mineralisation in the district while being surrounded by other Tier 1 global mining companies also exploring. By applying modern geophysics and geochemistry, we now believe those results were not isolated, but rather potential evidence of being on the shoulder of a much larger porphyry system. This upcoming program will be the first real test of those targets, and we are excited by the scale of the opportunity and potential to make a discovery.”
Figure 2: Chief Executive Officer, Shane Menere
Geological Setting of Mount Clark West
The Mount Clark West Project consists of one tenement (EPM26008), covering 1,912 hectares about 24 kilometres north of Nebo in central Queensland. It lies on the geological boundary of the Connors Arc Carboniferous volcanic rocks to the east and the Permo-Triassic sediments of the Bowen Basin to the west.
The Connors Arc has long been recognised as prospective for significant epithermal-style gold-silver deposits. Notable nearby operations include the Mt Carlton deposit to the north and the Cracow deposit to the south. Despite this, the district has not been comprehensively explored for porphyry-style copper-gold mineralisation, leaving significant upside potential for Far East Gold.
The Company believes the geophysical signatures across the tenement indicate the presence of more than one porphyry body. Each circular low magnetic zone is encircled by high-chargeability and magnetic anomalies, features often associated with mineralised porphyry systems.
Advanced Exploration Tools Driving Discovery
To refine its targets, the Company conducted a 21-line-kilometre MIMDAS deep ground-penetrating geophysics survey. When combined with historical geochemical and magnetic data, this survey identified three high-priority drill targets.
These targets correspond with zones of copper and molybdenum soil anomalies, as well as quartz stockwork mineralisation observed in previous drilling. Such features are consistent with the peripheral zones of a porphyry copper system, enhancing confidence in the potential for significant mineralisation at depth.
Figure 3: MIMDAS survey line 7616900N showing low-resistivity/high-chargeability zones with adjacent magnetic bodies identified as priority porphyry targets; the east aligns with a 1 km Cu-in-soil anomaly.
Gold Price Momentum Strengthening Economics
Far East Gold’s copper-gold strategy benefits from robust gold market fundamentals. As at 5:16 pm AEDT on 14 October 2025, gold was trading at USD 4,114.45 per ounce (AUD 6,354.36/oz).
Gold has demonstrated exceptional performance in 2025:
- 1 Week: +3.23%
- 1 Month: +11.82%
- Year-to-Date: +56.78%
- 1 Year: +54.65%
This strong upward trajectory in gold prices provides a favourable economic backdrop for exploration, increasing the potential value of any discovery made at Mount Clark West.
Regional Context and Strategic Positioning
The MCW Project is surrounded by Tier 1 exploration and mining companies that continue to invest heavily in central Queensland. The proximity of known epithermal and porphyry deposits further validates the region’s mineral endowment.
By applying modern exploration techniques to an underexplored but highly prospective district, Far East Gold is positioning itself to potentially unlock a significant copper-gold system. The combination of structural geology, magnetic signatures, and soil geochemistry supports the Company’s interpretation of a concealed porphyry system beneath the current drilling targets.
About Far East Gold
Far East Gold Limited is an ASX-listed copper-gold exploration Company with six advanced projects across Australia and Indonesia. Its strategy focuses on identifying large-scale, high-grade mineral systems with the potential to deliver transformational growth for shareholders.
The Mount Clark West Project is central to this strategy, as it combines strong geological potential with a supportive local and regulatory environment in Queensland.
Investors Outlook
Far East Gold’s recent progress has been reflected in steady investor support. As of the latest close as of 14th October, 2025, the Company’s share price stood at $0.135, giving it a market capitalisation of $51.38 million.
Share Price Performance
- 52-week range: $0.110 – $0.230
- Current price: $0.135
- Strong base maintained despite broader market volatility.
Market Sentiment
The announcement of a secured CCA and contracted drill program positions Far East Gold for a potential value re-rating. Exploration drilling results, expected from late 2025 onwards, will be the next major catalyst for the Company. If drilling confirms the presence of a mineralised porphyry system, Far East Gold could significantly enhance its market capitalisation, elevate its standing within the Australian exploration sector, and attract strategic interest from larger mining companies.
With gold trading at record highs and copper continuing to underpin global electrification and renewable energy demand, the market context is favourable. Investors are watching closely for early drill results to validate the Company’s geological model and to confirm the potential of Mount Clark West as a significant copper-gold discovery.
