Okay, everyone, we'll get things underway. Thank you very much for, and welcome, thank you very much for joining us today, and welcome to everyone to today's webinar from Far East Gold for a company update and an in-depth look at the program to the transaction of Idenburg. Today's webinar is going to be hosted by Shane Menere, the company CEO and Managing Director of Far East Gold, and the General Manager of Exploration, Mr. Michael Corey. My name's Tim Young. I head up Investor Relations and Capital Markets for Far East Gold. Just quickly, my email is tim.young@fareast.gold, and my phone number is 0484 24 7771. If anyone has any questions or needs any further information, please do not hesitate to reach out at any time. We will also have time for questions at the end of the webinar.
The presentation will probably be about 40 minutes, and then we'll have about 15 minutes of question time should anyone have any further questions. As I said, Shane and Michael will provide a company update, and then we'll run through the upcoming phase one drill prog at Idenburg, Trenggalek, Mount Clark West, with a particular focus on the exciting high-grade potential tier one gold project in Idenburg, where the drills have arrived up in West Papua, as well as Trenggalek. With no further ado, I'll hand over to Shane, and he will begin the webinar. Thank you very much, everyone, for joining. Thanks again.
Thanks, Tim. Yeah, I reiterate, thanks everybody for joining up and giving Far East Gold some attention. It's nice to have good supporters. I'm just talking through while I'm sharing. Can everyone see that? I've got the full screen up, I should.
Yeah, all good.
All right. Again, welcome everybody. Let's just jump in. Far East Gold, as many of you are aware, we're an advanced portfolio holding company. We have six gold projects across the two jurisdictions, being Indonesia and Australia. To date, over AUD 50 million has been spent, and 63,000 m drilling completed. You're also probably aware, for those newcomers who are not across the company, people behind it, we're quite an experienced board and quite experienced in the country, in Indonesia, where the majority of the value of our assets are held. We have potential to move into some new production positions with at least one of our assets. A bit of the history, going back, we IPO'd on the 28th of March 2022. We were oversubscribed for that, so it was a really good response, actually. We were one of the most successful IPOs in 2022.
You can see there we've raised various funds in placements and share purchase plans throughout the last couple of years. The most significant, most recent one, and the one which really is launching us into a new trajectory, is the incoming strategic investment by Xingye, which is a Chinese mining company, which I'll explain in a little bit more. They came in and finalized their position for 19.9% and a total just under 14 JORC , just over AUD 14.5 million, I think so. We have jolts across multiple projects and some tremendous, significant upside potential across our projects. We're located in some of the most interesting and exciting mining jurisdictions in certainly Southeast Asia, being Indonesia and, of course, Australia. Just to reiterate, we've got the strategic partners on our side, being Xingye, and also the Eurasian Resources Group, which I'll highlight in coming slides.
A little bit of the corporate snapshots. We're currently roughly shares with another AUD 60 million - AUD 70 million in escrow. Or actually, let me correct myself, it's AUD 73 million in escrow right now. Now, that's the Xingye investment that's come in there in escrow for a while there. You can see on the left-hand side, we've got the top 10 shareholders, Xingye now being the largest at 19.9%. Without going through each and every one from there, I'm in there as well. Justin Werner, our Chairman, and the CEO of Nickel Industries is in there. We've got our vendors who participated right from the IPO listing also in there. A couple of other high-net-worth individuals have come through to back us as well with those significant positions. Top 20 shareholders that we're all very close with hold 61%.
That gives us the ability to work really collaboratively with our shareholders for best results. The board of directors, as I mentioned, Justin Werner. Justin's been out here for a very long time, out here, me being currently in Jakarta, Indonesia. Justin's been also in this part of the world for a very long time, over 20 years. He's the CEO, Managing Director of Nickel Industries. If you're not familiar with that, it's a multi-billion dollar corporation. They have a Chinese investor, a strategic investor, who's come in and helped them develop their nickel assets. Obviously, that's reflected quite well with the market capitalization for Nickel Industries being listed on the Australian stock market. We're going down a similar path, let's call it, and myself and Justin have been working towards that.
I've been up in Indonesia for around about 18 years now in various different positions, first in coal mining and then with one of the big corporates supplying technology and so forth, right across Southeast Asia. The next one is Monique Tang. Monique represents Xingye. Part of their subscription request was to come in and have, excuse me, a seat on the board. Monique's a lovely and experienced person. She's an Australian-Chinese, and she's representing Xingye. She's working now in the board. Michael Thernbeck, similar sort of situation, but he represents one of our vendors, Wendy Yap, who is the vendor of Woyla and Idenburg. Paul Walker was the chairman, but he stepped back into a non-executive position. He's been operating up here with me for quite a number of years. Chris Atkinson is a geologist, doctorate in geology.
He's moved into the oil and gas side of things, but his input is tremendous as well in terms of knowing the landscape of Indonesia and operating up here for a couple of decades as well. Onto the assets themselves. Woyla, we could make a comparison to Gosowong. Gosowong is really a well-known tenement in the area with 6 million oz at over 20 g per ton. We have not got to that level yet with Woyla, of course, but we have done some extensive scout drilling up there and pulling together some very good results. We have done three drill prog up in Woyla now over the last year and a half. We are currently at 51%, and we have ticked off everything that we need to tick off to go into 80% and even 100% ultimately. Making moves to increase that shareholding position now.
Idenburg has quickly become the jewel in the crown recently. We made that acquisition through the same vendor. We took a lot of the historical data with Mike Corey, who you'll meet in a moment, and with an independent supplier in Indonesia and calculated an exploration target of 7.2 million oz at 6.1 g per ton as an upper limit, of course. Now, this is really exciting stuff and really important to keep in mind because we also did a JORC, made a JORC of 540,000 oz at 4.1 g per ton. That was fundamentally across the two prospects with a couple of thousand oz across that third prospect area. What's important to know, I want to draw the lineage in between that exploration target and the maiden JORC without going too far out on a limb here.
What we're seeing in the JORC calculations is in line with those estimations in the exploration target, which is really exciting. All things remain constant. We intend to build out that JORC in line with the exploration target, hopefully, and with these upcoming drilling programs, certainly add some oz on very soon. There are 15 known prospect areas at Idenburg. Only 30% of that tenement area has actually been explored. You'll see it on one of those maps upcoming in a moment as well. We are currently in the earning phase to get to 51% of Idenburg, again, with the ability to earn up to 100%, the same as all of our projects. Trenggalek, we are owning 100% of Trenggalek. This is an operational IUP-OP, which means it's a tenement that can go into operation immediately, technically. It's a really interesting area.
Geographically speaking, it's neighboring Tujuh Bukit, which is quite a famous project in the area on the east coast of Bali. That's got 30 million oz with a huge copper input as well. We were drawing a direct comparison. We're about 80 km as the crow flies from Tujuh Bukit, and we're seeing very similar sorts of textures in the ground there. We intend to take that historical data, and we have taken that historical data and developing up exploration permits and obviously drill plans and intend to take that into a drilling position certainly as soon as we can, but certainly within Q2 and Q3. Wonogiri and Mount Clark West are the other two that I'll promote, leaving out the Australian gold project because it's not as particularly advanced and not as interesting as all of these others and with some time limitations.
I just thought I'd drop that one out. Wonogiri and Mount Clark West. Wonogiri has 1.15 million oz, 996,000 of those oz being gold alone. The rest is copper, which takes it to the 1.15 million ounce JORC resource AuEq. We own 100% of that project. Mount Clark West is shaping up in a really interesting area in Queensland, the Drummond Basin style of area. We suspect that there's something of significance mineralized in that project area. We intend to do some testing and drilling on that to prove it. It has had a little bit of drilling, which I'll mention as we go through as well. We own 90% of that project. Specifically on Xingye, our strategic partner, they're one of the biggest silver and tin producers in the world. I believe they may be the biggest silver producer in China.
They have some real pedigree. We developed this relationship, I'd suggest, 12 months ago or a little bit longer now. They've checked us as a company, as a group of people, individuals, and as a geotechnical potential investment and upside for themselves. We ticked all of those boxes for them, but we're working closely with them collaboratively. Their recent investment has really given us the ability to be fully funded and do everything that we need to do to develop these assets into a value position for our shareholders. There's a recent meeting we had, a delegation. That's Justin Werner and myself in the picture on the right. Tim Young is in there as well on the picture on the left. We had our geo come up and our Indonesian country manager as well, Jim, come along.
The reason for that was to obviously build relationships, but certainly with a real focus on moving these projects forward and picking which are the best ones to go with. We are a very busy company with some hungry projects. It is a matter of rationalizing our focus, being laser-like and applying funds to each of the assets to give us the best value uplift, bang for the buck. It is very easy to dilute these across all of the assets, and then you may not see the results that you want to see. We are being very strategic and trying to be quite clever with how we are spending that money. That was the collaborative meeting that we had with Xingye to help us decide and help us align on a direction forward and help to start to integrate those teams, particularly the exploration and geo teams.
Now, this is worth a mention. Eurasian Resources Group invested in us a couple of years ago now. They attributed AUD 4 million. They have got a particular interest in Trenggalek. The intention is to channel those funds into exploration of Trenggalek, which we have well progressed with. Eurasian Resources Group is a private company worth the estimated roughly AUD 4 billion cap. They are also an operating-focused company as well. You can see where we are looking now with Eurasian Resources Group and Xingye, both being companies that can take projects through from greenfield through to project development and right through to production. The Indonesian assets, you can see that we are spread right across the country. Up in the northwest, up there, we have got Woyla, up in the Banda Aceh area, right over in the east, just inside the border between Indonesia and Papua New Guinea, we have got Idenburg.
In Java, which is the island I'm currently on in Jakarta, we've got Wonogiri and Trenggalek relatively close to each other. Idenburg , as I mentioned, the jewel in the crown, it's really emerging as an exciting opportunity, actually. It's 95,000 hectares, 6th generation contract of work. Anyone who knows the Indonesian system knows that that's a very good tenure of holding. It's a lease agreement, and it's one that the government here is very happy with and one that makes navigating any sort of jurisdictional laws and requirements really quite clear and simple. It's very similar to how Grasberg, which is Freeport, is held, and all the other guys that have done well. On that, we're in the vicinity of Grasberg, which is Freeport, Wabu, and then just over the border. Removing borders for a moment, Ok Tedi, and Wafi, Lihir, and Porgera.
They're all of the big names that we're surrounded by. Out of the 15 prospect areas identified, there's 5,500 m of drilling that's been completed. That's across the five prospect areas. The JORC was calculated by two main, but that third that I mentioned is just a few thousand oz in the third as well. Now, just to reiterate, we've got that exploration target that we're working towards of 7.2 million oz, 6.1 g per ton as an upper limit. We can acquire up to 100% of this asset, and only 30% of the tenement area has been explored, which you'll see on the next slide. It's also important to note that the logistics in the area are excellent.
This is elephant country, but we sit on the highway, the Trans-Papua highway between north and south, comes straight from the main port of Jayapura and about 120 km south on that highway, which is a two-lane road. Good logistics and the power is close by and so forth. We think it's going to be a real coup when it comes time into properly project development. Certainly for the exploration now, it makes life a lot easier. Just to reiterate that maiden JORC, 540,000 oz at 4.1 g per ton. The next steps, we are going in there. The drill rigs have arrived at Jayapura. They're making their way down south. As you can appreciate, there's demurrage layouts, constructing these things and putting them together and then dragging them out to site.
There is a little bit of logistics juggling to be done there, which we are in the process of doing. We expect them to be down at site within a number of days, and then drilling will commence in the very, very short term. Now, the real plan here is to obviously increase some oz, understand the tenement, see what might be a good area to look at true project development and potentially looking at where exploration may, well, a view to exploration may lead us. But 1.5 million oz JORC resource is the target for this particular drill program, which I will get Mike to run through. Mike? Mikey, you there.
Okay. Thank you, Shane. Yep, I'm here. Okay. What we're looking at here is a map showing the historical prospect areas. You can see there's a number of them. The JORC resource is from the Sua, Bermol, and to a lesser extent, the Mafi prospect. You can see on the map there. And the Kwaplu prospect is another one we've identified for some drill targeting. The drilling that's going to happen at Sua, Bermol, and Mafi, as Shane mentioned, is going to do some infill. Right now, the JORC resource is inferred. We're going to both upgrade that to indicated and perhaps measured in some cases and also extend it laterally and to a depth. Historically, Sua saw the most drilling. You know, we have a pretty good idea of what the nature of that mineralization looks like and the structural controls for it. Bermol. Reflect that deposit type.
There is lots of exploration scope going forward here, particularly to depth, because these deposits do have a very deep extent in most cases. Okay. Next, Shane, please. Here is an example of the mineralization. This, in fact, is from a new discovery area to the east of the historically drilled Bermol prospect. We are calling this East Bermol. You can see it in the photos there, quartz-hosted mineralization, typically a lot of sulfide or chalcopyrite and some base metals, galena, sphalerite, chalcopyrite. We are getting some very high grades from these samples. Right now, we have a 5 m wide quartz vein, and it is exposed at surface about 20-25 m. It identifies we are seeing structures that are similar to what were drilled previously and remain untested.
It just demonstrates how much exploration is detailed exploration like this in a fairly jungle area is necessary to identify zones like this, which can then be targeted. Even though there is a lot of sulfide in here, some of the metallurgy done previously, a lot of this gold can be recovered through gravity up to 50%-60%. And then using just a fairly typical CIL process, we can get up to 90% gold recovery. It is very encouraging. Next, please, Shane. Here is that East Bermol prospect. You can see on the photo image on the right, just to the east of Bermol. Again, another parallel structure. You can see the exploration, what we deal with on the ground there. It is fairly covered, fairly well covered. It takes time and a lot of effort to expose these things and sample them.
Finding East Bermol, we know there's certainly going to be more like that that we can target. This type of mineralization, its structure is very important. Once we get that structural study and report back, then we'll have more capability to link these zones between the different areas and target the linking structure between them all. There is a lot of work ahead at Idenburg. Next, Shane, please.
Okay. Good.
Over to you.
Over to you. Just to reiterate and strengthen that a little bit more, this is a new discovery area. As Mike well said, we expect to find more like this. As I mentioned earlier, we have mapped about 30% of the tenement. There is a lot more to map. This was in the area. This was in the known area. It is just off to the east, I believe, of Bermol. Consequently, our mapping program, detailed mapping and understanding, our ground truthing and so forth, led us to find this one. Very encouraging to see these sorts of things coming through. Just to emphasize also again before we go on to Trenggalek, the exploration target. You can see that little box down the bottom right, 7.259 million oz in upper limits at 6.1 g per ton.
Of course, that can be a bit of a crapshoot at times. We think that this has been very carefully considered with an independent consultant. They came in with a minimum target of 190,000, 189,000 oz, I should say. Of course, that's already been proven as we've gone and done that maiden JORC of 540,000 oz. That should be the new absolute minimum there now. That's at 4.1 g per ton, that JORC. Just to reiterate, 6.1 g per ton is that exploration target. We've still got a ways to go. Trenggalek, as I mentioned, it's an operational permit. It's 12,800 hectares. It's got quite a history in the area. A couple of the bigger players have had a crack at it, Aneka Tambang in JV with ARC Exploration and Anglo American and so forth have all had a go at developing this project.
They're unsuccessful. We're a smaller moving company. And we've got good networks and very good understanding of the social aspects of mining in Indonesia. This is how we've, if anyone asked me how we've been successful where the other big players haven't, it's because we've respected community and we've gone in and developed these things collaboratively with the community. We've done that with Trenggalek. Admittedly, Trenggalek has been quite challenging because we were left with a poor opinion of mining companies by the local community. We've been doing town halls and town planning sort of exercises in terms of showing them where the actual pit might be and where the exploration drill holes might be and then educating them up. We've really got them on favor now. As I say, that's how we've really been quite successful in Indonesia, is understanding the landscape here.
This project area or this project itself is identified by the Indonesian government as one of the top three greenfield projects, a greenfield gold project in particular. This is even more of a copper project than it is gold. Historically, there's been over 17,500 m of drilling, airborne mag work, and the geochem of 10,500 samples, rock samples, and now the IP work that's been done on there as well. There really is a plethora of data across this particular project. It has been drilled previously down in the southeast, an area called Singgahan, proving mineralization. At the time, they couldn't get the social license to drill where they wanted to drill. Michael goes through that in a minute. In fact, next slide.
Okay. Thanks, Shane. The image on the right shows the areas we're going to target as part of the planned program with the circled pink areas. What you're looking at there in the colors is surface alteration. The targets have a surficial expression initially through alteration at surface. The type of alteration we're seeing is very indicative of a porphyry environment, advanced argillic alteration, a bunch of high-temperature clays suggesting you're in close spatial proximity to the underlying resource porphyry. We've identified targets at Sumber Bening, Buluroto, and Singgahan. As Shane mentioned, the company was able to use the historical data, the regional magnetics, and all the surficial mapping and geochem that was completed.
What we then did as FEG was come in and do some very detailed mapping and sampling to confirm some of that work and do some of the geophysical modeling in 3D to define the drill targets. That is what we are doing with these number of holes. Being a porphyry, it does not take a lot of holes to identify if it is mineralized or not, and where in that porphyry system you are intersected with the drill hole. Let's move on there, Shane, to the next slide if we can, please. Here is Sumber Bening. Shane mentioned before it has some similarities to some of the other super giant porphyries that have been defined and currently mined or being mined in the Sunda -Banda Arc. That includes Batu Hijau, Tujuh Bukit currently, and also the Valley Discovery at Onto in Sumbawa. These are all, like I say, super giant world-class porphyry systems.
Trenggalek is along within that same magmatic arc that stretches along the lower part of Java up, in fact, to Woyla. It's all perspective. Here we're looking at some of the rock types. Sumber Bening is characterized by buggy quartz with advanced argillic alteration at surface with an underlying high magnetic anomaly. Together, that's a very compelling drill target. I think it's shown in the next slide there, Shane, if we can have a look at it. You can see it here. We got two targets identified primarily based on the magnetics. You can see the porphyry target for us is that magnetic anomaly at depth underlying some of those buggy quartz that's reflected by high resistivity and high chargeability. This is, like I say, a very compelling drill target for a combined high-sulfidation and underlying porphyry target. Next, please, Shane. Singgahan.
This is in the southeast part of the IUP. Some of the historical drilling you can see there by that red dashed line through a combination of surficial mapping, alteration, rock sampling, and geophysics. We've identified two priority targets at Singgahan to test for porphyry. You can see all on the right where the targets we're locating at surface is reflected by the alteration and surficial samples indicating some enrichment in copper and gold. It is that gold enrichment in these porphyry systems that really make porphyry in Southeast Asia unique from a lot globally. There is that strong gold component, which really gives you a boost in value add in this style deposit. We are going to test a shallow zone at surface and then test the deeper, higher mag zone at depth, which conceptually is a source for some of the nearer surface mineralization. Next, please, Shane. Buluroto.
Historically, they did some drilling focused on a quartz breccia close to surface. What was different about this quartz breccia compared to typically epithermal type vein systems is that there was a lot of copper, chalcopyrite, in the matrix of the breccia. You can see that intersection there at 27 m of almost 0.5 g of gold and 0.2% copper. That is a very good porphyry type geochemical signature from a mineralized system. What we are going to do is see if we can extend that quartz breccia to depth and test, again, the higher mag part of that defined anomaly there as the source for the mineralization. It is a compelling drill target that hopefully we will have success with. As part of that Buluroto system there, there is also an epithermal vein system that extends to the northeast from that high magnetic modeled body.
We're going to put a series of drill holes, 100 spaced holes along that 500-m extent of that vein system to test the epithermal part of the system. It is all related. The epithermals are related to an underlying porphyry that sets up convection cells and moves a lot of fluids around. You will get these epithermals typically distal to your main porphyry. We are going to test that along strike and shallow initially. If we get some encouragement, we will start testing it deeper and see if we can sort of stitch together a resource there. Next, please, Shane.
Yes. Wonogiri is probably our most advanced project with a gold porphyry resource of 1.15 million oz AuEq, which I have mentioned. It is an IUP exploration. It is a gold porphyry system with some epithermal gold as well. Interesting project area. To the west of Trenggalek and still on the southern side of that Sunda Magmatic Arc where all of those good deposits are located, as Mike just mentioned. There has been quite a bit of drilling done, obviously, to get to that JORC resource. What is interesting is these epithermal veins that are returning some really nice grade, 7.79 at 3 m, and some silver. You see the 0.29% copper that is coming in. It is fundamentally a gold porphyry. We have done a lot of work on the metallurgies there to understand truly what we have and what the economics of it look like.
With CIL, we're getting greater than 91% recovery. It was about 50% gravity alone, which for this style of system is exceptionally good. A lot of people have asked me about the scoping study that we've been touting around for a while. Certainly haven't meant to be dangling it. We've gone back quite a number of times and reassessed our thinking on this. We've gone back and recalculated, obviously, on a higher gold price now. We're in the final stages of pulling this together with some project economics. The main factor for reassessing this time and time again is because the original scoping study was done with an aggregate portion to it. The overburden lends itself very well to aggregate road base, concrete, rock base, and so forth.
The particular area where the Wonogiri project is by Solo in Java has got a lot of capital projects going on. There was some thinking from our side that we could sell that rock base. The markets declined. We are rethinking and reshaping that scoping study now. Mike, did you want to just go through? Oh, no. Sorry. I'll continue on with this one and hand the next one over to you. As I mentioned, it's in the Solo project area, Solo area, which is in Java. Bali to the east coming through as we come right through on the Java Island and Trenggalek and then Wonogiri. We are not far from Surabaya, which is the second biggest city in Indonesia. There are direct flights and so forth into the Solo airport as well. Really good logistically, really, really well located.
There is potential to host other prospects in that corridor that runs through there, which I'll let Mike explain.
Okay. Here's a 3D model on the right of Wonogiri. The red color, that's the gold, which part of the system at 1 gram gold cutoff. And the yellow's half a gram of gold. The pink color there is the micro diorite host rock. And that's the intrusive or the porphyry that contains the copper-gold mineralization. On the right, you can see a table here showing some of the broad intersections within that intrusive that is mineralized, substantial gold and copper over very wide intercepts. What's unique about Wonogiri is that the high gold content of it, right? And I mentioned before, these are copper-gold systems. But Wonogiri seems to have an extra gold component to it. You can also see on that section on the right that there's a high-grade zone at depth, which is pretty much that's 470 m down and is still open to depth.
These systems can extend to considerable depth of a km or greater in some systems. Wonogiri does warrant more drilling to depth. Next slide there, please. Here on the left is part of that magnetic modeling. You can see that deeper intersection there of 1.7 g of gold and 0.23 copper over that 37-m intersection. Again, it is open to depth. Some of the modeling suggests that there is potential for sort of a structural conduit or controlled conduit fluids flowed up into this space to form the near surface deposit. There is also scope at going deeper to test that depth part of the extent of the system. The Randu Kuning deposit that forms the resource does seem to lie within a defined intrusive corridor that we're calling it. It's northwest trending.
This would conform to the structural tectonic architecture or framework of placement of these deposits along the southern part of Java. There are a number of targets here that we've identified that, again, warrant some drill testing as part of an exploration.
Next, Mike. Woyla. A lot of people will be aware that that was our focus for the last 18-odd months. We've calculated and identified, due to surface mapping, more than 26,000 m of strike length across that 24,000-hectare contract of work. The history behind that, all the big guys were up there back in the day, back in the late 1990s and early 2000s, Barrick and Newcrest and so forth. None of those guys could get the drill rigs turning. A bit of a feather in our cap that we were the first company to get there. As I said earlier, that was largely through community engagement. A number of other factors, I'd love to be able to say we were magicians at being able to get these things under. There was an element of being at the right place at the right time.
A detailed plan to engage actively with the community is what ingratiated us enough to get their trust and be able to go in there and explore. We were fortunate enough to get those drill programs, phase I, II, and III, underway at 133 holes for just over 20,580 m. You can see the assays that have been returned, 81 g per tonne, 25 g per tonne, 28 g per tonne, and the 38th. They are in the four main prospect areas of Rek Rinti, Anak Perak, Aloe Eumpeuk, and Aloe Rek. Those big intercepts that you are seeing, 30 m at 2.8 g, 25.8 m at 3.9 g, 20 m at 7.5 g . You can see the rest. Nice thick vein systems. What we have with Woyla, it is a very good understanding of it. We have found the very high pockets of gold.
We've found that there's some significant intercepts up there as well. The real strategy moving forward is to be able to stitch that all together and come up with a resource up there which is appropriate for what we're seeing. The next step is to go into that resource expansion, as I mentioned, and also working towards a higher equity position of ownership, of which we've already achieved those requirements and have the final parts underway to get to an Indonesian-grade, sorry, feasibility study, I should say, which is sort of a scoping study at best. It's an Indonesian government requirement to take it through. We've used that as a milestone to achieve the 80%, which is great. We're well progressed towards that. All right. Over to you, Mike, on the drill program.
Okay. As Shane mentioned, there has been three phases of, I guess, four phases of drilling completed, testing the prospect areas defined in that image on the right. We started with Anak Perak. And it was essentially a walk-up sort of situation where the vein system was identified. It was mineralized in parts. And we tested it over about 6,700 m along its extent. Very robust system. Just was not generating a lot of high grades. Moved over to Rek Rinti system. This is the Rek Rinti, Aloe Eumpeuk, Karang Rebol, one that is untested with high grades, and Aloe Rek. These were all within a northeast trending structural corridor, right, for about 7 km long. There was some historical very good results.
We tested those and got some terrific results that Shane ran through there, seeing everything you need to see in the style of deposit to give you the comfort that it's going to generate some high gold and copper veins. That's things like gingero texture. We got electrum. We got visible gold. What we've been challenged with is, although we get some terrific intersections in specific areas, the challenge for us has been extending that along strike. To do what Shane mentioned, stitching together a fairly significant resource. That's something that we're going to take a closer look at and try and do that between these areas where we've got some high grades. Karang Rebol is one such target within that 7-km-long structural corridor. Next, please, Shane. Okay.
We're going into the Australian projects as well. Mount Clark West, as I mentioned, you can see our gold project there, Blue Hill Creek, that I won't go through. We haven't significantly advanced that project other than bringing them together under the one roof, let's call it, because there are three tenements side by side. That is in a nice prospective area right by Mount Coolon, right by GBM Resources, who have the earning agreement with Newmont, Newmont, Newcrest, for, I believe, AUD 20 million-AUD 25 million. A nice little area. That's one that we're going to take a look at moving forward when we have the resources more available. Mount Clark West is in that similar Drummond Basin, Konazark area. Mount Clark West is 1,900 hectares. All around our tenement there at Mount Clark West are some of the bigger players.
Anglo American has purchased a lot of the area. We've got the EPMs in the area all around us. They're seeing that as a potentially huge growth opportunity for them moving in there. Copper-gold porphyry project. There has been some drilling done there previously. At the time, the vendor worked with another investment group. To shortcut the process and just to get drills in the ground, they chose an area just in the road corridor without having to get permission from farmers and so forth, which we have a good relationship with now. We think they dropped the drill in the wrong area. They did nonetheless prove there's mineralization there. They got some okay hits, but nothing of any great significance, but certainly copper mineralization. We're taking that information and our own work that we've done.
We've done a MIMDAS, which is a geophysics survey, and interpreted it internally and come up with some drill targets now. Mike, you might want to go through that. We've got the 1,800 m of drilling intended.
Yeah. Shane mentioned that the historical drilling there was done up in the north part of the system. It intersected some low-grade copper in veins within altered volcanics. The interpretation was that it was just on the edge of the source porphyries, right? These porphyries, as mentioned before, are best defined by geophysics. We did the MIMDAS. Some magnetics has been done. The modeling of those two sort of sets up a nice, coherent conceptual model that we're going to test with the three proposed drill holes. Each one of those testing a magnetic anomaly that's owned by a higher magnetics on the shoulders with more distal MIMDAS anomalies that puts a nice model together where the mineralization is related to the high magnetics as part of the potassic alteration, which commonly contains the highest copper and gold grades.
You have that pyritic shell on the outside that is sort of defined by the MIMDAS survey. It is a nice conceptual model that we are going to test with the three holes. These style deposits, as shown globally, and particularly within the Macquarie Arc at the Arcadia North Parks, do not have to have a big area surface footprint. They can be narrow, but they can extend quite deep. This type of nested model fits quite well. Hopefully, it will be as interpreted when we drill the holes. Thanks, Shane.
Finally, just in way of summary, everybody, high-grade gold and copper potential is Far East Gold, a global JORC resource of 1.1536 million oz of gold, AuEq, with the vast majority of that being purely gold. We have advanced exploration drilling plans in place, which we have run through with you. 2025 being a big year for us. The real intention, the real target here is to expand those resources, further unlock that value. We are well funded, which a lot of juniors cannot necessarily say. We are very fortunate, very happy to be in the position that we are in now, since bringing Xingye in. They are a good strategic partner for us. They have put some good funding in our pocket, which enables us to go and do the things that we want to do. We are building those partnerships out and working towards a common goal now.
Let's not forget favorable market conditions. We really think this is our time. We've been working pretty hard the last couple of years to get to a point where we're able to show off what it is that we've been doing. The intention now is to get eyes on the company, certainly as we get those drill rigs turning up at Idenburg. Just to reiterate on that one, I think we're going to get those drills turning very, very soon. It's purely a logistics exercise at this stage. Everything's over on that island. Everything is in place. Combine some proven historical, very interesting results at Idenburg. With the drill readiness in place and the favorable market conditions, we think we're really well positioned moving forward. Thank you, everybody, for taking the time to listen.
I know I've gone over a little bit, largely due to me talking a little bit too much. It is a topic close to our heart. If anybody's got any questions, I'll hand back to Tim to.
Sure.
Yep. Go ahead.
Thanks, Shane. Thanks, Mike, for that. Thank you, everyone, for sticking around. There have been a few questions come through. I'll just run through these consecutively. Don has asked, "What type of mineralization is Idenburg?" I believe Mike touched on this briefly. Mike, would you just like to expand on that, mineralization at Idenburg, please?
Yeah. As mentioned, it's referred to as sort of orogenic. And that's a big basket of deposit types and styles. But it's very similar to something like Kalgoorlie, right, where you're at plate boundaries. There's structure is very important. And shear zones, shallow angle faults are all related to that. So structurally complex mineralization can be lensoidal, but as we've seen, terrifically high grade. And what sort of is characteristic of this style deposit is its depth potential. In places like the Abitibi Superior Province in Canada, these things can go down to a km or more at depth. And you get high grades. Essentially, in some cases, it's narrow vein mining. In some cases, you can sort of open it up to slope-type stuff. But that's another component that needs to be tested at Idenburg. And the deepest drilling to date has only been close to 200 m.
There's a lot of potential there to test. A very well-known deposit type that we can utilize a lot of that mineral, a lot of that knowledge from other deposit types.
Thanks, Mike. Just a couple of questions from Lars. Xingye now has 19.99% holding in FE G. Does this prevent other potential companies approaching FE G with plans to develop Idenburg or any of the other prospects? Shane.
Good to catch up. We've caught up a couple of times before. No, that doesn't prevent anybody else coming in. There is an element of loyalty we have with Xingye and with the alignment and just the dovetail fit in terms of intentions and ability to go from a greenfield through to production. Having said that, there may be some interesting companies that'd like to come into strategics, like to come in up at group level. At project level, actually developing these sites, it's our intention to work with Xingye. There's always opportunity if they're focusing in on one asset to look at other companies coming in on others as well.
Thanks, Shane. Just on Lars again, do we have any other, does FEG have any interested parties wanting to help out with the drilling and exploration at Mount Clark West?
I haven't nailed that one down yet, Lars. If you've got any suggestions, you're welcome to shoot them to me. We do have, we've obviously made inquiries and rounded things up. We haven't made bookings. We haven't secured anything in that drilling just yet. What I'm trying to do is obviously focus heavily on Idenburg with a successive drilling program at Trenggalek, possibly six to eight weeks in succession after that. That'll overlap in parallel. My intention is to get drilling in Mount Clark West this year as well. I'd like to do that sort of sooner rather than later. It's a matter of being able to be successful without spreading our team too thin. We're a small team. I don't want to load up necessarily with too many overheads and too many people.
I certainly do not want to dilute focus away from our current plans at Idenburg and Trenggalek. Having said all of that, yeah, look, we are moving towards that side of things at Mount Clark West as well. We do have a couple of parties that might be interested in investing in that particular area as well. Nothing secured as yet.
We just have time for three more questions. Don has asked, "Sealing gang in the Philippines, Mike, is a porphyry that had a latter epithermal event that intruded the porphyry and put the veins of high grade through it. Could this explain the odd high grades appearing in Wonogiri?
We haven't seen that. Wonogiri, the high gold grades there seem to be more porphyry-type mineralization within A and B-type vein systems associated with a lot of magnetite as part of that potassic alteration zone. Where we are seeing epithermal at Wonogiri is proximal to the Randu Kuning porphyry hosted within the micro diorite, where the structures that we can follow from Randu Kuning and that dilational zone that it intruded into was emplaced into. Following those structures is where we see some, as Shane mentioned, some pretty encouraging epithermal-type mineralization. That includes it in a diatreme. Diatreme is the last gasp of the porphyry system in many cases. You get a bunch of stuff degassing from that system. We're seeing some mineralization, epithermal-type mineralization within it to just immediately south of Randu Kuning. That requires some follow-up too.
These porphyry systems set up a couple of different deposit styles and types as part of that larger system. They all have the potential to be mineralized.
Thanks, Mike. Two more questions. One of them at the end has been asked by a few people. The first one is Greg's asked, "Are there any plans to divest some of the assets to concentrate efforts on Idenburg?
G'day, Greg. Really good question. One that a lot of people are asking and I think concerned about as well. Far East Gold put together this amazing portfolio of assets. At some point, you've got to focus in on where you think the best value uplift is going to be. We've got a pretty good plan now. We've studied our assets. We know them very well. We know which ones are going to be the higher probability of success in terms of share price recognition. As a consequence, yeah, we're open to divesting some of the assets. Obviously, we want to retain the high-value ones. If we did divest, that could put a bit of money in our pocket. We could really focus in even further on developing that shareholder value. Short answer is, yeah, absolutely. Yeah.
No, we've done quite a bit of looking at strategic, looking at what might be the best way to go.
Okay. The last question's been asked by a few people. It's probably the one in front of everyone's mind. It's probably got something to do with Xingye . It is around, "When do we expect to be in production for the first gold production? When do we start producing gold?
Yeah. That's always the really tough one. I don't want to try and do the lip service here and give open-ended answers. The reality is we've got a partner who is very focused on getting cash flow underway, wants to get into production. They see Idenburg as one of the easier projects, certainly in the region, to kick off, get off the ground. There are permits that we'd need to get into production. Those could be achieved before the end of this year. There's more drilling that we need to do. We don't want to build a drill plant on a nice vein system. We need to understand the project better. That can be achieved before the end of this year.
At the photos that you saw of myself and Justin up in the, and Tim was there as well, up with Xingye, they agreed, "Look, let's focus on understanding what it's going to take to get us into production. The intention is to do that now. We are doing that now." It could be toward the end of this year. We've got a good idea about what that looks like. My background, in short, is leading some of the major mining companies that have never produced before or those that are in production into either brand new production or a greater production capability. I did that with a big global corporate for quite a number of years in Indonesia. I've got a propensity to lean towards the production side of things. We certainly know how to shortcut things and get there.
That being said, it's no easy task to get into production. Eidenburg certainly is rising. The cream that's rising to the top is the easiest and quickest to get into production. Look, you could get a plant organized if all things were in order. Please don't hold me to this. If all things were in order, you could get a plant into production in a staged process in about 18 months after you decided to shovel it in the ground and go. What does that mean? The reality is we've got a bit more work to know before we can really identify what dates would look like. We're moving towards understanding that certainly within the next quarter or two.
Thank you, Shane.
Thanks for that question.
There's just one final one I might touch on just around the drilling timetable. When do we expect to be drilling in Idenburg?
The drill rigs, as I mentioned, the laydown yard up there now, they've landed. It's logistics now to get them down on the road. It is just a two-lane sort of highway road that goes down there. We have to get them from that road to the laydown area and then up to the particular drill pads. There is about another week or so of organization to do with pulling everything together and getting it ready. The 17th to 21st would be my best guess to have a drill rig turning. We have a couple of weeks, I think, of work to do to get everything all secured and make sure we have all our safety protocols in place and just make sure that we have a good, well-thought-out and well-managed and measured drill program.
Thanks, Shane. Thank you, everyone, for attending today. We really appreciate your efforts and your time and affording us the time for your to go run through the webinar with both Shane and Mike. As I said, my phone is always available. My email is always available. If there's any further questions, please feel free to reach out at any time. We're here to help. Thanks for your support. Thank you for your time today.
Thank you, everybody. Greatly appreciate it.