You're right, the -e in the first enclitic is long. The reason is obscure, but is accessible in Allan and Greenough's (rev. Fowler 1890) student commentary on the Metamorphoses:
- faunique : the enclitic -que is here used as long in imitation of Homer, who makes the Greek τε long. It is probably made so by the pause at the end of the word, or, as it is sometimes called, by caesura. This occurs generally in the second foot of the verse, and only when a second -que follows.
That the penult is a spondee is not so unusual, but should be noted as well. This gives you the following:
- faūnī|quē satyr|īqu' ,, ēt| mōntico|laē sīl|vānī
TKR in a comment below mentions a few additional examples:
Lee's commentary adds some parallels:
- Met. 4.10 telasque calathosque,
- 5.484 sideraque ventique,
- Verg. Aen. 3.91 liminaque laurusque dei.