Alaska-focused explorer Felix Gold (ASX:FXG) is now preparing to deliver a maiden resource for its North West Array prospect after achieving gold recoveries of over 90%.
An initial resource is expected to be released in the current quarter following 24-hour bottle roll leach test work that returned gold recoveries of 94.5%.
The initial results, which came from oxidised material within 50m from surface, confirmed the gold is free milling and recoverable using the industry standard cyanide extraction method.
“As we celebrate the impressive gold recoveries averaging 90% from our North West Array Bottle Roll tests, our focus sharpens on finalising the initial maiden resource for the NW Array prospect in Q2 2024 and advancing the growth of our Grant mine, a prime brownfields resource expansion opportunity,” Executive Director Joe Webb says.
“We’re laying the groundwork for continuous resource expansion and economic studies in a gold-rich locale, bolstered by existing infrastructure and the proximity of Kinross Gold Corporation’s Fort Knox Gold Mine, which actively seeks additional ore supply.”
The North West Array prospect is part of Felix’s Treasure Creek Gold Project, located in the Fairbanks Gold Mining District of Alaska.
The company’s landholding surrounds Kinross Gold’s (TSX:K) Fort Knox mine, which is seeking additional ore supply.
Webb says Felix sees the pending maiden resource at the North West Array prospect laying the foundation to build towards the profile of Kinross Gold’s Gill-Sourdough mine.
Gill-Sourdough has a National Instrument 43-101 (Canada-compliant) measured and indicated resource of 533,000oz @ 0.55 grams per tonne gold. The mine has been the primary ore source for Fort Knox for the past two years.
“This complements our Grant mine, representing a lucrative brownfields resource expansion opportunity, along with our extensive district-scale land package, all aligned with our sustained objectives of identifying, growing and commercialising economic ore deposits,” Webb says.
Shares closed down 10.71% at $0.05 on Wednesday (10 April 2024).
Felix is an ASX-listed gold discovery business operating in the ‘highly endowed’ Tintina Gold Province of Alaska in the US. Its flagship asset is a substantial landholding in the world-class Fairbanks Gold District, where historical gold production exceeds 16Moz.
At Fairbanks, the tenements sit within one of the largest gold production centres in the entire Tintina belt and lie in close proximity to both Kinross Gold’s tier-one gold mine, Fort Knox, and the rapidly growing Freegold Ventures’ discovery, Golden Summit. We hold four key projects across over 392km2 of tenure in the heart of this premier gold production district.
Write to Angela East at Mining.com.au
Images: Felix
