Felix Au project Alaska

Felix ahead of schedule at Treasure Creek Project in Fairbanks Gold Mining District, US

Felix Gold (ASX:FXG) reports that its drill program is ahead of schedule with 11,700m in 114 holes completed at its Treasure Creek Project in the ‘world-class’ Fairbanks Gold Mining District of Alaska, US.

The company reports that drilling is ongoing, targeting up to 15,000m and 150 holes in 2022.

The current results were located in a 0.4km x 0.6km zone of a broader 2.5km x 2.5km gold-in-soil anomaly in this area, with the deepest drill hole to date only at 115m vertical depth.

Felix’s share price was up 50% to $0.150 a share as of 11.20am AWST.

Addressing the drill program, Felix Chairman Ronnie Beevor, commented: “This is a significant day for Felix in being an initial realisation of the world-class potential that our Fairbanks tenure, and in particular our Treasure Creek Project, holds.

“this is a significant day for Felix in being an initial realisation of the world-class potential”

Intercepting 89.9m at 1.2g/t Au from 32m downhole demonstrates the existence of a thick, shallow body of gold mineralisation of robust open pit tenor at what is only the southern end of the NW Array prospect.

It is these very systems, at scale, that the Fairbanks District holds and that we are seeking to delineate and commercialise.”

The company also reports that the Felix team undertook the largest consolidation of tenure in the history of the Fairbanks Gold Mining District.

Commenting further, Felix Managing Director and CEO Joe Webb said: “This district has produced over 16Moz of gold and hosts Kinross’ world-class Fort Knox Gold Mine.

It is also located within only 20 minutes of the infrastructure and mining services hub of Fairbanks City.

We are hitting 10+ discrete target zones across three separate project areas during the 2022 drilling program.

Our objective is simple: discovery and delineation of multiple large gold systems for follow up infill and extensional resource drilling in 2023. This is also set to complement planned expansion drilling of our existing high-grade Grant Mine resource.”

Felix’s initial drill program is focused on shallow reverse circulation (RC) drilling to test ‘large-scale, high-grade’ (+100 ppb Au) soil geochemical anomalies at multiple prospects.

Drilling activities for 2022 are targeting multiple near surface mineralisation targets across multiple project areas in the Fairbanks Gold Mining District.

The first phase of drilling at the Treasure Creek Project was focused on the NW Array prospect. This area is considered to be related to Cretaceous intrusive into Palaeozoic metasedimentary schist (Fairbanks Schist), controlled by a variety of inter-related structural events.

Assay results from the first two holes at NW Array were released in June. The latest announcement details assay results received for the next seven holes drilled at NW Array.

Using a cut-off of 0.1 g/t Au over a minimum continuous mineralised zone of 3m downhole, gold intercepts were returned in all seven holes.

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.

In Fairbanks, our 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.

The company holds four key projects across over 392km-square of tenure in the heart of this ‘premier’ gold production district.

Images: Felix Gold Ltd
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.