Felix Gold (ASX:FXG) is conducting an extensive program of drilling and trenching at the NW Array gold-antimony prospect, which has exposed massive stibnite veins at surface.
The results come as the company starts US smelter engineering and site selection discussions with the US Government amid the backdrop of China’s antimony export ban and continuing global supply shortfalls.
Felix Gold Executive Director Joe Webb says with “very high antimony grades” exposed at surface and strong existing infrastructure, Felix is advancing a streamlined development pathway targeting potential production to begin in Q4 2025 to Q1 2026.
To date, a total of 52 reverse circulation holes for 2889.5m (including four water monitoring bores) and 38 diamond holes for 2719.9m have been completed.
Drilling seeks to better define the extents and grade of ‘high-grade’ antimony and gold mineralisation intersected in previous drilling and trenching campaigns. All drill widths are downhole, true widths vary.
In June, field-based exploration and development work started at Treasure Creek in Alaska, which hosts significant antimony mineralisation across multiple deposits, with NW Array and Scrafford representing the most advanced prospects.
Rapid, small-scale development
The exposure of ‘very high grade’ stibnite veins at surface – including the same structure where Felix in February 2025 intersected 3m @ 50.26% antimony and 5.29 grams per tonne gold – “together with very high grade antimony drill intercepts, highlights the potential for rapid, small-scale development”, Webb says.
“Metallurgical testwork previously reported met Class 1 and Class 2 military grade specifications for all parameters tested and further testwork is being completed to test for full compliance, further strengthening the development case,” the Executive Director continues.
“With antimony assays pending from 64 additional drillholes (with drilling continuing) and gold assays pending for 90 holes, we are well-positioned to build momentum.
“This follows the recent visit by senior US federal officials to our site and US Government funding submissions currently under assessment.”
Felix is taking a low-capex, modular approach and is assessing the viability of simple crushing, screening, and concentration rather than complex large-scale builds.
As part of this accelerated pathway, the company is assessing the viability of small-scale surface mining to reduce geological risk, eliminating underground development, and minimising environmental footprint.
In parallel, engineering has started on US smelting facilities with site selection discussions with the US Government underway. Against the backdrop of China’s export ban and tightening global supply, Webb says the strategic nature of this asset is clearly evident.
In December 2024, China formally banned antimony exports to the US, severing America’s primary supply chain for a metal essential across multiple critical industries.
China controls 85% of global antimony processing and the US imports 100% of its antimony needs. Felix Gold says this represents an unprecedented threat to American industrial supply chains.
The US Government is investing heavily on emergency antimony stockpiling – an approach the recently named Department of War acknowledges as unsustainable.
As reported by Mining.com.au, antimony is a critical metal that has one of the most skewed resource endowment distributions outside of Western countries.
Independent advisory firm Blue Ocean Equities notes, however, Chinese mine production decreased from 110kt in 2015 to 40kt in 2023. Key drivers for this decline in mine supply include depletion of higher grade resources and tighter environmental controls amid consolidation of small-scale mining.
Antimony demand from the photovoltaic sector alone is poised to increase from 16,000 tonnes in 2021 to 68,000 tonnes in 2026. The industry’s share of total consumption is expected to rise from 11% to 39%.
Blue Ocean Equities says total antimony demand is estimated to be circa 160,000tpa. Near term growth drivers for antimony include strong growth of solar PV as key foundation of a policy driven energy transition with strong focus on renewables, regulation that requires flame retardant properties in building materials, and extended warfare across Ukraine and the Middle East.
Mining.com.au today (15 September) reports that heading to 2030, North America is becoming one of the most active regions and investor interest in companies with US-centric assets in particular will continue over the outlook period.
Write to Adam Orlando at Mining.com.au
Images: Felix Gold
