The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Plans to begin drilling on Fairbanks gold properties in March North of 60 Mining News – February 4, 2022
Millrock Resources CEO Greg Beischer and Felix Gold Vice President of Exploration Dave Larimer investigate the Big Birch prospect on Felix Gold's Treasure Creek gold project in Alaska.
Felix Gold Ltd. Jan. 31 announced the completion of an A$10 million (U$7.1 million) initial public offering and listing on the Australian Securities Exchange under the ASX symbol FXG.
"This is a significant milestone for your company and the board of Felix would like to thank all shareholders for their strong support," Felix Gold Managing Director and CEO Kylie Prendergast penned in a Jan. 31 letter to shareholders. "Listed or unlisted, our overarching objective of becoming a premier gold exploration company in the Tintina Gold Province, Alaska, remains unchanged and we are now well funded to aggressively pursue our exploration program."
Early in 2021, Felix entered into a strategic alliance with Millrock on several Interior Alaska gold exploration projects – Treasure Creek and Ester Dome near the Interior Alaska city of Fairbanks, plus the Liberty Bell project about 70 miles to the southwest.
In exchange for becoming a roughly 10% shareholder of Felix after its ASX listing, Millrock has assigned the Australia-based company all its rights to the Fairbanks District and Liberty Bell properties.
Situated about 13 miles west of Kinross Gold Corp.'s Fort Knox Mine, Treasure Creek hosts numerous prospects with interesting drill intersections reported by prior workers. Roughly 2,000 soil samples were collected to further delineate drill targets at four prospects – NW Array, Big Birch, Old Dog, and Pipeline.
Located about five miles south of Treasure Creek, the Ester Dome property is home to the past-producing Grant gold mine.
According to a calculation completed for Felix Gold, Grant hosts 5.8 million metric tons of Australian Joint Ore Reserves Committee-compliant inferred resource averaging 1.95 grams per metric ton (364,000 ounces) gold. Roughly 136,000 oz of this gold is contained within underground resource averaging 6.2 g/t gold.
The JORC-compliant report has also identified an exploration target at Grant Mine with the potential for approximately another 500,000 oz of gold in around 6 million metric tons of resource averaging around 2 g/t gold.
Over the past year, the Felix Gold team has significantly enlarged its land holdings in the Fairbanks District to around 73,000 acres. Much of this expanded property is encompassed by NE Fairbanks, a roughly 36,000-acre land package adjacent to extensive historical placer gold producing streams and within six miles of Kinross Gold Corp.'s Fort Knox and Gil gold mines and Freegold Ventures Ltd.'s Golden Summit exploration project.
"Our key projects, which are surrounded by extensive alluvial gold production, are located along the main gold trend and contain dozens of identified prospects, where historical drill intercepts remain open and emulate other major deposits in the district. Felix is excited to have multiple walk-up drill targets with indications of large-scale gold potential," said Prendergast. "Our value proposition is further underpinned by an existing 364,000 oz gold mineral resource at Grant-Ester where significant upside potential also exists."
The name of the new ASX listed exploration pays homage to Felix Pedro, the Italian prospector who first discovered placer gold in the streams draining the hardrock gold it is seeking in the Fairbanks District.
"As our namesake, Felix Pedro, famously pronounced when he first discovered gold in Fairbanks over 120 years ago: 'There's gold in them there hills," Prendergast penned in her letter to shareholders. "There is, and the Felix team cannot wait for the drills to start turning."
With the A$10 million financing and ASX listing complete, Felix plans to begin drilling on its Fairbanks-area gold properties in March and expects this initial program to last about six months.
"We are starting with some of the most exciting opportunities – testing the extents of known mineralized gold systems and multiple multi-kilometer gold-in-soil anomalies," the Felix Gold CEO added.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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