The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Testing targets on Treasure Creek property north of Fairbanks North of 60 Mining News – May 6, 2022
Millrock Resources CEO Greg Beischer and Felix Gold Vice President of Exploration Dave Larimer refine drill targets during 2021 at the Treasure Creek gold project in Alaska.
Millrock Resources Inc. May 4 announced that Felix Gold Ltd. has begun drilling on the Treasure Creek gold project north of Fairbanks, Alaska.
Early in 2021, Felix entered into an alliance with Millrock on several Interior Alaska gold exploration projects – Treasure Creek and Ester Grant near Fairbanks, plus the Liberty Bell project about 70 miles to the southwest.
Earlier this year, Felix completed a A$10 million (U$7.1 million) initial public offering and listed on the Australian Securities Exchange.
"Felix Gold has built an excellent exploration team and is well-capitalized," said Millrock Resources President and CEO Greg Beischer. "The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry."
With its treasury full and spring arriving in Alaska, Felix has launched a planned 7,000-meter drill program at Treasure Creek, part of a much larger land package it has assembled in the Fairbanks Mining District.
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 collected by Felix and Millrock geologists last year have identified two key targets for 2022 drilling – Northwest Array and Eastgate.
"The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit," said Beischer. "Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation."
Millrock assigned its Treasure Creek mineral rights to Felix in return for cash, shares, and production royalties featuring advanced minimum royalty streams. Millrock owns roughly 9.96 million Felix shares that today have a market value of around A$1.64 million (US$1.17 million).
"A new discovery here would propel the value of Millrock's shareholding in Felix Gold and in return increase the value of Millrock shares," Beischer 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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