The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Targets a maiden resource for Treasure Creek project, Alaska North of 60 Mining News – June 2, 2023
Felix Gold has accumulated a large land package in the Fairbanks Mining District, including the Treasure Creek property about 12 miles west of Kinross' Fort Knox gold mine.
The NW Array Southern Zone resource target and other prospects slated for exploration this year on the Treasure Creek gold-antimony project in Alaska.
Felix Gold Ltd. May 30 announced the start of an infill drill program aimed at establishing a maiden resource for the NW Array target on the company's Treasure Creek gold-antimony project about 20 miles north of Fairbanks, Alaska.
After completing an A$10 million (roughly US$7 million) initial public offering and listing on the Australian Securities Exchange at the beginning of 2022, Felix launched its first drilling at Treasure Creek with shallow reverse circulation holes at Northwest Array.
Highlights from the 2022 drilling at NW Array include:
• 29 meters averaging 1.4 grams per metric ton gold from a depth of 24.4 meters in hole 22TCRC002.
• 33.5 meters averaging 1.63 g/t gold from a depth of 1.5 meters in hole 22TCRC005.
• 35 meters averaging 1.81 g/t gold from a depth of 16.8 meters in hole 22TCRC075.
• 41.1 meters averaging 1.72 g/t gold from a depth of 59.4 meters in hole 22TCRC078.
• 24.4 meters averaging 1.08 g/t gold from a depth of 51.8 meters in hole 22TCRC083.
"Felix's objective is the discovery of a multi-million-ounce gold resource in the infrastructure rich Fairbanks district and I am extremely pleased with the progress our team is making towards fulfilling this goal," said Felix Gold Managing Director and CEO Anthony Reilly.
Based on its initial drilling, Felix has established an exploration target of 1.1 million to 3.6 million ounces of gold at NW Array in 76 million to 92 million metric tons of material from surface to a depth of 200 meters averaging 0.4 to 1.1 g/t gold.
To elevate this conceptual target to a resource, the company has launched a roughly 3,500-meter in-fill drill program that is slated to involve 30 to 40 shallow holes.
This drilling will focus on the NW Array Southern Zone, a subset of the larger exploration target that hosts about one-quarter of the potential resource.
To fund this exploration, Felix closed a A$2.8 million (roughly US$1.8 million) financing in April.
"Having just closed a strongly supported capital raise in April we are pleased to be kicking off the 2023 exploration season with an infill drill program at the NW Array Southern Zone target," said Reilly. "Having calculated a sizable JORC-compliant initial exploration target for the NW Array we are now in the position of being able to make inroads into a maiden mineral resource estimate."
Felix expects to complete the NW Array Southern Zone infill drilling by the end of July and have a maiden resource calculation of this first target on the company's extensive landholdings in Alaska's Fairbanks Mining District by the end of the year.
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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