The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
First 2023 drill assays include 100.5 meters of 1.14 g/t gold North of 60 Mining News - July 3, 2023
A 45-hole early-summer drill program at Treasure Creek focused on assessing the continuity and potential extensions of gold mineralization identified so far at NW Array.
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.
Click on image for larger NW Array drill map.
Click on image for larger NW Array NW trend cross-section.
Felix Gold Ltd. July 3 reported that initial assay results from the 2023 program at Treasure Creek show that the drilling is beginning to define a trend of strong near-surface gold mineralization at NW Array, the initial exploration target on this property about 20 miles north of Fairbanks, Alaska.
In May, Felix launched a drill program that was slated to involve 3,500 meters of drilling in 30 to 40 reverse circulation holes focused on establishing a near-surface resource at the NW Array target. Felix's Alaska team exceeded expectations with 4,278 meters of drilling in 45 holes.
"Our team has again excelled in the field, delivering more holes and metres than planned," said Felix Managing Director and CEO Anthony Reilly.
Felix's initial phase of 2023 drilling is building on the success since Felix Gold's formation as a Fairbanks Mining District-focused mineral exploration company in 2021. Shortly following an A$10 million (roughly US$7 million) initial public offering on the Australian Securities Exchange early in 2022, Felix launched its initial drill program at NW 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.
Based on this initial drilling, a 1.1-million- to 3.6-million-ounce gold exploration target was calculated for 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.
Felix believes that a near-surface gold deposit at NW Array with grades in the target range could offer a good source of ore for Kinross Gold Corp.'s Fort Knox Mine about 12 miles to the east. By way of comparison, the ore fed into the Kinross Alaska mill at Fort Knox during the first quarter of 2023 averaged 0.78 g/t gold, and the ore stacked on the heap leach pad averaged 0.22 g/t gold.
The initial 45 holes drilled by Felix this year focused on assessing the continuity and potential extensions of the gold mineralization identified so far at NW Array.
Highlights from the first 11 holes include:
• 100.5 meters averaging 1.14 g/t gold from a depth of 21.3 meters in hole 23TCRC135, including 47 meters of 1.7 g/t gold from 38.1 meters.
• 64 meters averaging 0.64 g/t gold from a depth of 48.8 meters in hole 23TCRC136, including 4.6 meters of 2.44 g/t gold from 77.7 meters.
• 70.1 meters averaging 1.6 g/t gold from a depth of 6.1 meters in hole 23TCRC138, including 7.6 meters of 6.4 g/t gold from 21.3 meters.
• 62.5 meters averaging 0.56 g/t gold from a depth of 1.5 meters in hole 23TCRC143, including 6.1 meters of 1.5 g/t gold from 42.7 meters.
Geological logging and analysis from the initial drill holes indicate the most coherent gold mineralization is along a north-northeast trend. Recognizing this trend led Felix to shift its drill targeting to further define this more coherent corridor, which remains open.
"Consistent with last year's program, these initial results confirm continuity of wide intersections of near-surface commercial grade gold mineralisation, and our team is gaining a better understanding of the structural orientation and controls of the system," said Reilly. "With another 34 holes pending assay results, I expect to progressively update investors throughout the month of July."
The coming Treasure Creek updates are expected to also include a first look at the antimony potential at NW Array.
Treasure Creek has long been known for its antimony potential. The property is home to the historic Scrafford Mine, a World War 1-era operation that produced an estimated 2,700 tons of ore containing greater than 50% stibnite, a primary antimony mineral.
Felix says drilling has encountered stibnite at NW Array and has sent samples to the lab to determine the extent of antimony mineralization.
The company currently has drills turning at Traverse Prospect East, a prospect near the historic Scrafford Mine.
Further details on Mine Discovery Fund, the company that launched Felix Gold and Wiseman Metals, a company focused on exploring for copper and critical minerals in Alaska, can be read at Group behind Felix excited about Alaska in the June 30, 2023 edition of North of 60 Mining News.
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.
Reader Comments(0)