The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - June 20, 2024
Felix Gold has assembled roughly 151 square miles of mineral properties in the Fairbanks Mining District.
Felix Gold Ltd. June 20 announced that it has outlined 467,000 ounces of gold in an inaugural resource for the NW Array deposit on the company's Treasure Creek project about 12 miles north of Fairbanks, Alaska.
"We are delighted to announce this maiden inferred mineral resource at NW Array, which represents a significant milestone for Felix," said Felix Gold Executive Director Joseph Webb.
Treasure Creek is one of four properties Felix Gold began assembling in 2020 that covers roughly 151 square miles of the Fairbanks Mining District, a region of Interior Alaska that has produced more than 16 million oz of gold. Upon reviewing data from past exploration across this large land package, along with carrying out its own prospecting and sampling in 2021, Felix identified Treasure Creek as a top target to begin building a gold resource on its large land package.
Drilling carried out over the ensuing two years outlined near-surface gold mineralization over a roughly 750- by 2,000-meter area of the NW Array target at Treasure Creek.
Now, the results from that drilling have been used to calculate an inaugural resource for the newest gold deposit in the Fairbanks District.
The NW Array deposit now hosts 25 million metric tons of Australian Joint Ore Reserve Committee- (JORC) compliant inferred resource averaging 0.58 grams per metric ton (467,000 oz) gold.
Roughly 78% of the gold within this gently dipping deposit is within 50 meters of the surface.
This could make NW Array a source of ore for the Kinross Alaska mill at Kinross Gold Corp.’s Fort Knox gold mine, which is less than 20 road miles away.
"This is a fantastic outcome for Felix Gold, with the resource confirming the presence of a large-scale, near-surface gold system at NW Array," said Webb. "The resource is open in multiple directions, and we see strong potential to grow it significantly through ongoing exploration."
In May, Felix announced that it had secured rights to explore extensions of the NW Array deposit not previously available to the Australian mineral exploration company.
These claims within the larger Treasure Creek land package were previously subject to mineral closure orders. Felix successfully navigated applications with the Alaska Department of Natural Resources to reopen these claims for mineral exploration.
"We are pleased to announce the strategic addition of new mining claims, which significantly enhances the scale potential of the NW Array gold system," Webb said at the time.
Historical trenching and drilling provide compelling evidence that the NW Array deposit continues onto the newly opened area. Felix also received approval for another claim to the south that connects NW Array to the paved Steese Highway, which simplifies logistics for future drilling, equipment transport, and potential mine development.
"We are excited to be developing this project in the heart of the world-class Fairbanks Gold District and look forward to updating the market on our ongoing progress," the Felix Gold executive director 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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