Felix Gold looks to prove up resource next door to world class gold mine

Alaskan gold explorer Felix Gold Ltd (ASX: FXG) is now halfway through their 40 hole, 3,500m resource definition drilling program at their flagship Treasure Creek Project. The company expects assays to start rolling in towards the end of June, with newsflow being fairly consistent from then on. Felix is targeting a Maiden Mineral Resource Estimate (MRE) for the NW Array Southern Zone in Q4 CY2023.

Alaskan gold explorer Felix Gold Ltd (ASX: FXG) is now halfway through their 40 hole, 3,500m resource definition drilling program at their flagship Treasure Creek Project. The company expects assays to start rolling in towards the end of June, with newsflow being fairly consistent from then on. Felix is targeting a Maiden Mineral Resource Estimate (MRE) for the NW Array Southern Zone in Q4 CY2023.

The program follows on from Felix’s major NW Array discovery in 2022, which included 90m @ 1.2g/t Au from 32m, including 60m @ 1.6g/t Au from 42m. The project has the potential to host up to 3.6Moz according to their JORC exploration target.

NW Array is directly adjacent and just 19km away from Kinross (NYSE: KGC) owned Fort Knox Mine, which produced 291,248oz AuEq in 2022. The mine has a 16Mtpa mill that is operating at only 55% of capacity and receives a head grade of just 0.43g/t-0.65g/t Au. With an ore-hungry mill, Kinross is actively engaging in M&A to extend the mine life of Fort Knox. Felix Gold is well positioned in close proximity to Fort Knox.

Kinross’ first quarter of 2023 reiterated their strong focus on improving margins in their US operations. Central to this is the Fort Knox mine- and utilising all its infrastructure to its full capacity. Kinross is preparing to bring the Manh Choh deposit online, which involves transporting ore 400km to Fort Knox for processing and comes with a total capital expenditure of nearly US$200 million. Viable deposits that are much closer to the mine and are cheaper to bring into production are a strong focus for Kinross, and Felix Gold is working to prove up a resource that fits Kinross’ requirements. FXG has repeatedly intersected wide assays that are a considerably higher grade than the ore being processed at Fort Knox.

Felix Gold’s 392km2 tenement package has over 40km of strike in the prolific Fairbanks Gold District (Alaska, USA), which has produced over 16Moz and is home to multiple 5-10Moz+ deposits. The company recently completed a strongly supported $2.8 million placement which was cornerstoned by the Mine Discovery Fund (MDF), a company at the forefront of discovering Tier 1 metals deposits.

Felix was founded by the MDF, and their expert geological advisory board is responsible for some of the biggest discoveries in the world. The team uses AI-driven proprietary algorithms that incorporate machine learning for big data processing to identify high priority targets.

Join an investor briefing with Felix Gold CEO Anthony Reilly next Thursday 22nd June at 12pm (AEST) to hear more about the company’s progress. Click here to register.

Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Felix Gold Ltd and may receive fees for its services.

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