Felix moves to confirm deposit next to ore hungry mine

Felix Gold Limited (ASX: FXG) has spent the first quarter of 2023 getting their ducks in a row for the commencement of a 40 Reverse Circulation (RC) hole, 3,500m infill drilling program in Q2 CY23, with the goal of delineating a JORC resource in their NW Array project for release in Q4 CY23

Felix Gold Limited (ASX: FXG) has spent the first quarter of 2023 getting their ducks in a row for the commencement of a 40 Reverse Circulation (RC) hole, 3,500m infill drilling program in Q2 CY23, with the goal of delineating a JORC resource in their NW Array project for release in Q4 CY23

After a major NW Array discovery in 2022 within the flagship Treasure Creek Project, which included 90m @ 1.2g/t Au from 32m, including 60m @ 1.6g/t Au from 42m, the project was revealed to have the potential to host up to 3.6Moz according to the recently published JORC exploration target.

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.

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 significantly under 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.

Other standout assays from Felix’s 2022 132 RC hole, 4 diamond hole, 14,090m campaign included 90m @ 0.97g/t Au from 45.7m, including 41.1m @ 1.72 g/t Au from 59.4m, as well as 35m @ 1.81g/t Au from 16.8m and 33.5m @ 1.63g/t Au from 1.5m.

The region’s tier-1 deposits are typically shallow, bulk tonnage and low-grade gold resources. Felix has continuously intersected grades well above the head grade of Fort Knox, and at considerable width. The region is full of infrastructure, skilled workers, has low cost power and year-round access to drilling and mining.

During the quarter, Anthony Reilly was appointed Managing Director and CEO. Mr. Reilly has 35 years’ experience across both mineral exploration and development businesses and the global finance industry. He was previously CEO of Develop Global (ASX: DVP) from 2019-2021, during which time its share price rose over 1,000%

Gold has had a strong year so far, having recently hit an all time high in AUD terms, crossing the never before broken A$3,000/oz barrier on the 5th of April 2023. Large scale M&A is now starting to enter the sector, with the perfect case in point being Newmont’s potential US$19.43 billion acquisition of Newcrest.

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