Alaskan gold explorer Felix Gold Ltd (ASX: FXG) has commenced a 40 hole, 3,500m resource definition drilling program at their flagship Treasure Creek Project. The company’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. Felix is targeting a Maiden Mineral Resource Estimate (MRE) for the NW Array Southern Zone in Q4 CY2023.

Felix this week launched an accelerated drilling plan at the Southern Zone target area, after making a significant gold discovery 19 km’s from the Kinross (NYSE: KGC) owned Fort Knox Mine, where Felix has intercepted 90m @ 1.2g/t Au from 32m, including 60m @ 1.6g/t Au from 42m. The JORC exploration target has the potential to host up to 3.6Moz gold across the entire project, with the Southern Zone accounting for potentially up to 890koz.

The NW Array Southern Zone area is directly adjacent and just 19km away from Fort Knox, 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.

Felix’s NW Array is also just 18 km away from the 20 Moz Freegold Ventures Golden Summit Project, of which famed resources investor Eric Sprott owns over 25%. The region’s tier-1 deposits are typically shallow, bulk tonnage and low-grade gold resources. The region is full of infrastructure, skilled workers, has low-cost power and year-round access to drilling and mining.

Felix’s key objective for the 2023 field season is to advance the geological confidence of the NW Array Southern Zone to enable delineation of a maiden JORC-compliant Mineral Resource.

The company expects the current drill campaigns to take around five weeks to complete, with initial assay results to be reported from mid-July. 

Drill campaign underway

Last year’s drilling program showed substantial evidence of a thick, shallow gold deposit of robust open pit tenor. The mineralisation remains open in multiple directions and at depth. 

This year’s program entails 40 shallow Reverse Circulation (RC) drill holes, for approximately 3,500m. Felix is keen on building out the orebody, so a few of the drill holes are designed to be step-out holes from some of the top intercepts returned from the 2022 drill program. The rest of the drilling will expand and infill between areas with significant past results ultimately confirming both shallow (~50m depth) and deeper mineralisation (~150m) along modelled faults.

Image: Felix Gold. NW Array Southern Zone proposed drill collars.

Felix’s objective is the discovery of a multi-million ounce gold resource in the infrastructure-rich Fairbanks district. Felix Managing Director and CEO, Anthony Reilly, said he is “extremely pleased with the progress our team is making towards fulfilling this goal.”

“The initial Mineral Resource estimate for this area in Q4 CY2023 will be a foundation for continued growth in 2024.”

Gold was first discovered at Fairbanks in 1902 by Italian immigrant Felix Pedro. Since then, the Treasure Creek area has been the subject of an enormous amount of exploration and placer mining by individual prospectors.

Join Felix Gold MD and CEO Anthony Reilly for an investor briefing this Thursday, 1st June at 12pm (AEST) to hear more on progress at Treasure Creek. Click here to register.

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