• Strategy to provide ore to Kinross’ Fort Knox gold mine is close to bearing fruit
  • Upcoming maiden resource estimate for NW Array Southern Zone likely to draw attention
  • Further gold exploration and antimony test work on the cards


Many promising gold juniors have been undone by the long and expensive slog to profitable production – a fate that Felix Gold was specifically founded to avoid.

Felix was created by Mine Discovery Fund’s (MDF) board of geologists, who spent 2020 scouring the world for a potential tier-1 gold deposit which could be quickly and cheaply brought into production.

This led to MDF assembling a 392km2 tenement package within Alaska’s prolific Tintina Belt with its multiple +10Moz gold deposits, right next to Kinross Gold Corporation’s (NYSE:KGC) Fort Knox gold mine.

The Fort Knox mill has plenty of spare capacity. The Fort Knox gold mine, located less than 20km from Felix’s flagship project the NW Array Southern Zone, produced 291,000oz of gold equivalent in 2022.

Importantly for Felix, the mine includes a 16Mtpa mill that is operating at just 50% capacity and receives a head grade of just 0.43-0.65 g/t gold.

With Kinross having engaged in M&A activity in a bid to extend the mine life of Fort Knox, the definition of a viable deposit that is nearby will undoubtedly be of great interest to the gold producer.

Managing Director Anthony Reilly will provide more information at a live investor briefing at 12pm (AEST) on Wednesday, 13 September.


An emerging discovery just down the road

An emerging gold discovery by Felix Gold (ASX:FXG) at the NW Array prospect in 2022 led to the definition of an Exploration Target of between 1.1Moz to 3.6Moz of contained gold.

The 2023 drilling campaign has focused on the southern part of NW Array (exploration target: 270-890koz), where recent drilling assays confirm “substantial gold zones”, plus the critical mineral antimony.

The hits so far are significant, including a highlight of 90m at 1.20 g/t Au from 32.0m (incl. 60.0m at 1.60 g/t Au from 42.0m.

They are also a considerably higher grade than the ore being processed at Fort Knox.

A maiden JORC resource for southern part of NW Array – which remains open in multiple directions and at depth – is expected in Q4 2023, the company says.

This resource could put Felix on Kinross’ radar for a potential offtake deal.

Outlining just how valuable this could be, Kinross had paid US$93.7m to acquire 70% of another Alaskan gold deposit in 2020 that is expected to generate an extra 640koz of gold production over the life of the Fort Knox mine.

Excellent food for thought when one considers that Felix is currently capitalised at just $16m.

Observed occurrences of high-grade antimony (6.1m at +5% antimony from 30.5m) in the company’s drilling could add significantly more value as the Scrafford Shear antimony mine, which was historically the second largest antimony mine in Alaska, located on its tenement.


Coming plans

Besides the expected delivery of a maiden resource at the NW Array Southern Zone, Felix has plans to progress exploration at the NW Array.

It also intends to carry out further test work on the high-grade stibnite (antimony) zones to better understand its potential.



This article was developed in collaboration with Felix Gold, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.