Felix Gold flexing exploration muscle with shallow gold hits in 16Moz Fairbanks gold district
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Felix Gold is beginning to flex its muscle in Alaska’s Tintina gold belt, returning shallow gold in assays from reconnaissance drilling at new areas near its flagship Treasure Creek project.
Felix (ASX:FXG) has received assays from 32 shallow RC holes at the Northeast Fairbanks project, including 24 at the Coffee and eight holes at the Eureka prospect.
Those results show significant shallow mineralised gold zones over a large area, including highlights of 3m at 4.26g/t from 59.4m in holes 22NERC021 and 3m at 1.6g/t from 10.8m in hole 22NERC021.
Similar shallow gold occurrences were struck at the MHT target, 15km from Treasure Creek, where assays for 19 holes have been returned, including highlights of:
FXG’s new managing director Anthony Reilly, whose appointment was announced earlier this week, says the company has flown under the radar despite its strong exploration performance.
“Felix has flown under the radar in 2022 despite commencing aggressive exploration of what is the largest claims holder in the main production centre of the Tintina Gold Belt, the Fairbanks Gold Mining District, which boasts over 16 Moz of historical gold production,” he said.
“Our flagship Treasure Creek Project is 15km from Kinross Gold’s Fort Knox and along trend from the major Golden Summit discovery.
“Against that backdrop, we have delivered significant results through the 2022 drill season that have demonstrated the latent potential for progressive delineation of a substantial gold resource at Treasure Creek.”
The results today increase the pipeline of gold zones for Felix to follow up, with more targets to be delineated.
Airborne magnetic and VTEM geophysics surveys have been completed across the eastern portion of Treasure Creek and MHT, with logging and sampling of core from a 1000m diamond drilling campaign at Treasure Creek also finished and assays pending.
“In particular, our substantial emerging discovery at NW Array, within Treasure Creek, is set to drive this initial resource definition and expansion strategy,” Reilly said.
“Coupled with this, the results announced today from regional reconnaissance drilling have further increased our broader pipeline of significant new gold zones for follow-up exploration.
“These areas have naturally been prioritised for step out and expansion drilling in 2023.”
“Pending commencement of our 2023 exploration program, there remains a pipeline of further results over the coming weeks including assays from the completed diamond holes at Treasure Creek and key outcomes from the district-scale VTEM and magnetic surveys undertaken.”
FXG completed 123 shallow RC drillholes around eight prospect and target areas in 2022 at Treasure Creek, confirming shallow hydrothermal mineralised systems across its 6km by 4km eastern tenure.
It is currently focusing on bringing the 2022 VTEM survey into a geological model and exploration target for the high priority NW Array and Scrafford Shear prospects.
An antimony study is also underway, targeting the high grade in-situ potential for the critical metal at Treasure Creek, once a major producer of the rare commodity.
Scrafford Shear once hosted Alaska’s second largest historic antimony mine with grades of up to 58% Sb, part of a large gold-antimony mineralised system at Treasure Creek.
Detailed structural analysis has been started to inform follow-up drilling at NE Fairbanks in 2023, while further target refinement will be completed incorporating recent heliborne magnetic and VTEM geophysics for the 2023 drill plan at MHT.
Their 11 drill holes tested 1.5km of ground across the southern and eastern portions of FXG’s tenure.
Drilling at the Old Glory prospect identified an anomalous mineralised zone over 100m by 500m including holes 22NERC033 and 22NERC037 highlighted above.
Assay results for the 1079m diamond drill program at Treasure Creek, including three holes testing deeper extents of the exciting NW Array system, home to around half of FXG’s top 20 drill hits, are due in the next month.
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.