Felix Gold nabs $1.2m from major shareholder to progress antimony project
Special Report: Felix Gold has secured a $1.2m loan from major shareholder MDF Global to progress its Alaskan projects and commercialisation opportunities.
MDF is building a global metals discovery and development platform and actually founded Felix Gold (ASX:FXG) after identifying and securing a significant land position in the Tintina gold province.
This funding will enable the company to continue its assessment of the multiple development pathways across both gold and antimony, including ongoing exploration at the NW Array prospect where the potential for antimony has been identified, and to further progress discussions with strategic partners.
“MDF’s funding gives us the ability to progress exploration work on our gold and antimony prospects,” FXG chairman Ronnie Beevor said.
“We are grateful for their support which recognises the deep value inherent in our projects, located in the Tintina Gold Province which is recognised as one of the best exploration addresses for making multi-million-ounce discoveries.”
The MDF Board said its delighted to continue backing FXG as it progresses opportunities for the commercialisation of both gold and antimony.
“FXG holds a distinctive and advantageous position within the primary gold production hub of the Tintina Gold Belt, surrounded by essential infrastructure, including a Tier 1 mill actively seeking additional gold ore supply based on exploration findings,” MDF said.
“Moreover, FXG benefits from exceptional antimony results on a global scale
“Positioned within the US market, FXG is strategically positioned to tap into substantial funding opportunities, supporting the nation’s efforts to secure its own antimony supply – a critical element for national security and its increasing demand in green technologies.”
MDF maintains a substantial equity position in the company, holding approximately 19.6%.
Meanwhile, metallurgical test work is underway, with the company submitting 30 samples from recent drilling at NW Array for cyanide bottle roll testing with gold analysis.
This low-cost program will provide the company with information on gold recoveries using conventional cyanide techniques and identify potential processing routes for the shallow oxidised gold mineralisation.
Results are expected in Q1 2024 and the company will provide a further update once these are to hand.
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.