Felix Gold rolls out $3m SPP to fund multi-million-ounce elephant hunt in Alaska
A $3m raise will help Felix Gold lock in a maiden resource at the NW Array Southern Zone — a major milestone in firming up the commercial viability of the Treasure Creek project.
The Alaskan elephant hunter has a ~400sqkm in the Fairbanks District, where historical gold production exceeds 16Moz.
The ground is literally sandwiched between Kinross’ 11.8Moz Fort Knox mine (19km away) and Freegold Ventures’ 19.7Moz Golden Summit Project (18km away).
Felix Gold’s focus is on the Treasure Creek project, where maiden drilling in 2022 returned a “substantial discovery at NW Array [a 2.5km x 2.5km gold-in-soil anomaly] and several other potential major gold systems”.
Highlights included 90m at 1.20 g/t Au from 32.0m (incl. 60.0m at 1.60 g/t Au from 42.0m).
FXG now has a substantial exploration target of 76–92Mt at 0.4–1.1g/t gold NW Array. In the NW Array Southern Zone, drill results point to “a thick, shallow gold deposit of robust open pit tenor across an area of 750m x 400m that is open in multiple directions and at depth”.
“Having calculated an Exploration Target of 1.1Moz to 3.6Moz gold at the NW Array target at the Treasure Creek project, we have now completed the RC drilling program at the Southern Zone with results surpassing our expectations,” FXG managing director and CEO Anthony Reilly says.
“Delivering a mineral resource estimate would represent a major milestone for Felix in firming up the commercial viability of the Treasure Creek project,” he says.
“Our close proximity to the Fort Knox mine, operated by Kinross Gold Corporation, represents a tangible opportunity for Felix to fast track low-capex production of a substantial gold resource.”
Under the SPP, new fully paid ordinary shares will be issued at $0.08 per share, equivalent to a 15.4% discount to the volume weighted average price (VWAP) over the five trading days before the date the SPP was announced.
Felix Gold (ASX:FXG) will offer Eligible Shareholders who were registered shareholders as at 7pm (AEST) on Friday 25th August the opportunity to apply for up to A$30,000 of new fully paid ordinary shares in the company.
Funds will be used to progress exploration at the NW Array Target in Treasure Creek, delivery a JORC-compliant Maiden Resource Estimate at the NW Array Southern Zone, test high-grade stibnite (antimony) zones as well as for ongoing operating costs and the costs of the offer.
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.