Felix has its sights set on maiden gold resource for NW Array Southern Zone
Felix has started infill drilling with the goal of defining a maiden resource estimate for the NW Array Southern Zone within its flagship Treasure Creek gold-antimony project in Alaska.
The program of between 30 and 40 holes totalling about 3,500m will test the NW Array Southern Zone’s to convert its Exploration Target of 19Mt to 23Mt at grades of between 0.4 grams per tonne and 1.1g/t gold – or contained gold resources of 270,000oz to 890,000oz, into JORC resources.
Achieving a solid result here will set the foundation for Felix Gold (ASX:FXG) to push for the conversion of the NW Array’s global Exploration Target of 76Mt to 92Mt at 0.4g/t to 1.1g/t gold – or between 1.1Moz and 3.6Moz of contained gold – into resources.
Results to date have indicated that a thick, shallow gold deposit with potential for development as an open pit is present while mineralisation appears to remain open in multiple directions and at depth.
Managing director Anthony Reilly said the company was pleased to kick off its 2023 exploration season, which follows on its $2.8m placement in April, with infill drilling aimed at defining a maiden resource estimate.
“Felix’s objective is the discovery of a multi-million ounce gold resource in the infrastructure-rich Fairbanks district and I am extremely pleased with the progress our team is making towards fulfilling this goal,” he added.
“I expect to be able to deliver an initial Mineral Resource Estimate for this area in Q4 CY2023 which will be a foundation for continued growth in 2024.”
Holes in the company’s infill drill program are designed as step-out holes from some of the top intercepts returned from the 2022 drill program.
This earlier program had returned results such as 90m grading 1.2 grams per tonne (g/t) gold from a down-hole depth of 32m including 60m at 1.6g/t gold from 42m, 90m at 0.97g/t gold from 45.7m and 35m at 1.81g/t gold from 16.8m.
Drilling will also expand and infill between areas with significant past results ultimately confirming both shallow and deeper mineralisation.
Felix will use on site lithological interpretation (logging), geochemical data from handheld XRF to facilitate “near real time” understanding of mineralised zones to optimise drill hole completion and prioritisation of upcoming drill holes within the Exploration Target drill area.
It expects drilling to take about five weeks to complete with samples to be dispatched twice a week to the lab for preparation and assay.
Turn around time for the receipt of assay results is expected to be 5-6 weeks with initial assay results reported from mid-July.
Treasure Creek is in Alaska’s highly prospective Tintina gold belt, with neighbours including TSX-listed Freegold Ventures who recently upgraded the resource Golden Summit project from a still substantial 3Moz to a world-class Indicated and Inferred Resource of more than 20Moz of gold.
Notably, the company’s Treasure Creek and NE Fairbanks tenure effectively bookends Golden Summit, which when combined with the presence of Kinross Gold’s Fort Knox gold mine just 20km away and its own early stage gold hits provides support for the company’s belief that it on track to uncovering a substantial gold resource.
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.