Felix’s Exploration Target hints at scale of NW Array gold discovery
Felix now has a clearer picture of just how prospective the North West Array discovery within its Treasure Creek project area in Alaska could be following the calculation of a conceptual Exploration Target.
Following the success of its 2022 exploration program at Treasure Creek, the company has now estimated that the large-scale NW Array – including the Southern Zone Exploration Target – could host between 76Mt and 92Mt of material grading from 0.4 grams per tonne to 1.1g/t gold, or 1.1Moz to 3.6Moz of contained gold.
While there’s insufficient exploration to date to define a JORC Resource, the Exploration Target nonetheless provides Felix Gold (ASX:FXG) with the impetus to drive exploration in the NW Array area with the goal of defining a maiden resource in the fourth quarter of 2023.
This will include a 3,500m infill drill program on the NW Array Southern Zone from the second quarter.
“This Exploration Target neatly frames Felix’s stated objective of delivering a multi-million ounce gold resource in the infrastructure-rich Fairbanks region – and creating significant value for our shareholders in the process,” managing director Anthony Reilly said.
“Our exploration efforts during the 2023 field season are set to be firmly focussed on resource drilling at the NW Array Southern Zone, with a targeted initial Mineral Resource estimate for this area scheduled for Q4 CY2023.”
The Exploration Target delineation comes as a massive third-party resource upgrade – Freegold Ventures furious cranking of Golden Summit resources from 3Moz up to about 20Moz – highlights the rich prospectivity of Tintina Gold Belt within Alaska’s Fairbanks Gold Mining District.
Felix’s key goal for 2023 is to advance the geological confidence of the NW Array Southern Zone so as to enable delineation of a maiden JORC resource.
The first step will be the 40 hole infill drill program, which will seek to confirm both shallow and deeper mineralisation along strike of the modelled faults.
Initial holes will be step-out holes from some of the best intercepts returned in 2022 drilling 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.
Results to date indicate a thick, shallow gold deposit of robust open pit tenor, and the mineralisation remains open in multiple directions and at depth.
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.