First Drill Tests of 2023 Include 100.5 Meters of Gold at 1.14 g/t North of 60 Mining News – July 3, 2023
Felix Gold Ltd. reported on July 3 that initial test results from the 2023 program at Treasure Creek show that drilling is beginning to define a trend of strong near-surface gold mineralization at NW Array, the first exploration target on this property about 20 miles north of Fairbanks, Alaska .
In May, Felix launched a drilling program involving 3,500 meters of drilling in 30 to 40 reverse circulation holes, aimed at establishing a near-surface resource at the NW Array target. Felix’s Alaska team exceeded expectations with 4,278 meters of drilling in 45 holes.
“Our team has once again excelled in the field, with more holes and gauges than planned,” said Felix Managing Director and CEO Anthony Reilly.
Building on the success of 2022
Phase one of drilling in Felix in 2023 builds on success since Felix Gold’s inception as a Fairbanks Mining District-focused mineral exploration company in 2021. Shortly after an initial public offering of A$10 million (approximately US$7 million) on the Australian Securities Exchange early in 2022, Felix launched its first drilling program at NW Array.
Highlights of the 2022 drilling at NW Array include:
• 29 meters averaged 1.4 grams per ton of gold from a depth of 24.4 meters in hole 22TCRC002.
• 33.5 meters averaged 1.63 g/t gold from a depth of 1.5 meters in hole 22TCRC005.
• 35 meters averaged 1.81 g/t gold from a depth of 16.8 meters in hole 22TCRC075.
• 41.1 meters averaged 1.72 g/t gold from a depth of 59.4 meters in hole 22TCRC078.
Based on this initial drilling, an exploration target of 1.1 million to 3.6 million ounces of gold was calculated for NW Array in 76 million to 92 million tons of material from the surface to a depth of 200 meters with an average of 0.4 to 1.1 g/t gold.
Felix believes a near-surface gold deposit at NW Array with grades in the target range could provide a good source of ore for Kinross Gold Corp.’s Fort Knox mine, about 12 miles to the east. By comparison, ore fed into the Kinross Alaska plant at Fort Knox in Q1 2023 averaged 0.78 g/t gold, and ore stacked on the heap leachpad averaged 0.22 g/t gold t gold.
The initial 45 holes drilled by Felix this year focused on assessing the continuity and potential expansions of the gold mineralization identified so far at NW Serie.
Highlights of the first 11 holes are:
• 100.5 meters averaged 1.14 g/t gold from a depth of 21.3 meters in hole 23TCRC135, including 47 meters 1.7 g/t gold from 38.1 meters.
• 64 meters averaged 0.64 g/t gold from a depth of 48.8 meters in hole 23TCRC136, including 4.6 meters of 2.44 g/t gold from 77.7 meters.
• 70.1 meters averaged 1.6 g/t gold from a depth of 6.1 meters in hole 23TCRC138, including 7.6 meters 6.4 g/t gold from 21.3 meters.
• 62.5 meters averaged 0.56 g/t gold from a depth of 1.5 meters in hole 23TCRC143, including 6.1 meters 1.5 g/t gold from 42.7 meters.
Geological logging and analysis of the first boreholes indicate that the most consistent gold mineralization runs along a north-northeast trend. Recognizing this trend led Felix to shift his drilling target to further define this more cohesive corridor, which remains open.
“Consistent with last year’s program, these initial results confirm the continuity of broad intersections of near-surface commercial gold mineralization, and our team gains a better understanding of the system’s structural orientation and controls,” said Reilly. “With a further 34 holes pending test results, I expect to gradually update investors throughout the month of July.”
Investigation of the antimony potential
Upcoming Treasure Creek updates are also expected to provide a first look at the antimony potential at NW Array.
Treasure Creek has long been known for its antimony potential. The property is home to the historic Scrafford Mine, a World War I operation that produced an estimated 2,700 tons of ore containing more than 50% stibnite, a primary antimony mineral.
Felix says drilling found stibnite at NW Array and sent samples to the lab to determine the degree of antimony mineralization.
The company currently has drills running at Traverse Prospect East, a prospect near the historic Scrafford Mine.
More details on Mine Discovery Fund, the company that launched Felix Gold and Wiseman Metals, a company focused on exploring for copper and critical minerals in Alaska, can be read at Group Behind Felix Excited About Alaska in the June 30 issue 2023 from North of 60 Mining News.