Felix Gold begins drilling in historic Fairbanks district of Alaska

Felix Gold (ASX: FXG) has taken its first step in defining a maiden JORC-compliant mineral resource within its Alaskan portfolio with drilling now underway at the NW Array Southern Zone exploration target.

The NW Array Southern Zone is located within Felix Gold’s Treasure Creek gold-antimony project in the historic Fairbanks district of Alaska.

The company is targeting a multi-million ounce gold resource in the prolific Fairbanks district.

Drill program yields promising results

It has already received promising results from the early stages of the current drilling program, which is adding to its geological confidence in the potential of the NW Array Southern Zone to add to Treasure Creek’s resource upside.

Initial drilling being undertaken by local contractor Midnight Sun Drilling includes 40 shallow reverse circulation drill holes, for approximately 3,500m.

The step-out drill holes are following up on the best intercepts the company obtained from a 2022 drill program.

Felix has also programmed in infill holes located between areas with significant past results ultimately confirming both shallow (~50m depth) and deeper mineralisation (~150m) along modelled faults.

Managing director and chief executive officer, Anthony Reilly, said initial holes have intersected a thick, shallow gold deposit of robust open pit tenor.

“Having just closed a strongly supported capital raise in April we are pleased to be kicking off the 2023 exploration season with an infill drill program at the NW Array Southern Zone target.”

“Having calculated a sizeable JORC compliant initial exploration target for the NW Array we are now in the position of being able to make inroads into a maiden mineral resource Estimate.”

The company is utilising on site lithological logging, along with assessing geochemical data from handheld XRF.

Felix believes this will provide it with a “near real time” understanding of mineralised zones to and assist in prioritisation the location of future exploration target testing drill holes.

Fairbanks has a golden history

The Fairbanks mining district was the site of a major “gold rush” in the late 1890s and early 1900s.

Placer mining began near Fairbanks in July 1902 and over time, the area became Alaska’s largest producer of gold, earning it the title “America’s Klondike.”

An estimated 15.4 million ounces of gold, or about one third of all the gold recovered in Alaska, were won from mineral deposits within about 40 km of Fairbanks.