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Big third party resource upgrade shows why Felix Gold’s Treasure Creek is the place to be
Special Report: Felix Gold is more confident than ever that it is in the right address for gold exploration with … Read More
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Felix Gold is more confident than ever that it is in the right address for gold exploration with its Treasure Creek project in Alaska’s highly prospective Tintina gold belt.
It follows TSX-listed Freegold Ventures recent resource upgrade for their Golden Summit project from a still substantial 3Moz to a world-class Indicated and Inferred Resource of more than 20Moz of gold.
This is particularly relevant for Felix Gold (ASX:FXG) as its 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 15km away and FXG’s early stage gold hits provides support for the company’s belief that it on track to uncovering a substantial gold resource.
Speaking to Stockhead, managing director Anthony Reilly noted that while Freegold’s project was not new, the resource upgrade underwrote the company’s view about the prospectivity of the large and prolific Tintina gold belt close to the city of Fairbanks.
“Even before the upgrade, the initial Freegold resource of around 3Moz was a good number, but to go from 3Moz to 20Moz is a big, outstanding thing to do,” he added.
“This Fairbanks Gold District will now start to look more attractive and the spotlight will come to the area because of what’s just been announced by Freegold, which is significant for us as we are one of the larger holders of tenements in this area.
“Of course, 20Moz looks good on paper and obviously there’s further work to be done by them on that resource.”
Treasure Creek covers 116km2 and is surrounded by existing infrastructure.
Rich gold potential
The same resource upgrade also reinforces the company’s belief that it can find a lookalike deposit within a region with a well-documented gold trend.
“The geology is consistent and continuous through that area and our drilling results have already validated that there is a fairly large gold occurrence in our Treasure Creek project area,” Reilly noted.
“We are at the bottom of the ladder but we are on a pretty good trajectory to be able to produce our own tier one deposit as well.
“We have positive drill results and information into the market, we are delivering the same numbers that other companies have done with the same resources.”
Some recent examples of the company’s successes at Treasure Creek include reconnaissance drilling intersecting extensive shallow gold at the new Coffee and Eureka prospects as well as drilling at the North West Array (NWA) Southern Zone and East Gate target areas intersecting potential deeper feeder zones of mineralisation.
Diamond drilling has also delivered critical structural measurements in understanding the structural architecture of the large gold mineralised hydrothermal system.
This is in addition to evidence of gold from sources such as placer mining from creeks which drain from the company’s claims, multiple large-scale anomalies with scale in excess of 1km, and historical drilling that returned intersections similar to those seen at Fort Knox.
“We are analysing our results right now to be able to update the market shortly on what our exploration plans and objectives are for this year,” Reilly added.
This is expected to pave the way for the company to define an initial resource at Treasure Creek.
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.
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