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Felix has eyes on the mineral resource prize this year at its Alaskan gold project
Special Report: Felix Gold isn’t wasting any time at its Treasure Creek gold project in the Fairbanks Gold District of … Read More
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Felix Gold isn’t wasting any time at its Treasure Creek gold project in the Fairbanks Gold District of Alaska, with infill drilling underway with the aim of releasing a maiden Mineral Resource Estimate (MRE) later this year.
The 3,500m infill drilling program at the NW Array target (76Mt to 92Mt at 0.4g/t to 1.1g/t gold) is almost complete and expected to wrap up next week.
But what Felix Gold (ASX:FXG) MD and CEO Anthony Reilly says really excites him about the project is its location.
“One of the perceptions around Alaska is it’s a very difficult place to work and its remote, but it’s not for us,” he said.
“Fairbanks city is only 20km away and the project area is very accessible – that was a big tick.
“The second big tick for me was that it was also 20km away from Kinross Gold’s mine, Fort Knox that’s been mining and processing there for 25 years.
“That’s literally on our doorstep, which again, provides opportunity, should we be able to put a resource on our project.”
Potentially large tonnage open pitable resource
Last year the company walked straight into Treasure Creek with a 14,000m program and came away with a discovery, Reilly said.
“What we’re doing now is just infilling a section of last year’s drilling to be able to do that mineral resource estimate,” he said.
He also pointed out the company is drilling on a very strong gold mineralised trend – which is also similar to the mineralisation at Fort Knox.
“The results or the gold resource that we expect to have on our project is going to be grading on average around 0.8 g/t which to Australian investors might seem a little low, however, Fort Knox is operating at around 0.45-0.65 g/t for 25 years,” Reilly added.
“Our expectation is if we have a resource on our project, it’s going to be quite shallow, it’s going to be open pitable, so from an operating perspective, that will be fairly cheap.”
An emerging opportunity in antimony
Then there’s the added bonus of antimony on the project, a critical mineral used in military ammunition, for strengthening lead alloys and as a fire retardant.
“Antimony is mainly supplied by China and Russia, so it’s something that the US wants to get its hands on, and it’s something that we think we’re starting to see in our project,” Reilly said.
“Historically, it was mined on our project area 100 years ago, but there hasn’t really been a lot of emphasis on that sort of critical mineral exploration since then.
“It actually trades higher than copper, it’s hard to find, and there’s not a lot of it in the world but if you do find it, it’s quite valuable.”
Extensive experience in the gold space
Another feather in the cap of the company is Reilly’s 35 years of experience in the resources and finance sectors, with his most recent role of executive director and CEO of Venturex Resources (now Develop Global).
He was also MD and CEO of Paradigm Metals and MD and CEO of private Brazilian focussed gold explorers, CMG Gold and CMG Mineracao Brazil.
“I am excited to be joining the Felix team at such a seminal moment in its development,” Reilly said.
“Felix’s tenure within the Fairbanks Gold Mining District offers huge potential for the ongoing discovery of large-scale, high-value gold deposits.
“I look forward to progressively delivering on the value proposition that our key projects so readily offer.”
This article was developed in collaboration with Felix Gold Limited, 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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