ASX newcomer Felix Gold set to commence aggressive drilling at Tintina Gold Province, Fairbanks District, Alaska

With $10m already raised at IPO, and $2m in the bank, ASX debutant, Alaska-based gold explorer Felix Gold (ASX: FXG) which today listed 170 million shares at 25c per share, is ready to embark on seven months of drilling targeting multi-million-ounce deposits in the Fairbanks District of the Tintina Gold Belt, Alaska.

Renowned Italian immigrant, Felix Pedro, first discovered gold in Tanana Hills northeast of Fairbanks in1902 and subsequently triggered a full-scale gold rush in the area after uttering the immortal lines, ‘there’s gold in them there hills’.

Land of the giants

Since then, 16 million ounces of gold (Moz) have come out of the area, which has earned the Fairbanks District – the largest gold producing area in Alaska - the moniker the ‘land of the giants’.

The Alaskan Tintina Gold Belt is home to multiple 10-plus Moz gold deposits like Barrick’s (NYSE: GOLD) Donlin Creek Project, Northern Star’s (ASX: NST) Pogo Mine, and Kinross’s (NYSE: KGC) Fort Knox Mine (+10 Moz past production and reserves) which still operates today.

The Belt also hosts emerging potential Tier 1 discoveries including Nova Minerals’ (ASX: NVA) Estelle Project (373m averaging 3.8g/t gold) and Freegold’s (TSX: FGL) Golden Summit Project (188m @ 3.69g/t and 573m @ 1.21g/t).

With the exciting seven-month drilling phase set to commence, Felix Gold Chairman Ronnie Beevor noted:

“Felix Gold is a premier gold discovery company with the sole focus of discovering multi-million-ounce gold deposits in locations with clear development pathways within the prolific Tintina Gold Province.” 

Four projects

Felix has amassed a massive (392 sq km) land position in three blocks of gold exploration claims in the Fairbanks District, and as such is now the second largest landholder in the entire district.

The company is targeting four largely underexplored projects, including Treasure Creek, Grant-Ester and NE Fairbanks near the Interior Alaska city of Fairbanks, and Liberty Bell which is around 70 miles to the southwest.

Aggressive exploration plans

A two-stage 10,000m drilling program, across all four projects, is planned from first quarter 2022, with the first set of drill results expected to be returned in May.

Having had its key people on the ground for over a year, Felix has already completed significant on the ground exploration. 

More than 3,000 soil samples were collected last year using power augers.

This work has identified strongly anomalous gold mineralisation at the NW Array, Scrafford, and Eastgate prospects at Treasure Creek. 

The survey also identified strong anomalies at the Northeast Fairbanks portion of the project, which is proximal to Kinross Gold Corp's Fort Knox Mine and Freegold Venture’s Golden Summit project (TSX: FGL), which in 2020 drilled 188m @ 3.69 g/t / 573 m @ 1.21 g/t at its Golden Summit Project.

Quality asset and infrastructure proximity

Felix also benefits from the availability of existing infrastructure, with the nearby gold mining town of Fairbanks offering access to low-cost power, a skilled workforce, and the largest placer mining production centre in Alaska with over 8 Moz produced. 

Adjacent to Fort Knox and Golden Summit with existing resources, known mineralisation and large-scale gold anomalies, Felix has executed one of the largest mining claim consolidations in Fairbanks spanning a 40km strike length.

Treasure Creek: A potential major gold system

With a large tenure package of 116 sq km surrounded by infrastructure and 20km from Fairbanks City, drilling will initially proceed at Treasure Creek which has multiple drill ready targets with evidence of near surface and at depth bulk tonnage gold systems.

Drill intercepts are open, and drilling is expected to kick off in March at Treasure Creek.

The two key targets include Eastgate-Scrafford Zone, comprising a 2 km-plus area with multiple untested gold-in-soil anomalies; and NW Array which has a 2 km long gold-in-soil anomaly.

Grant-Ester: JORC resource and high-grade potential

Located about eight kilometres south of Treasure Creek, the Ester Dome property is home to the past-producing Grant gold mine. Grant has an existing JORC inferred resource of g/t gold (for 364,000 ounces contained gold).

Felix is focussed on extensional drilling of identified high-grade gold zones. Select significant historical intercepts include:18m @ 11 g/t Au, 6m @ 17 g/t Au, and 6m @ 13 g/t Au.

NE Fairbanks: Near mine exploration

The 146 sq km tenure includes a new large footprint gold-in-soil anomaly located near mine (Fort Knox, True North, Gil) and adjacent to Golden Summit.

With soil sampling having identified broad gold-in-soil anomalism in 2021, RC percussion drilling is set to follow this year.

Liberty Bell: Large intrusive system

Liberty Bell comprises a 96 sq km tenure located adjacent to rail and road infrastructure, around 100km south of Fairbanks. The area boasts a large scale 12 km x 5 km intrusion and high-grade soil anomaly. 

Significant historical intercepts at Liberty Bell include: 22 m @ 10.5 g/t (from 32 m DDH-13), 14 m @ 16.8 g/t (from 38.1 m RDH-86), 25 m @ 8.6 g/t (from 36.88 m DDH-192), and 49 m @ 2.95 g/t (from 68.58 m RDH-153).

Assets that attract the majors

With Australians becoming increasingly comfortable with Alaskan exploration, and Felix’s projects in the Fairbanks District being explorable year-round, Dr Kylie Prendergast, Managing Director & CEO, reminds investors that the four largely underexplored projects that Felix is targeting are the sorts of assets that typically attract the majors.

“In addition to the quality of the asset, proximity of the Fairbanks District to a skilled workforce and low-cost infrastructure is a major plus for Felix,” Prendergast said.”

“It’s important to note that the three blocks of gold exploration claims that Felix owns within the Fairbanks District of the Tintina Gold Belt in Alaska represent brownfield exploration around a Tier 1 gold mine – Fort Knox.”