Felix Gold extends mineralisation at its Treasure Creek play in Alaska on back of fresh assays

Felix Gold (ASX:FXG) shares are sitting up 10% heading into mid-afternoon trade as the company reveals the latest assay results from ongoing drilling at its Treasure Creek project in Alaska; with gold hits logged further north than existing boundaries for the project.

The Treasure Creek project is located in the Fairbanks gold mining district of Alaska, a prolific gold mining region with considerable historical enterprise. The region can be thought of for all intents and purposes as a precious metals province. 

Felix first reported gold on-site back in June. 

A total of 33 holes were sunk across two different targets (referred to as ‘reconnaissance lines’) at Treasure Creek, with wide intersections of low grade gold mingled with shorter sections of far higher grade. 

Investor information provider Undervalued Equity notes high grade gold is that in concentrations over five grams of gold per tonne of ore (5g/t); many projects boasting grades of 4g/t are also considered high grade. 

So what did Felix find? 

Compare that to the following results from Felix today, pulled from the northern portion of the project where gold had not been confirmed before: 

• 26m @ 1g/t gold from 74.7m depth (22TCRC047), including: 

  • 12m @ 1.54g/t gold 

  • 03m @ 1.37g.t gold

• 03m @ 12g/t gold from 22.9m depth (22TCRC105), including:

  • 02m @ 24.9m gold from 22.9m depth 

In the northwestern part of the project, Felix’s exploration team deliberately focused on shallow mineralisation, with low-to-mid grade gold being the defining trend in holes sunk so far. 

This latter batch of results comes from the second target, Reconnaissance Line #5: 

• 12m @ 0.24g/t gold from 6m depth 

• 10m @ 0.40g/t gold from surface, including: 

  • 1.5m @ 2g/t gold at surface

• 15m @ 0.94g/t gold from 15m depth, including:

  • 7.6m @ 1.24g/t gold from 16.8m 

Assay results for another 50 RC drill holes are pending. 

Proof gold continues northwards more important than grade 

“These two northern reconnaissance lines at Treasure Creek evidence that the large-scale hydrothermal gold system continues northwards from the currently defined NW Array prospect,” Felix Gold chief Joe Webb said. “ 

“[This reflects] a new zone further north of the previously identified Scrafford area.” 

Webb noted that permafrost cover had obscured the exploration team’s full realisation of the extent of gold mineralisation (Treasure Creek is in Alaska, after all, a land not too far away from the Arctic.) 

“Planning for the 2023 field season will incorporate these new targets.” 

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