North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Felix Gold Ltd. Aug. 1 announced additional near surface gold intercepts from the 15,000-meter drill program being carried out this year on the Treasure Creek project about 20 miles north of Fairbanks, Alaska.

Situated about 13 miles west of Kinross Gold Corp.'s Fort Knox Mine, Treasure Creek hosts numerous prospects with interesting drill intersections reported by previous explorers on the property. Roughly 2,000 soil samples collected last year identified two key targets for 2022 drilling – Northwest Array and Eastgate.

Felix' inaugural drill program started with shallow reverse circulation holes at Northwest Array.

In June, the Australia-based exploration company reported assays from the first two holes of this program.

The best results were encountered in hole 22TCRC002, which cut 29 meters averaging 1.4 grams per metric ton gold from a depth of 24.4 meters and 12 meters averaging 0.54 g/t gold from 70.1 meters.

Hole 22TCRC002 was drilled 200 meters south of historical hole 83515, which cut 3.3 meters averaging 2.21 g/t gold from 60.7 meters and 1.5 meters averaging 2.7 g/t gold from 72.5 meters.

The latest batch of results are from seven step-out holes at Northwest Array; highlights include:

• 33.5 meters averaging 1.63 g/t gold from a depth of 1.5 meters in hole 22TCRC005.

• 29 meters averaging 0.69 g/t gold from a depth of 1.5 meters in hole 22TCRC006.

• 89.9 meters averaging 1.2 g/t gold from a depth of 32 meters in hole 22TCRC008.

"This is a significant day for Felix in being an initial realization of the world-class potential that our Fairbanks tenure, and in particular our Treasure Creek Project, holds," said Felix Gold Chairman Ronnie Beevor. "Intercepting 89.9 meters at 1.2 g/t gold from 32 meters downhole demonstrates the existence of a thick, shallow body of gold mineralization of robust open pit tenor at what is only the southern end of the NW Array prospect."

Treasure Creek is one property that makes up the roughly 56-square-mile (146 square kilometers) land package Felix Gold has assembled in the Fairbanks Mining District. This large assemblage includes the Treasure Creek and Ester-Grant properties acquired from Millrock Resources Inc., as well as additional claims picked up by staking or option agreements.

"The Felix team undertook the largest consolidation of tenure in the history of the Fairbanks Gold Mining District," said Felix Gold Managing Director and CEO Joe Webb.

To fund exploration of its Fairbanks District property, the company completed an AU$10 million (US$7.1 million) initial public offering and listed on the Australian Securities Exchange earlier this year.

This year's 15,000-meter drill program is testing more than 10 targets across three separate project areas. So far, crews have completed 11,700 meters of this drilling in 114 holes.

Felix Gold Ltd.

Click on image for larger map.

"This is a great start to the drilling program that Felix Gold has undertaken," said Millrock Resources President and CEO Greg Beischer. "We hope that these first drill intersections are indications of a new gold deposit discovery that significantly increases Millrock's share price and market capitalization. More and more discoveries of gold are being made in Fairbanks and the district should soon be recognized as a globally-significant gold mining camp."

Millrock owns 10 million Felix Gold shares, or about 5.8% of the Australian exploration company.