Resource definition drilling at Felix Gold’s NW Array project in Treasure Creek has turned up gold hits of up to 6.4g/t and identified extensive zones of mineralisation.​​ Drilling Intercepted 100.5m @ 1.14g/t Au from 21.3m, including 47m @ 1.7g/t Au from 38.1m. Another noteworthy assay from the recently completed drilling program includes 70.1m @ 1.6g/t Au from 6.1m, including 7.6m @ 6.4g/t Au from 21.3m. Felix is seeking to establish a low capex/opex ore supply right next to a blue-chip miner whose 16Mtpa tier 1 mill is operating at only 55% of capacity. The shallow oxide style of deposit that Felix is exploring would be a perfect fit for processing through the neighbour’s operation, and the grades Felix is hitting are encouragingly higher than the Fort Knox mine’s head grade of 0.43g/t-0.65g/t Au – which produced 291,248oz AuEq in 2022. The NW Array Project has a JORC exploration target of up to 3.6Moz. Felix is aiming to delineate a maiden resource during Q4 this year after 2022’s exploration success, which included 90m @ 1.2g/t Au from 32m, including 60m @ 1.6g/t Au from 42m.

NW Array, shown within the Treasure Creek Exploration Area. Source: Felix Gold.

The RC (Reverse Circulation) drilling program at NW Array Southern Zone is now complete, with 45 holes drilled for a total distance of 4,278m. 11 assays have been received and 34 more are currently pending results.

Drill holes showing near-surface mineralisation. Source: Felix Gold.

The drill program is assessing the continuity and potential extensions of the gold mineralisation identified in 2022, particularly in shallow oxide resources. The initial eleven drill holes have identified extensive zones of gold mineralisation and high-grade zones including 7.6m at 6.4g/t Au. Analysis indicated a notable north-north-east trend in the most coherent gold mineralisation which will be further defined. MD and CEO of Felix Gold Anthony Reilly stated “Consistent with last year’s program, these initial results confirm continuity of wide intersections of near-surface commercial grade gold mineralisation, and our team is gaining a better understanding of the structural orientation and controls of the system. With another 34 holes pending assay results, I expect to progressively update investors throughout the month of July”. Gold is currently trading around US$1,930/oz on 5/7/23 after a raft of US economic data slightly softened the US dollar earlier in the week.

Antimony potential

Felix also noted a primary antimony mineral – stibnite – was observed in several drill holes. Antimony is a rare mineral that holds strategic value for military and battery technologies and is at the top of the United States’ critical mineral list. The scarcity, limited supply, and strategic necessity of the mineral make it an exceptionally compelling opportunity for Felix Gold. Laboratory assays to determine the extent of antimony mineralisation in this program, as well as in selected 2022 drill holes, is currently being undertaken. Felix Gold will be holding an investor briefing next Thursday, 13th July at 12pm (AEST) to discuss the NW Array drilling results and provide a broader company update. Click here to book in or request the replay. Reach Corporate provides Corporate Advisory Services, including managing investor communications on behalf of Felix Gold Ltd and may receive fees for its services. Past performance is not a reliable indicator of future performance.

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