ASX Announcement
Felix Gold Limited 35 645 790 281
28 April 2022
Level 15, 344 Queen St,
Brisbane, Queensland 4000
ASX: FXG
T +61 (0) 7 3054 7108
Econtact@felixgold.com.au
www.felixgold.com
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
▪ Successful completion of IPO and listing on the ASX.
▪ Drill program commenced in world-class Fairbanks Gold Mining District in late April.
▪ Testing multi-kilometre, high-grade (+100 ppb Au) gold soil geochemical anomalies with historical intercepts that remain untested at depth and open in multiple directions.
▪ Progressing targeted acquisition of MHT tenure in central Fairbanks District.
▪ Joe Webb appointed as Interim Managing Director and CEO.
Felix Gold Limited (ASX:FXG) (Felix or the Company) provides a summary of its operational and corporate activities for the quarter ended 31 March 2022.
Operations
Subsequent to its ASX listing in January, Felix advanced all necessary preparatory and logistical activities towards commencing its maiden drill program across its flagship Fairbanks District tenure. Drilling commenced at the Treasure Creek Project in late April, located only 20km north of major mining and logistics hub, Fairbanks City.
The initial program is focused on several prospect areas across the Company's Fairbanks Gold Mining District claims and is planned for approximately 7,000 drilling metres. Key initial target zones coincide with areas delivering strong evidence of potential large-scale gold systems including extensive gold soil anomalism, coincident geophysical anomalies and significant previous drill intercepts.
The initial drill program is focussed on shallow Reverse Circulation (RC) drilling to test multi-kilometre, high-grade (+100 ppb Au) gold soil geochemical anomalies with historical intercepts that remain untested at depth and open in multiple directions. Select deeper holes (up to 200m vertical depth) are also planned to follow up prospects containing historical drill intercepts with coincident geophysics and gold soil anomalies.
Drilling activities have commenced at the NW Array prospect. The rig is then planned to move to the drilling of the Scrafford-Eastgate prospect. Dual-shift rig operations are set to deliver rapid program progress and an accelerated results pipeline over the coming months.
Felix plans to drill approximately 10,000 - 15,000 metres across its Fairbanks tenure through 2022, testing multiple target zones over its project areas.
The Company is also progressing the acquisition of the MHT ground shown in Figure 1 (located immediately east of Treasure Creek and referenced as "Felix Application"). Conclusion of this process is expected during the current quarter.
Figure 1: Fairbanks Gold Mining District Project Locations - MHT ground located centrally, shaded in darker yellow and labelled "Felix Application"
CORPORATE
During the quarter, Felix completed its Initial Public Offering and was admitted to the Official List of the ASX on Friday 28 January 2022. The securities of the Company (ASX: FXG) commenced quotation on Monday 31 January 2022. Felix raised A$10 million (before costs of the offer) pursuant to the Initial Public Offering under its prospectus dated 26 November 2021 through the issue of 40,000,000 shares at an issue price of A$0.25 per share.
During the quarter, the Company advised that Dr Kylie Prendergast had resigned as Managing Director and Chief Executive Officer (CEO). Mr Joe Webb was appointed as Interim Managing Director and CEO. Mr Webb was the founding Managing Director and CEO of Felix Gold and, preceding his appointment, a Non-Executive Director of the Company. He was responsible for Felix's key project acquisitions, land consolidation activities and establishment of operations in the Fairbanks Gold Mining District.
Appendix 5B disclosures
The Company's accompanying Appendix 5B (Quarterly Cashflow Report) includes an amount in item 6.1 which constitutes executive and non-executive directors' fees paid during the quarter of A$145,000.
During the period, the Company spent A$682,000 on exploration activities in Alaska. The Company also spent A$423,000 on administration costs, including costs related to the initial listing the ASX and executive and non-executive directors' fees.
This ASX release was approved for release by:
Joe Webb
Managing Director and CEO Felix Gold Limitedjoe.webb@felixgold.com.au
Forward-Looking Statements
Various statements in this release constitute statements relating to intentions, future acts and events. Such statements are generally classified as "forward-looking statements" and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Felix cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements and references to what events have transpired for other entities, which reflect the view of Felix only as of the date of this release. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Various statements in this release may also be based on the circumstances of other entities. Felix gives no assurance that the anticipated results, performance or achievements expressed or implied in those statements will be achieved. This release details some important factors and risks that could cause the Felix's actual results to differ from the forward-looking statements and circumstances of other entities in this release.
Previous Disclosure - 2012 JORC Code
The information in this release that relates to Exploration Results, Mineral Resources and Exploration
Targets for Felix's Fairbanks Gold Projects was released in the Company's prospectus (see FXG ASX release dated 28 January 2022, Prospectus). Felix confirms that it is not aware of any new information or data that materially affects the information in that release and that the material assumptions and technical parameters underpinning these estimates continue to apply and have not materially changed.
Additional ASX Listing Rule Information
Felix provides the following additional information in accordance with ASX Listing Rule 5.3.3.
Mining tenements held at the end of the quarter and their location
GRANT-ESTER | Felix Rights | Number of Mineral Claims | Total Acres | Total Hectares | Total SQ KM |
Range Minerals | Exclusive right to explore and option to purchase | 61 | 3,110 | 1,259.55 | 12.5955 |
Millrock Ester Dome | Mining claims assigned to Felix | 59 | 4,549 | 1,842.345 | 18.42345 |
Burggraf | Exclusive right to explore and option to purchase | 32 | 709 | 287.145 | 2.87145 |
Dobbs State | Exclusive right to explore and option to purchase | 2 | 20 | 8.1 | 0.081 |
TOTAL GRANT-ESTER | 154 | 8,388 | 3397.14 | 33.9714 |
As disclosed below by project area.
Mining tenements acquired during the quarter and their location Not applicable.
Mining tenements disposed of during the quarter and their location Not applicable.
Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter As disclosed below by project area.
Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter
Not applicable.
Treasure Creek Project
The Treasure Creek Project area consists of 236 Alaska State Mining Claims that cover 11,573 hectares. The Treasure Creek Project is a consolidation of mining claims held by Oro Grande Mining Claims LLC, Goldstone Resources LLC, Wally Trudeau, and Millrock Alaska LLC. Felix has acquired the mining claims or the exclusive rights to explore and an option to purchase the mining claims detailed below:
TREASURE CREEK | Felix Rights | Number of Mineral Claims | Total Acres | Total Hectares | Total SQ KM |
Goldstone Resources | Exclusive right to explore and option to purchase | 22 | 3,174 | 1,285.47 | 12.8547 |
Wally Trudeau | Exclusive right to explore and option to purchase | 5 | 200 | 81 | 0.81 |
Oro Grande | Exclusive right to explore and option to purchase | 11 | 3,196 | 1,294.38 | 12.9438 |
Millrock Treasure Creek | Mining claims assigned to Felix. | 198 | 22,006 | 8,912.43 | 89.1243 |
TOTAL TREASURE CREEK | 236 | 28,576 | 11,573.28 | 115.7328 |
Grant-Ester Project
The Grant-Ester Project is comprised of 154 Alaska State mining claims that total 3,397 hectares. The Grant-Ester Project consists of mining claims held by Range Minerals Corporation, Roger Burggraf, Dobbs and Millrock Alaska LLC. Felix has acquired the mining claims, or the exclusive rights to explore and an option to purchase the mining claims as detailed below:
NE Fairbanks Project
The NE Fairbanks Project is comprised of 326 Alaska State mining claims that total 14,637 hectares located approximately 25km to the Northeast of the city of Fairbanks. The NE Fairbanks Project consists of mining claims held by DG Resources Management (Us) Ltd, Fairbanks Exploration Inc. and Millrock Alaska LLC. Felix has acquired the mining claims, or the exclusive rights to explore and an option to purchase the mining claims as detailed below:
NE FAIRBANKS | Felix Rights | Number of Mineral Claims | Total Acres | Total Hectares | Total SQ KM |
Fairbanks Exploration | Exclusive right to explore and option to purchase | 83 | 10,332 | 4,184.46 | 41.8446 |
DG Resources | Exclusive right to explore and option to purchase | 141 | 14,038 | 5,685.39 | 56.8539 |
Millrock NE Fairbanks | Mining claims assigned to Felix | 102 | 11,773 | 4,768.065 | 47.68065 |
TOTAL NE FAIRBANKS | 326 | 36,143 | 14,637.915 | 146.37915 |
Liberty Bell Project
The Liberty Bell Project is comprised of 209 Alaska State mining claims that total 9,623 hectares located approximately 115km to the south west of the city of Fairbanks. The Liberty Bell Project consists of mining claims held by Boot Hill Gold Inc., James Roland and Millrock Alaska LLC. Felix has acquired the mining claims or the exclusive rights to explore and an option to purchase the mining claims as detailed below:
LIBERTY BELL | Felix Rights | Number of Mineral Claims | Total Acres | Total Hectares | Total SQ KM |
Boot Hill | Exclusive right to explore and option to purchase | 26 | 2,720 | 1.101.6 | 11.016 |
Roland | Exclusive right to explore and option to purchase | 10 | 400 | 162 | 1.62 |
Millrock | Mining claims assigned to Felix | 173 | 20,640 | 8,359.2 | 83.592 |
TOTAL LIBERTY BELL | 209 | 23,760 | 9,623 | 96.23 |
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Felix Gold Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 01:43:02 UTC.