Felix Gold Limited announced assay results from reconnaissance drilling of the NE Fairbanks and MHT areas, as well as a broader exploration update at Treasure Creek. Shallow RC reconnaissance drilling was designed to follow-up the 2021 soil geochemistry survey which delivered anomalous gold results in the Coffee and Eureka prospect areas of NE Fairbanks. This drilling occurred from established trail networks that facilitated the rapid and broad drilling of these prospect areas.

At the Coffee prospect, 24 holes were drilled covering an area of approximately 2.5 x 1.5 km, with significant results highlighted by holes 22NERC021 (3.0m at 4.26 g/t Au) and 22NERC014 (18.3m at 0.23 g/t Au). Similarly, drilling in the Eureka prospect area consisted of 8 holes covering an area of approximately 1.0 x 2.8 km, with significant results returned from holes 22NERC028 (3m at 1.60 g/t Au) and 22NERC025 (12.2m at 0.31 g/t Au). The MHT Project was acquired by Felix in May 2022.

Initial reconnaissance drilling was undertaken off established trail networks to test and fix gold mineralized structures. Eleven (11) drill holes tested a strike length of approximately 1.5 km across the southern and eastern portions of the tenure. Significant results returned include holes 22NERC041 (1.5m at 4.15 g/t Au) and 22NERC46 (1.5m at 1.08 g/t Au and 1.5m at 2.41 g/t Au).

Drilling at the Old Glory prospect identified an anomalous gold mineralized zone of approximately 100m x 500m, highlighted by holes 22NERC033 (9.1m at 1.12 g/t Au) and 22NERC037 (6.1m at 1,21 g/t Au). Further target refinement is underway with the incorporation of the recently completed heliborne magnetic and VTEM geophysics supporting the 2023 drilling plan design. During 2022 Felix completed 123 shallow RC drillholes across 8 prospect/target areas.

These confirm the scale of the shallow mineralized hydrothermal system(s) across the approximate 6 x 4 km eastern Treasure Creek tenure. Of these areas, the highest priority for substantial potential gold deposit delineation are NW Array, Scrafford Shear(s) and Eastgate. Current work focussed on Treasure Creek includes: Incorporation of the 2022 VTEM geophysical survey into the geological model.

Exploration Target calculation (grade and tonnage) for NW Array and Scrafford Shear(s). Antimony study: framework for targeting the significant, high-grade in-situ antimony potential at Treasure Creek in 2023. The initial dataset from the 2022 heliborne VTEM geophysical survey has now been received.

This survey flew the eastern portion of the Treasure Creek tenure as well as the central portion of the NE Fairbanks area and MHT. The survey covered an area of approximately 20,000 acres. It looks to identify and refine the gold mineralized structures to be focused on within the 2023 exploration and drilling program.

The data is currently being processed with key outcomes expected to be announced in coming weeks. Results are pending for the 4 diamond drill holes totaling 1,079 m which were drilled at Treasure Creek in 2022. Three holes were drilled in the NW Array Southern Zone targeted at collection of oriented core of the shallow mineralized zone discovered in the 2022 RC program.

These three holes were also angled to test the deeper extents of this mineralizing hydrothermal system. One diamond hole was drilled in the Eastgate zone, specifically targeting the IP anomalies identified from the 2021 IP geophysical survey. Assay results are expected to be returned in the next month.