Felix Gold Ltd (ASX:FXG) is seeking to raise up to $3 million in a share purchase plan (SPP) to progress gold exploration at the Treasure Creek Project in the renowned and highly endowed Tintina Gold Province of Alaska.
Funds raised will primarily be used to progress exploration at Treasure Creek’s NW Array Target (NYSE:TGT), delivery of a JORC-compliant maiden resource estimate at the NW Array Southern Zone and further testing of high-grade stibnite (antimony) zones.
SPP details
Under the SPP eligible shareholders can apply for fully paid ordinary shares at $0.08 per share, which is equivalent to a 15.4% discount to the volume weighted average price (VWAP) over the five trading days before the date the SPP was announced.
The company is offering eligible shareholders who were registered shareholders as at 7pm (AEST) on Friday, August 25, 2023, the opportunity to apply for up to A$30,000 of new fully paid ordinary shares.
About Treasure Creek
Felix’s flagship Treasure Creek asset is a substantial landholding in the world-class Fairbanks Gold District, where historical gold production exceeds 16 million ounces.
In Fairbanks, the tenements sit within one of the largest gold production centres in the entire Tintina belt and lie in close proximity to Kinross Gold’s Tier 1 gold mine, Fort Knox, and the rapidly growing Freegold Ventures’ discovery, Golden Summit.
Felix holds four key projects across over 392 square kilometres of tenure in the heart of this premier gold production district.
The company’s CEO and managing director Anthony Reilly said: “Felix Gold is strategically positioned in the Fairbanks Gold District to explore for multi-million-ounce gold resources and provide investors with a near-term value pathway to low-capex production.
"Having calculated an Exploration Target of 1.1 million to 3.6 million ounces of gold at the NW Array Target at the Treasure Creek project, we have now completed the RC drilling program at the Southern Zone with results surpassing our expectations.
Focus on maiden resource
“Our focus is now firmly set on delivering a JORC-compliant maiden resource estimate for the NW Array Southern Zone in Q4 of this year.
"Delivering this would represent a major milestone for Felix in firming up the commercial viability of the Treasure Creek project.
“Our close proximity to the Fort Knox mine, operated by Kinross Gold Corporation (TSX:K), represents a tangible opportunity for Felix to fast-track low-capex production of a substantial gold resource.
"In parallel with the resource estimate, we will be conducting further test work on the high-grade stibnite zones to understand the potential of this exciting new critical mineral discovery.
"The board acknowledges and thanks shareholders for their continued support of our aspiration to be the premier gold exploration business in the Tintina Province through the aggressive pursuit and realisation of Tier 1 gold discoveries.”
Reach Corporate is the lead manager of the SPP offer.
Shareholders can request an electronic copy of their personalised Share Purchase Plan application form be emailed to them as soon as available from the below link:
https://felixgold.investorportal.com.au/felix-gold-request-share-purchase-plan/