Felix Gold Limited announced that it has calculated a Global Exploration Target (ET), inclusive of a Southern Zone ET, for the NW Array gold discovery made during 2022 within its Treasure Creek Project in the Fairbanks District of Alaska, U.S. Felix has amassed a strategic position of 392km 2 in the Fairbanks District, located within the richly endowed Tintina Gold Belt which hosts multiple large gold deposits including Freegold Ventures Golden
Summit project (19.7Moz), Kinross Fort Knox mine (11.72Moz), Barrick's Donlin Creek Project (45Moz) and Northern Star's Pogo mine (6.9Moz). The initial Global Exploration Target and Southern Zone Exploration Targets pertain to the NW Array area only. The Exploration Target potential quantities and grades are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certain that further exploration will result in the determination of a Mineral Resource under the Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). The Exploration Target is not being reported as part of any Mineral
Resource or Ore Reserve. Technical Basis for Exploration Target Delineation: Felix drilled over 5,500m at the NW Array prospect during 2022. This work, combined with historic drilling of 2,800m, demonstrates the following key geological attributes to gold mineralization: The target zone is made up of "high angle" fault structures that orientate north-west to south-east. These faults are inferred through geophysics and geomorphology and modeled where intersected in drilling. Assays from this drilling show the primary gold mineralization is most prevalent in these fault structures. The periphery (strike) of this mineralized system remains open and yet to be defined. However, strong geological, geophysical, geochemical evidence supports a broader auriferous hydrothermal system. The NW Array Southern Zone ET has been modeled in Micromine software. Mineralised faults wireframes were constructed in cross section with individual wireframes connected to construct a 3D shape of the fault. Faults were extended up to 200m along strike and pulled down to 200m from the surface. Justification for this depth constraint is from the limited 2022 diamond drilling that encountered deeper high angle fault structures at depth. This process was repeated to form the 12 mineralised faults identified in the NW Array Southern Zone from drilling. The volume from each modeled fault was calculated in Micromine software. The volumes were converted to tonnage using an inferred specific gravity (SG) of 2.6. Tonnage ranges for each mineralised fault were calculated using +/- 10% of the SG. Gold grade range estimates for each mineralized fault were calculated using the average grade from each length-weighted composite intercept through the fault. The grade range applied utilised one standard deviation from the average. The NW Array Southern Zone ET represents an approximate 600m x 900m area located in the southern section of the NW Array prospect. Given similar structural alignment, geomorphology and continuation of the gold-in-soils footprint from the Southern Zone throughout the global NW Array prospect, the calculated NW Array Global ET is an extrapolation from, and inclusive of, the Southern Zone ET. Felix's key objective for the 2023 field season is to advance the geological confidence of the NW Array Southern Zone so as to enable delineation of a maiden JORC-compliant Mineral Resource. Approximately 40 shallow Reverse Circulation (RC) holes (for approx. 3,500m total drilling) are proposed
to facilitate this, with the program scheduled to commence in Second Quarter CY2023. Initial drill holes are designed to be step-out holes from some of the best intercepts returned in 2022 drilling. These holes will seek to
confirm both shallow (~50m depth) and deeper mineralisation (~150m) along strike of the modelled faults. An example of some of the outstanding intercepts returned in Felix's prior drilling (summarised in Felix Gold Quarterly Activities Report 31 January 2023) include: 90m @ 1.2 g/t from 32m, including 60m @ 1.6 g/t Au from 42m (22TCRC008); 90m @ 0.97 g/t from 45.7m, including 41.1m @ 1.72 g/t Au from 59.4m (22TCRC078); 35m @ 1.81 g/t Au from 16.8m (22TCRC075); 33.5m @ 1.63 g/t Au from 1.5m (22TCRC005). Results to date evident a thick, shallow gold deposit of robust open pit tenor, and the mineralisation remains open in multiple directions and at depth.