Felix Gold Limited provided an update on exploration activities at its Treasure Creek Project within the Fairbanks Gold Mining District of Alaska, US. The Treasure Creek Project was secured by Felix based on sparse drilling that showed strong indications for a potential large-scale gold system, including multi-kilometre soil anomalies that were relatively untested. Felix's initial drilling program at Treasure Creek commenced in late April 2022.

This was an extensive Reverse Circulation (RC) drilling program testing the near-surface extent of potential shallow gold mineralisation across multiple defined target areas. The key objective of this program was to identify one or more key areas for infill, and potential resource definition, drilling in 2023. The RC drill program focused on shallow (up to 150m) testing of large-scale, high grade (+100 ppb Au) soil geochemical anomalies across three main prospects in the Treasure Creek Project area - NW Array, Scrafford Shear and Eastgate.

The program also included 5 traverse lines of reconnaissance drilling across earlier stage target zones. To early September, 12,946m of RC drilling had been completed across 131 holes. This represents average daily drill metres of 150m, well above the targeted 100m per day.

Assays have been returned and reported for only 9 of the 131 RC holes completed as previously reported. The returned results have included multiple thick, near surface intercepts at the first target zone tested, NW Array. These results include TCRC008 89.9m at 1.20 g/t Au from 32.0m downhole and TCRC005 33.5m at 1.63 g/t Au from 1.5m downhole.

Key intercepts were located in a 0.4km x 0.6km zone of a broader 2.5km x 2.5km gold-in-soil anomaly in this area, with the deepest drill hole to date only 115m vertical depth. Felix has now contracted a rig to undertake four diamond drill holes at NW Array and Eastgate. The key objective for these holes is testing the potential depth extent of known mineralisation, testing new targets at depth (Eastgate IP target) and gaining further valuable geological information.

Drilling of the first of these diamond holes has now commenced. Felix has also recently completed further geophysical data collection at Treasure Creek with a VTEM survey being flown across the main Treasure Creek Project area. This data will complement the airborne magnetic surveys previous undertaken.

Processed results from the VTEM survey are expected in the next few months. Target drilling completed: NW Array Southern Zone: RC drilling commenced at the NW Array Southern Zone prospect, which is the southern extent of a much larger 2.5 km x 2.5 km gold-in-soil anomaly. A total of 3,205m across 36 drill holes was completed at NW Array.

Step-out drilling from historic holes targeted confirmation and extension of the size of mineralized hydrothermal footprint in the NW Array Southern Zone. Assays from 9 holes have been returned and reported. Eastgate: Following this, drilling was undertaken in the Eastgate trend.

A total of 1,791m across 13 drill holes was completed in this area. The focus was follow-up on historic trenching and drilling results, as well as testing of IP geophysical anomalies from the 2021 survey - with an overarching objective of ultimately fixing the orientation and primary mineralized structures in the Eastgate target area. Scrafford Shear: Drilling then shifted to the linear target zones of the Scrafford Shear, a +6km gold trend running east-west through the centre of the Treasure Creek Project.

A total of 2,297m was drilled across 18 drill holes in this area. This drilling followed up historic drilling and known mineralization from the historic Scrafford Antimony Mine, targeting expansion of the known structural shear to the east and west. Reconnaissance drilling completed Traverse Lines 1 to 5: Drilling operations then shifted to broader target zones between the Scrafford Shear and Eastgate trend.

Several reconnaissance traverses along established trail access facilitated the drilling of 3,295m in 64 drill holes to identify potential secondary mineralized structures between the two target zones. An additional traverse through the central portion of the Treasure Creek Project area completed 1,123m in 16 drill holes. In this traverse area, thick permafrost and tundra prevented geochemical soil sampling.

This traverse drilled down through the permafrost into the bedrock to test shallow mineralization potential. Additionally, this phase also looked to test and track shallow mineralisation potential "up slope" to currently mined alluvial gold deposits. Drilling across the NW Array northern traverse completed 1,280m in 32 drill holes.

This drilling tested gold-in-soil anomalies across a 1.3 km extent, seeking to find and fix the primary mineralized structures through the northern portion of NW Array.