Key Highlights

  • Felix Gold has lodged a mine permit application for Treasure Creek with the Alaska Department of Natural Resources.
  • If approved, the company is targeting the start of Mining at Treasure Creek in June 2027.
  • Gold results from 29 further holes at the NW Array prospect were reported alongside the permit news.
  • Results have been received for 36 of the 80 holes drilled this year, with more assays still pending.

Felix Gold (ASX:FXG) has lodged a mine permit application for its Treasure Creek Project with the Alaska Department of Natural Resources. The company said the application was submitted on 11 November after extensive consultation with state departments, and it announced the step to the ASX on 12 November 2026.

If the permit is approved, Felix is targeting the start of mining operations at Treasure Creek in June 2027. It is also targeting the start of operations at a planned US antimony refinery in the first half of 2028.

Both dates are company targets and depend on regulatory approval, financing and construction progress. The permit decision rests with the State of Alaska.

Antimony first, gold alongside

Treasure Creek sits in the Fairbanks Mining District and hosts the historical Scrafford Mine, which Felix describes as Alaska's second-largest historical antimony producer, with recorded production grades of up to 58% antimony. The company's near-term plan is an antimony-led development, reflecting considerable interest in the metal from the US defence and industrial sectors.

The same release reported gold results from a further 29 holes at the Northwest (NW) Array prospect, where antimony and gold occur within the same structural corridor. Executive Director Joseph Webb said the gold results were building a valuable second part of the story, with near-surface oxide gold appearing around the antimony veins.

The drilling numbers

Infill drilling inside the proposed development area returned 20.78 metres at 0.91 grams per tonne gold from surface and 9.12 metres at 4.51g/t from surface.

In the southern part of the prospect, drilling returned 21.34 metres at 1.32g/t from 32 metres, including 13.72 metres at 1.79g/t. Other results included 19.81 metres at 0.75g/t from 42.67 metres and 13.72 metres at 1.10g/t from 16.76 metres, including 6.10 metres at 1.76g/t.

Results have now been received for 36 of the 80 holes drilled this year. Assays from further RC holes in the southern area are pending, as are antimony assays for eight holes that the company considers important to the mine studies.

Why the gold matters

Webb said the company was assessing how the gold-bearing material could be mined alongside the antimony and whether it could add value. Because the gold is near surface and oxidised, it may be amenable to simpler processing, although no metallurgical results for that material were described in the release.

The drill results will feed into resource modelling and technical studies for the mine, which Felix says are nearing completion.

Points of caution

Many of the gold grades are around 1g/t, so their economic contribution will depend on mining method, recovery and cost. More than half of this year's holes are still awaiting assays.

The antimony refinery is a separate development that will need its own approvals, funding and technical work. Timelines for first-of-a-kind or small-scale processing facilities can slip.

The broader market context helps explain the company's sense of urgency. Antimony is used in flame retardants, batteries and defence applications, and the United States has identified it as a critical mineral because domestic production is limited. Felix is positioning Treasure Creek as part of an effort to rebuild that Supply chain, which may help support interest from government-linked funders and offtake partners.

What comes next

Felix's immediate milestones are the outstanding gold and antimony assays, completion of the mine studies and progress through the Alaskan permitting process. Earlier this month the company reported firm commitments for a $7.25 million placement, which provides funding to advance this work.

The permit timeline is now the critical path. A decision in time for a June 2027 start would allow Felix to move from explorer to producer within months.