Flynn Gold (ASX:FG1) is lining up further soil sampling and initial aircore (AC) and reverse circulation (RC) drilling at its Lake Johnston Lithium Project in Western Australia.
The $11.31 million market capitalisation company says the exploration will be undertaken once upcoming multi-client aeromagnetic and gravity data is carried out to assist with the interpretation of the geology and the identification of additional target zones at the project.
Flynn reports these plans follow the discovery of 3 pegmatite intrusions in outcrop during the first phase of on-ground exploration activities at Lake Johnston.
The on-ground exploration, which comprised a mapping and sampling program, targeted potential lithium pegmatite mineralisation on a grid spacing of 400m by 200m on a 5km-long trend to the north and south of mapped pegmatites.
The company collected 281 soil and 3 rock chip samples, with assays pending.
Flynn considers it ‘likely’ the project hosts further pegmatite intrusions in the highly weathered and shallow-covered terrane.
Managing Director and Chief Executive Officer (CEO) Neil Marston says the discovery of lithium associated with buried pegmatites at the nearby Burmeister Project has thrown the Lake Johnston region into the lithium spotlight.
Flynn Gold is a mineral explorer with a portfolio of projects in Tasmania and Western Australia.
The company’s Lake Johnston project sits only 7km southeast of a new lithium pegmatite discovery at the Burmeister Project in Western Australia.
As of 30 September 2023, Flynn Gold had $2.527 million cash and cash equivalents at hand, according to its latest quarterly report.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
This article is a sponsored feature from Mining.com.au partner Flynn Gold Ltd. It is not financial advice. Talk to a registered financial expert before making investment decisions.This is the first of a two-part special feature series.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines.
When Flynn Gold (ASX:FG1) floated on the Australian Securities Exchange (ASX) in June 2021, it saw an opportunity in the island state of Australia that other explorers didn’t.
Northeast Tasmania is interpreted to be part of the Western Lachlan Orogen – a geological extension of the Victorian Goldfields. This part of Tasmania has significant historic high-grade gold production, including the Beaconsfield Gold Mine, which is a dominant producer of some 2Moz @ 15g/t Au.
Additionally, Tasmania has established infrastructure such as rail and ports and a skilled workforce, with a stable political and regulatory environment.
As Flynn Gold Chief Executive Officer and Managing Director Neil Marston explains to Mining.com.au in part one of a two-part series, prior to listing the company was all about acquiring assets predominantly in Tasmania.
“The basis for focusing on northeast Tasmania for gold, really was the genesis of the geological connection between the Victorian goldfields and northeast Tasmania“
“The guys behind the company, they were Tasmanian born or Tasmanian raised geologists, guys like Sam Garrett and Sean Westbrook, our exploration manager, very competent Tasmanian geologists. So, they know Tasmania like the back of their hand. And they’ve pulled those assets together before we listed.
The basis for focusing on northeast Tasmania for gold, really was the genesis of the geological connection between the Victorian goldfields and northeast Tasmania. From a geological point of view, northeast Tasmania is connected or very similar to the Western Lachlan Orogen, which hosts all the rich gold deposits in Victoria.”
Geological connection
Marston says that in 2016-17 the Fosterville mine had its large discoveries happening at the Swan Zone, which generated a fresh wave of excitement about Victorian gold exploration. Whilst many companies have spent that time pivoting their focus in Victoria as a result, other regions such as Tasmania have been mostly overlooked.
Flynn Gold is now one of the biggest gold exploration spenders in Tasmania.
The Australian Bureau of Statistics (ABS) recently released figures on exploration spend for the financial year to 30 June 2023, which shows in Victoria some $117 million has been spent on gold exploration, while in Tasmania it’s only been $8 million.
“And of that $8 million, Flynn Gold has probably spent about half of it. We’ve spent about $4 million on exploration in Tasmania in the last 12 months“
“And of that $8 million, Flynn Gold has probably spent about half of it. We’ve spent about $4 million on exploration in Tasmania in the last 12 months. If you take Flynn Gold out of the equation the only other gold exploration going on is on the west coast around places like Henty, which is the only operating gold mine in Tasmania at the moment.
No one’s been doing much work looking for gold in northeast Tasmania.”
In northeast Tasmania, Flynn Gold’s portfolio comprises 9 exploration licences prospective for gold and tin, including the Golden Ridge and Portland projects. In northern Tasmania, Flynn hold the Firetower gold-cobalt-tungsten project and further west the Henty Zinc-Lead-Silver project with multiple drill targets
Flynn Gold’s parcel of ground covers some key areas – the Golden Ridge area in particular has been a main focus.
“And that’s really been quite an exciting development because at Golden Ridge there ‘s a well known granodiorite intrusion. So, we’re looking at what we believe is an intrusive related gold system. In those systems, the gold precipitates in the whole interaction between this intrusion, which comes up from the depths as a hot melt and it basically has broken up the existing ground, cooking it up, creating cracks, fractures and opening up these pathways through which the hot fluids come through. These fluids bring all the precious and base metals into the system which have then accumulated.
Historically there’s been old timers workings along the contact between the granite and the sediment, so that was a good clue that there is great gold potential there.”
Brilliant first hole
When Flynn Gold listed on the ASX, it drilled 14 holes at the Brilliant prospect at Golden Ridge. In May 2022, the rig was moved across to Trafalgar to start drilling and the first hole (TFD002), which was drilled, testing under the old shaft at the Trafalgar mine where a hole drilled in 2013 intersected 5m @ 12.56g/t and included 0.4m @ 150g/t Au from 202m.
The Trafalgar mine reported historic production of some 46 tonnes averaging about 137g/t Au.
“With that first hole, the crew was very excited. We intersected about 4 zones of gold mineralisation and then we’ve progressively been drilling, stepping out to the east and west, extending these zones.”
That excitement has continued for the company as it advances work across the Golden Ridge project. The project consists of multiple prospects and historical gold workings along the 8km-long intrusive contact zone.
In 2022, Flynn completed a regional scout RC drilling program at several prospects, intersecting gold in each location.
Last month, in an update to the market on its diamond drilling program at Trafalgar, Flynn reported further ‘exceptional’ results. Drillhole TFDD015, designed to test for ‘high-grade’ gold mineralisation at depth beneath the historical Trafalgar main shaft some 75m below the previous drillholes, intersecting 0.4m @ 137.8g/t at 354m depth.
Drilling has now revealed multiple vein intersections grading more than 100g/t Au from the surface to over 400 metres depth and over 400 metres in strike, highlighting the potential for Golden Ridge to hold a significant gold inventory.
Historic high-grade goldfields
Meanwhile, in late September 2023 diamond drilling started at the Warrentinna Project testing a high-grade, near-surface gold target zone identified by historical drill results.
Warrentinna is located 40km northwest of Golden Ridge and the goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6km. The tenement was recently acquired from Greatland Gold (LSE:GGP) and encompasses 2 historic goldfields – Forester and Warrentinna.
High-grade gold deposits were mined at both fields in the late 1800s and early 1900s.
Marston says Warrentinna has many similarities to the historic high-grade New Golden Gate gold mine at Mathinna, just 40 to the south.
“The New Golden Gate was mined down to 500 metres from the late 1880s through to 1926. They mined about 250,000oz at 26 grams per tonne average grade at the new Golden Gate Mine so we’re definitely in the right location in terms of the very high grades found in these goldfields historically.”
Major interest
Marston notes that while Tasmania does have Flynn’s attention, this week lithium exploration over recently identified pegmatites at its Lake Johnston Project in Western Australia has commenced.
Lake Johnston is located to the east of and adjacent to TG Metals (ASX:TG6) ground, just 7km southeast of its recent Burmeister Lithium discovery. It is also located 3.5km southeast of and adjacent to Charger Metals’ (ASX:CHR) Mt Gordon prospect, where multiple lithium soil anomalies have been identified.
Flynn regards Lake Johnston as ‘highly prospective’ for lithium in spodumene-rich pegmatites as demonstrated by the recent discovery of outcropping pegmatite on FG1’s ground during reconnaissance mapping.
This week Flynn has deployed an exploration team to undertake mapping and soil sampling across a ‘highly prospective’ 5-kilometre-long corridor over the mapped pegmatites to assist with target generation for follow-up drillhole planning.
“I think the larger gold producers would be looking at us because for them it’s cheaper and quicker to buy ounces than it is to go and pay their own exploration costs. That’s why there’s always this space for junior explorers to exist because we’re able to get things done a lot cheaper and in a more efficient way than the big producers“
As Marston explains in part two of this series, Flynn Gold has plenty of opportunities ahead and as one of the major gold players in Tasmania, it’s aiming to garner the attention of some large gold miners.
While it’s still early days, the CEO has firm views about what the growth profile looks like for Flynn.
“I think the larger gold producers would be looking at us because for them it’s cheaper and quicker to buy ounces than it is to go and pay their own exploration costs. That’s why there’s always this space for junior explorers to exist because we’re able to get things done a lot cheaper and in a more efficient way than the big producers.”
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
Flynn Gold (ASX:FG1) has confirmed the ‘significant’ potential for gold, copper, cobalt, and tungsten at its Firetower Project in northern Tasmania following the resampling of historical core and a data review.
The $8.86 million market capitalisation company recorded wide intersections of combined ‘high-grade’ polymetallic gold-cobalt-tungsten-copper (Au-Co-W-Cu) mineralisation in historical drilling through the review work.
These results include 2019FTD006 with 9m @ 2.56g/t Au, 0.25% Co, 0.32% WO3, 0.1% Cu from 99m; and FTD005 with 11m @ 4g/t Au, 0.05% Co, 0.24% WO3, 0.25% Cu from 55m.
Flynn says this review demonstrates that many historical drillholes stopped short of testing interpreted depth extensions to the main polymetallic mineralised zone at Firetower.
As a result, Flynn aims to rapidly test both depth and strike extensions of the main ‘high-grade’ mineralisation through drilling.
The company has received approval from Mineral Resources Tasmania (MRT) to begin drilling the diamond core extensions to several existing holes before the end of 2023.
Flynn Gold Chief Executive Officer (CEO) and Managing Director Neil Marston says these results demonstrate a ‘strong’ correlation between cobalt, tungsten, and gold within the deposit.
“Earlier exploration was focused on gold. However, it is now clear that this project represents an exciting polymetallic opportunity.
Our review of the Firetower Project has generated depth extension targets that we intend to commence drill testing this quarter. This drilling comes at an opportune time when the Critical Minerals Strategy 2023-2030 recently announced by the Australian Federal Government sets out the government’s vision to grow Australia’s critical minerals sector.”
“it is now clear that this project represents an exciting polymetallic opportunity”
The polymetallic mineralisation at Firetower is currently defined by historical drilling over a 200m strike length, which remains open along a ‘highly prospective’ 6km-long trend between the Firetower West and East prospects.
Flynn Gold is an Australian mineral explorer with a portfolio of exploration projects in Tasmania and Western Australia.
As of 30 September 2023, the company had $2.527 million cash at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
The investment rationale for gold can be succinctly summarised as an unparalleled risk diversifier and a safe-haven asset.
Yet despite the Aussie gold price breaching $3,000 this year and currently sitting at about $3,160 an ounce, gold mining stocks are undervalued on a relative and absolute basis.
The sentiment from Diggers & Dealers this year has been the clearest indication that the precious metal has lost its lustre in favour of other metals that are battery and critical in nature. That is, lithium, for the most part.
As Great Boulder Resources (ASX:GBR) Managing Director Andrew Paterson puts it: “Gold just isn’t sexy at the moment so it’s very difficult to hold investors’ interest.”
“Gold just isn’t sexy at the moment so it’s very difficult to hold investors’ interest“
Sprott Asset Management shares a similar sentiment. Sprott notes that gold explorers and developers are trading at extreme discounts to their producing counterparts. In fact, following the August 2011 peak, gold mining equities have significantly underperformed the metal’s price.
Mine Life Founding Director and Senior Resource Analyst Gavin Wendt explains it as: “Investors being confronted with a cocktail of uncertainty during 2023.”
Wendt says the investors have been spooked by concerns regarding interest rates, Chinese economic health, global economic growth, and fears of recession.
In a September 2023 report, the World Gold Council notes that amid economic uncertainty Australian investors have, so far this year, been reallocating to fixed income assets.
The World Gold Council says that although currently attractive, persistent inflationary pressure can bring risks to both the growth outlook and return for these assets. The council says gold should be considered as a long-term strategic asset alongside bonds as it provides excellent returns in a wide range of economic scenarios.
Following a strong 2022 in which it gained 7%, gold in Aussie dollars capped another gain of over 12% during the first 8 months of this year – once again outrunning other major assets.
Lust or love?
However, despite this strong performance Paterson tells Mining.com.au gold is no longer on investors’ radars. Comparatively, there is a variable amount of ‘froth and excitement’ for lithium discoveries.
“It’s a frustrating situation but all the exploration companies are in the same boat. Having said that, we have a great project so we’re not about to jump onto the lithium bandwagon for short term gain.”
Great Boulder is looking to undertake another Aboriginal heritage survey within the Ironbark Corridor on the back of recent drilling results from its Side Well Gold Project in Western Australia.
“It’s a frustrating situation but all the exploration companies are in the same boat. Having said that, we have a great project so we’re not about to jump onto the lithium bandwagon for short term gain“
The $34 million market capitalisation company received the results as part of a phase five resource expansion and definition program at both Mulga Bill and Mulga Bill North, respectively.
Mulga Bill North displays potential as a ‘significant’ northern extension to the existing Mulga Bill resource, with mineralisation now defined over 700m of strike and remaining open in all directions.
Flynn Gold (ASX:FG1) Chief Executive Officer (CEO) Neil Marston echoes the sentiments of Paterson. He explains to Mining.com.au that investors have seemingly exited the gold sector, which is highlighted by the lack of liquidity in the explorer space.
“Whenever you put out some results, there becomes a bit of a liquidity event for people to trade, which is obviously frustrating for companies such as ourselves, which are producing some good results.”
In its quarterly report released yesterday (25 October 2023), Flynn notes that despite the wider issues facing the sector, it remains in a strong position with $2.527 million cash at hand as of 30 September.
On 10 October, the $8.86 million market capitalisation company reported ‘high-grade’ gold mineralisation intersected at its Golden Ridge Project, recording 1.1m @ 51.3g/t Au from 353.2m, including 0.4m @ 137.8g/t Au from 353.9m.
Subsequent to this announcement, Flynn’s share price saw a spike, increasing from $0.055 to $0.068. Although there was a sudden climb, during mid-January 2023 Flynn’s share price was trading at $0.105 —— nearly double than what it is trading at now.
Marston says this rollercoaster ride is indicative of the market and what most gold juniors are encountering.
“I think investors are probably not as patient as they might have been a few years ago.”
Mt Malcolm Mines (ASX:M2M) Managing Director Trevor Dixon agrees, adding that small cap companies are on a downward trend. He says valuations often do not reflect the movements of the gold price, which in May this year topped $3,073 and is today about $3,160.
“Mt Malcolm is undervalued currently. Simply because the gold price hasn’t changed, yet our market cap and share price have dropped significantly over the past 12 months.”
As Dixon notes, Mt Malcolm’s share price was trading at about $0.20 in October 2021 and today is trading at $0.022.
Great Boulder and Flynn Gold have endured a similar slide. In March 2023, Great Boulder’s share price was trading around $0.10, however, it has slipped to $0.065 despite having some wins and releasing regular positive updates to the market.
While gold has actually fluctuated from a low of $2,676 on 16 February to breach $3,100 there have not been wild swings per se – although it did dip sharply from 1 June.
According to the World Gold Council, the gold price weakened during June this year, which was predominantly due to the rise in US Treasury yields, a fall in volatility, the strength of the US dollar, alongside ensuring outflows from global gold ETFs.
The council notes price momentum and gold ETF outflows pressured the gold price, particularly in the past 2 months of the second quarter of 2023.
Mine Life’s Wendt explains that during the first half of 2023 there was hope that inflation would soften.
“Comments from the Fed poured cold water on these hopes, which means that gold has suffered.”
Golden rule
Despite these conditions and the lack of investors’ attention, the gold price has doubled in the past 10 years – now sitting at about $3,160 AUD, as reported in the Perth Mint’s live gold price.
Wendt says the driving force behind the gold price rising is the “skyrocketing growth of debt worldwide, especially in the post-covid and post-GFC environments”.
However, as Riedel Resources (ASX:RIE) CEO David Groombridge explains, the strength of the gold price is not translating into higher valuations for small cap explorers.
“From my perspective in the junior space, that rise has not affected anything. It’s been a bloodbath for juniors in the exploration or developing space.
“It’s been a bloodbath for juniors in the exploration or developing space“
It’s made no difference at all, because you look at all the shares from all the juniors and they’ve been smashed this year and getting access to equity has been really hard.”
As previously mentioned, gold gained 12% during the first 8 months of 2023 on the back of a stellar 2022, once again outrunning other major assets.
Could it be that gold is still attractive — but it’s explorers that have lost their appeal?
Speaking to Mining.com.au, The Perth Mint Manager Depository John O’Donoghue reaffirms that gold has been a ‘top performing’ asset during 2023.
O’Donoghue says this is highlighted by the ‘positive’ returns to investor portfolios, alongside supporting dampening volatility in times of uncertainty, such as the US banking crisis in March this year — where 3 small- to mid-size US banks triggered a decline in the global bank stock prices.
“I can say that there is evidence that central bank gold buying remains strong and near record levels, and this supports a higher gold price.
However, a key determining factor of future gold prices will be the direction taken by the US Federal Reserve and whether they cut interest rates or whether they remain higher for longer in their quest to get inflation in line with target.”
As Great Boulder’s Paterson notes, there’s a plethora of macro issues at play boosting the gold price, however it’s a double edge sword.
Some of these same market influences are making it harder to access capital to advance early stage assets.
In the Gold Price Forecast for 2024: What Experts and Analysts Say, UK Silver and Gold Dealer, Physical Gold CEO Daniel Fisher notes the financial world experienced severe monetary policy tightening in 2023. This was to help control runaway inflation.
O’Donoghue says a key component in future gold prices will be the direction taken by the US Federal Reserve on interest rates.
“Continued higher interest rates would support a stronger US dollar, which should curtail gold’s short to medium term performance. Conversely, periods of economic uncertainty, such as the US banking crisis in March 2023, support demand for gold.”
Paterson agrees: “Currently the economy (national and global) is in poor shape and access to funding is difficult, so having a good project is a key attribute for any successful junior.”
The future of gold investing is largely affected by what is going on in the world at the time. In times of turmoil, such as today with the wars in Gaza and Ukraine, investors typically turn to one safe-haven asset — gold.
O’Donoghue says the world saw this in 2016, while the US-China trade war took place, alongside other geopolitical issues and more central bank demand, and as a result demand surged.
“This culminated in a record high of USD $2,075 during the COVID-19 pandemic in August 2020 as recession fears and monetary and fiscal stimulus boosted prices.”
A model metal
While gold may not be as sexy as other commodities right now as the world transitions towards decarbonisation, the precious metal’s shine is likely to return sooner rather than later.
Astral Resources (ASX:AAR) Managing Director Marc Ducler describes himself as a perennial gold bull and sees the market as ‘solid’ going into 2024. He tells this news service that moving into next year, the market is likely to only get stronger.
“I am extremely bullish on gold and when we’re doing our next levels of study, we’ll probably have enough runway with the gold price to demonstrate that we can run a high price scenario again.
The gold price is, in my view, certainly going to continue to strengthen from here.”
“The gold price is, in my view, certainly going to continue to strengthen from here“
Astral is targeting exploration, growth, and development of its flagship Mandilla project, located 70km south of Kalgoorlie in Western Australia. Mandilla hosts a Mineral Resource Estimate (MRE) of 37Mt at 1.1g/t Au for 1.27Moz of contained gold.
A five-stage open pit design has been based on a $2,100 an ounce gold price with all-in sustaining costs (AISC) over the full life-of-mine (LoM) to average about $1,648/oz. Ducler says the three-stage crush, single-stage grind option provides the lowest capital and operating cost across Mandilla’s life-of-mine.
Mandilla is forecasted to generate an unleveraged and pre-tax IRR of 73% and an unleveraged and pre-tax NPV of about $442 million (NPV8%).
Pacgold (ASX:PGO) Managing Director Tony Schreck tends to agree with Ducler and remains optimistic regarding junior gold explorers heading into the new year. Schreck explains the investment return for small companies with ‘quality’ assets will improve.
“The gold majors and mid-tiers have progressively cut back exploration over the past 10-plus years and I see there will be greater interest from these companies viewing undervalued gold juniors with strong assets as a means of growth through M&A.”
Flynn Gold’s Marston also has high hopes as he sees companies putting in the work being rewarded for their results.
“I think the longer that the gold price stays up at these prices, or starts to trend up further, you’ll see people taking profits out of the other sectors they’re investing in around lithium, rare earths, and uranium – which is having a run at the moment.
I think people will start coming back to add gold stocks to their portfolio, I think gold is not dead, so to speak.”
Whether gold is perceived to be sexy or not one thing appears clear – regardless of what commodity is catching the collective eye of investors, the precious metal will always be in vogue.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Flynn Gold (ASX:FG1) is planning to tackle and complete multiple exploration programs across its Tasmanian and Western Australian assets, following a jam-packed September quarter.
Speaking to Mining.com.au, Flynn Gold Chief Executive Officer (CEO) and Managing Director Neil Marston says the company’s main focus for Q4 is to complete drilling and the results review from the Trafalgar drilling at Golden Ridge.
Next quarter, the $8.86 million market capitalisation will also seek to finalise geological and structural studies to further understand and interpret the mineralisation and new geological framework for Trafalgar and the wider Golden Ridge Project area.
Preliminary planning for a wide step-out drill program will also test continuity of mineralisation between the Brilliant and Trafalgar prospects through a link zone area.
Marston tells this news service results to date have been encouraging to the point Flynn can drill other areas of interest, such as the link zone.
“I suppose the aim of what the company is trying to do is to build a large inventory over the Golden Ridge prospect. To date, we’ve only drill tested Brilliant and Trafalgar, with some good results.”
Planning for follow up drilling at Trafalgar is underway, with several drill pad locations already permitted.
Marston outlines that during Q3 2023, the company hit multiple ‘super high-grade’ gold intervals through drilling within the Golden Ridge Project.
“It’s a growing opportunity for us. Once we’ve got the last of the results in and done some modelling around all the geology and structures, we should have some good targets to go and drill test in phase three when we execute that“
“It’s a growing opportunity for us. Once we’ve got the last of the results in and done some modelling around all the geology and structures, we should have some good targets to go and drill test in phase three when we execute that.”
As previously reported by Mining.com.au, at hole TFDD013 at Trafalgar, Flynn Gold returned results including 4m @ 23.7g/t Au from 23m, including 0.5m @ 169.8g/t Au from 25.9m.
During Q3, TFDD015 tested for strike extensions to veins zones T1 and T2. The T2 vein zone ‘high-grade’ interval recorded in TFDD015 occurs as a pyrite-galena-sphaleritepyrrhotite quartz-vein with visible gold within altered granite.
The interval is some 75m down-dip of a similar high-grade interval of 5.0m @ 12.56g/t Au (including 0.4m @ 150g/t Au) from 202m in historic drill hole TFD001, which reported mineralisation occurring in a similar zone of pyrite-galena-sphalerite-pyrrhotite veining with visible gold. The ‘high-grade’ interval in TFDD015 is significant as it further demonstrates the potential for ‘high-grade’ gold mineralisation to continue both at depth as well as along strike.
Trafalgar’s gold system has since expanded beyond 400m east-west strike length, from surface to a depth of 420m and remains open in all directions.
Meanwhile at Warrentina, Flynn completed a 2-hole diamond drill program — which as previously announced — tested ‘highly prospective’ orogenic-style gold mineralisation.
Marston says: “We’ve been drilling at the Warrentinna Project, which has just finished, so we will be having results starting to come through from that drilling in about a month’s time.
What we have seen to date looks pretty encouraging. So we are happy with that initial program.”
In Q4 the company also plans to conduct drilling at the Firetower and Gold and Battery Metals projects.
As of 30 September 2023, the company had $2.527 million cash at hand.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Flynn Gold (ASX:FG1) will likely undertake any follow-up drilling at Warrentinna Project in northeast Tasmania next year as the company has a ‘pretty tight schedule’ between now and Christmas.
Speaking to Mining.com.au, Flynn Gold Chief Executive Officer (CEO) and Managing Director Neil Marston says the company wants to undertake more work at Golden Ridge and other prospects in the lead up to 2024.
The company today (27 September 2023) reports it has begun diamond drilling at the wholly owned Warrentinna Project.
Drilling comprises 2 diamond drillholes totalling for 300m, testing ‘highly prospective’ orogenic-style gold mineralisation at Warrentinna, which is defined by historical mine workings over a ‘largely’ untested 6km-long corridor with potential for near surface gold resources.
Marston tells this news service: “The drillholes we’ve planned are relatively shallow, about 150m each hole – there is mineralisation very much close to the surface there.
Our aim is to build our understanding on that prospect before we put additional drilling into it later on, after these results have come through.”
This current program is the first in a series of drilling programs that will be testing ‘high priority’ exploration targets across the $7.09 million market capitalisation company’s regional exploration projects in Tasmania.
Marston adds that follow up drilling at Warrentinna is anticipated to be next year, based on the company’s current plans.
“By the time we get this drilling completed and the assays back, it’ll be close to Christmas. When we’ve got all those results out of the lab, we will go back in the new year.”
The 2 drillholes at Warrentinna will be drilled in opposite directions, dipping moderately to the west. This aims to traverse multiple auriferous quartz vein zones indicated by previous drilling, alongside providing structural information that was not obtained from the previous drilling.
Marston also says: “Importantly, the gold mineralisation is near-surface and represents an opportunity for shallow gold resources.
“Outside of the company’s exciting Golden Ridge Project, this is the first of multiple drilling programs that Flynn has planned to test across the company’s regional exploration projects over the coming months“
Outside of the company’s exciting Golden Ridge Project, this is the first of multiple drilling programs that Flynn has planned to test across the company’s regional exploration projects over the coming months.”
The Warrentinna Project encompasses 2 historic goldfields, Forester and Warrentinna.
Flynn Gold is an Australian mineral explorer with a portfolio of projects in Tasmania and Western Australia prospective for gold and battery metals.
As of 30 June 2023, the company had $3.760 million cash and cash equivalents at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Flynn Gold (ASX:FG1) has recorded a ‘bonanza’ gold intercept at its Golden Ridge Project in northeast Tasmania. Drilling to date has returned high-grade shoots as well as broad, moderate-grade gold mineralisation, and as such, Managing Director and CEO Neil Marston tells Mining.com.au the company is starting to see ‘quite a large system’.
Joining Mining.com.au from the West Coast, finance presenter Carolyn began her journalism degree in Townsville and developed a passion for mining news after a FIFO stint in WA's Goldfields.
Flynn Gold (ASX:FG1) has reported ‘bonanza’ grades from a diamond drilling program at the Trafalgar prospect within its Golden Ridge Project in northeast Tasmania.
The $9.68 million market capitalisation company reports drillhole TFDD013 intersected 4m @ 23.7g/t Au from 23m, including 0.5m @ 169.8g/t Au from 25.9m.
Further gold results intersected within the granodiorite intrusive include drillhole TFDD009 with 2.7m @ 3.06g/t Au from 68m, including 1.2m @ 5.09g/t Au from 69m.
The company’s share price has increased by nearly 10% at $0.081 as of 2:00pm AEST this afternoon (14 September).
Commenting on the results, Flynn Gold Managing Director and Chief Executive Officer (CEO) Neil Marston says: “The latest results include 4 metres at 23.7g/t gold from just 23 metres downhole. Within this intersection, we have recorded the highest gold grade interval seen to date at Golden Ridge of 0.5m at 169.8g/t Au.
This drillhole was sited to test beneath a recently discovered historical adit and has produced an exciting intercept as we grow the scale of the deposit beyond a 400m strike length. There is no drilling down dip or along strike east of this very high-grade intersection, presenting an excellent opportunity to follow up.
We have paused drilling at Trafalgar to allow time for our technical team to assess further assay results as they become available and plan the next drill program. With assay results for 925m of diamond drilling still pending, we look forward to announcing further results in the coming weeks.”
Flynn says the latest results and observations continue to support the company’s exploration model that the Golden Ridge Project is a ‘large-scale’ intrusive-related gold system.
The company is currently finalising geological and structural studies towards advancing its understanding of the controls to mineralisation and a new geological framework interpretation for Trafalgar and the wider Golden Ridge Project area, the outcomes of which will be reported in upcoming announcements.
Flynn Gold is an Australian-based mineral exploration company, targeting gold and battery metals in under-explored areas. As of 30 June 2023, the company had $3.76 million cash at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Flynn Gold (ASX:FG1) has posted another round of ‘high-grade’ gold results from the Trafalgar prospect within its Golden Ridge Project in Northeast Tasmania, Australia.
The new results come from hole TFDD005B and include 3.5m @ 8.33g/t au from 379.5m, including 2.0m @ 13.75g/t Au from 380.3m. They follow previously announced results from the hole of 14.7m @ 5.5g/t Au and 6g/t Ag from 109.4m, including 0.6m @ 109g/t Au and 96.1g/t Ag from 121.8m.
Meanwhile, the company reports the first hole of its phase two drilling program at the prospect was completed to a depth of 213m, with its first batch of samples submitted for laboratory analysis.
Hole TFDD010 has begun to test the eastern and depth extensions of the ‘high-grade’ mineralisation observed in hole TFDD005B.
The next drillhole will be a re-entry of TFDD008 to broaden the hole to intercept the T1 mineralised zone and test for continuity of the intercepts reported from hole TFDD005B.
Commenting on the results and ongoing exploration, Flynn Gold Chief Executive Officer (CEO) Neil Marston says: “The latest assays reveal further significant gold intersections in addition to the exceptional results previously reported for this hole. This is a clear indication of the growing scale and significant potential of the multi-vein system at Trafalgar.
“This is a clear indication of the growing scale and significant potential of the multi-vein system at Trafalgar”
The Trafalgar discovery emphasises the potential of the Golden Ridge Project to host additional gold deposits which collectively enhance the company’s aim of establishing a significant gold mineral resource at the project.
The company is awaiting laboratory assays for over 500 core samples from phase one and the first hole on phase two drilling, and we look forward to updating the market with these results as they come available over the coming weeks.”
Flynn Gold’s current program was designed to test the western extension of the Trafalgar vein system.
Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania and Western Australia. The company has 8 wholly owned tenements in northeast Tasmania and an established portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Flynn Gold (ASX:FG1) has raised $3.7 million (before costs) through a placement and entitlement offer to help fund exploration activities at its wholly owned projects in northeast Tasmania.
Flynn Gold says the capital raise was completed in February 2023 and comprised a placement in December 2022 which generated $1.3 million, as well as an entitlement offer which secured an additional $2.4 million in funds.
The company notes during the capital raise it issued under 38 million fully paid ordinary shares to new and existing professional, and sophisticated investors at an issue price of $0.10 per share. Total shares issued comprised a total of 13.2 million shares being issued under the placement, while an additional 23.49 million were issued under the entitlement offer.
It is reported no additional shortfall shares will be issued under the entitlement offer.
Flynn Gold announces as at 28 February 2023, its cash at bank was about $5.5 million, with no debts other than normal trade creditors, positioning the company in a position to execute upcoming exploration programs.
Commenting on the capital raise, Flynn Gold Chief Executive Officer (CEO) Neil Marston says: “Flynn Gold has successfully raised $3.7 million, via a partly underwritten entitlement offer and placement to institutional and sophisticated investors recently completed.
The company is now fully funded for its upcoming exploration programs, with the high priority phase two drilling at the Trafalgar prospect within the Golden Ridge Project expected to commence within 2 weeks.
“The company is now fully funded for its upcoming exploration programs…”
A short diamond drilling program at the Portland Project is already underway to test the Popes prospect before the rig heads back to Trafalgar.
Processing of core from phase one drilling at Trafalgar is progressing well with several batches of samples submitted to the laboratory, meaning further drilling results are still to come.”
The company also reports the capital raise has been completed in conjunction with the start of a 1-2 drillhole diamond drilling (DD) program at the Popes prospect within the Portland Project in Tasmania. Drilling is expected to be completed later in March.
In addition, phase two DD is also expected to begin at the Trafalgar prospect within the Golden Ridge Project within the next 2 weeks. This drilling program has been designed to comprise step-out extensional and infill drilling in order to follow-up on anomalous results of the recent scout reverse circulation (RC) drilling program.
Assays from ‘high priority’ core samples gathered from phase one drilling completed at the Trafalgar prospect are yet to be received.
Flynn Gold is an ASX-listed mineral exploration company with a portfolio of exploration projects located in Tasmania and Western Australia. The company currently has 8 wholly owned tenements in Tasmania, as well as a portfolio of gold-lithium exploration assets in Western Australia’s Pilbara and Yilgarn regions.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Flynn Gold (ASX:FG1) has returned gold (Au) grades upwards of 109g/t Au from an ongoing diamond drilling (DD) program at the Trafalgar prospect, as part of its wholly owned Golden Ridge Project in Tasmania.
The results, generated by drillhole TFDD005B, indicate the presence of 2 additional zones of visible gold bearing quartz-sulphide veining about 160-161m and 174-176m downhole.
‘High-grade’ intercepts returned from the drillhole TFDD005B include 14.7m @ 5.5g/t Au and 6.0g/t silver (Ag) from 109.4m, including 0.6m @ 109g/t Au and 96.1g/t Ag from 121.8m, and 2.3m @ 19g/t Au and 4.5g/t Ag from 345.7m, including 0.9m @ 47.8g/t Au and 18.7g/t Ag from 346.1m.
Drilling to date has completed 5 diamond drillholes with the diamond rig currently drilling TFDD007 to test for continuity of vein zones between holes TFDD002 and TFDD005/5B.
The company notes the 2 aforementioned zones of visible gold bearing quartz-sulphide have been prioritised for sampling and assays.
Addressing the results, Flynn Gold Chief Executive Officer (CEO) Neil Marston says: “Once again, Flynn Gold has delivered some very exciting high-grade gold intersections from its drilling program which is ongoing at the Trafalgar Prospect in north-east Tasmania. The latest results in drillhole TFDD005B have not only confirmed the high-grade gold mineralisation intersected in TFDD005, but also added a second high-grade gold zone with occurrences of visible gold. This result demonstrates to us that Trafalgar is a significant gold system that is open in all directions.
“The latest results … have not only confirmed the high-grade gold mineralisation … but also added a second high-grade gold zone”
The most pleasing aspect of these latest results is that we now have laboratory confirmation of high-grade gold mineralisation in at least two vein zones over a strike length exceeding 200m in a generally east-west corridor.
With historical gold workings located to the north, south, east, and west of the Trafalgar Prospect we see huge potential for this area to yield further exciting results as drilling continues.”
Flynn Gold is an Australian mineral exploration company with a portfolio of projects across Tasmania and Western Australia. The company’s Golden Ridge project is situated in an underexplored region that shares similarities to Victoria’s Goldfields and boasts potential to host a multi-million-ounce bulk tonnage gold deposit.
Other projects included within its exploration arsenal include the Portland Gold Project in Tasmania, as well as the Mt Dove and Shay Gap Projects in Western Australia.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Flynn Gold (ASX: FG1) reports it is conducting a capital raising up to $6.1 million in capital with Henslow appointed as lead manager and Taylor Collison acting as co-lead manager.
The company is aiming to raise $1.3 million via a placement followed by a non-renounceable entitlement offer, which is to be partially underwritten by Henslow to some $2.4 million to raise up to a further $4.8 million.
Flynn will use the equity to accelerate drilling and exploration activities at its Trafalgar discovery, where ‘high-grade’ gold intersections have been recently announced, and to advance exploration on its WA lithium-gold assets.
The funds raised will also be used for M&A opportunities and general working capital.
Henslow has received binding commitments to raise about $1.326 million capital
Henslow has received binding commitments to raise about $1.326 million capital through the issue of more than 13.26 million new fully paid ordinary shares in the company to new and existing sophisticated and professional investors.
The new shares will be issued as a single tranche at $0.10 per new share using Flynn’s existing placement capacity. The company is also undertaking a 1 for 2 non-renounceable entitlement offer to raise up to $4.8 million at the same issue price as the placement.
The entitlement offer is partially underwritten by Henslow to $2.4 million.
Flynn recently announced ‘high-grade’ gold mineralisation from the on-going drilling program at the Trafalgar discovery. Trafalgar is located within the Golden Ridge project where the company is exploring a gold mineralised corridor extending over an 8km long granodiorite-metasediment contact zone.
Drilling has intersected ‘high-grade’ gold over an open strike length of 200m and to depths of up to 400m from surface (open), confirming a significant new gold discovery at Trafalgar. The gold-bearing vein zones at Trafalgar remain open along strike and at depth, and funds raised will be applied to accelerate infill and extensional drilling.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
Flynn Gold (ASX:FG1) has entered into an option agreement to purchase 2 gold and battery metals projects covering 99km-square of ‘highly prospective’ ground in northern Tasmania.
The 2 projects are the advanced Firetower Gold and Battery Metals Project and the Warrentinna Gold Project, both currently held by privately held Greatland, a wholly owned subsidiary of Greatland Gold (AIM:GGP).
Flynn Gold reports both these projects have been previously drilled by Greatland, yielding very ‘encouraging’ results which provide Flynn with several advanced targets that warrant additional drill testing.
If the option is exercised the company expects it will be in a position to start drilling at both projects shortly after exercising the option.
Addressing the move, Flynn Gold Chief Executive Officer Neil Marston commented: “We are delighted to announce the option to acquire these two advanced projects in Tasmania, which complement our existing gold and battery metals projects in the state.”
At the Firetower Project, previous exploration has identified significant gold with cobalt and tungsten mineralisation which presents Flynn Gold with exceptional drill targets to test. This project is located in the prolific Mount Read Volcanic belt, which hosts some world class high-grade gold and polymetallic deposits.
“Flynn’s option over of the Warrentinna Project is an excellent addition to the company’s existing North-East Tasmanian assets as it adjoins our existing tenure at Lyndhurst”
Flynn’s option over of the Warrentinna Project is an excellent addition to the company’s existing North-East Tasmanian assets as it adjoins our existing tenure at Lyndhurst. The Warrentinna Project has a history of gold production and with limited modern exploration presents the company with some shallow gold targets to drill test.
Flynn will now undertake a program of data review, geological modelling, site reconnaissance and exploration planning during the six months option period. We look forward to completing this process with a view to exercising the option ahead of drilling in 2023.”
The option period comprises a period of 6 months from the date of signing of the option agreement (30 November 2022), or a period ending 10 business days after receipt of drilling permits by Mineral Resources Tasmania (MRT), whichever is the later, but no later than 30 June 2023.
The Firetower Project (EL26/2004) is located in central northern Tasmania and covers an area of 62km-square. Firetower is hosted in sedimentary and volcaniclastic rocks which are stratigraphically equivalent to the Mt. Read Volcanic Sequence (MRVS). The MRVS is a highly mineralised system and hosts world class base metal volcanogenic hosted massive sulphide (VHMS) and volcanogenic/intrusive-related Cu-Au and Au deposits such as Mt. Lyell (Cu, Au), Rosebery (Cu, Zn, Pb, and Au), Hellyer (Zn, Pb, and Au) and Henty (Au).
The company has received all technical information on the projects from Greatland. Flynn personnel will undertake a thorough review of the data, perform geological modelling, potentially assay/re-assay selected drill core/samples, conduct field reconnaissance and commence planning for the next phase of exploration over the coming months.
The Warrentinna Project (EL30/2004) is located in north-east Tasmania and covers an area of bout 37km-square immediately adjacent to Flynn’s existing Lyndhurst Project (EL4/2020).
The tenement covers predominantly Mathinna Group metasediments which correlate to those of the Melbourne Zone within the Victorian goldfields that host the bulk of Victoria’s orogenic epizonal type gold mineralisation. Warrentinna hosts several known gold occurrences, including Derby North and Golden Mara where earlier drilling has intersected significant levels of gold mineralisation.
Since acquiring the Warrentinna tenement in 2004, Greatland completed multiple surface sampling campaigns including soil, drainage, and rock chip sampling, which followed up on surface gold anomalism defined by historical sampling.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
Flynn Gold (ASX:FG1) reports ‘encouraging’ Ultra-fine Fraction (UFF) soil sampling results have been returned at the Mount Dove Project, located 25km north-northwest of the Wodgina Lithium Mine.
Follow-up soil sampling and geophysics programs are currently being planned.
The company reports 11 lithium anomalies have been identified within exploration licence E45/5055. A high priority lithium anomaly over 1200m x 400m has also been identified with coincident pathfinder trace element (Sn-Rb-Ce) anomalism. There is also anomalous gold geochemistry potentially coincident with intrusive margins and structural trends.
UFF soil sampling is a new exploration technique developed by LabWest Minerals Analysis in conjunction with CSIRO as a more sensitive method to explore for minerals including gold, lithium and nickel under transported cover. The UFF technique analyses only the sub-2 micron fraction of a soil sample, and hence the results from UFF assays may not be directly comparable to results from a conventional coarser fraction sample.
Flynn Gold notes in total 497 ultra-fine fraction soil samples were collected during the program. Exploration licences E47/3888 and E45/5055 were covered with a broad, 400 x 400m spaced grid, with more detailed sampling (400 x 200m) along the southern boundary of E45/5055.
Flynn Gold notes Mount Dove is situated 34km west-northwest of the Pilgangoora Lithium Mine and 12km to the southwest of De Grey’s (ASX:DEG) Hemi gold deposit, in the Pilbara region of Western Australia where the largest known lithium deposits are hosted by lithium-caesium-tantalum (LCT) pegmatites.
Addressing the results, Chief Executive Officer Neil Marston commented: “The company’s first exploration activity for lithium and gold has been completed at our Mount Dove Project in the minerals-rich Pilbara region of Western Australia.
“We are very pleased with these ultra-fine soil sampling results as several lithium anomalies have been identified to follow-up, including a 1.2km long, high priority target, which may represent a lithium-pegmatite association.
Follow-up geophysical assessment and in-fill sampling will be undertaken at Mount Dove ahead of further exploration of this largely un-explored project.
“Flynn has secured a significant land holding in Western Australia with several of our recent tenement applications located close to world-class lithium deposits”
Flynn has secured a significant land holding in Western Australia with several of our recent tenement applications located close to world-class lithium deposits. We have recently initiated historical data collection and desktop geophysical studies on these projects so that as the tenements are granted, we can commence field work, exploring for lithium and other battery metals, without delay.”
The geology of the Mt Dove project is predominantly obscured by transported alluvium and soil cover varying up to 20-25m thick. However, significant geological and geophysical evidence of large granitic plutons underlying the cover exists and the results from this UFF soil sampling survey suggest that the granitic rocks at Mt Dove have the potential to be fertile for pegmatitic type lithium deposits. Mafic rocks have been recorded subcropping in the northern portions of Exploration Licence E45/5055.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
Flynn Gold (ASX:FG1) reports assays from the latest drilling program have revealed an ‘outstanding shallow high-grade’ gold intercept at the Trafalgar Prospect, located within the Golden Ridge Project in northeast Tasmania.
The first assay results from TFDD003 represent partial sampling from zones in the upper 168m of the hole that were prioritised for assay following observation of mineralised vein zones in the drill core.
Intersections recorded in TFDD003 include 1.2m @ 65.9g/t Au from 57.5m, including 0.5m @ 143g/t Au from 57.5m, as well as 1.3m @ 2.28g/t Au from 149.2m, including 0.5m @ 5.26g/t Au from 150m.
Flynn CEO Neil Marston said the company is very pleased with these latest results from their second hole at Trafalgar.
“What is most pleasing is that we have intersected a bonanza-grade interval at a shallow depth which at this early stage appears to be unrelated to the multiple vein zones intersected in our first drillhole TFDD002″
“What is most pleasing is that we have intersected a bonanza-grade interval at a shallow depth which at this early stage appears to be unrelated to the multiple vein zones intersected in our first drillhole TFDD002.
TFDD002 intersected multiple gold zones beneath the old Trafalgar mine workings. Step-out drillhole TFDD003 was drilled to test for mineralisation about 100m west of the first hole, so these latest results enhance our view that there is potential for a significant mineralised gold system at Trafalgar.
Hole TFDD004 was targeted below TFDD003 with similar vein zones intersected and our current drillhole, TFDD005 will test for a continuation of these mineralised zones about 100m east of our first hole.
Trafalgar is the first location at Golden Ridge where the intrusive hornfels contact has been drill tested by the company. This geological contact has been identified over an 8km strike length, demonstrating that the Golden Ridge Project has the potential to become a significant gold system.”
TFDD003 is the company’s second drillhole at Trafalgar, designed as a 100m step-out to the west of hole TFDD002, and a third hole, TFDD004 was collared at the same location and was drilled below TFDD003.
The reported ‘high-grade’ interval of 0.5m @ 143g/t Au is associated with a massive quartz-sulphide (pyrite-galena-sphalerite-arsenopyrite) vein hosted in altered granodiorite and is interpreted by Flynn to be a possible continuity of ‘high-grade’ gold assays returned from outcrop rock chip samples in the area.
Flynn reports further assays from TFDD003 are pending, including additional zones of prioritised sampling of quartz-sulphide vein structures at 286m to 303m and the company will report these results once received.
The company also states drillhole TFDD004 was completed last week to a depth of 503.5m testing for extensions to the mineralised zones intersected in TFDD002 and TFDD003.
Logging and cutting of core from TFDD004 is underway, and significant zones of mineralised vein structures at 85m to 100m, 184m to 191m, 297m to 300m and 474m to 478m have been noted in TFDD004 with assays pending.
Flynn started drilling TFDD005 this week, and it is being drilled to test for extensions of the mineralised zones around 100m east of the zones intersected in TFDD002.
Further drilling at Trafalgar to test the extensions and continuity of gold mineralisation is planned, and the company will report the results once they are received.
Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania and Western Australia. The company has 8 100% owned tenements located in northeast Tasmania, and has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.
It also has tin projects within its northeast Tasmania gold project, as well as 2 zinc-silver tenements on Tasmania’s west coast.
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.
Flynn Gold (ASX:FG1) reports it has logged ‘significant’ additional gold intersections in latest assays from maiden diamond drillhole TFDD002 at the Trafalgar prospect in the Golden Ridge Project, located in Tasmania.
Intersections from TFDD002 include:
4.3m @ 4.34g/t Au from 594.7m, including 2.05m @ 7.28g/t Au from 594.7m (including 0.4m @ 17.3g/t Au from 594.7m and 0.75m @ 10.15g/t Au from 596m).
9.0m @ 2.28g/t Au from 289m, including 5.7m @ 3.46g/t Au from 292.3m (including 1.8m @ 5.58g/t Au from 292.3m, and 1m @ 6.69g/t Au from 297m)
1.3m @ 2.37g/t Au from 250.7m, including 0.4m @ 6.68g/t Au from 250.7.
TFDD002 is the first diamond hole of Flynn’s drilling program at the Trafalgar Prospect.
The hole was designed to target extensions to a historical drillhole intercept of 5m @ 12.56g/t Au (TFDD001) and to provide important stratigraphic, structural and mineralogical information to advance the Company’s understanding of the mineralisation system at Trafalgar.
Subsequent drilling which is currently in progress, is testing for extensions to the gold mineralisation encountered in holes TFDD001 and TFDD002 over a strike length of 250m.
Flynn Chief Executive Officer, Neil Marston said the maiden drillhole at the Trafalgar Prospect has delivered an excellent outcome for Flynn Gold, with the Company intersecting multiple zones of high-grade gold.
“Historical drilling had only intersected one gold zone below the old Trafalgar mine workings, so the discovery of these new highly mineralised structures increases the potential of this prospect.
Trafalgar is the first location at Golden Ridge where the intrusive-hornfels contact has been drill tested since Flynn Gold listed in 2021.
This geological contact has been identified over an 8km strike length, providing the exploration team with confidence that the Golden Ridge Project has the potential to become a significant gold system.”.
The ‘high-grade’ gold mineralised intercepts are generally associated with quartz-sulphide (pyrite-arsenopyrite-galena) visible gold bearing veins and vein breccia hosted in biotite-hornsfelsed sediments of the Mathinna Group.
The main mineralised vein sets appear to strike east-north-east to west-south-west and dip steeply to the south east.
Projections of the vein zones to surface are being followed up with surface mapping and sampling.
A wedge hole, TFDD002B was drilled off TFDD002 from a depth of 123m downhole and was completed to a depth of 420.6m.
TFDD002B did not deviate from the line of TFDD002 as much as the Company had planned and the mineralised zones intersected TFDD002B were in similar locations to TFDD002.
They will provide valuable comparative geological information and assay results of these zones in due course.
Hole TFDD003 was drilled towards the south from an offset position approximately 100m west along the interpreted strike of the main mineralised veins intersected in TFDD002.
Logging and selective sampling for assaying of likely mineralised zones within TFDD003 is well advanced.
Hole TFDD004 has been commenced from the same collar position as TFDD003. This hole is being drilled at a steeper dip to test for mineralisation below TFDD003.
Once hole TFDD004 is completed, Flynn plans to drill additional holes to test along strike and up-dip extensions of the multiple gold bearing veins intersected in drilling to date.
Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania and Western Australia.
The company has eight 100% owned tenements located in northeast Tasmania and has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.
Flynn also has prospective tin projects within its northeast Tasmania gold project, as well as 2 zinc-silver tenements on Tasmania’s mineral-rich west coast.
Concurrently with the Company’s drilling at the Trafalgar Prospect, drilling and associated activities at other northeast Tasmanian prospects remains on-going.
The company completed a diamond drilling program at the Brilliant Prospect at the Golden Ridge Project in April 2022.
A total of 14 holes (BRDD001-BRDD014) for 4,222m were drilled.
Selective drill core sampling has been completed and Flynn is awaiting final assay results before updating the geological model for this prospect.
Flynn also completed its Phase 2 diamond drilling program at the Grand Flaneur Prospect within the Portland Project in July 2022.
Four holes (GFDD007-GFDD010) for 1,190.5m were completed, and core logging, cutting and selective sampling is ongoing.
Once all sampling and assay results are received, Flynn will update its geological model for this prospect.
Flynn also recently completed a regional scout RC drilling program at the Golden Ridge Project.
In total, 12 RC holes for 1,455m were completed across the Kensington (KERC001-KERC005), Blinding (BLRC001-BLRC002) and Link Zone (LZRC001-LZRC005) prospects.
This RC program is the first recorded drilling undertaken at these prospects, and was designed as a scout program to test previously undrilled target areas identified by Flynn.
Sample assaying is underway.
Recent exploration activities at the Mangana and Lisle Projects have involved historical data reviews, prospect reconnaissance to confirm access, geological mapping and sampling.
It is expected that this work will lead to the generation of targets for future drill testing.
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.
