Flynn Gold (ASX:FG1) is looking to attract strategic investors on the back of ‘exceptional’ gold results returned from drilling at its Trafalgar prospect in northeastern Tasmania.
Speaking to Mining.com.au, Flynn Gold Managing Director and Chief Executive Officer (CEO) Neil Marston says high-net-worth individuals, various funds, family offices, as well as targeted investment groups would be ideal to bring on board.
“We should be getting onto the radar of some of these other resource funds, managed funds, and superannuation-type funds.
Part of my brief is to talk to those people and get some interest in what we’re doing because it’s a noisy market out there and sometimes the personal touch is very important when you’re talking to investors.”
The $8.18 million market capitalisation today (10 October) reports it has intersected multiple veins with ‘high-grade’ gold mineralisation at its Golden Ridge Gold Project, including drillhole TFDD015.
These include 1.1m @ 51.3 grams per tonne (g/t) gold (Au) from 353.2m including 0.4m @ 137.8g/t Au from 353.9m and 2.45m @ 5.1g/t Au from 204.55m including 0.55m @ 20.22g/t Au from 205.2m.
Marston tells this news service: “We’re confident that each of these results is derisking the project, which then allows other parties that want to see you a little bit further down the track come to the table and get involved.”
He also notes the company has not ruled out seeking potential strategic partnerships or joint ventures (JV) in the future as part of its Golden Ridge development strategy. However, he says it’s still early days for the company to make any firm decisions.
“We’re not getting too far ahead of ourselves at this point, but the company has been set up to identify and develop economic deposits. Our ambition is to identify something which is a compelling development strategy.
“Our ambition is to identify something which is a compelling development strategy“
Whether we do that on our own or partner up a bit later on and whether a big company comes in with a big balance sheet and helps develop it, we have not ruled them in or out at this stage.”
Marston adds that Flynn Gold will also be looking to undertake additional exploration as it looks towards production.
“These grades are really good because you don’t need a lot of tonnes of very high-grade material to get your ounces up. To have multiple veins with good grades is more than we could probably have wished for.
We are starting to string these intersections together so we can get an orientation on where these things are going. So for future drilling programs, targeting extensions to those high-grade shoots is hopefully going to be a little bit easier for us as far as planning is concerned. Hopefully, we even get a better success rate with follow-up drilling.
It’s a dream to be able to take it into production at the end of the day, and we just want to take things one step at a time, but with an eye on the prize being in production.”
Flynn Gold is an explorer with a portfolio of projects in Tasmania and Western Australia. The company had $3.76 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Flynn Gold
