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.
Write to Aaliyah Rogan at Mining.com.au
Images: Flynn Gold
