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.
Write to Adam Orlando at Mining.com.au
Images: Flynn Gold Ltd
