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