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