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Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce that the renounceable rights issue announced on 4 April 2024 has closed on 30 April 2024 with significant excess demand, raising the full amount of $2,462,114 (before costs).
Highlights
- Rights Issue seeking to raise $2.5 million closes with significant excess demand
- Strong support from existing shareholders and new investors introduced by Mahe Capital
- Funds to be used primarily to advance the Company’s Trafalgar high-grade gold discovery at Golden Ridge in Northeast Tasmania
- Phase 3 drilling at the Trafalgar prospect commenced in April 2024
- 1,500m diamond drill program has been planned
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/7PRD0e
The total includes $1,211,907 received by way of acceptances from shareholders and $1,250,207 received from the shortfall shares placed to existing shareholders and by the lead manager and Underwriter, Mahe Capital Pty Ltd (Mahe Capital).
The Company will issue 82,070,455 new fully paid ordinary shares (Shares) and 41,035,227 new options (subject to rounding) exercisable at $0.075 and expiring on 7 November 2026 (Options). The Company will seek quotation of the Options on the ASX.
The new securities are expected to be issued on Tuesday, 7 May 2024, in accordance with the timetable in the Prospectus and will commence trading on the ASX on a normal settlement basis from Wednesday, 8 May 2024.
The Company would like to thank all its shareholders for their support and welcomes new shareholders introduced by Mahe Capital to the register.
The Board has also exercised its discretion to accept a portion of the excess demand to the value of $250,000. Accordingly, the Company will issue an additional 8,333,333 Shares and 4,166,666 Options, on the same terms as the securities issued under the rights issue, from the company’s current listing rule 7.1 placement capacity.
A supplementary prospectus will be lodged with ASIC and released to ASX in respect of the additional shares and options.
The final capital raising results are set out below:
* The number of new Shares and Options issued is subject to rounding.
A further 5,424,227 Options will be issued to the underwriter.
Managing Director and CEO, Neil Marston commented,
“On behalf of the Board, I would like to thank all our shareholders who have participated in this Rights Issue and to also welcome new shareholders to the Flynn Gold register. This is a very good outcome, particularly in these difficult markets and demonstrates enthusiasm for our future. The Company now has sufficient funds to embark on growing our gold opportunities in Northeast Tasmania with drilling already underway.“
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Flynn Gold
Investor Insights
Flynn Gold’s large, high-grade gold footprint in Tasmania provides a compelling investor proposition that leverages a continuing gold bull market.
Overview
Flynn Gold (ASX:FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines. The region has established mining districts, excellent infrastructure such as rail and ports, and a skilled workforce, with a stable political and regulatory environment. These features are a big positive for the company’s projects in this region.
The company has nine 100 percent owned tenements in Northeast Tasmania which are highly prospective for gold and tin/tungsten with three major projects — Golden Ridge, Portland and Warrentinna. In Northwest Tasmania, it has the Henty zinc-lead-silver and the Firetower gold and critical minerals projects.
Flynn Gold’s exploration at its Golden Ridge project has focused on an 9-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Apart from Tasmania, the company is building a strategic lithium and gold portfolio in Western Australia, targeting hard-rock lithium pegmatites and intrusive related gold deposits in the Pilbara region and Yilgarn Craton. Its five lithium-gold projects in Western Australia are strategically located in districts hosting large gold and lithium deposits or in regions that are relatively under-explored for lithium. Of these, three lithium-gold projects are in the Yilgarn region: Forrestania, Lake Johnston and Koolyanobbing. The remaining two are in the Pilbara region: Mt Dove and Yarrie.
Company Highlights
- Flynn Gold is an Australian mineral exploration company with a portfolio of gold and battery metals projects in Tasmania and Western Australia.
- In Tasmania, the company holds 12 tenements spread across 1,403 sq km, including three main projects in Northeast Tasmania — Golden Ridge, Warrentinna and Portland — that are prospective for gold and tin. Moreover, it has two projects in Northwest Tasmania: the Henty zinc-lead-silver project and the Firetower gold-cobalt-tungsten-copper project.
- Flynn Gold is focused on advancing exploration and drilling at three high-grade gold projects in Tasmania - Golden Ridge, Warrentinna and Firetower.
- In Western Australia, Flynn holds 20 tenements across 1,200 sq km, including lithium-gold projects in the Pilbara and Yilgarn regions. The Yilgarn region has three lithium-gold projects: Forrestania; Lake Johnston and Koolyanobbing. The Pilbara hosts two gold-lithium projects: Mt Dove and Yarrie.
- The company’s senior leadership team has a proven track record in the mining sector to capitalize on the high resource potential of its projects.
Key Projects
Northeast Tasmania
The company is focused on three high-grade gold projects in Tasmania — Golden Ridge, Warrentinna and Firetower. The under-explored Northeast Tasmania region is interpreted to be part of the Western Lachlan Orogen, a geological extension of the rich Victorian Goldfields which boast of historical gold production of over 80 million ounces (Moz). The company’s landholding across nine 100 percent owned tenements in the region has provided it with significant potential for gold and tin discoveries.
Golden Ridge Project
Targeted for intrusive related gold system (IRGS) style mineralization, the Golden Ridge project is located 75 kilometres east of Launceston in Northeast Tasmania. Previous gold exploration at the Golden Ridge Project has been very limited with shallow historical workings located over an 9-kilometre-long granodiorite-metasediment contact zone. Flynn Gold’s exploration has focused on the Brilliant and Trafalgar prospects, with diamond drilling programs completed at both locations between June 2021 and August 2023. In addition, a limited reconnaissance RC drilling program in late 2022 to test for gold mineralisation at the Link Zone confirmed the presence of shallow gold mineralisation between the Brilliant and Trafalgar prospects, highlighting the significant gold potential of the granodiorite-metasediment contact zone.
Drilling at Trafalgar consisted of 14 holes for 5,218.3 metres with multiple vein intersections grading >100 grams per ton (g/t) gold reported. The best intersections recorded in drilling at Trafalgar were 16.8 g/t gold over 12.3 metres (from 108.7 to 121 metres), including 0.7m at 152.5 g/t gold and 23.7 g/t gold over 4 metres (from 23 to 27 metres), including a high-grade zone of 0.5 metre at 169.8 g/t gold.
Soil sampling at the Golden Ridge project has been progressively undertaken since an initial sampling trial using the UltraFine+ technique was initiated in May 2022. The results of this soil sampling have highlighted the known prospect areas, as well as several new target areas at Grenadier and Big Penny, with gold anomalism not associated with historical workings.
Phase 3 drilling has commenced at the Trafalgar high-grade gold prospect confirming the continuity of multiple sub-parallel high-grade gold veins.
New high-grade gold discoveries have also been made at the Link Zone and Trafalgar North prospects.
At the Link Zone, mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation with underground grab sampling of mineralised veins in the adit recorded high-grade gold assays including 64.4 g/t gold, 37.6 g/t gold and 15.9 g/t gold.
At Trafalgar North, a high-grade gold vein zone has been discovered in trenching 250 m north of the historic Trafalgar mine with 17 out of 36 grab rock chip samples assayed over 10 g/t gold, including 99.4 g/t gold, 76.6 g/t gold and 67.1 g/t gold. Drilling at Trafalgar North commenced in July 2024.
Warrentinna Project
The Warrentinna project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project is located in northeast Tasmania and covers an area of approximately 37 sq km immediately adjacent to Flynn’s existing Lyndhurst Project. The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high-grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6 kilometres.
Initial drilling by Flynn in September/October 2023 at Warrentinna consisted of two diamond drill holes, designed to test the continuity and extension of orogenic style gold mineralisation identified in historical drilling. The holes are also designed to provide stratigraphic and structural information critical to advancing understanding of the project.
Portland Project
The Portland gold project comprises three adjacent tenements: Portland, Telegraph and Cameron Tin. The project falls within the region mined historically from 1870 to 1917 and has similarities to Victorian geology with high-grade “Fosterville-style” gold mineralization confirmed. Geochemical surveys and costean sampling programs at Portland confirmed the presence of anomalous gold zones. Drilling at the Grand Flaneur prospect in 2022 and the Popes prospect in 2023 have both confirmed the presence of gold mineralization.
Northwest Tasmania
The company has two projects in the Northwest Tasmania region: the Firetower project and the Henty zinc project.
Firetower Project
The project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project spans more than 62 sq kms and represents an advanced gold plus battery metals project, which includes three notable prospects: Firetower, Firetower East and Firetower West. The Firetower project lies in the highly mineralized Mt Read volcanic sequence which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell (3 million tons contained copper, 3.1 Moz contained gold), and the Henty gold mine (1.64 Moz gold @ 12.5 g/t gold).
Resampling of the historic core at Firetower has confirmed the significant potential for gold and critical minerals - cobalt, tungsten and copper. The results have made it clear this project represents an exciting polymetallic opportunity. The company completed a diamond drilling program in late 2023 to target both the gold and polymetallic minerals potential.
The drilling program was successful in testing for depth extensions of the main mineralised zone with the results demonstrating the continuity of polymetallic mineralisation and highlighting the significant potential for high-grade mineralisation to continue at depth and along strike.
Henty Zinc Project
The project is a 130 sq. km land holding under two 100 percent owned exploration licences and provides the company with a dominant position in a rich base metals field with proximity to an existing zinc/lead concentrate producer (MMG’s Rosebery mine).
The Henty Project has a significant pipeline of exploration targets with the Mariposa and Grieves Siding prospects ready for resource drilling
Western Australia
Flynn holds five gold-lithium projects in the resources-rich state of Western Australia, strategically located near large gold and lithium deposits or in regions that are relatively under-explored for lithium.
The five projects include: Mt. Dove and Yarrie in the Pilbara region; and Koolyanobbing, Forrestania and Lake Johnston in the Yilgarn.
Mt Dove Project
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises four granted licences and one tenement application covering 190 sq. kms. The project is located near the large Hemi gold deposit (De Grey Mining, ASX:DEG) and the large lithium mines at Pilgangoora and Wodgina. The company has completed two soil sampling programs at Mt Dove, which have identified lithium and gold anomalies. The follow-up exploration, which is likely to include aircore drilling, intends to test lithium and gold anomalies identified during the soil sampling program completed in 2022 and 2023.
Yarrie Project
The Yarrie Project comprises two tenements and one application covering 385 sq. kms. Very limited historical exploration has been undertaken for lithium, gold and copper on the project. The project is highly prospective for iron ore, being close to historic mining operations and existing rail infrastructure.
Forrestania Project
The Forrestania project consists of one exploration licence and five exploration licence applications over a 320 sq km area. It is located near the Mt Holland lithium deposit (Wesfarmers (ASX:WES)/ SQM (NYSE:SQM) JV) and the high-grade nickel deposit at Flying Fox (IGO Limited (ASX:IGO)).
Results from the company’s auger soil sampling program, completed on E77/2915, outlined four high-priority lithium anomalies of up to 4,200 metres in length and 500 metres in width.
Lake Johnston Project
Lake Johnston consists of three exploration licences over a 110 sq. km area, and is located near the recent Burmeister and Jaegermeister lithium discoveries of TG Metals (ASX:TG6)) and the Medcalf, Mount Gordon, Lake Percy and Mt Day Lithium projects.
Koolyanobbing Project
Koolyanobbing comprises one exploration licence and two applications targeting gold and lithium mineralization over an 82 sq. km. area in the Marda-Diemals greenstone belt.
Parker Dome Project
In addition to the above-mentioned projects, Flynn has secured an option agreement to purchase two exploration licences at the Parker Dome project in Western Australia, which is considered highly prospective for lithium. The Parker Dome project covers 42 sq. kms. and is situated 50 kilometres north of the world-class Mount Holland lithium project in Western Australia.
Results from soil sampling have identified multiple, large-scale, high-priority lithium anomalies. The licences are fully permitted allowing for an immediate commencement of drilling.
Management Team
Clive Duncan – Non-executive Chair
Clive Duncan has over four decades of experience at big box hardware chain Bunnings, including as chief operating officer and company director. He has rich experience in corporate and business development, including mergers and acquisitions, business integrations, corporate government, strategy development and marketing. He has completed post-graduate studies at Harvard University and London Business School and is a member of the Australian Institute of Company Directors. He is a long-term significant shareholder of Flynn Gold’s predecessor companies.
Neil Marston – Chief Executive Officer and Managing Director
Neil Marston was appointed managing director in May 2023 and has been the company CEO since August 2022. He has more than 30 years of experience in the mining and minerals exploration sector and is a proven ASX-listed company leader, with a strong governance and corporate finance background. Previously, he held several senior roles including managing director at Bryah Resources (ASX:BYH) and Horseshoe Metals (ASX:HOR).
Sam Garrett – Technical Director
Sam Garrett has more than 30 years of exploration management, project assessment and operational experience with multinational and junior mining and exploration companies, including Phelps Dodge and Cyprus Gold. He has a background in copper and gold exploration with strong exposure to iron ore, base metals and specialist commodities. He is associated with discoveries at Mt Elliott (copper), Havieron (copper-gold), and Tujuh Bukit (gold). Moreover, he co-founded Flynn Gold and its predecessor Pacific Trends Resources.
John Forwood – Non-executive Director
John Forwood is a director and chief investment officer of Lowell Resources Funds Management (LRFM). He is qualified as a lawyer and geologist and has more than 20 years of resources financing experience, including with ASX-listed Lowell Resources Trust (ASX:LRT), as a director of RMB Resources, and as manager of Telluride Investment Trust.
Significant Exploration Target for Golden Ridge, NE Tasmania
Highlights
- Maiden Exploration Target estimated for the Trafalgar, Brilliant and Link Zone prospects at FG1’s 100%-owned Golden Ridge Project
- The estimated range of potential mineralisation for the Exploration Target* is:
- 3.5 to 5.4 million tonnes grading at 3.0g/t Au to 4.0g/t Au for 449,000oz to 520,000oz of contained gold
*The size and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
- 3.5 to 5.4 million tonnes grading at 3.0g/t Au to 4.0g/t Au for 449,000oz to 520,000oz of contained gold
- Exploration Target is open in all directions and represents less than 30% of the known strike of the 9km gold anomaly that defines the gold mineralised system at Golden Ridge
- Diamond drilling underway at Link Zone testing extensions of known gold-vein mineralisation along strike and down-dip of the historic Golden Ridge Adit
- Further drilling planned to expand the Exploration Target and convert to a Mineral Resource
- To hear our Managing Director Neil Marston discuss this Exploration Target announcement and to further engage with the Flynn Gold team head to: https://investorhub.flynngold.com.au/link/WrAB1P
The combined Exploration Target range is listed in Table 1:
Table 1 – Combined Exploration Target for Trafalgar, Brilliant and Link Zone
Flynn Gold’s Managing Director and CEO, Neil Marston states: “Following several successful drill campaigns testing the gold mineralisation at Golden Ridge, we are pleased to report an initial JORC-compliant Exploration Target for the Trafalgar, Brilliant and Link Zone prospects.
“The Exploration Target is open in all directions and encompasses less than 30% of the known gold anomalism at Golden Ridge which highlights the substantial future growth potential of this exciting project.
“This is a significant step toward our next goal of defining a maiden JORC Mineral Resource for the project. There is potential to significantly increase the tonnage and grade at Golden Ridge with in-fill and expansion drilling, which will be a major focus for the Company during 2025.”
Exploration Target
The Golden Ridge Project is located within EL17/2018 in North-east Tasmania (see Figure 7).
Flynn has calculated JORC compliant Exploration Targets for the Trafalgar, Brilliant and Link Zone prospects at Golden Ridge dated 8th November 2024. Table 2 below provides a summary of the Exploration Targets for each prospect:
Table 2 - Exploration Targets for Trafalgar, Brilliant and Link Zone prospects at the Golden Ridge project.
The combined Exploration Target only encompasses areas where Flynn has drill-tested vein mineralisation at locations shown in Figure 1 and does not include areas of anomalous soil geochemistry, which the Company considers to be highly prospective for gold mineralisation and intends to drill-test in the future.
The drill-tested Trafalgar, Brilliant and Link Zone prospects define a significant zone of gold mineralisation extending over a strike length of approximately 3km, which is contained within a broader 9km zone of gold anomalism that trends along the contact between the Golden Ridge granodiorite and the Mathinna supergroup metasediments (Figures 1 - 3).
Potential gold vein extensions at Trafalgar and Brilliant ,defined by anomalous gold-in-soil geochemistry along strike of and surrounding the Exploration Target veins, were not included in the Exploration Target calculation.
Work is currently in progress to in-fill these areas with soil sampling and trenching prior to exploration drill-testing.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Underway at Link Zone, Golden Ridge, NE Tasmania
Highlights
- First ever diamond drilling commenced at the Link Zone gold prospect within the Golden Ridge Project in NE Tasmania, where the Company is targeting large-scale IRGS type gold mineralisation
- Two diamond drill holes planned, totalling 400m, testing for extensions to high-grade gold veins sampled in the historical Golden Ridge Adit between the Brilliant and Trafalgar prospects
- Previously reported underground sampling in the adit recorded high- grade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au
- Flynn Gold to receive up to $70,000 under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI) to co-fund this drilling program
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/lyazve
This new drilling program will test beneath the historical Golden Ridge Adit, where recent underground sampling of veins recorded results of up to 64.4g/t gold1. The adit is located in the Link Zone prospect area, situated between the Brilliant and Trafalgar prospects at Golden Ridge.
Flynn Gold Managing Director and CEO, Neil Marston commented:
“We are delighted to have commenced our latest drilling program at the Golden Ridge Project in north-east Tasmania.
“This drilling program, which is co-funded under the State Government’s Exploration Drilling Grant Initiative, will see Flynn Gold drilling at the Link Zone beneath the historic Golden Ridge adit, where sampling of mineralised veins earlier this year yielded grades of up to 64 g/t gold.
“This diamond drill program is the first to test this adit, which lies between the historic Brilliant and Trafalgar mines – where we have successfully focused our drilling to date.”
Golden Ridge – Project Background
The Company’s flagship Golden Ridge Project is situated within EL17/2018 in North-east Tasmania (see Figure 1).
Figure 1 – Location of Flynn Gold tenements in NE Tasmania.
Exploration by the Company at Golden Ridge has identified extensive intrusive-related type gold mineralisation (IRGS) extending over a 9km-long zone along the southern contact margin of the Golden Ridge Granodiorite and enclosing meta-sediments (see Figure 2).
The Company’s ongoing work at Golden Ridge is continuing to identify and test multiple exploration targets, confirming the potential for a large-scale gold discovery.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
September 2024 Quarterly Activities Report and Appendix 5B
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery. Two drill holes completed at Trafalgar North, with best mineralised intercepts including:
TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- Gold mineralisation at Trafalgar North confirmed from surface to over 150m depth and open in all directions
- New in-situ gold vein system discovered during surface sampling and trenching programs at the Grenadier Prospect
- Flynn Gold to receive up to $140,000 to co-fund drilling under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI)
Exploration – Other Projects, NE Tasmania
- New Exploration Licence Application submitted over 40km2 of highly prospective exploration tenure surrounding the historic Beaconsfield Gold Mine
- Exploration landholding in NE Tasmania reduced by 457km2 (30%) to approximately 1,020km2, reducing holding costs significantly
Corporate
- The Company’s cash position at 30 September 2024 was $1.83 million
- An At-The-Market Subscription Agreement signed with Dolphin Corporate Investments, providing Flynn with up to $2,000,000 of standby equity capital over the next three years
JOIN FLYNN GOLD’S INTERACTIVE INVESTOR HUB
to receive announcements and updates and to interact with the Company by asking questions or making comments which our team will respond to where possible
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/qy1Aly
Flynn is an Australian mineral exploration company with a portfolio of 100% owned exploration projects in Tasmania and Western Australia (see Figure 1).
The Company has eight 100% owned tenements in north-east Tasmania which are highly prospective for gold as well as tin/tungsten. The Company also holds the Henty zinc-lead-silver project on Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in north-western Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. In addition, Flynn holds a binding Option Agreement to acquire two exploration licences at Parker Dome (Forrestania), Western Australia.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Confirms New High-Grade Gold Zone at Golden Ridge, NE Tasmania
Highlights
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery1
- Assay results have been received for two drill holes, TFDD019 and TFDD020, drilled at Trafalgar North.
- Best mineralised intercepts include:
- TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- 3.05m @ 4.9g/t Au from 53.1m including
- TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
- 4.8m @ 4.0g/t Au from 165.6m; including:
- TFDD020
- Trafalgar North gold mineralisation confirmed to extend from surface to exceeding 150m depth and is open in all directions
- Gold mineralised veins now confirmed over a 500m wide zone along the granodiorite-hornfels contact at Trafalgar
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/lya02P
Flynn Gold Managing Director & CEO Neil Marston said:
“These are excellent early results from our on-going exploration at our flagship Golden Ridge project in NE Tasmania.
“Drilling has successfully intersected high-grade gold veins beneath the recently discovered trenching area at Trafalgar North and has confirmed our interpretation that this zone is continuous at depth and potentially is a parallel zone to the Trafalgar prospect mineralisation.
This new vein zone increases the mineralised footprint at Trafalgar from 300m to 500m width across the granodiorite/sedimentary contact and reinforces our view that this project has the potential to host large-scale gold mineralisation.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Phase 3 Drilling
Phase 3 drilling commenced at the Trafalgar prospect in mid-April 2024. The initially planned 1,500m diamond drill program comprised infill and extension drilling targeting down-dip and along-strike extensions to previously drilled high-grade gold intercepts.
During June 2024, a new zone of gold-mineralisation, approximately 250m north of the historic Trafalgar mine was discovered in surface trenches2. This new area at Trafalgar North had the potential to significantly increase the mineralised footprint of the Trafalgar prospect and therefore became the focus of drilling later in the campaign.
Figure 2 - Trafalgar Prospect Drill Hole Location Plan
Two diamond holes for 623m (TFDD019 and TFDD020) have been completed, testing beneath and along strike of mineralisation discovered in the trenches (see Figure 2).
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rio Silver
Investor Insight
Rio Silver’s value proposition leverages a wholly owned 4,300 hectares of mineral concessions in a historic Peruvian mining district, a management team holding a 29 percent stake and over two decades of local experience, extensive exploration data and promising historical drill results.
Overview
Rio Silver (TSXV:RYO) is a precious metals mining and exploration company with a focus on the acquisition, exploration and development of precious metals deposits in South America. The company is currently focused on advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The company has decades of experience navigating the mining regulatory landscape of Peru and considers itself to be well-positioned for the coming mining cycle.
Rio Silver’s flagship Niñobamba property is located in the Department of Ayacucho about 330 kilometers southeast of Lima. The 4,300-hectare property is wholly owned by the company and the project is drill ready. The Niñobamba project partially comprises a 2,200 hectare property which was previously owned by Newmont Mining (NYSE:NEM) and Southern Peru Mining. The balance was held by AngloGold Ashanti and Bear Creek Mining but has since been strategically acquired and consolidated into Rio Silver’s property.
The Ninobamba project engulfs a collapsed caldera, an ancient volcano, where the Niñobamba North and South zones were mineralized in a hot spring environment within the wall rock of the caldera surrounded by areas that contain high-sulfidation mineralization with near surface silver and gold deposits modeled for Rio Silver using leapfrog 3D software. The neighbouring Jorimina deposit, 6.5 kilometers to the west, where Newmont spent more than US$7 million, concluded an internal, positive, preliminary economic assessment, detailing a predominantly gold-rich, low to mid-sulfidation deposit found in the floor structure of this collapsed caldera.
The company’s management and advisory team is made up of experienced industry veterans, some with as many as 25 years of experience working in Peru. The team has an in-depth understanding of the regulatory processes associated with mining exploration in the country.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
The company now holds a 3 percent net smelter return (NSR) royalty with guaranteed minimum payments from a recent property sale and these initiatives enable more exploration by helping Rio Silver with sustaining costs.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,300 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified include 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
Key Project
Niñobamba Silver Project, Peru
Located 330 kilometers southeast of Lima in the Department of Ayacucho, the Niñobamba property is 100 percent wholly owned by Rio Silver. The property includes six mineral concessions covering 4,300 hectares. The district has historically been mined by major international gold miners including Newmont Goldcorp and Southern Peru Mining.
The property was initially explored by AngloGold (JSE:ANG) in 2001. Anglo drilled five widely-spaced core holes totaling 861 meters focusing in an area of intense hydrothermal surface alteration. AngloGold’s drilling highlights included assay results of 87.0 grams per tonne (g/t) silver over a drilled interval of 130 meters starting from a depth of 9 meters reported from drill hole DDH-2 and 54.0 g/t silver over a drilled interval of 96 meters starting from 23 meters reported from the AN-04 drill hole.
Adjacent zones acquired from major miners
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the 2,000 hectare Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones. Along with the property came an extensive database of information including results and reports from an exploration program by the mining majors which encompassed 553 hectares. Newmont’s exploration included mapping, 2,147 rock samples and induced polarization geophysics. This historic exploration indicated a gold anomalous area of more than 700 meters by 1,000 meters as well as four strong chargeability anomalies coinciding with gold-silver in rock anomalies.
Newmont’s historic data includes samples of 17.4 meters of 3.06 g/t gold and 200 meters of 0.26 g/t gold. Historic exploration in the Jorimina zone conducted by Newmont in 2009 and 2010 shows highlights of 72.3 meters of 1.19 g/t gold starting at 53-meter depth.
In 2024, Rio Silver completed a surface access agreement with the local community for one year at the Jorimina project after an environmental impact study and community workshops were also completed to represent the final steps of the drill permitting application process.
Exploration and trenching results
To date, extensive trenching has been completed by Rio Silver on the Niñobamba property. In 2012, the company began conducting surface trenching in areas proximate to historical drilling locations. Exploration has focused primarily on the north and south zones of silver mineralization approximately 400 meters apart with variable thicknesses. Surface sampling near trenches in the north zone returned highlights of 1.32 g/t gold and 102.46 g/t silver. Sampling near trenches in the south zone returned highlights of 42.62 meters of 130.98 g/t silver. Additional highlights can be found on Rio Silver’s website.Management Team
Chris Verrico - President, CEO, and Director
Chris Verrico has extensive experience with rural-remote infrastructure construction and contract mining throughout BC, the Yukon, Alaska and Nunavut. He has been a director for a dozen startup junior mining companies, most of which have become public companies. Verrico has managed numerous exploration projects in North America, Mexico and throughout western South America. He is currently the director of Juggernaught Exploration.
Christopher Hopton - CFO
Christopher Hopton has over 25 years of experience in senior accounting and financial roles. He is currently the CFO of Sirona Biochem.
Steve Brunelle - Chairman
Steve Brunelle is the former officer and director of Corner Bay Silver, which was acquired by Pan American Silver. He has 35 years of experience in mineral exploration throughout the Americas and is currently an Officer and Director for several TSXV companies.
Jeffrey J Reeder - Advisor
Jeffrey J Reeder is a professional geologist with more than two decades of experience working in Peru. Reeder possesses an in-depth understanding of the rules, practices, and processes involved in conducting mining and exploration in the country and is currently the president of Peruvian Metals that owns a custom toll milling facility in northern Peru.
Jim McCrea – Adviser
Jim McCrea has more than 30 years’ experience in exploration, mining geology and mineral resource estimation. He worked for junior mining/exploration companies and engineering companies SRK and Snowden. His geological expertise ranges from technical review and due diligence to resource estimation and feasibility studies. McCrea has experience in a range of commodities, but primarily gold, silver and copper, with particular focus on North and South America. He has performed ore body modeling and resource estimation for the successfully targeted takeover company Cumberland Resources by Agnico-Eagle Mines. More recently, McCrea completed many mineral resource estimations underpinning acquisitions such as Minera San Cristóbal S.A. of Bolivia, Arena Minerals and Montan Mining, to mention a few.
Edward J Badidaa, - Director
Edward J Badidaa is a professional accountant with over 40 years of financial management and corporate governance experience. He currently serves as a director for Patagonia Gold.
Richard Mazur - Director
Richard Mazur is the co-founder and past managing director of RLG International operating in over 30 countries worldwide with more than 300 employees.
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