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Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report that high-grade gold mineralisation has been intersected in the first drilling program completed at the Trafalgar North vein zone which is situated within the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
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.
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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.
Flynn Secures Strategic Addition to its Gold Portfolio in NE Tasmania with EL Application at Beaconsfield
Highlights
- New FG1 Exploration Licence Application (EL13/2024) submitted over 40km2 of highly prospective exploration tenure surrounding the Beaconsfield Gold Mine lease in NE Tasmania
- Beaconsfield is the largest gold mine in NE Tasmania with historical production of 3.79Mt @ 14.5g/t Au for 1.77Moz Au1
- EL13/2024 covers brownfields targets with several known gold occurrences outside of the Mining Lease offering excellent discovery potential using modern exploration techniques
- Securing EL13/2024 aligns with Flynn’s strategy of targeting orogenic gold in NE Tasmania which is recognised as an extension of the prolific Victorian gold belts
- Once EL13/2024 is granted, data compilation and reconnaissance exploration programs will commence to identify priority targets
- Concurrently, Flynn has reduced by 30% (457km2) its existing land-holdings in NE Tasmania as its exploration activities focus on higher priority areas based on recent results
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/8r6A0e
The 40km2 Exploration Licence Application surrounds the privately held Mining Lease over the high-grade Beaconsfield Gold Mine and covers a prospective 12km corridor along the Cabbage Tree thrust block that contains numerous historic gold workings and prospects.
Flynn Gold Managing Director & CEO Neil Marston said:
“This is an important strategic addition to our extensive portfolio of high-quality gold exploration tenure in North-East Tasmania. The new Exploration Licence Application encompasses highly prospective ground covering the strike extensions to the Beaconsfield Gold Mine host sequence. This was the largest gold mine in North-East Tasmania with historical production of about 1.8 million ounces of gold when underground mining operations ceased at Beaconsfield in 2012.
“The acquisition complements our strategic focus on exploring for high-grade gold in North-East Tasmania, a recognized extension of the prolific Victorian goldfields.
“While the Mining Lease is excluded from our application, we believe there is significant potential for fresh gold discoveries to be made within the licence application area. Once the Exploration Licence is granted, we’ll compile and evaluate the historical information to generate targets before commencing field activities.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
About the Beaconsfield-Salisbury Goldfield
Alluvial gold was first discovered in the Beaconsfield-Salisbury area in 1869 and, in 1877, the cap of the Tasmania Reef (now known as the Beaconsfield Gold Mine) was discovered outcropping on Cabbage Tree Hill.
Gold production commenced almost immediately, and the mine operated continuously until 1914. The mine was reopened in more recent times, operating between 1999 and 2012, with the gold processing plant still largely intact within the Mining Lease. The historical production of 3.785Mt @ 14.51g/t Au (1,774koz Au) makes Beaconsfield the largest gold mine in NE Tasmania.
Figure 2 – Beaconsfield Tenement Location Map
The Tasmania Reef at the Beaconsfield Gold Mine is a Devonian aged structurally- controlled orogenic gold style quartz reef similar in type to gold deposits hosted in the Victorian orogenic belts. The reef is hosted by sediments located in the Cabbage Tree thrust block which is bound by the underlying and overlying Cabbage Tree and Cobblestone Creek Thrusts respectively (see Figure 2).
Concurrent with the early development of the Beaconsfield Gold Mine, several other small-scale mining and prospecting activities were undertaken throughout the wider goldfield, many of which are within Flynn’s licence application area, with upwards of 70 historical small-scale mines and prospects recorded over a 10km strike length. Most of these prospects are located within the same geological host rocks as the Beaconsfield deposit. Previous exploration outside of the Beaconsfield Gold Mine area was limited and many targets within Flynn’s Exploration Licence area remain poorly tested using modern techniques.
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.
New High-Grade Gold Discovery at Golden Ridge, NE Tasmania. Grades up to 99.4g/t Au Recorded
Highlights
- New high-grade gold vein zone discovered in trenching 250m north of the Trafalgar mine at the Golden Ridge Project, NE Tasmania where Flynn is currently drilling
- 17 out of 36 grab rock chip samples assayed over 10g/t Au, including 99.4g/t Au, 76.6g/t Au and 67.1g/t Au
- Gold hosted in multiple sub-parallel quartz-sulphide veins over a minimum 65m wide zone
- Assays from initial trench channel sampling include high-grade mineralised intervals:
- 11.0m @ 2.0g/t Au including 3.3m @ 6.3g/t Au, and
- 16.5m @ 1.3g/t Au including 1.5m @ 6.8g/t Au and 4.0m @
- 2.4g/t Au
- The new vein zone discovery significantly expands the gold mineralised footprint at the Trafalgar prospect
- Diamond drilling is underway to test gold mineralisation at depth below the trenching.
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/DP47lr
Managing Director & CEO Neil Marston, commenting on the results said:
“The company is excited by the discovery of multiple high-grade gold veins approximately 250m north of the main Trafalgar gold deposit at Golden Ridge in Northeast Tasmania. These gold veins were exposed in trenching over an area of historical mine workings which appear unrecorded since they were dug about a century ago.
“The vein system potentially expands the footprint of gold mineralisation at Trafalgar to a 500m wide corridor which remains open in all directions, once again confirming the potential for significant scale at the Golden Ridge Project.”
“With so many high-grade gold assays recorded at the surface we have adjusted our on- going diamond drilling program to test beneath these old workings and we look forward to reporting the results of this drilling shortly.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Field Mapping and Trenching Program
Following up on recent gold-in-soil anomalies1 Flynn geologists have discovered an area of previously unmapped historical prospecting trenches, pits and adits which are believed to have been excavated as late as the 1930’s. The main feature of the historical workings is a 240m long North-South trench which was possibly part of a historic water race that exposed the gold bearing veins during its construction. Flynn recently re-excavated part of this historical trench and has added new trenching nearby (Figure 3).
As a result of the trenching work, Flynn has mapped and sampled 19 in-situ quartz- sulphide veins over a width of 65m to date, with initial grab samples collected recording gold grades up to 76.6g/t Au from in-situ outcropping veins (Figure 3).
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.
Up to 67g/t Au Intersected in Drilling at Trafalgar, NE Tasmania
Highlights
- Assays received from the first hole in the diamond drilling program underway at the Trafalgar Prospect, Golden Ridge, including 3 intersections returning >1 ounce/tonne gold
- Multiple high-grade gold veins intersected in drill hole TFDD016, including:
- 0.4m @ 67.6g/t Au within 1.3m @ 21.9g/t Au from 248.7m;
- 0.3m @ 39.2g/t Au from 243.2m;
- 0.5m @ 35.1g/t Au within 1.4m @ 12.7g/t Au from 164.6m (Trafalgar Main Vein);
- 0.3m @ 19.0g/t Au within 0.65m @ 10.5g/t Au from 187.55m (Magazine Vein);
- 0.3m @ 12.3g/t Au within 1.2m @ 3.5g/t Au from 233.0m;
- 0.4m @ 10.8g/t Au from 135.2m.
- Drilling confirms continuity of multiple sub-parallel high-grade gold veins at Trafalgar
- Drilling is ongoing with TFDD017 recently completed and TFDD018 underway – further assays pending for TFDD016 and later holes
- Previously reported drilling results from Trafalgar included multiple intersections grading >100g/t Au, including:
- TFD001:
- 5.0m @ 12.56g/t Au, incl. 0.4m @ 150.0g/t Au from 202.0m
- TFDD003:
- 1.2m @ 65.9g/t Au, incl. 0.5m @ 143.0g/t Au from 57.5m
- TFDD005:
- 12.3m @ 16.8g/t Au, incl. 0.7m @ 152.5g/t Au from 120.3m
- TFDD013:
- 4.0m @ 23.7g/t Au, incl. 0.5m @ 169.8g/t Au from 25.9m
- TFDD015:
- 1.1m @ 51.3g/t Au, incl. 0.4m @ 137.8g/t Au from 353.9m
- TFD001:
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/oPBYlr
Managing Director and CEO, Neil Marston commented,
“These are impressive early results from the first hole of our drilling campaign at the Trafalgar Prospect at Golden Ridge in Northeast Tasmania, adding further confidence to our understanding of Trafalgar as a multiple high-grade vein, intrusion-related gold deposit.
“Earlier this year our exploration model for Trafalgar was refined and updated. Based on the new model this first drill hole was designed to test for mineralisation beneath the historic Trafalgar mine, and up dip of previously intersected high-grade intervals. We have intersected high-grade mineralisation in the target zones, which increases confidence in our work and the ability to understand this high-grade gold system.”
“We look forward to releasing further drilling results as this program progresses over the coming weeks.”
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 planned 1,500m diamond drill program will initially comprise infill and extension drilling targeting down-dip and along-strike extensions to previously drilled high-grade gold intercepts. Initial holes are designed as infill and close-spaced step-outs around the previous wide-spaced drilling (100m average drill hole spacing) and will be used to test and refine the current vein model and inform targeting of further step-out strike and depth extension drilling.
The first hole, TFDD016, was drilled to 355.9m and was designed to in-fill widely-spaced drilling and test all 3 of the main veins (Trafalgar Main, Magazine, and Trafalgar South veins) and associated splays identified in Flynn’s recent modelled interpretation of the deposit
Assay results have been received for TFDD016 from 18.0m to 274.0m depth with the remaining samples (274.0-355.9m) at the laboratory.
TFDD016 was drilled into granodiorite, drilling towards the south under historical workings. As predicted, multiple zones with visible signs of mineralisation, including visible gold, were intersected in the hole. Significant intercepts are shown in Figure 2 and Figure 3 with full drilling details shown in Tables 1 & 2.
Figure 2 - Trafalgar Prospect collar location plan with interpreted mineralised veins projected to [surface].
The second hole, TFDD017, was completed last week with a final depth of 248.4m. It was also designed to test all the main veins (Trafalgar Main, Magazine, and Trafalgar South veins) (see Figure 2). This hole is currently being logged and sampled.
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.
Brightstar Signs Major Drill for Equity Agreement with Topdrill
HIGHLIGHTS
- Brightstar and Topdrill have executed a drill-for-equity agreement worth $4 million, whereby up to 50% of future drilling services invoiced by Topdrill can be paid in Brightstar ordinary shares
- The agreement with Topdrill cornerstones Brightstar’s multi-drill rig exploration program to aggressively advance the consolidated Sandstone Project post the completion of the transactions with Alto Metals Ltd and Gateway Mining Ltd1
- This $4 million drill-for-equity arrangement is in addition to an existing $1million agreement with Topdrill and further enhances Brightstar’s financial capacity to deliver on its multi hub exploration and development strategy
- At Brightstar’s election, equity issued via the arrangement is to be voluntarily escrowed for six months and will be issued at the 20-Day VWAP on the invoice date
Brightstar’s Managing Director, Alex Rovira, commented
“We are pleased to expand materially upon the strong relationship with Topdrill and the existing drill-for-equity agreement, which aligns with our strategic ambition of partnering with tier 1 industry partners as we seek to genuinely build a WA-focused gold exploration, development and production business in a rising gold price environment.
The significant investment offers a cost-effective approach to enhance our aggressive exploration plans across Brightstar’s growing gold project portfolio and demonstrates Topdrill's confidence in Brightstar’s team, Brightstar’s assets and development plan of organically growing gold production to become a material, multi-asset producer in Western Australia.
It is fantastic to see Topdrill’s commitment to not only Brightstar, but a number of emerging ASX-listed WA gold exploration companies with promising projects. This funding assistance, against the backdrop of continuing challenging equity capital markets, to effectively enable companies to drill more holes and discover more gold, is great to see and has a meaningful benefit to the junior exploration sector. Brightstar applauds Tim Topham and the team for this approach to working with the junior resources sector to enable more exploration and potential discoveries in WA.
Figure 1- Brightstar Board of Director in front of two Topdrill drilling rigs at the Fish deposit (Jasper Hills) in August. Board (L-R): Richard Crookes, Andrew Rich, Alex Rovira, Jonathan Downes, Ashley Fraser
Brightstar is currently completing a +30,000m RC and DD drilling program across the Company’s Menzies and Laverton asset base, with the drilling expected to complete in September. Results from these programs, both infill and extensional in nature, will be used in future Mineral Resource Estimate upgrades and will feed into Brightstar’s definitive feasibility study underway.
Subject to the successful completion of the Gateway Mining Ltd and Alto Metals Ltd transactions, expected for completion in September and November respectively, Brightstar anticipates mobilising a drill rig for infill and extensional drilling programs across the Gum Creek and Sandstone properties to advance the projects meaningfully towards mining studies and ultimate commercialisation of the significant mineral resource endowment.
Click here for the full ASX Release
This article includes content from Brightstar Resources, 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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