Flynn Gold

December 2023 Quarterly Activities Report and Appendix 5B

Flynn Gold Limited (ASX: FG1, “Flynn Gold” or “the Company”) is pleased to report on its activities for the quarter ending 31 December 2023.


Highlights

Exploration – Golden Ridge Project, NE Tasmania

  • Final assays received and reported for Phase 2 drilling program completed in August 2023 at the Trafalgar prospect, part of the 100% owned Golden Ridge Project
  • Multiple veins intersected at Trafalgar prospect with high-grade gold mineralisation, including:
    • TFDD0015:
      • 1.1m @ 51.3g/t Au from 353.2m, including 0.4m @ 137.8g/t Au from 353.9m
      • 2.45m @ 5.1g/t Au from 204.55m, including 0.55m @ 20.22g/t Au from 205.2m
      • 1.6m @ 5.86g/t Au from 191.7m, including 0.8m @ 13.95g/t Au from 191.7m
      • 2.4m @ 2.83g/t Au from 167.0m, including 0.45m @ 11.35g/t Au from 168.95m
  • Gold system at Trafalgar expanded beyond 400m East-West strike length, from surface to a depth 420m and remains open in all directions
  • Initial metallurgical tests completed on 26 drill samples from Trafalgar with average gold recovery of 94.5% recorded using conventional bottle roll leaching

Exploration – Warrentinna Project, NE Tasmania

  • Multiple zones of auriferous quartz veining intersected in Flynn’s maiden diamond drilling program at the Warrentinna Project
  • Drilling program consisted of 2 drillholes for a total of 357m with best intercepts:
    • DNDD001:
      • 7.2m @ 2.5g/t Au from 69.8m, including 2.1m @ 7.0g/t Au from 75.1m, and
      • 4.8m @1.2g/t Au from 92.0m, including 0.3m @ 5.6g/t Au from 94.6m

Exploration – Firetower Project, NW Tasmania

  • Maiden diamond drilling program at the Firetower Project in northwest Tasmania completed with one new drillhole and three diamond tail extensions drilled for 496m
  • First assay results from drilling confirm potential for significant polymetallic gold and critical minerals mineralisation
  • High-grade gold-cobalt-tungsten-copper mineralisation intersected, including:
    • 2019FTD007E:
      • 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0 -138.0m, including:
      • 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0m, and
      • 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m

Exploration – Mt Dove Project, WA

  • Seven high priority lithium anomalies confirmed and enhanced by in-fill soil sampling at the Mt Dove Project
  • Coherent lithium anomalies extend up to 3,100m length within predominantly shallow sand covered eastern part of licence area

Exploration – Lake Johnston Project, WA

  • Lithium exploration field work accelerated over pegmatites identified at the Lake Johnston Lithium Project
  • First phase of mapping and sampling program targeting potential lithium pegmatite mineralisation completed with 281 soil and 3 rock chip samples collected – assays pending
  • Three additional pegmatite intrusions identified in outcrop during soil sampling

Exploration – Parker Dome Project, WA

  • Geochemical soil sampling for lithium completed at the recently optioned Parker Dome Project, situated 50km north of the Mount Holland Lithium Project in Western Australia
  • 707 samples submitted to laboratory with assay results due in Q1 2024

Corporate

  • Binding Option Agreement secured to acquire two exploration licences at Parker Dome in Western Australia. Key terms of the agreement are:
    • Option Period – 12 months from 8 December 2023
    • Option fee – $25,000 (paid)
    • Initial Consideration - $500,000, of which $300,000 will be paid in cash and $200,000 will be paid in cash, or shares, at Flynn’s election (based on a 10-day volume weighted share price and subject to shareholder approval)
    • Deferred Consideration – $500,000 (to be partly or fully settled via the issue of FG1 shares, at FG1’s election) payable upon the announcement of a JORC Mineral Resource Estimate equivalent to at least 500,000oz Au or 10Mt at 1.0% Li2O, as applicable, and
    • 1% Net Smelter Royalty on all production from the project
  • Flynn Gold announces a $2.4 million equity raising comprising:
    • Tranche 1 Placement of approximately $0.56m plus a Share Purchase Plan to raise approximately $0.6m under ASX LR 7.1 capacity to raise approx. $1.2m in total; and
    • Tranche 2 Placement of approximately $1.24m to Directors and existing Major Shareholders, subject to shareholder approval, which was received on 23 January 2024
  • Annual General Meeting was held on Thursday 30 November 2023 with all resolutions passed.
  • The Company’s cash position as 31 December 2023 was $1.56 million
Flynn Gold 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 nine tenements located in northeast Tasmania which are prospective for gold and also tin-tungsten. In Northwest Tasmania, Flynn Gold has the Firetower gold and battery metals project as well as the Henty zinc-lead-silver project.

In Western Australia, Flynn has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions.


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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