Flynn Secures Strategic Addition to its Gold Portfolio in NE Tasmania with EL Application at Beaconsfield

Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to advise that it has submitted an Exploration Licence Application (EL13/2024) strategically located surrounding the historical Beaconsfield Gold Mine, located approximately 35km north- west of Launceston in North-East Tasmania (see Figure 1).

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

“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.