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![Flynn Gold](https://investingnews.com/media-library/flynn-gold.png?id=51144229&width=1200&height=799)
Large Lithium Soil Anomaly Outlined at Lake Johnston
Flynn Gold Limited (“FG1” or “Flynn Gold”) (ASX: FG1) is pleased to announce that assay results from first-pass soil sampling completed in late 2023 have identified a large, high priority lithium target at its 100% owned Lake Johnston Lithium Project in Western Australia.
Highlights
- Soil sampling outlines a large, high priority lithium anomaly at Flynn Gold’s Lake Johnston Project in Western Australia
- Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with twenty-three samples returning assay results over 100ppm Li2O
- Anomaly remains open to the south and covers lithologies considered favourable to host pegmatites
- Priority Target 1 anomaly supported by geology and pathfinder element geochemistry
- Additional lithium targets identified near recently mapped pegmatites
- Planning underway for follow-up infill and extensional soil program
The target is located 11km southeast of the Burmeister1 lithium pegmatite discovery held by TG Metals Limited (ASX:TG6) and just 5km southeast of the Mt Gordon Prospect2 held by Charger Metals NL (ASX:CHR) (see Figures 1 and 2).
Pegmatites were identified at the project3 on E63/2190 during an initial reconnaissance field trip in 2023. This soil sampling program was designed to provide first-pass geochemical coverage over this main trend.
Managing Director and CEO, Neil Marston commented,
“We are very pleased to report outstanding assay results from our first soil program at Lake Johnston, which is rapidly emerging as WA’s newest lithium hotspot.
“Flynn has outlined a 4km-long strong lithium soil anomaly, along strike from the recent high-grade lithium discoveries at the nearby Burmeister, Jaegermeister and Mt Gordon prospects. This anomaly extends to the limit of the sampled area and has potential to be extended to the south by further sampling.
“Over the last few months, Flynn has successfully outlined significant lithium soil anomalies at its Western Australian lithium projects. The company’s Lake Johnston and Parker Dome projects in the Yilgarn region and Mt Dove project in the Pilbara are all well located near existing lithium deposits or operating mines.
“Flynn will now systematically advance these targets at Lake Johnston with value-adding, low-cost infill and extensional soil sampling and geological mapping.”
Figure 1 - Location of Flynn’s Lake Johnston project, other explorers’ holdings and new soil lithium targets
Lake Johnston Soil Sampling Program
The results from a soil geochemistry program at the Lake Johnston project have been received and have outlined three substantial lithium soil anomalies, including one large-scale (4km x 1km), high priority, lithium anomaly with supporting associated pathfinder geochemistry (Priority Target 1, Figure 2). Priority Target 1 occurs in an area of shallow transported sheetwash alluvium overlying a thick sequence of high-magnesium and tholeiitic basalts, lithologies considered favourable to host pegmatites.
Flynn’s exploration licences at Lake Johnston were granted in July 2023 and during an initial reconnaissance field trip, three previously unmapped pegmatite outcrops4 were successfully identified on E63/2190. In addition to the Priority Target 1, the soil sampling program has subsequently outlined a 2km long by 400m wide lithium anomaly (Target 2) in the vicinity of the mapped pegmatites (Figure 2).
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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
Overview
Flynn Gold Limited (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 8-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Moreover, the company’s first diamond drilling programs at its Warrentinna and Firetower projects have been completed with assays pending.
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 lithium-gold projects are in the Pilbara region: Mt Dove and Yarrie.
Flynn’s recent acquisitions have been focused on strengthening its lithium portfolio. This includes the option agreement to purchase two exploration licences at the Parker Dome Project in Western Australia, which is considered highly prospective for lithium. In addition to this, Flynn has also increased its land position closer to the Mt Holland lithium project. Four new exploration licence applications covering approximately 20 sq. km. have been lodged with the Department of Energy, Mines, Industry Regulation and Safety.
The focus on lithium positions the company to benefit from the global transition towards clean energy. The recent COP28 summit in Dubai signaled the world's desire to move away from fossil fuels over the next few decades to address climate change. Electric vehicles are likely to remain in focus as a key solution to the climate challenges. Most of the lithium is used to make lithium-ion batteries for electric cars and mobile devices. Summarily, lithium will be in high demand given this trend.
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 1,475 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.
- In Western Australia, Flynn holds 24 tenements across 1,140 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.
- In addition to these focus areas, the company holds an option to acquire two exploration licences at Parker Dome in Western Australia, situated near the world-class Mount Holland lithium project.
- The company’s near-term focus is on its Northeast Tasmania gold portfolio due to its geological similarity to the Victorian goldfields.
- Flynn Gold’s exploration at its flagship Golden Ridge Project in NE Tasmania has focused on an 8-kilometre-long granodiorite-metasediment contact zone with diamond drilling to date intersecting multiple high-grade gold vein intervals.
- In November 2023, the company announced strong metallurgical test results from the Golden Ridge project, as exploration commenced at two other Tasmanian projects — Warrentinna and Firetower – with results pending.
- In December 2023, the company announced plans to raise $2.4 million that will help advance its exploration activities including the acquisition of the exploration licences at Parker Dome.
- 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 has three main projects in northeast Tasmania — Golden Ridge, Portland and Warrentinna. 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 8-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.
Drilling completed at Trafalgar intersected high-grade gold over a strike length of 400 metres and from depths of 40 to 400 metres below surface, confirming a significant new gold discovery that is open in all directions.
Initial metallurgical tests were successfully completed in November 2023 on 26 drill samples from the Trafalgar prospect. Average gold recovery of 94.5 percent was recorded using conventional bottle roll leaching.
Portland Project
The Portland gold project covers 370 sq. kms. and 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.
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. Assay results are pending.
Northwest Tasmania
The company has two projects in the Northwest Tasmania region: the Henty zinc project and the Firetower project.
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
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 commenced a diamond drilling program in October 2023 to target both the gold and polymetallic minerals potential.
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 Pilbara; and Koolyanobbing, Forrestania and Lake Johnston in Yilgarn.
Mt Dove Project
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises five granted licences covering 86.6 sq. kms. and one tenement application. 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 three tenements and one application covering 424 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 high-grade nickel deposits, Flying Fox and Maggie Hays.
Lake Johnston Project
Lake Johnston consists of five exploration licenses over a 116 sq. km. area, and is located near the Burmeister lithium discovery (TG Metals (ASX:TG6)) and the Medcalf, 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. The licences are fully permitted allowing for an immediate commencement of exploration and drilling. The company expects to commence drilling at Parker Dome in early 2024.
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.
This article was written in collaboration with Couloir Capital.
New High-Grade Gold Discovery at Golden Ridge, NE Tasmania. Grades up to 99.4g/t Au Recorded
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce the discovery of an extensive system of gold bearing quartz veins within historical workings located approximately 250m north of the historic Trafalgar Mine at its 100% owned Golden Ridge Project in Northeast Tasmania (see Figure 1).
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
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide the first results from its latest diamond drilling activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
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.
64g/t Au in High-Grade Veins at Golden Ridge Adit, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report high grade gold assays have been recorded from a recent field mapping and sampling campaign at the Link Zone prospect at its 100% owned Golden Ridge Project in Northeast Tasmania (see Figure 6).
Highlights
- Mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation in the Link Zone prospect at Golden Ridge in NE Tasmania
- Underground grab sampling of mineralised veins in the adit recorded high- grade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au
- The Link Zone prospect is located between the Trafalgar and Brilliant prospects, with the 3 prospects now defining a corridor of high-grade gold mineralisation with a potential strike length of 2.5km and a vertical extent of at least 500m as proven by drilling at Brilliant and Trafalgar
- Mineralisation in the newly identified Golden Ridge adit occurs as multiple sub-parallel steeply-dipping gold-rich quartz-sulphide veins visible over a zone 20-30m in width and correlates with similar veins mapped in historic trenches
- Mineralised veins identified by sampling present new drill targets with potential to significantly extend the existing Trafalgar-Brilliant gold system.
- Phase 3 diamond drilling at Trafalgar is underway with samples from the first hole currently at the laboratory. The drill program is designed to in-fill test the high-grade gold zones discovered from earlier programs and test extensions to the known mineralisation.
- Flynn’s exploration is targeting a gold mineralised granodiorite- metasediment contact which has grown to over 9km in length
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/4r8dWr
The Link Zone is located between the Trafalgar and Brilliant prospects along the Golden Ridge granodiorite contact. Previous diamond drilling at Trafalgar and Brilliant has returned outstanding results with multiple intersections over 100g/t Au recorded at the Trafalgar prospect, which is currently being followed up with an active diamond drillhole campaign1.
Managing Director & CEO, Neil Marston commenting on the results said:
“Our confidence in Golden Ridge as an extensive, high grade intrusive-related gold system continues to grow with these Link Zone results confirming that high grade mineralisation exists within an increasingly well-defined corridor that has the potential to link the Brilliant and Trafalgar prospects over a strike length of 2.5km. Whilst drilling is ongoing at Trafalgar our exploration team is actively exploring to further extend the gold system at Golden Ridge which we expect will lead to identifying additional drilling targets similar to the Link Zone.”
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.
March 2024 Quarterly Activities Report and Appendix 5B
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Assay results from soil sampling completed during the quarter at Golden Ridge identified new prospect targets and now define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite contact zone, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Infill and extension soil sampling is ongoing across the Golden Ridge project area
- Initial geological/vein modelling of mineralisation at Trafalgar Prospect indicates the deposit comprises multiple sub-parallel high-grade veins and associated splays, open along strike and down dip
- An initial 1,500m drill program (Phase 3) planned at the Trafalgar prospect comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high- grade gold intercepts, includes multiple intersections grading >100g/t Au
- Post quarter, Phase 3 drilling commenced at Trafalgar Prospect
Exploration – Firetower Project, NW Tasmania
- Final assay results from recent 4-hole diamond drilling program received
- All holes intersected significant mineralised intervals, with a best result of:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 2019FTD007E:
- Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised
- Detailed surface mapping and sampling program initiated over priority target areas
Exploration – Parker Dome Project, WA
- Soil sampling outlined multiple, large-scale lithium anomalies of up to 187ppm Li2O at the recently optioned Parker Dome project
- Lithium anomalies extend up to 2,300m length and 900m width
Exploration – Lake Johnston Project, WA
- Soil sampling outlined a large, high priority lithium anomaly
- Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with 23 samples returning assay results over 100ppm Li2O
Corporate
- Share Purchase Plan and Tranche 2 Placement completed raising $1.1 million
- Post quarter, one-for-two Renounceable Rights Issue, partially underwritten to $750,000 and priced at 3 cents per new share announced to raise up to $2.5 million
- The Company’s cash position at 31 March 2024 was $1.53 million
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 Trafalgar High-Grade Gold Prospect
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Phase 3 drilling has commenced at Trafalgar high-grade gold prospect
- Previously reported drilling 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
- TFD001:
- New geological vein model for Trafalgar indicates multiple sub- parallel high-grade veins
- An initial 1,500m drill program is planned that will comprise infill and extension drilling targeting down-dip and along-strike extensions to previous high-grade gold intercepts
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/DP4MXy
Geological modelling of the multiple high-grade veins intersected in drilling at the Trafalgar Prospect in 2022/23 has been completed. The next phase of diamond drilling (Phase 3) has commenced to test in-fill and extensional drilling targets generated from the new geological model.
Managing Director and CEO, Neil Marston commented,
“Since the completion of drilling at the Trafalgar prospect at Golden Ridge in 2023, Flynn Gold has been undertaking geological modelling of the high-grade gold intersected in multiple vein sets.
“This modelling work, in combination with our recent soil sampling activities, demonstrates the potential for extensive gold mineralisation at Golden Ridge.
“Based on the latest information we have designed a program of drill holes with the goal being to target down-dip and along-strike extensions to previous high-grade gold intercepts.
“As gold prices hit record highs, it’s an exciting time for our team to be drilling this new Tasmanian gold discovery.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Geological Vein Model
A 3D geological vein model was recently completed for the Trafalgar prospect. The model interprets 3 main gold mineralised veins, accompanied by a network of subsidiary mineralised splay veins and sheeted vein swarms bifurcating off the main veins (see Figure 2).
All of the main mineralised veins transect the granodiorite – hornfelsed metasediments contact, with gold mineralisation hosted in both the granodiorite and metasediment host rocks.
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.
Nova Announces Closing of US$3.3m NASDAQ IPO
Nova Minerals Limited (Nova or the Company) (ASX: NVA, NASDAQ: NVA, NVAWW OTC: NVAAF, FSE: QM3) is pleased to announce the closing of its underwritten US NASDAQ public offering today of 475,000 units, with each unit consisting of one American Depositary Share representing ordinary shares (“ADS”) and one warrant, with an ADS-to-ordinary-share ratio of 1 to 60, at a price to the public of US$6.92 per unit, for gross proceeds of approximately US$3.3m (AUD$4.9m) before deducting underwriting discounts and offering expenses.
Each whole warrant is exercisable for one ADS at an exercise price of US$7.266 per ADS, and will be immediately exercisable upon issuance for a period of five years following the date of issuance. In addition, Nova has granted the underwriters an option to purchase up to an additional 47,500 ADSs and/or an additional 47,500 warrants to cover over-allotments, if any until August 29, 2024.
The offering also included the purchase by the underwriters of 47,500 warrants in connection with the partial exercise by the underwriters of their over-allotment option.
The Company has issued a total of 28,500,000 ordinary fully paid shares to the depositary agent which will underlie the ADS.
The ADSs and warrants began trading on the Nasdaq Capital Market on July 24, 2024 under the symbols “NVA” and “NVAWW”, respectively.
Nova will also issue options (warrants) to the underwriters of the offer, as approved by shareholders at the general meeting held on 31 May 2024.
The Company intends to use the proceeds for resource and exploration field programs, feasibility studies, and general working capital.ThinkEquity is acting as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-278695) relating to the public offering was filed with the Securities and Exchange Commission (“SEC”) and became effective on July 23, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Nova CEO, Mr Christopher Gerteisen commented: “This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work. A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base. Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market. The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production.”
Click here for the full ASX Release
This article includes content from Nova Minerals, 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.
Kirgella Gift and Providence: First Inferred Mineral Resource Estimate of 76,400 oz Au from only 3m depth
WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) (‘KalGold’ or ‘the Company’), is pleased to announce its first Inferred Mineral Resource Estimate (MRE, reported in accordance with the JORC Code (2012)) for the Kirgella Gift and Providence gold deposits (Figure 1 and Figure 2) at the Company’s Pinjin project, 140 km to the northeast of Kalgoorlie-Boulder.
Highlights
- First Inferred Mineral Resource Estimate for Kirgella Gift and Providence of: 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth.
- Gold mineralisation remains open at depth and along strike between Kirgella Gift and Providence:
- Potential for significant resource growth and upgrade following additional drilling to expand on unclassified blocks outside current model limits.
- Highly economic discovery with KalGold’s direct exploration expenditure cost (drilling and assay) of only ~A$4.20 per gold ounce.
- KalGold’s Total Mineral Resource base, comprising this new resource from the Pinjin Project, and the La Mascotte deposit at Bulong Taurus (see ASX: KAL 7th March 2023), now stands at 214,300 oz.
- Elevated gold price of over A$3,600/oz continues to drive interest in mineable gold projects.
“KalGold is proud to report the first Mineral Resource Estimate at the Kirgella Gift and Providence gold deposits. It totals ~76,000 oz defined at over 1.0 g/t Au from only 3m depth, remains open in several directions, and is considered the first step in defining the full potential of the Kirgella Gift and Providence gold deposits. Pleasingly, we have defined a shallow gold resource at a very low cost to the Company of around A$4.20 per gold ounce.
The Kirgella and Providence mineral resource estimate is comparable to other deposits within the Laverton Tectonic Zone and is considered typical of the region. This is particularly true of some of the constituent deposits at Ramelius Resources’ (ASX:RMS) Rebecca Gold Project, around 20 km to the south along strike.
KalGold now has defined a total resource base of 214,300 oz of gold. The increased resource base enables KalGold to commence high level mining optimisation studies to assess pathways to production. KalGold looks forward to continuing to progress its work in the Pinjin area with the aim of significantly growing this initial JORC Code (2012) resource and defining a suite of additional shallow resources.”
First Gold MRE at KalGold’s Pinjin Project
The Inferred MRE of 2.34 Mt @ 1.0 g/t Au for 76,400 oz Au has been defined at a 0.5 g/t gold cut-off from the Company’s recent drill focus on the shallow portion of the Kirgella Gift and adjacent Providence gold deposits (see Table 1), combined with thoroughly validated historic datasets. Work continues on both deposits, with gold mineralisation open at depth and along strike between the two. This MRE is expected to form the basis of future updates as drilling and exploration continues.
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, 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.
Gold Explorer Ordell Minerals Debuts on ASX after Raising $6M
The founding team behind gold miner Genesis Minerals returns, bringing an advanced WA gold and lithium exploration portfolio to market.
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to advise that Ordell has listed on the ASX today, bringing to market a high-quality portfolio of exploration assets in Western Australia.
Highlights:
- New gold explorer lists on ASX raising $6 million (30m shares at $0.20) (before costs).
- Ordell’s key asset is an 80% interest in the Barimaia Gold Project, located in the Murchison region of Western Australia, which is an advanced gold exploration asset with significant historical drilling results.
- Barimaia hosts an extensive and underexplored gold system, with historical RC drilling returning significant results including:1
- 15m @ 11.4g/t Au from 74m
- 17m @ 3.4g/t Au from 49m
- 19m @ 1.5g/t Au from 18m
- 5m @ 4.0g/t Au from 43m
- 70m @ 0.7g/t Au from 59m
- Ordell’s experienced board of directors includes former Genesis Minerals Limited (ASX:GMD) Chair Tommy McKeith and former Managing Director Michael Fowler.
- Highly leveraged to exploration success, with a market capitalisation of ~$10m at listing.
The Company’s flagship asset is the Barimaia JV Gold Project (“Barimaia”), located in the Murchison region of WA, which represents an advanced exploration project with significant historical drilling results.
Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals Limited (ASX: GMD) (“Genesis”), which is now a major shareholder of Ordell with an 8% shareholding upon listing. Barimaia was never systematically explored due to Genesis’ strategic focus on its assets in the Leonora region.
Ordell has reunited key members of the team that oversaw the significant growth of Genesis between 2016 and 2021, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler, who will be working to progress the exploration of Barimaia.
Barimaia is located in a Tier-1 mining jurisdiction in close proximity to several gold processing plants, lying adjacent to Ramelius Resources’ Mt Magnet mill, 70km from Spartan Resources’ Dalgaranga mill and 80km from Westgold Resources’ Tuckabianna mill (see Figure 1).
Previous exploration by Genesis identified an extensive gold system at Barimaia, with historical RC drilling highlighting shallow open pit potential.
In addition to the Barimaia Project, Ordell also holds the Goodia Lithium Project, located in WA’s Kalgoorlie-Norseman lithium district about 50km south of Develop’s (ASX: DVP) Dome North lithium deposit, and the Fisher South Gold Project in the Laverton gold district.
Ordell Managing Director, Michael Fowler, said: “Having previously been closely involved in the exploration of the Barimaia Project in my past role as Managing Director of Genesis Minerals, I am looking forward to getting back on the ground at Barimaia.”
“Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow Resource.”
“Given its location right on the doorstep of Ramelius’ Mount Magnet gold project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5km strike extent at Barimaia to target Eridanus type discoveries.”
“In addition to Barimaia, we also hold the earlier-stage Goodia Lithium Project and Fisher South Gold Projects, both of which offer exciting greenfields discovery opportunities.”
“I would like to thank everyone involved in Ordell’s Initial Public Offer process. In what is still a tough IPO market but with strong support from our shareholders, Lead Manager Argonaut and Legal Advisor Steinepreis Paganin, we were able to successfully complete the offer.”
Click here for the full ASX Release
This article includes content from Ordell Minerals Limited, 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.
Acquisition of Mubende Gold Project, Uganda
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased advise it has entered into a binding terms sheet (Agreement) with Sifang Mineral Resources Limited (Sifang), a Ugandan incorporated company, and its shareholders (Sifang Shareholders) to acquire an interest in a granted exploration licence (EL00379) located in central Uganda (the Mubende Gold Project) through the purchase 80% of the ordinary shares in Sifang. Sifang is the 100% legal and beneficial owner of the Mubende Gold Project and four exploration license applications located in central Uganda (the Applications).
HIGHLIGHTS
- The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.
- The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.
- Rock chip samples taken from a recent site visit to the Bukuya prospect by consultant geologists returned numerous specimens containing visible gold in both ferro-manganese and quartz veins.
- Experienced in-country technical team appointed including Mr Dylan le Roux and Mr Allan Agumya to manage exploration activities.
- Field activities scheduled to commence 05 August 2024.
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
Click here for the full ASX Release
This article includes content from eMetals Limited, 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.
Outstanding High-Grade Copper and Gold Assays from Mountain Home Project, NT
Assays of up to 45% Cu and 11.75g/t Au from rock chips along with stronglyanomalous soil sampling highlight the Project’s significant exploration potential
West Australian-based explorer E79 Gold Mines Limited (ASX: E79) (‘E79 Gold’ or ‘the Company’) is pleased to provide an update on exploration activities at the recently optioned Mountain Home Copper-Gold Project1, located in the Northern Territory.
- Initial reconnaissance sampling mission highly successful in providing exceptional copper and gold values in selective rock chips and extending the known mineralised structure to 1km in strike extent.
- Exceptionally high-grade copper assays, including 45.5% Cu, 39.8% Cu and 38.4% Cu, returned from selective rock chip sampling, with seven of the 15 rock chips returning values in excess of 22% Cu.
- High-grade gold values of up to 11.75 g/t Au in selective rock chips.
- The mineralised outcrop has been extended by this recent sampling to 1,000m while remaining open along strike to the north and south.
- Soil samples taken perpendicular to the mineralised outcrop show anomalous copper values, over widths across-strike of up to 80m, with coincident anomalous gold.
- Further field work planned for the current Quarter.
E79 Gold CEO, Ned Summerhayes, said: “These outstanding rock chip copper and gold results highlight the very exciting discovery potential of the Mountain Home Project. Encouragingly, we have now encountered high grades in both copper and gold along the entire length of the known mineralised outcrop, now extended to in excess of 1km strike extent and remains open to the north and south.
“The soil sampling results suggest there may be parallel structures given the across- strike width of anomalism in both copper and gold. These results give us confidence to both follow-up with programmes to extend the Mountain Home copper system and also to follow up historic positive stream and soil samples elsewhere on the project. We are aiming to undertake these exploration programs within the current September Quarter.”
Northern Territory Project
Mountain Home (EL32470 – NT Minerals Option), EL33886 and EL33886 (both under application – 100% E79)
Assays have been returned from E79 Gold’s initial reconnaissance sampling program at Mountain Home, including high-grade copper and gold values along the length of the prospective and extended 1,000m long outcrop. Results for all recent E79 Gold samples are provided (contained below in Table 1) and standout rock-chip assay results (Figure 1) include:
- MHR0004 - 28.9% Cu, 0.16 g/t Au
- MHR0008 - 0.11% Cu, 11.75 g/t Au
- MHR0009 - 22.0% Cu, 0.45 g/t Au
- MHR0010 - 45.5% Cu, 0.08 g/t Au
- MHR0011 - 38.4% Cu, 0.23 g/t Au
- MHR0012 - 24.9% Cu, 1.33 g/t Au
- MHR0013 - 39.8% Cu, 1.72 g/t Au
- MHR0014 – 30.0% Cu, 0.29 g/t Au
It is worth noting that the samples, especially the higher-grade copper results, had abundant oxide-copper mineral malachite (green mineral in Photo 1), that can produce elevated copper results due to supergene (weathering) surficial enrichment. Pure malachite copper content is variable but typically around 57- 58% Cu. Experience has been that the sulphide-rich precursor rocks or sulphide- rich unweathered examples in drilling beneath these types of surface copper assay values will typically be lower grade. For example, 100% un-oxidised chalcopyrite has an average copper content of around 35% Cu – the remainder is iron and sulphur.
This article includes content from E79 Gold Mines Limited, 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.
Divestment of Queensland Exploration Permits
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) a gold and copper focused exploration company with flagship projects in Côte d’Ivoire, is pleased to announce the strategic divestment of its 80% ownership in two exploration permits in central Queensland (refer to ASX release dated 16 March 2022) pursuant to a sale agreement entered into with EMX Broken Hill Pty Ltd (EMXBH) (Sale Agreement). Concurrently, the Company also confirms that it will not be exercising its rights to execute an option to acquire a 100% interest in the Yarrol and Mt Steadman projects (Option Agreement) (refer to ASX release dated 2 May 2023).
Highlights
- Many Peaks executes binding agreement for sale of its 80% interest in exploration permits located in central Queensland
- Drilling campaign at Odienne Project completed with assay results pending for 1,069m of diamond core drilling and 7,741m of auger drilling
- Baga Project, in eastern Côte d’Ivoire, stream sediment sampling campaign is now completed with samples covering the 644km2 project area currently being shipped for analyses
The Company plans to focus efforts on continued exploration activity in Côte d’Ivoire where work continues at:
- the Odienne Project, where Many Peaks has recently completed an 8,810m drill campaign and awaiting results from both auger and initial diamond core drilling. Results from both drilling campaigns is anticipated to inform decisions on proposed follow-up drilling to commence as early as August this year;
- the Baga Gold Project, where within weeks of finalising an option agreement for a 2 year option period, the company has completed initial surface geochemistry programs with samples now in transit for assay; and
- at the Ferke Gold Project, where reconnaissance field work commences this week in support of drilling programmes planned for next quarter for follow-up on open gold mineralisation confirmed in drilling including diamond core intercepts assaying 47m @ 3.72g/t gold and 91.1m @ 2.02g/t gold from surface (refer to ASX release dated 26 March 2024).
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Our decision to divest the gold assets and terminate option agreements in Queensland allows us to reallocate resources to key projects in Côte d’Ivoire, where we see greater size and grade potential for mineralising systems and increased value creation for our shareholders.
The Birimian greenstone terranes in West Africa have demonstrated potential to host world-class gold deposits, and Cote d’Ivoire has proven to be a favourable jurisdiction for development and production.”
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, 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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