Flynn Gold Ltd (ASX:FG1) has reported more shallow high-grade gold-tungsten intercepts from re-sampling of historical drill core at its 100%-owned Firetower project in northwest Tasmania, with the latest results supporting continuity of mineralisation ahead of a planned maiden resource estimate.
The new results came from holes 2019FTD011 and 2019FTD012, where re-assaying using a more accurate analytical method returned 10 metres at 2.64 grams per ton (g/t) gold and 0.19% WO₃ from 63 metres in 2019FTD011, including 4 metres at 2.75 g/t gold and 0.46% WO₃ from 69 metres.
In 2019FTD012, Flynn reported 17 metres at 1.65 g/t gold and 0.17% WO₃ from 76 metres, including 2 metres at 2.41 g/t gold and 0.58% WO₃ from 78 metres, as well as 2 metres at 4.09 g/t gold and 0.55% WO₃ from 88 metres.
Cross Section with preliminary 3D model of the Firetower Prospect (looking east).
These intercepts sit up-dip from previously reported high-grade polymetallic mineralisation that extends to about 150 metres below surface.
Managing director and CEO Neil Marston said Firetower was emerging as a potentially significant opportunity for Flynn, with mineralisation remaining open along strike and at depth across a broader six-kilometre prospective trend.
“The Firetower Gold-Tungsten Project in Tasmania is shaping up as an exciting opportunity for the company at a time when demand for tungsten has seen the price of the critical metal skyrocket by more than 500% in the last 12 months.
“Over the next few months, we intend to undertake further drilling to test the depth extensions of the deposit, which has barely been tested below 100 metres from surface. The deposit sits within the prolific Mount Read Volcanic Sequence, which hosts multiple world-class polymetallic mines such as Rosebery and Mt Lyell.
“At Firetower we have significant indications of gold and tungsten as well as cobalt, copper and zinc mineralisation close to surface over a six-kilometre zone. Our next drilling program will be designed to test depth extensions of the mineralised zone, which has the potential to significantly extend the scale of the mineralised system.
“The company is progressing technical work aimed at assessing the potential to deliver a maiden Mineral Resource Estimate as soon as possible this year, which will put us in a much stronger position to talk about the potential scale of the project to financiers and investors.”
Improved assay method lifts confidence
Flynn said the latest work forms part of a broader re-sampling program targeting 11 historical drill holes, with many of the original samples either not tested for tungsten or assayed using less reliable methods.
Firetower Prospect Drill Hole Location Plan.
The company used lithium borate fusion followed by XRF analysis, which it said is better suited to measuring tungsten in scheelite-bearing mineralised zones. According to Flynn, the newer method returned generally higher tungsten values than historical assays in holes 2019FTD011 and 2019FTD012, helping validate the revised approach.
The results continue to highlight the polymetallic character of Firetower, where gold is associated with tungsten as well as cobalt and copper.
Resource modelling and drilling next
Flynn has engaged SRK Consulting (Australasia) Pty Ltd to support geological modelling and advise on the work needed to deliver a maiden mineral resource estimate.
The company also expects metallurgical testwork and petrology studies will be required as part of that process.
Permits have now been secured from Mineral Resources Tasmania to extend three historical 2019 drill holes in a bid to test the depth extensions of the high-grade gold-tungsten zone to around 200 metres below surface. Drilling is scheduled to begin in the June 2026 quarter.
Located within Tasmania’s Mt Read Volcanic Sequence, the Firetower project covers 62 square kilometres in a region known for hosting major polymetallic and gold deposits.