Flynn Gold (ASX:FG1) Ltd has been as much as 36% higher this morning after receiving high-grade gold assays from Brilliant prospect at its Golden Ridge Project in northeast Tasmania.
Preliminary assays received from diamond drill hole BRDD003 at Brilliant have returned multiple high-grade gold intersections within broad mineralisation zones:
- 13 metres at 2.86 g/t gold from 194 metres, including 6 metres at 5.77 g/t from 194 metres, which in turn included 0.5 metres at 56.3 g/t from 195 metres;
- 38 metres at 1.34 g/t from 111 metres, including 1-metre at 9.05 g/t from 111 metres, and 3 metres at 8.88 g/t from 146 metres, including 1-metre at 11.7 g/t from 146 metres; and
- 0.5 metres at 17.9 g/t from 157 metres.
These high-grade intersections are consistent with previously reported visible gold in the drill core.
Investors have responded positively, pushing shares as much as 36% higher to 19 cents, equal to the record high reached on July 23, 2021.
Flynn's presence in Tasmania
BRDD003 summary
Hole BRDD003 was designed to confirm the results of historical drill holes and to provide data relating to the orientation of structures, veining and mineralisation.
The hole was completed to a depth of 309.8 metres, intersecting variably contact metamorphosed (biotite-hornfelsed) sandstone and interbedded sandstone-siltstone sequences of the Mathinna Group.
Structural logging of the oriented drill core indicates that mineralised vein sets predominantly strike northeast and dip steeply to sub-vertically towards the southeast.
Revised GRD006 intersections
Based on the improved understanding of mineralised vein orientations and the interpreted mineralisation bounding fault structure intersected in BRDD003, mineralised zones intercepted in historical hole GRD006 have been revised.
The revised intersections, particularly 57 metres at 2.55 g/t gold from 201 metres including 4 metres at 20.2 g/t from 236 metres, are considered material as they support an interpretation indicating continuity of high-grade mineralisation adjacent to the interpreted mineralisation-bounding fault structure observed in hole BRDD003.
A 38-metre-thick mineralised zone from 111 metres in BRDD003 correlates well with mineralisation 50 metres down-dip in historical hole GRD006.
Importantly, this zone remains open at depth below GRD006 as well as along strike and represents a priority target that will be tested in upcoming drill holes.
Next steps
Flynn Gold (ASX:FG1) has completed eight diamond drill holes totalling 1,661 metres of a planned 4,100-metre program over 250 metres of strike length at Brilliant.
Due to long lead times being experienced at the assay laboratories, intervals of mineralised veining in drill core are being prioritised for sampling.
Notably, samples from five completed drill holes are at the assay laboratory.
Drilling is progressing on BRDD007 which has been re-entered and will be extended to target the high-grade mineralisation along strike from BRDD003.