Flynn Gold Ltd (ASX:FG1) has secured seven granted exploration licences that make up the Koolyanobbing Gold-Lithium Project in WA’s Yilgarn region.
The explorer owns 100% of the project and is targeting gold and lithium mineralisation in the Yilgarn’s Marda-Diemals greenstone belt, which is known to host gold and iron deposits.
FG1 plans to kick off exploration at its new asset with a series of fieldwork campaigns, including reconnaissance mapping, sampling and geophysics programs.
Flynn hopes to continue broadening its project portfolio after filing 11 more tenement applications. These cover:
- Two tenements in the Forrestania greenstone belt;
- Five tenements in the Lake Johnston greenstone belt (also targeting gold-lithium mineralisation); and
- Four more tenement applications at its Mt Dove Gold-Lithium Project in the Pilbara.
The resources stock’s portfolio now includes four 100% owned gold-lithium projects in WA (Mt Dove, Yarrie, Koolyanobbing and Forrestania), the world’s largest lithium producer.
Exploring Koolyanobbing
The Koolyanobbing Gold-Lithium Project is 100 kilometres north of Southern Cross in the Yilgarn Craton of WA.
It comprises seven granted tenements that are prospective for gold-lithium mineralisation associated with the Marda-Diemals greenstone belt.
Currently, the company has two additional tenement applications that are pending grant.
Flynn can explore its seven new tenements over an initial five-year period, after which it has the option to extend for another five years, as long as the Department of Mines, Industry Regulation and Safety (DMIRS) gives it the green light.
The company hopes to kick things off with reconnaissance exploration fieldwork, including ground geophysics and mapping-sampling programs, in mid-2022.
Ultimately, the work is proposed to define potential targets for follow-up rotary air blast or aircore drilling.
Prospecting for lithium in WA
In 2016, Western Australia became the largest producer of lithium (overtaking Chile) and in 2019, the state generated greater than 50% of global production from seven mine operations.
Unlike Chile and other Andean countries, lithium in Western Australia is recovered from hard rock mining of spodumene, which is associated with pegmatites typically formed on or near the contact margins of granitic intrusives.
Speaking on Flynn’s expanded WA portfolio, executive director Sam Garrett said: “The granting of the Koolyanobbing tenements together with the new applications at Forrestania and Mt. Dove provides significant momentum for the company to expand its gold-lithium exploration programs in Western Australia, and delivers a strong pipeline of projects for the company to work on in the near to mid-term.
“Together with Flynn’s NE Tasmanian gold project, these new projects now position the company in three of the world’s dominant gold districts, as well as the world’s premier lithium-producing jurisdiction.”
