Flynn Gold Ltd (ASX:FG1) has returned strong results in its maiden drilling program underway at Trafalgar prospect within the Golden Ridge Project in northeast Tasmania with shares soaring as much as 90%.
Assays from the first diamond hole have confirmed observations of visible gold associated with zones of quartz-sulphide veining and breccia, leading to further program extensions being planned.
The highlight from core in an 11-metre wide zone in hole TFDD002 is 5.4 metres at 10.63 g/t gold from 160.1 metres.
Within the 5-metre intersection was 1.9 metres at 19.88 g/t from 160.1 metres, including 0.4 metres at 52.20 g/t from 161.6 metres, and 2.0 metres at 9.02 g/t from 163.5 metres including 0.35 metres at 35.10 g/t from 165.15 metres.
Geological logging of the core also identified a second parallel zone of significant quartz-sulphide veining and potential mineralisation hosted within granodiorite from 264 to 297 metres, consistent with the historically-drilled TFD001 hole that returned 5.0 metres at 12.56 g/t from 202 metres, including 0.4 metres at 150.0 g/t from 202.7 metres.
Additional rigs being considered
“This is a very exciting start to the drilling campaign at Trafalgar," said Flynn Gold executive director Sam Garrett.
"The results validate the importance of the intrusive contact as an exploration target and now significantly enhance the prospect with the potential for multiple parallel high-grade gold veins. We eagerly anticipate the assay results for the remainder of the hole.
“Trafalgar is the only location to date where drilling has tested the intrusive-hornfels contact and the team on site is already making plans to expand the current drill program and exploring options to add additional rigs. Drilling is also planned to test new targets at Blinding, Link Zone and Kensington.
“Flynn has only recently turned one year old and we have achieved much success - so I am very proud of our team and the strong results they continue to deliver in such a short space of time.”
Investors responded positively to the results with shares as much as 90% higher to $0.19 and have risen from $0.095 at the market close on June 29.
Visible gold-bearing veins
Flynn Gold’s maiden drilling program at Trafalgar, which commenced in late April 2022, comprises 3 to 4 holes for up to 1,400 metres.
It is designed to test the mineralised granodiorite-hornfels contact over a strike length of 250 metres and to target extensions to the historical TFD001 drill hole to provide an understanding of the mineralisation system at Trafalgar.
The reported mineralised intercept in TFDD002 is associated with quartz-sulphide visible gold-bearing veins and vein breccia hosted in biotite-hornfelsed sediments of the Mathinna Group. It is proximal to the contact with the Golden Ridge granodiorite at 206 metres downhole.
Structural logging of the orientated core indicates that the mineralised vein set strikes ENE-WSW and dips steeply to the SE, and is consistent with other mineralised veins observed and sampled in outcrop and historical workings in the broader Trafalgar prospect area.
Drilling approvals secured
Drilling at TFDD002 is ongoing at a depth of about 535 metres with a maximum planned depth of 600 metres. A wedge hole is planned off the parent hole to enable further testing of the high-grade intercept zones.
Additional drill holes are in the planning/permitting stage and include new drill targets identified from the recently completed dipole-dipole induced polarisation (IP) survey over the Trafalgar prospect area.
Additionally, statutory approvals for planned drilling programs at the Blinding, Link Zone and Kensington prospects, totalling about 4,500 metres of drilling, have been received.
The company has secured the contract for an RC drill rig for part of these programs, with the rig expected to mobilise to site this month.