Flynn Gold Ltd (ASX:FG1) has welcomed the latest high-grade gold results from ongoing drilling at the Trafalgar prospect, part of the company’s Golden Ridge Project in northeast Tasmania, with a positive response from investors as well.
“This maiden drill hole at the Trafalgar Prospect has delivered an excellent outcome for Flynn Gold, with the company intersecting multiple zones of high-grade gold,” CEO Neil Marston enthused.
The strong results have seen shares rise as much as 28.57% this morning to $0.135.
Highlights
Strong intersections have been recorded from the first drill hole, including:
- 4.3 metres at 4.34 g/t gold from 594.7 metres including 2.05 metres at 7.28 g/t from 594.7 metres, which also included 0.4 metres at 17.3 g/t from 594.7 metres and 0.75 metres at 10.15 g/t from 596 metres;
- 9 metres at 2.28 g/t from 289 metres, including 5.7 metres at 3.46 g/t from 292.3 metres, which also included 1.8 metres at 5.58 g/t from 292.3 metres, 0.6 metres at 12.7 g/t from 293.5 metres, and 1-metre at 6.69 g/t from 297 metres; and
- 1.3 metres at 2.37 g/t gold from 250.7 metres, including 0.4 metres at 6.68 g/t from 250.7 metres.
“Historical drilling had only intersected one gold zone below the old Trafalgar mine workings, so the discovery of these new highly mineralised structures increases the potential of this prospect,” said Marston.
“Trafalgar is the first location at Golden Ridge where the intrusive-hornfels contact has been drill tested since Flynn Gold listed in 2021.
Significant gold system
“This geological contact has been identified over an 8-kilometre strike length, providing the exploration team with confidence that the Golden Ridge Project has the potential to become a significant gold system,” he said.
The latest gold intervals add to previously reported significant assays including:
- 5.4 metres at 10.63 g/t gold from 160.1 metres, including 1.9 metres at 19.88 g/t from 160.1 metres, which in turn included 0.4 metres at 52.2 g/t from 161.6 metres); and
- 2 metres at 9.02 g/t gold from 163.5 metres, including 0.35 metres at 35.1 g/t from 165.15 metres.
This is the first diamond hole of program at the Trafalgar prospect, designed to target extensions to an historical drill hole intersection of 5 metres at 12.56 g/t gold and to provide important stratigraphic, structural and mineralogical information to advance Flynn’s understanding of the mineralisation system at Trafalgar.
Subsequent drilling, which is in progress, is testing for extensions to the gold mineralisation encountered over a strike length of 250 metres.
Discrete high-grade assay intervals within the broader anomalous zones from the latest assays confirm most earlier observations of visible gold associated with zones of quartz-sulphide veining and breccia.
Further sample assays remain pending from the Trafalgar drilling, in addition to results from other recently completed programs.