Flynn Gold Ltd (ASX:FG1) is trading higher on news of a “significant” new zone of high-grade mineralisation with up to 64 g/t gold at Link Zone prospect of the Golden Ridge Project in Northeast Tasmania.
The high-grade veins were identified at the prospect's historic Golden Ridge adit during a recent field mapping and sampling campaign.
Underground grab sampling of mineralised veins in the adit recorded high-grade assays including 64.4 g/t, 37.6 g/t and 15.9 g/t gold.
Shares higher
These results have seen the company's share price as much as 40.75% higher in morning trade to $0.038.
The Link Zone prospect lies between the Trafalgar and Brilliant prospects along the Golden Ridge granodiorite contact. The three prospects now define a corridor of high-grade gold mineralisation with a potential strike length of 2.5 kilometres and a vertical extent of at least 500 metres, as proven by drilling at Brilliant and Trafalgar.
Previous diamond drilling at Trafalgar and Brilliant has returned outstanding results with multiple intersections over 100g/t of gold recorded at the Trafalgar prospect, which is currently being followed up with an active diamond drillhole campaign.
Potential to further extend system
The mineralised veins identified by sampling present new drill targets with the potential to significantly extend the existing Trafalgar-Brilliant gold system.
Phase 3 diamond drilling at Trafalgar is underway with samples from the first hole currently at the laboratory.
The drill program is designed to in-fill test the high-grade gold zones discovered from earlier programs and test extensions to the known mineralisation. The exploration is targeting a gold mineralised granodiorite-metasediment contact that has grown to over 9-kilometres long.
“Extensive, high-grade system”
Flynn Gold managing director and CEO Neil Marston said: “Our confidence in Golden Ridge as an extensive, high-grade intrusive-related gold system continues to grow with these Link Zone results confirming that high-grade mineralisation exists within an increasingly well-defined corridor that has the potential to link the Brilliant and Trafalgar prospects over a strike length of 2.5 kilometres.
“Whilst drilling is ongoing at Trafalgar our exploration team is actively exploring to further extend the gold system at Golden Ridge which we expect will lead to identifying additional drilling targets similar to the Link Zone.”
Golden Ridge Project - Geology plan, showing prospect locations.
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