Flynn Gold Ltd (ASX:FG1) has delivered further high-grade gold from diamond drilling at its 100%-owned Golden Ridge Project in northeast Tasmania where it continues to identify and test multiple exploration targets, aiming to make further discoveries.
Included among the results is the highest gold grade interval recorded to date at Golden Ridge with 0.5 metres at 169.8 g/t gold within 4 metres at 23.7 g/t from 23 metres in hole TFDD013.
The focus of recent drilling has been at the Trafalgar Prospect where the company has identified anomalous gold extending over an 8-kilometre-long contact zone along the southern margin of the Golden Ridge Granodiorite.
Phase 2 drilling, which saw eight holes drilled for 1,987.35 metres, is now complete and also returned 2.7 metres at 3.06 g/t gold from 68 metres, including 1.2 metres at 5.09 g/t from 69 metres from the granodiorite.
Flynn Gold managing director and CEO Neil Marston said, “We are thrilled that drilling at the Trafalgar Prospect at Golden Ridge in northeast Tasmania has delivered another high-grade gold intersection.
“This drill hole [TFDD013] was sited to test beneath a recently discovered historical adit and has produced an exciting intercept as we grow the scale of the deposit beyond a 400-metre strike length.
"As there hasn’t been any drilling down dip or along strike east of this very high-grade intersection, it presents an excellent opportunity to follow up.”
Shares higher
Flynn Gold shares have been as much as 47.9% higher in the first hour of trading to $0.105 with more than 12.6 million shares changing hands.
Results from the adjacent metasediments, included 2.3 metres at 1.56 g/t gold from 12 metres; 5.5 metres at 1.58 g/t from 255 metres, including 0.5 metres at 5.58 g/t from 260.5 metres; and 62 metres at 0.63 g/t from 222 metres, including 3.4 metres at 4.53 g/t from 256 metres, and 0.75 metres at 10.44 g/t from 262.65 metres.
Flynn has now paused drilling at Trafalgar to allow time for its technical team to assess further assay results as they become available and plan the next drill program.
Assay results for 925 metres of diamond drilling are still pending and further results should be available in the coming weeks.