Flynn Gold Ltd (ASX:FG1) has had a busy March quarter, propelled by advancements across its diverse project portfolio in Tasmania and Western Australia. The company ended the quarter in a strong cash position ahead of further exploration activities this year.
Key exploration activities
Exploration at the Golden Ridge project in Tasmania has delineated new prospect targets with anomalous gold identified along a 9-kilometre strike length.
A 1,500-metre drill program commenced post-quarter, targeting high-grade gold intercepts at the Trafalgar Prospect.
Over at the Firetower Project, also in Tasmania, recent drilling results have intersected significant mineralised intervals, with a best result of 17 metres @ 2.31g/t gold, 0.16% cobalt, 0.38% WO, 0.16% copper from 121 metres.
Furthermore, modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised.
Updated modelling of the project has improved the understanding of key structural controls on the mineralisation, enhancing targeting for future drilling.
In Western Australia, the company struck substantial lithium anomalies at its Parker Dome and Lake Johnston projects, suggesting strong potential for lithium mineralisation.
During the quarter the company received assay results from first-pass soil sampling completed in late 2023 identifying a large, high-priority lithium target at its Lake Johnston Lithium Project, in the highly prospective Lake Johnston greenstone belt.
It also announced results from its auger soil sampling program at the Parker Dome lithium-gold project, situated in the highly prospective Forrestania Belt in Western Australia. The results defined six new, large-scale, high priority lithium anomalies with associated pathfinder geochemistry.
Corporate developments and finances
During the quarter, Flynn Gold successfully raised A$1.1 million through a share purchase plan and a tranche 2 placement.
The company also announced a one-for-two renounceable rights issue aimed at raising up to A$2.5 million, with proceeds intended to support ongoing exploration efforts.
Flynn Gold concluded the quarter with a solid cash position of A$1.53 million, which means there is adequate funding for its scheduled activities.