Flynn Gold Ltd (ASX:FG1) has more than doubled on discovering a new zone of gold mineralisation at the Trafalgar prospect, part of the company’s Golden Ridge Project in northeast Tasmania, hitting up to 12.3 metres at 16.8 g/t gold, including visible gold in some intersections.
The company has so far completed four diamond drill holes at the prospect, with the rig drilling another.
Five diamond drill holes, including one historical diamond hole, intersected high-grade gold over an open strike length of 200 metres and to depths of up to 400 metres from surface, confirming a significant new gold discovery at Trafalgar.
The gold-bearing vein zones remain open along strike and at depth, and planning and permitting for infill and extension drilling is underway.
Shares higher
Investors have responded positively, sending shares as much as 111.35% higher to $0.205.
Quartz vein breccia with visible gold in drill hole TFDD005B at around 346.6 metres.
Spectacular zone
Drill hole TFDD005 was drilled into hornfelsed Mathinna Group sediments with several shallow historical workings nearby. The hole intersected a zone of quartz vein with semi-massive sulphides including visible gold at about 120 metres depth.
Hole TFDD005B, drilled off TFDD005 at 91.5 metres, intersected further intense quartz veining with semi-massive sulphides and visible gold through to a depth of about 123 metres.
Further zones of veining, including a quartz vein breccia zone with visible gold, was uncovered at 345.8-346.8 metres. Processing and sampling of this drill core is ongoing.
Some of the outstanding grades intersected in TFDD005 include:
- 12.3 metres at 16.8 g/t gold and 27.6 g/t silver from 108.7 metres, including 4.7 metres at 14.6 g/t gold and 19.25 g/t silver from 108.7 metres, including 0.85 metres at 72.0 g/t gold and 96.1 g/t silver from 111.75 metres; and
- 2.0 metres at 68.5 g/t gold and 123.0 g/t silver from 119 to 121 metres (end of hole), including 1.25 metres at 106.6 g/t gold and 195.1 g/t silver from 119.75 metres, including 0.7 metres at 152.5 g/t gold and 277.0 g/t silver from 120.3 metres to end of hole.
Flynn Gold chief executive officer Neil Marston said: “Our drilling at the Trafalgar prospect in northeast Tasmania has delivered another very exciting high-grade gold intersection. This result demonstrates to us that we have made a significant new gold discovery.”
“Drill hole 5 was designed to test for an eastern extension of the gold mineralisation recorded in multiple vein zones earlier in the program," he said.
"The hole was successful in intersecting exceptional grade gold associated with semi-massive sulphides and extends the gold mineralisation a further 100 metres along strike to the east. The hole ended within the mineralised zone and a wedged-off extension has been completed targeting additional gold zones at depth with further assay results to follow.
“The most pleasing aspect of this latest result is that we now have high-grade gold mineralisation confirmed in at least two vein zones over a strike length exceeding 200 metres in a generally east-west corridor.
"High-grade silver was also detected in this intercept which is new for this system and something we will pursue further. Gold mineralisation is open in both directions as well as down dip.
“We are now planning further drilling at Trafalgar to test for extensions to the high-grade gold veins identified and look forward to announcing further assay results as they become available.”
More exploration targets coming up
Assay results were also received for three other diamond drill holes. Highlights include:
- TFDD002B: 3 metres at 2.51 g/t gold from 293 metres, including 0.5 metres at 11.35 g/t from 295.5 metres; and
- TFDD004: 9.7 metres at 1.07 g/t gold from 89 metres, including 2 metres at 3.16 g/t from 94.9 metres, and 3.85 metres at 3.24 g/t from 186.15 metres, including 0.4 metres at 28.1 g/t from 187.1 metres.
The Golden Ridge trend continues to exhibit signs of being a large intrusive-related gold system and the company is continuing to develop multiple exploration targets along the trend towards making further discoveries.