Flynn Gold's Initial Drilling at Silver King Verifies High-Grade Silver-Lead-Zinc Mineralisation Along 1.6km Trend in Western Tasmania

All Five Holes in Maiden Drilling Program Confirm Mineralisation Along Silver King Trend After Eight Decades

Flynn Gold’s initial diamond drilling at Silver King represents a key milestone, being the first systematic modern test beneath the historic Silver King and South King mining centres. The program included five diamond drill holes—SKDD001 to SKDD005—completed across two prospects about one kilometre apart along the interpreted 1.6-kilometre mineralised corridor. The fact that every hole intersected silver-lead-zinc mineralisation validates the company’s geological model heading into the program.

The update stated the drilling has greatly enhanced Flynn Gold’s understanding of structural controls on mineralisation. The results support an emerging geological model of strike-extensive, structurally controlled vein systems hosting multiple high-grade shoots along the Silver King Trend. This model aligns with globally recognised high-grade silver districts, reinforcing the exploration thesis and guiding future drilling plans.

SKDD001 Yields Outstanding Silver Grades Including 2,450g/t Ag Over 0.4 Metres

The highest-grade interval came from SKDD001, partially reported earlier. The best sub-interval returned 0.4 metres grading 3,087.7 grams per tonne silver equivalent, consisting of 2,450 grams per tonne silver (about 79 ounces per tonne), 29.5% lead, and 9.0% zinc, from 101.2 metres depth. A broader 1-metre interval from 101.0 metres graded 1,349.9 grams per tonne silver equivalent, including 1,020 grams per tonne silver (33 ounces per tonne), 15.2% lead, and 4.7% zinc.

Notably, SKDD001 intersected high-grade silver-rich mineralisation with copper, antimony, and arsenic geochemical signatures. The company indicated this suggests a probable freibergite association—a silver-bearing tetrahedrite mineral historically linked to exceptionally high-grade silver mineralisation in the Zeehan mineral field. This geochemical signature adds geological context to Silver King and may aid targeting the highest-grade vein sections in future drilling.

South King Prospect Hole SKDD003 Reveals Broader Mineralised System Beyond Individual Intervals

At South King, hole SKDD003 intersected several high-grade silver-lead-zinc veins within a 3.8-metre mineralised zone between 102.8 and 106.6 metres downhole. Key intervals included 0.75 metres grading 797.6 grams per tonne silver equivalent (195g/t Ag, 21.8% Pb, 13.0% Zn) from 102.8 metres and 1.0 metre grading 478.3 grams per tonne silver equivalent (191g/t Ag, 15.7% Pb, 2.3% Zn) from 104.1 metres.

The company noted core loss in this zone prevents reporting a continuous mineralised intercept, but stressed the results indicate a wider mineralised system than the discrete intervals suggest. This is an important consideration for investors assessing South King’s scale, as further drilling is needed to fully define the mineralisation width.

Hole SKDD005 Extends High-Grade Mineralisation Deeper Along Silver King Trend

SKDD005 at Silver King returned two notable high-grade intersections at greater depths than SKDD001 and SKDD003. These included 0.24 metres grading 609.9 grams per tonne silver equivalent (110g/t Ag, 8.0% Pb, 18.2% Zn) from 123.9 metres, and 0.2 metres grading 751.5 grams per tonne silver equivalent (222g/t Ag, 24.5% Pb, 7.47% Zn) from 178.0 metres.

Although the mineralised widths are narrow, the presence of high-grade silver-lead-zinc mineralisation at 178 metres depth is geologically significant. It indicates the Silver King Vein system extends at depth and remains open for further exploration below current drill depths. This supports the company’s confidence in targeting additional high-grade mineralisation along strike and at depth in future drilling.

Four High-Grade Shoot Targets Identified Along 1.6km Silver King Trend with Large Untested Areas

Combining maiden drilling results with historical workings, geochemistry, and mapping, Flynn Gold has identified four interpreted high-grade shoot targets along the 1.6-kilometre Silver King Trend. These include the Silver King and South King prospects—both minimally tested by modern drilling—and the completely undrilled Fahey's Gap and Sunrise-Bell targets.

The update highlighted that significant sections of the Silver King Trend remain untested by modern drilling. The identification of Fahey's Gap and Sunrise-Bell as undrilled, high-priority targets suggests substantial exploration upside remains along the trend. For investors, this offers a clear near-term exploration pipeline that Flynn Gold can advance without needing to move far from current drilling areas.

CEO Neil Marston Expresses Confidence in Silver King System and Broader North Henty Pipeline

Managing Director and CEO Neil Marston stated the maiden drilling program achieved its objectives, confirming high-grade mineralisation beneath historic mines and greatly improving understanding of geological controls along Silver King. He described this as a solid foundation for the next exploration phase.

Marston also pointed to the broader North Henty Project, noting ongoing reviews of historical exploration, geological mapping, and surface sampling reveal a much larger mineralised system. He described this as an expanding pipeline of targets offering exciting opportunities beyond the current drilling area. Investors should note these broader targets are at an early stage, requiring further compilation before drilling.

District-Scale Exploration Potential Emerging Across North Henty with Multiple Vein Trends Identified

While the maiden drilling focused on Silver King, Flynn Gold’s update revealed ongoing compilation of historical data, regional geological mapping, and reconnaissance rock-chip sampling across the wider North Henty Project. This work is identifying multiple prospective mineralised vein trends beyond Silver King, indicating district-scale exploration potential.

The Silver King Vein Trend is part of a larger cluster of historically productive silver-lead-zinc vein systems in northern Henty. This district context is significant: if the geological model holds, Silver King may be one of several mineralised systems within the project. The company’s rock chip sampling program is building evidence to prioritise which additional trends warrant future drilling.

Henty Project Benefits from Infrastructure Advantages Near Zeehan Mining Hub in Western Tasmania

The Henty Silver-Lead-Zinc Project enjoys infrastructure benefits highlighted by the company, including sealed road access, grid power, and proximity to the established mining centre of Zeehan. These factors reduce logistical complexity and costs compared to more remote sites and are important for potential future development.

Zeehan’s long history as a silver-lead-zinc mining district is directly relevant to Flynn Gold’s geological model at Silver King. The freibergite mineral association identified geochemically in SKDD001 aligns with mineralisation styles documented in the wider Zeehan field, lending further credibility to the company’s interpretation.

Flynn Gold’s Financial Status and Capital Structure as Exploration Advances

As of 31 March 2026, Flynn Gold held A$2.48 million in cash with no debt, per the company’s disclosed capital structure. It has 608.6 million ordinary shares outstanding, with a market capitalisation around A$12.2 million based on a A$0.02 share price at the time of the update. Listed options include 50.6 million FG1O and 118.7 million FG1OA options, plus 65.5 million unlisted options.

The cash position is a key factor for investors assessing Flynn Gold’s ability to fund the next exploration phase at Silver King and North Henty. The company did not provide specific budgets or timelines for upcoming drilling. Investors will watch for guidance on how existing funds will be allocated and whether additional capital raising is planned to support expanded programs.

Next Exploration Phase Could Shape Flynn Gold’s Development Trajectory

The confirmation of silver-lead-zinc mineralisation in all five maiden holes positions Flynn Gold to plan a more focused follow-up drill campaign along the Silver King Trend. The four identified high-grade shoot targets—including the undrilled Fahey's Gap and Sunrise-Bell—are logical next steps. Investors will look for announcements of drilling programs testing these priority targets and aiming to extend mineralisation along strike and at depth.

Beyond Silver King, the emerging district-scale potential across North Henty adds depth to Flynn Gold’s outlook. Continued regional mapping and sampling that identify additional mineralised vein trends comparable to Silver King could materially expand the company’s exploration pipeline. The immediate share price impact of this update is unclear. As always, investors should conduct due diligence and consider the early-stage nature of the project and the narrow drill intercept widths reported before drawing conclusions about the system’s ultimate scale or commercial viability.