Flynn Discovers Multiple Gold Veins Through Diamond Drilling in Tasmania

2 min read | September 16, 2024 04:51 AM EDT | By Team Kalkine Media

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Flynn Discovers Multiple Gold Veins Through Diamond Drilling in Tasmania — Image source: Shutterstock

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Flynn Gold Ltd (ASX:FG1) has experienced a notable surge in its share price, climbing more than 11% following the announcement of a major discovery at its Trafalgar North vein zone, part of the broader Golden Ridge project in Tasmania.

Exciting New Discovery

Recent drilling results from the Trafalgar North vein zone have revealed multiple gold veins with impressive grades. The results from two diamond drill holes highlighted substantial gold mineralisation:

- Drill Hole 1: Intercepts included 3.05 metres at 4.9 grams per tonne (g/t) of gold from 53.1 metres, which included a high-grade section of 0.35 metres at 40.0 g/t. Additional findings in this hole were 2.7 metres at 4.1 g/t from 115.4 metres, with a notable interval of 0.35 metres at 26.6 g/t gold.

- Drill Hole 2: Results featured 4.8 metres at 4.0 g/t from 165.6 metres, including intervals of 0.4 metres at 17.9 g/t and 0.4 metres at 24.0 g/t, as well as 0.3 metres at 25.1 g/t from 440.5 metres.

These assays confirm that the mineralisation at Trafalgar North extends from the surface to over 150 metres deep and remains open in all directions.

Expansion of Mineralised Zone

Flynn Gold has also identified gold mineralised veins across a 500-metre-wide zone along the granodiorite-hornfels contact at Trafalgar. Managing Director and CEO Neil Marston expressed enthusiasm about the findings, noting that the results align with the company’s expectations for the area.

Marston commented, “Drilling has successfully intersected high-grade gold veins beneath the recently discovered trenching area at Trafalgar North and confirmed our interpretation that this zone is continuous at depth. This zone potentially represents a parallel mineralisation to the Trafalgar prospect.”

He further added, “This new vein zone has expanded the mineralised footprint at Trafalgar from 300 metres to 500 metres across the granodiorite/sedimentary contact, reinforcing our view that the project could host significant gold mineralisation.”

Market Reaction

As of 14:17 AEST, Flynn Gold shares were trading at 2.8 cents, reflecting a rise of 11.99% since the market opened. The positive market response highlights investor confidence in the potential of Flynn Gold's Trafalgar North project and its broader Golden Ridge exploration efforts.

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