Flynn Gold Ltd (ASX:FG1) has seen its share price rise more than 11% as it reported the discovery of a new zone with multiple gold veins grading up to 40 grams per tonne at the Trafalgar North vein zone – part of its wider Golden Ridge project – in Tasmania.
Assays have been taken from two diamond holes, with intercepts from the first including 3.05 metres at 4.9 grams per tonne (g/t) of gold from 53.1 metres including 0.35 metres at 40.0g/t; and 2.7metres at 4.1g/t from 115.4 metres, including 0.35 metres at 26.6g/t gold.
The second hole yielded 4.8 metres at 4.0g/t from 165.6 metres, including 0.4 metres at 17.9g/t from 166.9 metres, and 0.4 metres at 24.0g/t from 170.0 metres; plus 0.3 metres at 25.1g/t from 440.5 metres.
The drilling also confirmed that Trafalgar North’s mineralisation extended from surface to a depth of more than 150 metres, and is open in all directions.
Excitingly, Flynn has also confirmed gold mineralised veins over a 500-metre-wide zone along the granodiorite-hornfels contact at Trafalgar.
Managing Director and CEO Neil Marston said the results were impressive, and helped to confirm the company’s predictions for the Trafalgar North area.
“Drilling has successfully intersected high-grade gold veins beneath the recently discovered trenching area at Trafalgar North and has confirmed our interpretation that this zone is continuous at depth and potentially is a parallel zone to the Trafalgar prospect mineralisation,” he said.
“This new vein zone increases the mineralised footprint at Trafalgar from 300m to 500m width across the granodiorite/sedimentary contact and reinforces our view that this project has the potential to host large-scale gold mineralisation.”
At 14:17 AEST, Flynn Gold shares were trading at 2.8 cents – a rise of 11.99% since the market opened.