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Two months after publishing an exploration target for its Golden Ridge project in northwest Tasmania, Flynn Gold Ltd (ASX:FG1) has shown the potential for expansion, particularly at the Grenadier Prospect, where grades of up to 11 grams per tonne have been identified.
The initial exploration target focused on the Trafalgar, Brilliant, and Link Zone prospects and was set between 3.5 and 5.4 million tonnes grading at 3.0g/t Au to 4.0g/t Au for 449,000 to 520,000 ounces of contained gold.
At Grenadier – which has never been drilled – trenching work has extended gold in quartz veins to an open strike length of 130 metres, yielding a top interval of 2.3 metres at 4.2 grams per tonne (g/t) of gold, including 0.4 metres at 11.0g/t.
Additionally, rock chip samples in the prospect area returned high-grade assays ranging up to 18.6g/t Au, 16.3g/t Au, 15.3g/t Au, and 13.3g/t Au.
Flynn is also progressing soil sampling at Grenadier, with this being expanded to include
testing the main granodiorite body for new IRGS gold anomalies.
UltraFine+ soil sampling has extended the significant gold anomaly to over 1,000 metres by 500 metres, with the latest results including exceptionally high assays of up to 105 parts per billion (ppb) Au and 109ppb Au.
Managing director and CEO Neil Marston said the current ongoing sampling campaign was focusing on finding prospective areas and upgrading data on the prospectivity of known gold targets.
“The sampling results from our Grenadier Prospect have now defined gold-in-soil anomalism over 1km north-south, and 500m east-west, with this significant gold anomaly undrilled and remaining open to the north, south and east,” he said.
“This anomaly is now similar in size to the gold-in-soil anomaly at Trafalgar, which is
our most advanced prospect, where gold mineralisation is contained in a network of
north-east striking vein zones that extend up to 600m along strike and 500m down-dip
from surface with open strike and dip extents.”
FG1 shares shifted up after the news, and at 14:15 AEDT, they were trading at 2.6 cents – a rise of 4% since the market opened.
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