Flynn Gold has intersected a “significant” new gold discovery at its Golden Ridge gold project in north-east Tasmania, with investors responding accordingly.
The company’s share price had risen from $0.12 to $0.19 (as of 11:05am AEDT on Monday) after the announcement of a 12.3m gold intersection at 16.8 grams per tonne (g/t) gold from 108.7m (drill hole TFDD005) at Golden Ridge’s Trafalgar prospect.
This included 4.7m at 14.6g/t gold, which included 0.85m at 72g/t gold. The intersections coincided with significant silver intersections, such as 27.6g/t silver across 12.3m.
TFDD005 also delivered 2m at 68.5g/t gold and 123g/t silver from 119m to 121m deep, including 1.25m at 106.6g/t gold and 195.1g/t silver from 119.75m.
Flynn Gold has intersected high-grade gold in all five diamond drill holes of the most recent drill program at Trafalgar, with hits over an open strike length of 200m and from depths of 40m to 400m below surface.
“Our drilling at the Trafalgar prospect in north-east Tasmania has delivered another very exciting high-grade gold intersection,” Flynn Gold chief executive officer Neil Marston said. “This result demonstrates to us that we have made a significant new gold discovery.
“Drill hole five was designed to test for an eastern extension of the gold mineralisation recorded in multiple vein zones earlier in the program. The hole was successful in intersecting exceptional grade gold associated with semi-massive sulphides and extends the gold mineralisation a further 100m 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.”
Marston said the most pleasing aspect of this result was the fact Flynn Gold now has high-grade gold mineralisation in at least two vein zones over a strike length of more than 200m.
“High-grade silver was also detected in this intercept which is new for this system and something we will pursue further,” he said. “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.”
TFDD005’s results follow on from recent drilling at other drill holes such as TFDD002 (5.4m at 10.63g/t gold from 160.1m), TFDD003 (1.2m at 65.9g/t gold from 57.5m) and TFDD004 (9.7m at 1.07g/t gold from 89m).