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Flynn Gold bolsters Tasmanian gold projects

Flynn Gold

Flynn Gold will inject funds into its advanced gold projects in Tasmania after completing a share purchase plan (SPP).

The explorer raised $114,500 through the SPP and has raised $990,500 so far through a tranche two placement. Both initiatives were priced at $0.06 per share.

An additional $249,000 is set to be raised through the tranche two placement, which follows on from a tranche one placement that raised approximately $560,000.

Flynn Gold managing director Neil Marston said the funds would predominantly be used to advance the company’s gold projects in Tasmania.

Flynn Gold has established an enviable portfolio in Tasmania, holding nine exploration licences prospective for gold and tin in the north-east of the state, and three exploration licences in north-west Tasmania.

The company’s footprint in north-east Tasmania holds geological similarities to Victoria’s Goldfields, with the Warrentinna, Golden Ridge and Portland gold projects of particular significance.

Flynn Gold’s work at Golden Ridge suggests potential for the project to host a multi-million-ounce bulk tonnage gold deposit, with similarities to intrusive-related gold systems such as the five-million-ounce Fort Knox mine in Alaska and Red 5’s King of the Hills deposit in Western Australia.

In mid-January, Flynn Gold announced it had unearthed a near-surface gold system at its Warrentinna project that could extend to a depth of greater than 100m.

After completing two holes for 357m as part of a maiden diamond drilling program, Flynn Gold’s best assays were the following:

  • 2m at 2.5 grams per tonne (g/t) gold from 68.9m, including 2.1m at 7g/t gold
  • 8m at 1.2g/t gold from 92m, including 0.3m at 5.6g/t gold.

Multiple zones of auriferous quartz veining were intersected, confirming what Flynn Gold believes to be highly prospective orogenic-style gold mineralisation that coincides with historical mine workings over a largely untested 6km-long corridor.

“Our maiden diamond drilling program has confirmed that the Warrentinna project has potential for gold resources near surface and proven to extend the depth of mineralisation to greater than 100m,” Marston said.

Flynn Gold also holds a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia.

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