64g/t Au in High-Grade Veins at Golden Ridge Adit, NE Tas
ASX Announcement
21 May 2024
64g/t Au in High-Grade Veins
at Golden Ridge Adit, NE Tasmania
Highlights
ASX: FG1
ABN 82 644 122 216
CAPITAL STRUCTURE
•
Mapping and vein sampling within the historic Golden Ridge adit has
identified a significant new zone of high-grade gold mineralisation in
the Link Zone prospect at Golden Ridge in NE Tasmania
•
Underground grab sampling of mineralised veins in the adit recorded highgrade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au
•
The Link Zone prospect is located between the Trafalgar and Brilliant
prospects, with the 3 prospects now defining a corridor of high-grade
gold mineralisation with a potential strike length of 2.5km and a
vertical extent of at least 500m as proven by drilling at Brilliant and
Trafalgar
•
Mineralisation in the newly identified Golden Ridge adit occurs as
multiple sub-parallel steeply-dipping gold-rich quartz-sulphide veins
visible over a zone 20-30m in width and correlates with similar veins
mapped in historic trenches
•
Mineralised veins identified by sampling present new drill targets with
potential to significantly extend the existing Trafalgar-Brilliant gold system.
•
Phase 3 diamond drilling at Trafalgar is underway with samples from
the first hole currently at the laboratory. The drill program is designed to
in-fill test the high-grade gold zones discovered from earlier programs and
test extensions to the known mineralisation.
•
Flynn’s exploration is targeting a gold mineralised granodioritemetasediment contact which has grown to over 9km in length
•
For further information or to post questions go to the Flynn Gold
Investor Hub at https://investorhub.flynngold.com.au/link/4r8dWr
Share Price: A$0.027
Cash (31/03/24): A$1.53M
Debt: Nil
Ordinary Shares:254.5M
Market Cap: A$6.6M
Options
Listed (FG1O): 50.6M
Unlisted: 3.4M
Performance Rights: 2.7M
BOARD OF DIRECTORS
Clive Duncan
Non-Executive Chair
Neil Marston
Managing Director and CEO
Sam Garrett
Technical Director
John Forwood
Non-Executive Director
COMPANY SECRETARY
Mathew Watkins
CONTACT
Level 4, 96-100 Albert Road,
South Melbourne,
Victoria, 3205
+61 (0) 3 9692 7222
info@flynngold.com.au
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to
report high grade gold assays have been recorded from a recent field
mapping and sampling campaign at the Link Zone prospect at its 100%
owned Golden Ridge Project in Northeast Tasmania (see Figure 6).
The Link Zone is located between the Trafalgar and Brilliant prospects along
the Golden Ridge granodiorite contact. Previous diamond drilling at Trafalgar
and Brilliant has returned outstanding results with multiple intersections over
100g/t Au recorded at the Trafalgar prospect, which is currently being
followed up with an active diamond drillhole campaign 1.
www.flynngold.com.au
1
See FG1 ASX Announcement dated 18 April 2024 for full details
Managing Director & CEO, Neil Marston commenting on the results said:
“Our confidence in Golden Ridge as an extensive, high grade intrusive-related gold system
continues to grow with these Link Zone results confirming that high grade mineralisation exists
within an increasingly well-defined corridor that has the potential to link the Brilliant and Trafalgar
prospects over a strike length of 2.5km. Whilst drilling is ongoing at Trafalgar our exploration team
is actively exploring to further extend the gold system at Golden Ridge which we expect will lead
to identifying additional drilling targets similar to the Link Zone.”
Golden Ridge - Link Zone Prospect
Prospect Location
The historic Golden Ridge adit has recently been re-discovered within the Link Zone prospect
located along the prospective granodiorite-metasediment contact zone between Flynn’s Trafalgar
and Brilliant prospects (see Figure 1). The 3 prospects define a zone of gold mineralisation over
a strike length of 2.5km (see Figure 4), which is contained in a broader zone of gold anomalism
that forms around the contact of a granite intrusion with a total length now exceeding 9km.
See Figure 4
Figure 1 - Golden Ridge Project - Geology plan, showing prospect locations
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Field Mapping and Sampling Program
Flynn geologists recently commenced a detailed mapping and sampling program over the Link
Zone prospect, with an initial focus at the historical Golden Ridge adit area. Assays from rock chip
samples collected over the historical Golden Ridge workings have been received. The historical
workings (circa 1895) comprise a 150m long adit and numerous prospecting trenches at the top
of the ridge (see Figure 2). The adit intersects mineralised veins some 50m vertically below the
prospecting trenches (see Figure 3) and structural evidence suggests the gold-rich veins sampled
in the adit are consistent with those mapped and sampled in the trenches above.
Trench grab sample assays returned grades up to 7.97g/t Au, and adit grab samples returned
grades up to 64.4g/t Au, indicating high-grade gold over a 50m vertical interval from surface and
open to depth (see Figures 2 & 3 and Table 1 for all assay results).
Figure 2 - Golden Ridge Adit – Plan view with highlighted rock chip results and
LZRC001 which was drilled 120m northeast of the adit.
The ore drive samples were taken along a single vein structure and returned variable gold grades
of between 0.06g/t Au and 37.6g/t Au, which possibly indicates a nugget effect within the
mineralisation.
Mapped mineralisation in the adit is defined by a 20-30m wide structurally-controlled zone
comprising multiple sub-parallel, steeply-dipping quartz-sulphide veins between 90 and 400mm
wide striking north-northeast. Veins contain arsenopyrite, pyrite with minor chalcopyrite and
galena. Mapping of the adit walls indicates the vein system is hosted in open-folded, thinly bedded,
silicified and hornfelsed sediments that steepen to sub-vertical, tightly-folded beds as the
mineralised vein system is approached (see Figure 3).
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In 2022 Flynn Gold completed a 5-hole scout RC drilling campaign at the Link Zone targeting goldin-soil anomalies at the top of the ridge (see Figure 4) 2. Hole LZRC001 was drilled 120m along
strike of the mineralised trenches and intersected multiple intervals up to 4.91g/t Au within an
interpreted mineralised zone of approximately 20m horizontal width.
It is currently interpreted that the gold intercepts in LZRC001 represent possible mineralised vein
sets parallel to the Golden Ridge adit veins (see Figure 2 & 3).
Figure 3 - Golden Ridge Adit Cross Section showing drillhole LZRC001 projected 120m onto section
The mapping, rock sampling and previous RC drill results indicate high-grade mineralisation is
structurally continuous at the Link Zone prospect over a strike length of at least 120m and depth
of 50m and is open in all directions.
Approximately 850m further east of LZRC001, drill hole LZRC004 recorded a similar broad zone
of gold mineralisation recording 33m @ 0.5g/t Au (see Figure 4 and Tables 2 & 3). This
intersection provides further encouragement in support of the trench and adit results of the
potential scale of the Golden Ridge mineralisation system linking the Brilliant and Trafalgar
prospects. LZRC004 is located approximately 1km southwest from the Trafalgar prospect where
Phase 3 diamond drilling is currently underway.
2 See FG1 ASX Announcement dated 19 December 2022 for full details.
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Figure 4 - Golden Ridge Project - Geology plan, showing rock-chip and drilling locations and the
Golden Ridge Adit location between the Brilliant and Trafalgar prospects.
Next Steps
The Link Zone mapping and sampling program is ongoing (see Figure 5). Future sampling work
may include taking larger volume samples to assist in understanding the possible nugget affect
observed in sampling to date. Results of the program will be used to plan future drilling programs
in the area.
The Company is currently diamond drilling at the Trafalgar prospect with the first hole (TFDD016)
in the current program completed on 7 May 2024. Samples from TFDD016 are currently at the
laboratory for assaying. The Trafalgar prospect drill program is designed to in-fill test the highgrade gold zones discovered from earlier programs and test extensions to the known
mineralisation.
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Concurrently the Company is conducting ongoing fieldwork campaigns along the contact of the
granite intrusion, including mapping, rock chip sampling, soil sampling and geological modelling
with the aim of identifying additional gold targets.
Figure 5 - Historical Golden Ridge Adit with Flynn geologists examining
mineralized structures within the ore-drive
For more information contact:
Neil Marston
Managing Director & CEO
+61 3 9692 7222
info@flynngold.com.au
Ben Creagh
Media & Investor Relations
+61 (0) 417 464 233
benc@nwrcommunications.com.au
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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205
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About Flynn Gold Limited
Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania
and Western Australia (see Figure 6).
The Company has nine 100% owned tenements located in northeast Tasmania which are highly prospective
for gold as well as tin/tungsten (see Figure 7). The Company also has the Henty zinc-lead-silver project on
Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in northwest
Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of
Western Australia.
For further information regarding Flynn Gold please visit the ASX platform (ASX: FG1) or the Company’s
website www.flynngold.com.au.
Figure 6 - Location Plan of Flynn Gold projects
References:
FG1: ASX Announcement dated 15th June 2021 (Prospectus)
FG1: ASX Announcement dated 19th November 2021
FG1: ASX Announcement dated 19th December 2022
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Figure 7 - Location Plan of Flynn Gold NE Tasmanian projects
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Table 1: Link Zone and Golden Ridge Adit rock chip results
Notes:
•
Co-ordinate projection is MGA94, zone 55.
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Table 2: Location Data for LZRC001 and LZRC004
Notes:
•
•
Co-ordinate projection is MGA94, zone 55.
Results originally reported in FG1 ASX announcement dated 19 December 2022
Table 3: LZRC001 and LZRC004 significant intercepts (>0.3g/t Au cut-off)
Notes:
•
•
•
All reported intersections are assayed on 1m intervals
Significant intercept cut-off grade is 0.3g/t Au, except where * indicates a cut-off grade of 0.1g/t Au was used
to indicate broad zones of anomalous values (maximum internal dilution of 5m).
Results originally reported in FG1 ASX announcement dated 19 December 2022
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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205
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JORC Code Table 1 for Exploration Results
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections)
Criteria
JORC Code explanation
Commentary
Sampling
techniques
Nature and quality of sampling (e.g. cut
channels, random chips, or specific specialised
industry standard measurement tools
appropriate to the minerals under
investigation, such as downhole gamma
sondes, or handheld XRF instruments, etc.).
These examples should not be taken as
limiting the broad meaning of sampling.
The sampling described in this report refers to rock chip grab
sampling. Samples were collected in the field by qualified
geologists. Float or in situ rocks of interest were collected, with
sample size ranging from 300 g to 3 kg.
- Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.
Adit and ore drive grab samples were systematically collected
from the walls or floor of the adit.
Sampling was carried out to Flynn Gold’s internal protocols and
Quality Control procedures, as per industry standard.
Float samples are marked as such, and it is noted that these
rocks have potentially been transported.
- Aspects of the determination of
mineralisation that are Material to the Public
Report.
Drilling
techniques
Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,
sonic, etc.) and details (e.g. core diameter,
triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether
core is oriented and if so, by what method,
etc.).
No new drilling reported.
Drill sample
recovery
Method of recording and assessing core and
chip sample recoveries and results assessed.
No new drilling reported.
Measures taken to maximise sample recovery
and ensure representative nature of the
samples.
Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse material.
Logging
Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.
No new drilling reported.
Rock chip samples were geologically logged for lithology,
mineralisation, veining and alteration.
Rock chip samples were digitally photographed.
Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc)
photography.
The total length and percentage of the
relevant intersections logged.
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Criteria
JORC Code explanation
Commentary
Subsampling
techniques
and sample
preparation
If core, whether cut or sawn and whether
quarter, half or all core taken.
No new drilling reported.
If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet or
dry.
For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
Quality control procedures adopted for all
subsampling stages to maximise
representivity of samples.
Measures taken to ensure that the sampling
is representative of the in-situ material
collected, including for instance results for
field duplicate/second-half sampling.
Sampling is guided by Flynn Gold’s protocols and Quality
Control procedures, as per industry standards.
All staff were adequately trained for all sampling steps.
Samples weighed between 300 g and 3 kg, which is considered
to be appropriate for the nature of the mineralisation.
A representative sample from all rock chip samples were cut by
a hand operated core saw and kept as a reference.
Entire samples were prepared at the ALS laboratory in Burnie.
Samples were weighed (WEI-21), crushed (CRU-21), then
pulverized (PUL-21) to a nominal 85% passing 75 microns.
Whether sample sizes are appropriate to the
grain size of the material being sampled.
Quality of
assay data
and
laboratory
tests
The nature, quality and appropriateness of
the assaying and laboratory procedures used
and whether the technique is considered
partial or total.
All samples were submitted for preparation at the ALS
laboratory in Burnie. Samples were analysed at Burnie for Au by
AU-AA25 (30 g charge fire assay) then sent to Townsville for
multi-element assay by 4 acid digest (MS-ME61).
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.
No geophysical tools were used to determine any element
concentrations.
No field duplicates were collected. No standards or blanks were
used.
Nature of quality control procedures adopted
(e.g. standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (i.e. lack of bias) and
precision have been established.
Verification
of sampling
and assaying
The verification of significant intersections by
either independent or alternative company
personnel.
The use of twinned holes.
Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
Discuss any adjustment to assay data.
No new drilling reported.
All reported data was subjected to validation and verification by
company personnel prior to reporting.
Primary data is collected digitally using a field tablet computer
using in-house logging codes.
The data is checked and verified prior to entering into a master
database.
Flynn Gold has done sufficient verification of the data, in the
Competent Person’s opinion, to provide sufficient confidence
that sampling was performed to adequate industry standards
and is fit for the purpose of planning exploration programs and
generating targets for investigation.
All original sampling records are kept on file.
No adjustments have been made to any of the assay data.
Location of
data points
Accuracy and quality of surveys used to locate
drillholes (collar and downhole surveys),
trenches, mine workings and other locations
used in Mineral Resource estimation.
Specification of the grid system used.
All Flynn Gold samples are surveyed using a handheld Garmin
64ST GPS (accuracy +/- 5m).
All coordinates are in MGA94 Zone 55.
A Mineral Resource estimate has not been determined.
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Criteria
Data spacing
and
distribution
Orientation
of data in
relation to
geological
structure
JORC Code explanation
Commentary
Quality and adequacy of topographic control.
RL’s have been assigned from high precision LIDAR data.
Data spacing for reporting of Exploration
Results.
Rock chip samples were taken at a spacing of 3 – 6 m in the ore
drive, but only from areas of interest in the adit, with no clear
spacing noted.
Whether the data spacing and distribution is
sufficient to establish the degree of geological
and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Further modelling and resource estimation work is required to
understand if the data spacing from this campaign, coupled
with previous campaigns, is sufficient to establish a minerals
resource.
Whether sample compositing has been
applied.
Samples have not been composited.
Whether the orientation of sampling achieves
unbiased sampling of possible structures and
the extent to which this is known, considering
the deposit type.
Due to the nature of the adit and ore drive, consideration to the
orientation of the sampling beyond the direction of adit / ore
drive was difficult. Where possible, when sampling a vein the
rock chips were taken from a channel perpendicular to the vein
contact.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
Structural data yielded from this campaign will be used to verify
existing models.
Where applicable, and where contacts have been preserved,
structural data can be used to confirm true thickness of
mineralised intervals.
From the information available, no sampling bias issues have
been identified to date.
Sample
security
The measures taken to ensure sample
security.
Samples were freighted to ALS laboratory using Flynn Golds’
chain of custody protocols which are considered to be industry
standard.
Verification of sample numbers and identification is conducted
by the laboratory on receipt of samples, and sample receipt
advise issued to Flynn Gold.
Details of all sample movements are digitally recorded and
available in real time to authorised staff through the ALS
Webtrieve Portal.
No third parties have been allowed access to the samples.
Audits or
reviews
The results of any audits or reviews of
sampling techniques and data.
No audits have been completed.
No reviews have been carried out at this time.
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Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section)
Criteria
JORC Code explanation
Commentary
Mineral
tenement and
land tenure
status
Type, reference name/number, location and
ownership including agreements or material
issues with third parties such as joint ventures,
partnerships, overriding royalties, native title
interests, historical sites, wilderness or
national park and environmental settings.
The Golden Ridge Project covers a total area of 167km2 under a
single exploration licence, EL17/2018.
The security of the tenure held at the time of
reporting along with any known impediments
to obtaining a licence to operate in the area.
Exploration
done by other
parties
Acknowledgment and appraisal of exploration
by other parties.
The licence is owned and controlled by Flynn Gold through its
100% owned subsidiary, Kingfisher Exploration Pty Ltd.
Flynn Gold is unaware of any impediments for exploration on
the licence.
Relevant exploration done by other parties are outlined in the
References listed in this release.
All historical exploration records are publicly available via the
Tasmanian Government websites, including Land Information
System Tasmania (thelist.tas.gov.au).
Previous exploration has been completed on Flynn Gold’s
projects by a variety of companies. Significant exploration and
drilling at Golden Ridge was completed by a variety of
companies, including Billiton Australia, Tamar Gold and MPI Pty
Ltd, with technical studies completed by Shaw Excavations.
Please refer to the FG1 Prospectus dated 30 March 2021 for
details and references therein relating to previous work.
All work conducted by previous operators at the Golden Ridge
is considered to be of a reasonably high quality and done to the
industry standards of the day, with information incorporated
into annual statutory reports.
Previous operators have conducted very little exploration work
outside of the historical small scale mine working areas at the
Golden Ridge projects.
Geology
Deposit type, geological setting and style of
mineralisation.
The Golden Ridge project is through to host intrusion related
gold system (IRGS) style mineralisation consisting of gold
bearing quartz-carbonate-sulphide stockwork veining hosted in
hornfelsed pelitic and quartzose sedimentary rocks within the
Palaeozoic Mathinna Group of northeast Tasmania.
Please refer to the FG1 prospectus dated 30 March 2021 for
more details.
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Criteria
JORC Code explanation
Commentary
Drillhole
information
A summary of all information material to the
understanding of the exploration results
including a tabulation of the following
information for all Material drillholes:
No new drilling reported.
• easting and northing of the drillhole collar
• elevation or RL (Reduced Level – elevation
above sea level in metres) of the drillhole
collar
• dip and azimuth of the hole
• downhole length and intersection depth
• hole length.
If the exclusion of this information is justified
on the basis that the information is not
Material and this exclusion does not detract
from the understanding of the report, the
Competent Person should clearly explain why
this is the case.
Data
aggregation
methods
In reporting Exploration Results, weighting
averaging techniques, maximum and/or
minimum grade truncations (e.g. cutting of
high grades) and cut-off grades are usually
Material and should be stated.
No data aggregation or intercept calculations are included in
this release.
No metal equivalent values have been reported in this release.
Where aggregate intersections incorporate
short lengths of high-grade results and longer
lengths of low-grade results, the procedure
used for such aggregation should be stated
and some typical examples of such
aggregations should be shown in detail.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
Relationship
between
mineralisation
widths
and
intersection
lengths
These relationships are particularly important
in the reporting of Exploration Results.
No new drilling reported.
Diagrams
Appropriate maps and sections (with scales)
and tabulations of intersections should be
included for any significant discovery being
reported These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.
Appropriate diagrams are available with this report.
Balanced
reporting
Where comprehensive reporting of all
Exploration Results is not practicable,
representative reporting of both low and high
grades and/or widths should be practiced to
avoid misleading reporting of Exploration
Results.
The accompanying document is considered to represent a
balanced report in context of the exploration results being
reported.
If the geometry of the mineralisation with
respect to the drill hole angle is known, its
nature should be reported.
If it is not known and only the downhole
lengths are reported, there should be a clear
statement to this effect (e.g. “downhole
length, true width not known”).
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Criteria
JORC Code explanation
Commentary
Other
substantive
exploration
data
Other exploration data, if meaningful and
material, should be reported including (but
not limited to): geological observations;
geophysical survey results; geochemical
survey results; bulk samples – size and method
of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
All relevant and material exploration data is shown on figures,
presented in tables, and discussed in text.
Further work
The nature and scale of planned further work
(e.g. tests for lateral extensions or depth
extensions or large-scale step-out drilling).
Further work is currently being planned and permitted for the
Golden Ridge prospect.
Diagrams clearly highlighting the areas of
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.
Planned exploration programs include continued geological
mapping and rock sampling, soil sampling and costeaning.
Drilling works at Trafalgar have recommenced.
Competent Person Statement
The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Mr
Michael Fenwick, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Fenwick is a
full-time employee of Flynn Gold. Mr Fenwick has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Mr Fenwick consents to the inclusion in the report of the matters based on his information in the form and context in
which it appears.
Forward Looking and Cautionary Statements
Some statements in this announcement regarding estimates or future events are forward-looking statements. They
include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward-looking
statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”,
“estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, "predict", "foresee", "proposed", "aim",
"target", "opportunity", “could”, “nominal”, “conceptual” and similar expressions. Forward-looking statements, opinions
and estimates included in this report are based on assumptions and contingencies which are subject to change without
notice, as are statements about market and industry trends, which are based on interpretations of current market
conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee
of future performance. Forward-looking statements may be affected by a range of variables that could cause actual
results to differ from estimated or anticipated results and may cause the Company’s actual performance and financial
results in future periods to materially differ from any projections of future performance or results expressed or implied
by such forward-looking statements. So, there can be no assurance that actual outcomes w
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