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Flynn Gold Reports Au-Co-W-Cu Intersections at Firetower

22 January 2024 10:53
Flynn Gold

Flynn Gold Limited (ASX:FG1) has received the first assay results from its recent diamond drilling campaign at the Firetower Project, located in the northwest of Tasmania, confirming coherent zones of high-grade polymetallic gold, cobalt, tungsten and copper (Au-Co-W-Cu) mineralisation.

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Figure 1: Firetower Project Geology and Gold Prospects

Successful Drilling Campaign

The diamond drilling program consisted of one new drillhole and three diamond tail extensions to holes previously drilled in 2019.

The campaign was drilled for a total of 496.0 metres with all drill core cut and submitted for multi-element analysis.

Flynn Gold has received the assay from the first 164.6 metres, with the remaining 331.4 metres still pending.

The Company reports the initial assay highlights demonstrate high-grade gold-cobalt-tungsten-copper mineralisation intersected, including:

  • Hole 2019FTD007E:
    • 17.0 metres @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0 -138.0 metres, including:
      • 1.7 metres @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0 metres
      • 5.5 metres @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5 metres
  • Extension drill hole 2019FTD004E:
    • 9.1 metres @ 0.85g/t Au, 0.1% Co, 0.09% WO3 and 0.15% Cu, from 111.9 metres, including:
      • 2.4 metres @ 1.7g/t Au, 0.15% Co, 0.26% WO3 and 0.19% Cu from 118.6 metres.
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Figure 2: Firetower Project Drill Hole Location Plan.

Drill hole 2019FTD007E

Drill hole 2019FTD007E yielded promising results, with high-grade gold-cobaltite-scheelite enriched mineralised veining at 129.8 metres. The core assayed over 1.0% WO3 in the 0.5 metre sample interval, and was visible under the ultraviolet light.

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Figure 3: 2019FTD007E, 129.8 metres – Drill core under ultraviolet light, highlighting intense scheelite (CaWO4) mineralisation (blue) (Interval 129.5-130.0 metres Assay: 0.5 metres @ 6.64g/t Au, 0.38% Co, 1.02% WO3, 0.11% Cu).

Future Outlook

From here, the Company plans to wait for the remaining assays to be returned, then undertake the next steps to advance the Firetower Project.

Flynn Gold intends to update the geological model and interpretation of the Project and create a resource block model to enable the future estimation of mineral resources and exploration targets.

Preliminary metallurgical testwork is also planned to take place whcih will aid in establishing potential processing solutions to extract the polymetallic minerals.

Finally, the Company is in the process of planning additional drilling under its existing permits, with the aim of extending the depth of earlier drill holes to test for continuation of the high-grade gold-cobalt-tungsten mineralised zone.

The polymetallic Au-Co-W-Cu mineralisation at Firetower is currently defined by historic drilling over a strike length of 200 metres and remains open along a highly prospective 6 kilometre long trend between the Firetower West and Firetower East prospects.

This prospective 6 kilometre strike length remains lightly drilled, offering significant exploration potential for the Company as it continues to advance the Firetower Project.

The mineralisation, which partly outcrops, is currently drill-tested to approximately 150m depth and remains open down-dip.

Company Comments

Flynn Gold’s Managing Director and CEO, Neil Marston, commented on the drilling.

“High-grade gold-cobalt-tungsten has been recorded in the first results from drilling at the Company’s Firetower Project in northwest Tasmania,” he said.

“Our drilling has been successful in testing for depth extensions of the main mineralised zone. The 4-hole drill program completed in December 2023 tested depth extension targets generated from our recent review of the project.”

“Previous drilling at Firetower has been generally shallow and across a limited strike length, with very few holes extending beyond 150m from the surface. Several previous drill holes ended in mineralisation.”

“These early results demonstrate the depth continuity of mineralisation and highlight the significant potential for high-grade mineralisation to continue at depth and along strike.”

“Importantly Flynn already has permits in place to undertake a follow-up drilling program to test for further mineralisation.”

FG1’s Australian Securities Exchange-listed share price has risen 6% higher and is currently trading at $0.053 (10.45am UTC+ 8 hours).

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