Flynn Gold Unveils Significant Exploration Target at Golden Ridge
FG1 (FG1) Share Update November 2024 Thursday 7th
Flynn Gold Announces Maiden Exploration Target at Golden Ridge
Flynn Gold Limited (ASX: FG1) has announced a maiden JORC-compliant Exploration Target for its Golden Ridge Project in North-east Tasmania, marking a significant milestone in the company's exploration efforts.
Instant Summary:
- Exploration Target estimated at 3.5 to 5.4 million tonnes.
- Contained gold estimated between 449,000oz to 520,000oz.
- Exploration Target is open in all directions.
- Diamond drilling underway to expand the target.
Exploration Target Details
Flynn Gold Limited has announced a maiden JORC-compliant Exploration Target for its Trafalgar, Brilliant, and Link Zone prospects at the Golden Ridge Project. The estimated range of potential mineralization is between 3.5 to 5.4 million tonnes, grading at 3.0g/t Au to 4.0g/t Au, which translates to 449,000oz to 520,000oz of contained gold.
The Exploration Target, which is open in all directions, represents less than 30% of the known strike of the 9km gold anomaly at Golden Ridge. This highlights the substantial growth potential of the project.
Ongoing and Future Exploration
Flynn Gold is currently conducting diamond drilling at the Link Zone to test extensions of known gold-vein mineralization. Further drilling is planned to expand the Exploration Target and convert it into a Mineral Resource.
Managing Director Neil Marston expressed optimism about the project's future, stating that the company aims to significantly increase the tonnage and grade at Golden Ridge through in-fill and expansion drilling.
The announcement of a significant Exploration Target is a positive development for Flynn Gold, potentially boosting investor confidence and interest in the company's stock. The open-ended nature of the target suggests further potential for resource expansion, which could enhance the company's valuation.
Investor Reaction:
Analysts are likely to view this announcement favorably, given the potential for resource expansion and the strategic importance of the Golden Ridge Project. Investors may respond positively, anticipating future growth and exploration success.
Conclusion:
Flynn Gold's announcement of a maiden Exploration Target at Golden Ridge marks a crucial step in its exploration strategy. Investors should watch for further updates on drilling results and potential resource upgrades.