Flynn Gold Secures Grant Funding for Golden Ridge Drilling
FLYNN GOLD LIMITED (FG1) Share Update September 2024 Thursday 26th
Flynn Gold Secures $140,000 Grant for Golden Ridge Drilling
Flynn Gold Limited (ASX: FG1) has announced that it has secured up to $140,000 in grant funding from the Tasmanian Government's Exploration Drilling Grant Initiative (EDGI) for its Golden Ridge Project.
Instant Summary:
- Flynn Gold to receive up to $140,000 in EDGI grant funds.
- Grant to co-fund drilling at two prospects within the Golden Ridge Project.
- Preparatory activities for drilling are already underway.
Grant Details
Flynn Gold Limited has been successful in securing two grants under the 10th round of the Tasmanian State Government’s Exploration Drilling Grant Initiative (EDGI). The grants will support exploration drilling targeting new zones of gold mineralisation at the Golden Ridge Project in north-east Tasmania.
The first grant of $70,000 will co-fund drilling beneath the historical Golden Ridge Adit, where recent underground sampling recorded results of up to 64g/t gold. The second grant of $70,000 will co-fund a series of drill-holes at the Link Zone, approximately 900 meters southwest of the Trafalgar Prospect, to test for western extensions to high-grade gold mineralisation.
Project Background
The Golden Ridge Project is one of Flynn Gold's flagship projects, located in a highly prospective area for gold mineralisation. The project area includes several prospects such as the Golden Ridge Adit and the Link Zone, which are part of a significant zone of gold mineralisation stretching over 2.5km.
Flynn Gold's Managing Director & CEO, Neil Marston, expressed his delight at receiving the grants, stating that the funds will allow the company to fast-track the next phase of drilling at Golden Ridge. Preparatory activities, including the signing of Grant Deeds and obtaining drilling approvals, are already underway.
Next Steps
Before drilling can commence, Flynn Gold will complete several preparatory steps:
- Preparation and submission of documentation for MRT drilling works approval.
- Signing of the Grant Deeds with the Department of State Growth.
- Issuing of drilling contracts.
- Completion of site works ahead of drilling equipment mobilisation.
The grant funding is a positive development for Flynn Gold, enabling the company to advance its exploration efforts at the Golden Ridge Project without additional financial strain. This could potentially lead to significant new gold discoveries, positively impacting the company's stock price and market valuation.
Investor Reaction:
Analysts are likely to view this announcement positively, as it demonstrates strong support from the Tasmanian Government and reduces financial risk for Flynn Gold. The potential for new gold discoveries could attract investor interest and boost confidence in the company's exploration strategy.
Conclusion:
Investors should keep an eye on Flynn Gold's progress with the Golden Ridge Project and the results of the upcoming drilling activities. The successful execution of this drilling program could significantly enhance the company's resource base and market position.