Golden Ridge Drilling Yields Promising Gold Intercepts; $2.6M Raised

Exploration Momentum Builds at Golden Ridge

Flynn Gold Limited (ASX: FG1) has advanced its exploration activities in Tasmania with a focused drilling campaign and new target discoveries during the March 2025 quarter. The company commenced a 2,000-metre Phase 4 diamond drilling program at the Trafalgar and Trafalgar North prospects within the Golden Ridge Project, aiming to infill and extend known gold mineralisation zones. Early assay results from drill hole TFDD021 confirmed multiple anomalous gold intervals, including 0.5 metres at 2.9 g/t Au, extending mineralisation by approximately 60 metres along strike.

Additional drilling at Trafalgar is designed to close gaps between previously reported high-grade intercepts, some exceeding 150 g/t Au over narrow widths, underscoring the potential for a robust resource. Pending assays from ongoing holes are highly anticipated to further delineate the system’s scale and grade continuity.

New Targets Emerge: Grenadier and Double Event Prospects

Exploration efforts have also uncovered a significant new quartz vein system at the Grenadier Prospect, with trenching revealing extensive quartz-sulphide veining over a strike length exceeding 300 metres. While assay results from recent channel sampling remain pending, the expanded gold-in-soil anomaly at Grenadier now covers more than 1 kilometre in both north-south and east-west directions, highlighting a compelling exploration corridor.

At the nearby Double Event Prospect, historical workings have been revisited, and recent rock chip sampling returned impressive gold grades up to 44.5 g/t Au from mineralised quartz-arsenopyrite veins. These findings validate the prospect as an emerging high-grade target, with follow-up trenching planned to better define mineralisation extents.

Silver-Lead-Zinc Potential Confirmed at Henty Project

In western Tasmania, the Henty Project has yielded highly anomalous silver-lead-zinc mineralisation from rock chip sampling across multiple historical workings. Nine out of seventeen samples exceeded 311 g/t silver, with some assays reporting exceptional grades such as 1,120 g/t Ag, 52.1% Pb, and 3.1% Zn. These results confirm the presence of a robust polymetallic system and have prompted plans to accelerate exploration activities, including drilling at key prospects like Mariposa and Silver King.

Capital Raising Supports Exploration Acceleration

To underpin its expanding exploration programs, Flynn Gold successfully completed a $2.6 million share placement during the quarter. The placement, conducted in two tranches, included the issue of 130 million new shares at $0.02 each, accompanied by free attaching options exercisable at $0.04. The company’s largest shareholder participated significantly, subscribing to 40 million shares. Proceeds are earmarked for advancing drilling at Golden Ridge, exploration at Henty, and general working capital.

At quarter-end, Flynn held $1.02 million in cash, excluding $1.4 million received post-quarter from the second tranche of the placement. Operating cash outflows were $827,000 for the quarter, with exploration expenditure accounting for $637,000, reflecting the company’s commitment to progressing its projects.

Western Australia Portfolio Streamlined

While no fieldwork was conducted on Flynn’s Western Australian assets during the quarter, the company undertook a strategic review, resulting in the surrender of several small or isolated tenements and withdrawal of some applications. The option to acquire the Parker Dome Project was allowed to lapse, indicating a focus on core Tasmanian projects for near-term value creation.

Flynn’s ongoing exploration success in Tasmania, combined with a strengthened balance sheet, positions the company well to unlock value from its gold and base metal prospects. The market will be watching closely for forthcoming assay results and resource updates that could further validate the company’s growth trajectory.