Funding and Structural Challenges Loom as Flynn Gold Advances Drilling

Exploration Breakthrough at Golden Ridge

Flynn Gold Limited (ASX – FG1) has reported a major advancement in its exploration campaign at the Golden Ridge Project in north-east Tasmania. The company confirmed the discovery of a new quartz vein system at the Grenadier Prospect, extending over at least 300 metres of strike length. Trenching results have returned encouraging high-grade gold assays, including 0.6 metres at 13.8 grams per tonne (g/t) and other significant intercepts that underscore the prospect’s potential.

These veins are characteristic of an intrusive-related gold system, with steeply dipping quartz veins containing arsenopyrite and pyrite. The mineralisation is not only confined to discrete veins but also occurs over wider intervals with multiple vein sets, suggesting a complex and potentially sizeable gold system.

Metallurgical Success and Drilling Initiatives

Complementing the geological findings, metallurgical testwork on a bulk sample from the G2 vein at Grenadier has demonstrated excellent gold recoveries averaging 95% using conventional cyanide leaching. This result aligns closely with previous testwork at the Trafalgar Prospect, reinforcing confidence in the recoverability of gold from the Golden Ridge mineralisation.

Following these positive developments, Flynn Gold has commenced its maiden diamond drilling program at Grenadier, targeting the down-dip extensions of the high-grade veins exposed near surface. The initial phase includes five drill holes planned for approximately 600 metres. Concurrently, drilling continues at the Trafalgar Prospect, where four holes totaling 879 metres have been completed, with assay results awaited.

Emerging Targets and Corporate Position

Beyond Grenadier and Trafalgar, the Double Event Prospect has emerged as a new high-priority target. Historical workings and recent rock chip samples have revealed gold grades up to 44.5g/t, prompting ongoing trenching and preparatory work for diamond drilling. This area remains largely unexplored by modern drilling techniques, offering potential for further discoveries.

On the corporate front, Flynn Gold maintains a cash position of $1.2 million as of 30 June 2025, following a $1.4 million equity raise during the quarter. The company also completed an Extraordinary General Meeting with all resolutions passed and relocated its registered office to Melbourne. These moves position Flynn Gold to sustain its exploration momentum while managing its financial resources prudently.

Flynn’s portfolio extends beyond Tasmania, with strategic gold, lithium, and iron ore projects in Western Australia’s Pilbara and Yilgarn regions, although no field work was conducted there this quarter.