Flynn Gold begins trading on ASX with exploration drilling underway at Golden Ridge Project

Flynn Gold Ltd (ASX:FG1) started trading on the ASX today following an oversubscribed IPO which raised the maximum amount of $10 million through the issue of 50 million shares at $0.20 per share - giving the company a market capitalisation of around A$19 million at the IPO price. Shares opened today at 15.5 cents and have traded in the range of 14 cents to 17.5 cents. The company is focused on gold exploration across its Tasmanian assets and is establishing a portfolio of exploration assets in the Pilbara and Yilgarn gold regions of Western Australia. Flynn also owns prospective zinc-silver projects on Tasmania’s mineral-rich west coast. “Listing a significant milestone” Funds raised under the offer will be used to undertake a focused exploration program including substantial drilling efforts over two of the company’s key projects in northeast Tasmania (Golden Ridge and Portland) and for further sampling, geophysics and other surveys over the remainder of the portfolio. Flynn Gold executive director Sam Garrett said: “The listing of Flynn Gold is a significant milestone for the company, and we are already on the ground drilling at our flagship project. “I would like to take the opportunity to thank our shareholders for the trust and confidence they have placed in our team. “We look forward to working towards realising the potential of our exciting projects in northeast Tasmania and the Pilbara.” Diamond drilling underway The company has already commenced drilling at its flagship Golden Ridge Intrusive Related Gold System (IRGS) Project in Tasmania. Diamond drilling commenced at the Brilliant Prospect in late April, where previous trenching and drilling by Billiton Australia and MPI Gold Pty Ltd intersected gold mineralisation associated with sheeted quartz-sulphide veins over a zone up to 40 metres wide and to depths of over 200 metres - but only tested a limited strike length of 200 metres. Flynn Gold’s planned drilling program at Brilliant comprises both infill and step-out drill holes designed to confirm historical gold grades, test continuity of mineralisation, and test for along-strike extensions to known mineralisation. North East Tasmania: under-explored Mathinna Beds Geology and mineralisation analogous to Victoria Goldfields. The first phase of the planned drilling at Brilliant is expected to comprise 16 planned drill holes, with two completed to date, totalling around 4,100 metres of diamond core drilling. First assay results are anticipated in four to six weeks subject to completion of the logging and sampling, and the workloads at the assay laboratories. Trafalgar Prospect drilling grant The company has recently been notified by Mineral Resources Tasmania that its application for a co-funded drilling program at the Trafalgar prospect, Golden Ridge has been successful. Flynn has been offered an ‘EDGI’ Program Grant to the value of up to $50,000, for a 600-metre diamond drill hole at the prospect. The drill hole is planned to intersect the granodiorite-sediment contact below the only other previous diamond drill hole at the prospect which did not reach the sediment contact, intersected quartz veining in altered granodiorite, with a zone containing visible gold which assayed 5 metres at 12.56 g/t from 202 metres, and a lower interval of 6 metres at 1.68 g/t from 217 metres. Map of the central area of the Golden Ridge project showing summary geology and surface geochemistry. Gravity survey at Golden Ridge In addition, the company completed a detailed gravity survey over the Golden Ridge project grid during May 2021. A total of 357 gravity station readings were collected and Flynn Gold anticipates that the detailed gravity data, which is being processed and modelled, will provide improved mapping of the highly prospective intrusive-hornfels contact zone underlying the project.