Notable results from this latest round of work are:

  • 10m grading 2.64g/t gold and 0.19% tungsten from a down-hole depth of 63m including 4m at 2.75g/t gold and 0.46% tungsten from 69m (2019FTD011); and
  • 17m at 1.65g/t gold and 0.17% tungsten from 76m including 2m at 2.41g/t gold, 0.58% tungsten, 0.17% cobalt and 0.18% copper from 78m and 2m at 4.09g/t gold, 0.55% tungsten, 0.04% cobalt and 0.12% copper from 88m (2019FTD012).

Mineralised intersections in the two holes are updip of previously reported high-grade polymetallic mineralisation that extends to a depth of about 150m from surface as seen in hole 2019FTD007E that intersected 17m at 2.3g/t gold, 0.73% tungsten, 0.16% cobalt and 0.16% copper from 121m.

The latest results support the continuity of high-grade polymetallic mineralisation at Firetower and validate the use of a more accurate analytical technique to determine tungsten grades in mineralised zones.

Flynn Gold (ASX:FG1) managing director Neil Marston said the project is shaping up to be an exciting opportunity for the company at a time when strong demand has seen the price of tungsten skyrocket by more than 500% in the past 12 months.

“Over the next few months, we intend to undertake further drilling to test the depth extensions of the deposit, which has barely been tested below 100 metres from surface,” he added.

“The deposit sits within the prolific Mount Read Volcanic Sequence, which hosts multiple world-class polymetallic mines such as Rosebery and Mt Lyell.

“At Firetower, we have significant indications of gold and tungsten as well as cobalt, copper and zinc mineralisation close to surface over a six-kilometre zone.”

The latest re-sampled assays were selected from 11 historical drill holes that were not previously assayed for tungsten and were selected to improve database completeness and assist in improving the geological model for the Firetower deposit.

Tungsten assays in holes 2019FTD011 and 2019FTD012 are also generally significantly higher than those recorded in historical assays, validating the use of the new method as a more reliable technique.

Mineralisation at Firetower remains open along strike and at depth, highlighting the scope for extensions through future drilling.

Firetower sits within the Mt Read Volcanic belt, one of Tasmania’s most productive mineral provinces with ready access to services and infrastructure.

FG1 has engaged SRK Consulting to provide geology and estimation modelling assistance as well as make recommendations for future work requirements to generate a maiden resource for the project.

As part of this, the company expects to carry out a program of metallurgical testing including petrology to enable the resource to be estimated.

Permits have also been received from Mineral Resources Tasmania to extend three of the 2019 drill holes with the aim of targeting high-grade mineralisation at a depth of about 200m from surface.

Marston says this has the potential to significantly extend the scale of the mineralised system.

A recent site visit identified additional locations from which further drilling can be undertaken following completion of the first three drill holes without the need for significant site works.

Drilling is expected to start in the second quarter of 2026.