The company’s Grenadier prospect is shaping up as a genuine greenfields discovery given the prospect has had no historical production.

Earlier this week, Flynn announced it had discovered a new quartz vein system over a strike length of at least 300m at Grenadier.

It represents the widest and longest mineralised vein system uncovered at Golden Ridge to date.

Trenching samples included 0.6m at 13.8 grams per tonne gold; 3.4m at 1.6g/t gold, including 0.7m at 6.3g/t; 6m at 0.7g/t gold, including 0.2m at 12.3g/t; 1.85m at 2.6g/t gold, including 1.25m at 3.8g/t gold; and 2m at 1.5g/t gold.

The Trench 9 vein was exposed over 11m of strike and was sampled at 2-3m intervals with gold grades of 6.6-11.8g/t gold.

The company has collected a 10-tonne bulk sample from Trench 9 to be used for metallurgical test work over the coming weeks.

The broader 1km by 1km Grenadier gold-in-soil anomaly remains open to the southeast and is comparable in scale to Flynn’s more advanced Trafalgar prospect, which sits on the opposite of the intrusion.

Only a small portion of the anomaly has been tested with further fieldwork planned on the unexplored areas.

Flynn has permits in place to drill Grenadier, which is expected to begin shortly.

Golden Ridge

Flynn has been working on Golden Ridge since 2021 but is gaining momentum.

A combination of historical workings and Flynn’s work has defined a 9km intrusive-related gold system which is open along trend.

In November last year, Flynn defined a maiden exploration target for the Trafalgar, Brilliant and Link Zone prospects of 3.5 to 5.4 million tonnes grading at 3-4g/t gold for 449,000-520,000oz of contained gold.

The target is open in all directions and represents less than 30% of the known strike of the gold anomaly.

Importantly, neither Grenadier nor any of Golden Ridge’s multiple other prospects are included in the exploration target.

The project remains only lightly drilled.

Previous diamond drilling at Trafalgar has returned results of more than 100g/t gold.

A 2000m phase four diamond drilling program is currently underway at Trafalgar, targeting multiple high-grade gold veins beneath historical workings.

Assay results are expected in the coming weeks.

The program is another step towards defining a maiden resource.

Flynn has also recently started a trenching program at the Double Event prospect.

Double Event has never been drilled but returned rock chip results grading up to 44.5g/t gold earlier this year.

Victoria analogies

Flynn is looking to make a Victorian-style vein discovery.

While not well-understood, northeast Tasmania, where Golden Ridge sits, is an extension of the Lachlan Orogen.

The Lachlan Orogen also hosts Southern Cross Gold Consolidated’s high-grade Sunday Creek gold project near Melbourne.

Southern Cross shares cracked the A$6 mark on the ASX yesterday, a record high, off the back of more high-grade drill results, taking the pre-resource explorer’s market capitalisation to A$1.5 billion.

The company discovered another six new vein sets at Sunday Creek and delivered some of the highest-grade intervals to date.

It reported a hit of 3.4m at 466.4g/t gold, including 2.4 at 670.4g/t gold. The hit also included 0.2m at 4700g/t gold and 0.3m at 1510g/t gold.

Northeast Tasmania also hosts the high-grade Beaconsfield and New Golden Gate gold mines.

Beaconsfield produced 854,600oz of gold at 24.5g/t until 1914 and 920,000oz at 10.5g/t gold between 1999 and 2012, while New Golden Gate produced 253,000oz at 26.0g/t gold between 1887 and 1926.

Tasmania was also subject to recent gold M&A, with Kaiser Reef acquiring the 30,000oz per annum Henty mine on the west coast from Catalyst Metals in a deal worth more than A$47 million.

Kaiser Reef this week reported it had produced 1200oz in its first 10 days of Henty ownership.

Market waking up to Flynn

A high-grade gold explorer is highly leveraged to success in this market, given the record gold price.

Flynn still has a market cap of just A$10 million though the stock has started to move of late.

Shares in Flynn have risen by around 45% this month, including more than 25% over the past five days.

The company raised A$2.6 million in late February in a well-supported placement to fund ongoing work at Golden Ridge.

Colin Bourke and associates are Flynn’s biggest shareholder, recently increasing their stake from 28.3% to 33.9%.

Melbourne’s Lowell Resources Fund is a 4.4% shareholder. Lowell’s chief investment officer, well-known geologist John Forwood, sits on the board of Flynn.