Flynn Gold Sells Mount Dove Project in WA to Boost Tasmanian Exploration Efforts

Flynn Gold (ASX: FG1) has divested the non-core Mount Dove project in Western Australia in a move which to bring in additional funds to support its growing Tasmanian mineral exploration strategy.

The company will receive $200,000 in cash under a binding agreement with Northern Star Resources (ASX: NST) for the sale of exploration licence E45/5055 and the Mount Dove project.

Flynn is also looking to either divest or form a joint venture for its remaining non-core WA exploration assets and apply any proceeds toward ongoing exploration of its advanced, high-potential Tasmanian gold and silver projects.

Low-Priority Asset

Flynn chief executive officer Neil Marston described Mount Dove as a “very early-stage exploration asset” that would require significant expenditure to progress, making it a low priority asset for Flynn.

“This tenement sale is the first step in our broader divestment strategy of our non-core WA assets,” he said.

“Our exploration focus is firmly on our Tasmanian assets, where Flynn has been reporting excellent results from field work and drilling.”

Tasmanian Focus

The company’s growing focus on north-east Tasmania has already seen it uncover opportunities at Golden Ridge, Warrentinna and Beaconsfield.

At Warrentinna, Flynn has identified a Victorian-style orogenic gold system it believes it can develop as an open-pit gold deposit.

The company is also exploring a similar orogenic gold system within historical workings surrounding the high-grade Beaconsfield gold mine.

Trafalgar Success

Earlier this week, the company reported drilling success at the Trafalgar prospect within its high-grade Golden Ridge project.

Assays from diamond drilling at Trafalgar confirmed continuity of mineralisation across multiple structures, particularly within the Main Zone.

The additional funds brought in by the Mount Dove sale will help Flynn follow up historical workings and gold anomalies at multiple prospects across a 9-kilometre gold mineralised zone at Golden Ridge that remains open along trend.

Flynn has already developed an exploration target of up to 520,000 contained ounces at Golden Ridge and will now look to refine its geological and structural models with new data and updated interpretations.