Flynn Gold Limited (ASX:FG1) Firetower High-Grade Gold-Tungsten Project Enters New Phase of Expanded Drilling Activity
1 June 2026
Price Sensitive Announcement $
Highlights:
- Diamond drilling program underway at the high-grade Firetower Gold-Tungsten Project in northern Tasmania
- Planned program has been expanded from three to ten drill holes for 1,600m, including extensional and in-fill drill holes
- Expanded drill program designed to test for extensions of high-grade gold-tungsten-cobalt mineralisation and collect core for planned metallurgical testwork
- First hole currently underway testing for down-dip extensions below previous high-grade gold-tungsten intercept in hole 2019FTD007E of:
- 17m @ 2.31g/t Au, 0.73% WO3, 0.16% Co, 0.16% Cu from 121m
- Results from this drilling program will support the delivery of a maiden Mineral Resource Estimate for Firetower
- Diamond drilling at the Henty Ag-Pb-Zn Project recently completed with six drill holes for 1,248m — final assay results pending, with early results from the first hole at Silver King including 1.0m @ 1,020g/t Ag, 15.2% Pb, 4.7% Zn from 101m
Overview:
Flynn Gold Limited, a Tasmanian-focused gold and critical minerals explorer with 100% ownership of the Firetower Gold-Tungsten Project in northern Tasmania, is pleased to announce that diamond drilling has commenced at Firetower. The Phase 2 program is targeting depth extensions to high-grade polymetallic gold-tungsten-cobalt mineralisation and will also collect fresh core samples for planned metallurgical testwork, with results to support the delivery of a maiden Mineral Resource Estimate for the project.
The three-hole Phase 2 program has been expanded by the Company’s board to up to ten diamond core holes for approximately 1,600 metres. The expanded program is designed to test down-dip extensions to high-grade polymetallic Au-W-Co-Cu mineralisation intersected in previous drill holes, collect fresh diamond core for metallurgical testwork, and provide in-fill and extensional data to underpin a maiden Mineral Resource Estimate.
A high-grade polymetallic system with significant depth potential
Mineralisation at Firetower has been defined by drilling over a strike length of approximately 250m and to depths of 150m below surface, and remains open at depth. Since acquiring the project in 2023, Flynn Gold has completed desktop studies, limited new drilling, and comprehensive relogging and re-assaying of historical diamond core, confirming the presence of significant polymetallic Au-W-Co-Cu mineralisation.
The first hole of the new program, 2019FTD014E, is a diamond extension to historical drill hole 2019FTD014 and is targeting the continuation of polymetallic mineralisation approximately 75 metres down-dip from previous high-grade intercepts. Best intercepts from Flynn Gold’s drilling and historical re-assays since 2023 include:
- 17.0m @ 2.31g/t Au, 0.73% WO3, 0.16% Co, 0.16% Cu from 121m, including 1.7m @ 6.64g/t Au, 1.08% WO3, 0.13% Co, 0.14% Cu from 121m (2019FTD007E)
- 9.0m @ 2.56g/t Au, 0.32% WO3, 0.25% Co, 0.1% Cu from 99m, including 3.0m @ 8.59g/t Au, 0.83% WO3, 0.29% Co, 0.21% Cu from 105m (2019FTD006)
- 10.0m @ 2.64g/t Au, 0.19% WO3 from 63m, including 4.0m @ 2.75g/t Au, 0.46% WO3, 0.07% Co from 69m (2019FTD011)
- 10.0m @ 0.62g/t Au, 0.29% WO3, 0.22% Co from 216m, including 1.4m @ 2.23g/t Au, 1.31% WO3, 0.58% Co from 221.1m (FTD041)
Firetower sits within the north-eastern extension of the Mt Read Volcanics belt — a highly prospective corridor that hosts several major base and precious metal deposits in northwest Tasmania.
Critical minerals context adds strategic weight
The polymetallic nature of the Firetower deposit adds significant strategic value in the current market environment. Global tungsten markets have been affected by supply-side constraints after China initiated export controls in early 2025, driving prices to all-time highs in 2026. Cobalt, another key component of the Firetower mineralisation, is a critical battery metal with approximately 70% of global production coming from the Democratic Republic of Congo — a jurisdiction that imposed a quota system governing mined output and controlling cobalt exports until at least 2027. The association of gold with these critical minerals broadens the project’s economic and strategic importance considerably, particularly given Australia’s Tier-1 jurisdiction status and strong ESG credentials.
Henty Silver-Lead-Zinc Project update
Flynn Gold has also recently completed its diamond drilling program at the Henty Silver-Lead-Zinc Project near Zeehan in western Tasmania. Five drill holes totalling 1,101.6m were completed at the Silver King and South King prospects, with one additional hole for 146.6m drilled at the Grieves Siding prospect. Early results from the first hole at Silver King (SKDD001) returned 1.0m @ 1,020g/t (33oz/t) Ag, 15.2% Pb, 4.7% Zn, 0.45% Cu, 0.39% Sb and 0.05g/t Au from 101m, including 0.4m @ 2,450g/t (79oz/t) Ag, 29.5% Pb, 9.0% Zn from 101.2m — results consistent with historical mine records at Silver King. Final assay results from the full program are pending and will be reported in the coming weeks.
Company Notes:
Managing Director and CEO Neil Marston commented: “We are delighted to have a new phase of drilling underway at the Firetower Project, with the goal of rapidly advancing the high-grade gold-tungsten-cobalt mineralisation towards a maiden Mineral Resource Estimate. The Company’s board has recently approved an expansion of the planned drilling from three to ten holes, all of which are fully permitted, with the first hole now underway.
“As part of this program, we intend to test for depth extensions to the mineralisation, which has seen limited drilling below 100 metres from surface. This drilling has the potential to significantly expand the scale of the mineralised system. The Company’s aim is to complete this drilling and metallurgical testwork as soon as possible, targeting a maiden Mineral Resource Estimate for the Firetower Project.”
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