Flagship Minerals (ASX:FLG) Advances Pantanillo Gold Project with Acquisition of Anglo American Dataset

Sonal Goyal

03 September 2025 12:16 PM AEST

Flagship Minerals (ASX:FLG) Advances Pantanillo Gold Project with Acquisition of Anglo American Dataset

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Highlights

Pantanillo dataset to fast-track conversion of 1.05Moz foreign gold estimate into a JORC (2012) Mineral Resource Estimate.

New drill analysis confirms wide gold mineralisation intervals, including 193m @ 1.01 g/t Au and 493m @ 0.53 g/t Au.

Flagship aims to establish a long-term operation targeting 100,000oz of annual gold production for at least 10 years.

Flagship Minerals Limited (ASX:FLG) has confirmed the successful completion of its initial review of the extensive Pantanillo dataset acquired from Anglo American Norte SpA. The dataset, comprising more than 700 folders with over 10,000 individual documents and supported by drill core, pulps, and sample materials, will accelerate the conversion of the existing foreign resource estimate into a JORC (2012) compliant Mineral Resource Estimate (MRE).

Review of the Dataset

The acquired dataset contains over 32GB of geological, geochemical, and drilling information, alongside approximately 14,000 metres of diamond drill core from 48 holes at Pantanillo Norte. The data is considered to be in good condition and will form the basis of the Company’s JORC (2012) MRE preparation.

Drillhole information includes 183 holes for 30,370.2 metres of drilling and 18,865 assayed samples. The dataset covers both Pantanillo Norte, where a 1.05Moz foreign gold estimate (QFE1,2 NI 43-101) at 0.69 g/t Au has previously been defined, and surrounding zones with potential for resource expansion.

Drill Results and Mineralisation Potential

Flagship has validated historical results and generated updated intercept calculations using a 0.15 g/t Au cut-off, which the Company considers more appropriate for the deposit type compared to the previously applied 0.30 g/t Au cut-off. Significant broad intercepts from re-cut drill data include:

193m @ 1.01 g/t Au from 28m, including 116m @ 1.50 g/t Au (SR97PN12)
142m @ 1.13 g/t Au from 310m, including 86m @ 1.54 g/t Au (PN-08)
493m @ 0.53 g/t Au from 9m, including 158m @ 0.86 g/t Au (PN-03)

Across the top 20 intersections, the average thickness was 205m at 0.65 g/t Au, indicating consistent mineralisation at depth and across strike.

Strategy and Development Plan

Flagship’s strategy at Pantanillo is focused on advancing exploration and development work to support potential open-pit mining and heap leach processing. The Company aims to define sufficient resources to underpin a project capable of producing 100,000oz of gold annually over a mine life of at least 10 years.

Initial work programs will concentrate on:

Converting the existing QFE into a JORC (2012) compliant Mineral Resource Estimate.
Conducting confirmatory and infill drilling, supported by re-sampling of drill core.
Advancing metallurgical test work and project studies to inform a techno-economic assessment.

Flagship has also identified further oxide and sulphide exploration potential along strike at Pantanillo Norte, as well as within nearby alteration zones at T1 and Pantanillo Central (T2).

Shares of Flagship Minerals traded 28.1% higher at 8.2 cents on 3 September 2025 following the announcement.

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