Highlights

  • Flynn Gold shares rose 10% on 24 March 2026, following the report of shallow, high-grade gold and tungsten intercepts at the Firetower Project.
  • New assay results from historical core re-sampling confirmed significant mineralisation, including 10.0m @ 2.64g/t Au and 0.19% WO3.
  • Improved analytical techniques validated higher tungsten grades than previously recorded, supporting the project's polymetallic potential.
  • Follow-up drilling is scheduled to commence in Q2 2026 to test depth extensions beyond 100 metres.
  • Maiden Mineral Resource Estimate (MRE) work is underway with technical support from SRK Consulting.

Flynn Gold Limited (ASX:FG1) saw its share price advance 10% to AUD 0.022 on 24 March 2026. The market responded positively to the announcement of high-grade gold-tungsten assay results from its 100%-owned Firetower Project in Tasmania. The update highlighted the effectiveness of new laboratory techniques in identifying higher-grade critical minerals within existing drill zones.

High-Grade Intercepts Confirm Shallow Mineralisation

The company reported that re-sampling and re-assaying of historical drill core has successfully confirmed the continuity of shallow, high-grade polymetallic mineralisation. Key results from the latest laboratory rounds include:

  • Drill hole 2019FTD011: 10.0m @ 2.64g/t Au and 0.19% WO3 from 63.0m, including a higher-grade zone of 4.0m @ 2.75g/t Au and 0.46% WO3.
  • Drill hole 2019FTD012: 17.0m @ 1.65g/t Au and 0.17% WO3 from 76.0m, including 2.0m @ 4.09g/t Au and 0.55% WO3.

These intercepts are located up-dip of previously identified high-grade zones, suggesting strong vertical continuity. Notably, the new assaying method (XRF15b) consistently yielded higher tungsten grades compared to historical data, providing the company with a more accurate understanding of the deposit's metal content.

Strategic Focus on Critical Metals

The Firetower Project is situated within the Mount Read Volcanic Sequence, a region known for hosting world-class polymetallic mines. Flynn Gold is increasingly focusing on the project's tungsten and cobalt potential, alongside its established gold endowment.

Management noted that global demand for tungsten has significantly impacted the market, with prices for the metal increasing by more than 500% over the last 12 months due to supply constraints. The presence of cobalt and copper further enhances the strategic value of the Firetower asset as the industry seeks Tier-1 sources for battery and critical minerals.

Next Steps and Resource Modelling

Flynn Gold is now moving toward defining the scale of the Firetower system. Current activities include:

  • Resource Assessment: SRK Consulting (Australasia) Pty Ltd is providing technical support for geological modelling and estimation.
  • Exploration Drilling: Permits have been granted to extend existing drill holes to a depth of 200m. This program is slated to begin in the second quarter of 2026.
  • Metallurgical Testing: Plans are being finalised for mineralogical studies to support the upcoming Mineral Resource Estimate.

The upcoming drilling will be the first significant test of the mineralised zone below 100 metres from the surface, targeting a potential increase in the overall scale of the system.

What This Means for Investors?

Today’s price movement reflects investor interest in the upgraded grade profile of the Firetower Project. By applying modern analytical techniques to historical core, Flynn Gold has identified higher concentrations of critical metals like tungsten, which currently commands a premium global price. With a maiden Mineral Resource Estimate in progress and depth-extension drilling commencing next quarter, the company is rapidly transitioning from pure exploration toward defining a formal resource base in a proven mining jurisdiction.

Frequently Asked Questions (FAQs)

  1. Why did Flynn Gold (ASX:FG1) shares rise on 24 March 2026?

The shares climbed 10% after the company reported high-grade gold and tungsten assay results from its Firetower Project, confirming shallow mineralisation and validating higher metal grades through improved testing methods.

  1. What are the key drilling results reported?

Significant intercepts included 10.0m @ 2.64g/t gold and 0.19% tungsten trioxide (WO3), with some internal zones grading as high as 4.09g/t gold and 0.55% WO3.

  1. When will the next phase of drilling begin?

Flynn Gold plans to commence follow-up diamond drilling in the second quarter (Q2) of 2026, focusing on testing the deposit at depths of approximately 200 metres.