Key Highlights

  • First assays from the Brilliant Prospect include 18.65 metres at 1.86 grams per tonne gold from 59.35 metres in hole BRDD017.
  • Hole BRDD015 returned 20.35 metres at 1.29 grams per tonne gold from 29 metres.
  • A fourth hole, BRDD018, has intersected visible mineralisation, with assays pending.
  • Cash at 30 September 2026 was A$0.41 million, against a Market Capitalisation of about A$9.92 million.

Flynn Gold Limited (ASX:FG1) has reported the first assay results from its 2026 resource drilling campaign at the Brilliant Prospect, part of its 100 per cent owned Golden Ridge Gold Project in north-east Tasmania. The update, dated 10 November 2026, describes wide zones of shallow gold associated with sheeted quartz veins in the first three diamond holes. Brilliant is the first of the project's exploration target prospects to be advanced toward a maiden Mineral Resource Estimate.

First Assay Results From the Brilliant Prospect

Hole BRDD017 returned 18.65 metres at 1.86 grams per tonne gold from 59.35 metres, including 3.05 metres at 4.65 grams per tonne. Hole BRDD015 returned 20.35 metres at 1.29 grams per tonne from 29 metres, including 3.85 metres at 3.12 grams per tonne. Hole BRDD016 returned 14.80 metres at 1.26 grams per tonne from 20.2 metres, including 1.3 metres at 7.70 grams per tonne.

The company says the drilling was oriented from the south-eastern side of the deposit, whereas much of the historical drilling came from the north-west and ran sub-parallel to the mineralised zone. The change in orientation is presented as a reason for the results, although the company has not yet published a full geological model explaining how the new holes intersect the veins.

Drilling Program and Next Steps

The fourth hole, BRDD018, intersected visual mineralisation associated with sheeted quartz vein zones, down-dip of BRDD017, and its assays are pending. A drilling and trenching program is continuing, with further assays yet to come. Planning is also underway for resource definition drilling at the Trafalgar prospect and a larger step-out program designed to test the zone between Brilliant and Trafalgar.

Visual logging of core is a preliminary indicator only. The grades reported from the first three holes will need to be confirmed across the wider drill pattern before they can be used in a resource estimate.

Capital Position and Market Profile

At 30 September 2026, Flynn held cash of A$0.41 million and no debt. The company reported 708.6 million ordinary shares on issue, a share price of A$0.014 and a market capitalisation of about A$9.92 million. The company also had 118.7 million listed options and 115.5 million unlisted options outstanding.

Against that balance sheet, the company's drilling and resource work will require further funding. The announcement does not describe a funding plan, and the cash balance is small relative to the scale of the program it is describing.

Risks and Matters to Monitor

Early assays from a small number of holes can vary considerably as more drilling is completed, and the company has noted that results from neighbouring projects are included for context only. Maiden resource estimates depend on continuity between holes, the reliability of historical data and the metallurgy of the mineralisation. The company's outlook depends on capital raising, and the share price and option structure indicate that dilution is a material consideration for holders.

Final Word

Flynn Gold's first Brilliant Prospect assays show gold in sheeted quartz veins at shallow depth, with the company attributing the higher-grade intercepts to a new drilling direction. The fourth hole, the trenching program and the Trafalgar planning will determine whether the early pattern holds across the prospect. The company's capacity to fund the next stage of work will be a central question as those results arrive.