Key Highlights

  • Flynn Gold (ASX:FG1) shares were priced at $0.016 during the 20 October 2026 session, a gain of 14.29%.
  • Hole 2019FTD003E returned 12.95m at 2.24g/t Au, 0.46% WO3, 0.18% Cu, 0.23% Co and 7.22g/t Ag from 156.90m at the Firetower Project in Tasmania.
  • The company said metallurgical sighter testwork is the next step toward finalising a maiden Mineral Resource Estimate for Firetower.

During the Trading session on 20 October 2026, Flynn Gold Ltd (ASX:FG1) shares were priced at $0.016, a gain of 14.29%. The Tasmania-focused explorer's latest announcement to the ASX, dated 19 October 2026, reported the final assay results from its 2026 drilling program at the 100%-owned Firetower Project, together with a revised geological model.

Company Background

Flynn Gold is an Australian mineral exploration company with a portfolio of projects in Tasmania. It holds ten 100%-owned tenements in the state's north-east, which the company describes as prospective for gold as well as tin and tungsten. It also has the Henty silver-lead-zinc project on the west coast and the Firetower tungsten, gold and critical metals project in northern Tasmania.

Firetower is described as an advanced-stage polymetallic gold-tungsten project in the north-eastern extension of the Mt Read Volcanic Sequence. The area has been explored since the 1970s, and earlier campaigns drilled 131 holes totalling about 10,215m. Because those programs did not consistently assay tungsten, cobalt or copper, Flynn has re-assayed historical core for them. The announcement lists 608.6 million ordinary shares on issue and no debt.

Drilling Results From Firetower

Assays have been received for the priority zones of two holes, 2019FTD003E and FT-2026-002, both drilled in the 2026 campaign. The campaign was a five-hole program targeting extensions of the system. Hole 2019FTD003E extends historical hole 2019FTD003, which was originally drilled to 120.20m and now reaches a total depth of 197.75m.

The extension returned 12.95m at 2.24g/t gold, 0.46% tungsten trioxide (WO3), 0.18% copper, 0.23% cobalt and 7.22g/t silver from 156.90m. Within that interval the company reported 1.20m at 3.95g/t gold and 0.93% WO3 from 157.30m, and 2.58m at 4.56g/t gold and 0.92% WO3 from 167.27m. A narrower 0.73m section from 167.27m graded 11.95g/t gold and 2.29% WO3, associated with semi-massive sulphide mineralisation. The intercept lies roughly 50m north-west of hole 2019FTD014E, which returned 9.64m at 2.49g/t gold from 200.13m.

Hole FT-2026-002 intersected two broad zones the company described as predominantly lower grade: 16.40m at 0.65g/t gold from 99.75m, and 23.8m at 0.40g/t gold from 124.7m. Reported grades are down-hole length-weighted averages, and true widths are not yet known; the JORC table estimates them at about 75 to 95 per cent of the reported intervals.

Revised Geological Model

Flynn said its interpretation has identified two principal mineralised structural trends. The F300 Zone is a north-west-trending corridor with broad zones of gold-tungsten-copper-cobalt mineralisation that include discrete high-grade intervals. The F90 Zone is an approximately east-west corridor of predominantly gold mineralisation, generally with lower tungsten and base metal grades but with localised higher-grade intervals.

According to the company, the F90 Zone appears to terminate against the F300 corridor, and wider, higher-grade polymetallic mineralisation occurs where the two trends converge. The 2019FTD003E result supports an interpretation of a possible north-west-plunging zone of higher-grade material within the F300 corridor, which remains open to the north-west and at depth. Drilling to date has shown continuity over a strike length of about 250m and to 200m vertical depth.

Sector Backdrop

Gold closed at US$4,162.58 an ounce on 13 October 2026, down 0.77 per cent on the day, according to the daily price record at pricegold.net.

In tungsten, Shanghai Metals Market reported that a Xiamen tungsten producer set its long-term contract price for externally purchased ammonium paratungstate (APT) at 606,000 yuan a tonne for the first half of August 2026. The same publisher reported spot APT quotations of 440,000 to 450,000 yuan a tonne in early November 2025.

Risks Shareholders Should Weigh

The company states that forward-looking statements in its announcement rest on assumptions and contingencies that can change without notice, and that actual outcomes may differ materially. Firetower is an exploration project. The announcement reports no Mineral Resource or Ore Reserve estimate, and the JORC table notes that no bulk sampling or metallurgical testwork has been completed. True widths have not yet been established.

Funding is a further consideration. The announcement lists cash of A$1.12 million at 30 June 2026 and refers to a rights issue then open to eligible shareholders. Exploration companies generally depend on Capital raisings to continue drilling and studies, and Commodity prices can move independently of exploration progress.

What's Next

Flynn said planned activities at Firetower for the remainder of 2026 are a review of historical Geophysical surveys across the project area, which is well underway; metallurgical sighter testwork; and geological modelling leading to the estimation of a maiden Mineral Resource Estimate.

Separately, resource definition drilling at the Brilliant prospect within the Golden Ridge Project in north-eastern Tasmania is ongoing, with assay results pending. The company's CEO said the rights issue would close on the Wednesday of that week and that news flow across both projects was expected in the coming weeks.