Flynn Gold (ASX: FG1) has divested its non-core Mount Dove project in Western Australia, securing additional funds to bolster its mineral exploration efforts in Tasmania. The company will receive $200,000 in cash from Northern Star Resources (ASX: NST) under a binding agreement for the sale of exploration licence E45/5055 and the Mount Dove project.
Flynn Gold is an Australian-based mineral exploration company focused on discovering and developing gold and tin deposits. The company’s primary focus is on its portfolio of exploration tenements in Tasmania and Western Australia. Flynn aims to either divest or establish joint ventures for its remaining non-core WA exploration assets, with proceeds allocated to the exploration of its advanced Tasmanian gold and silver projects.
According to Flynn Gold CEO Neil Marston, Mount Dove was considered an “early-stage exploration asset” requiring significant expenditure to progress, making it a low-priority asset for Flynn. The company’s growing focus on north-east Tasmania has already revealed opportunities at Golden Ridge, Warrentinna, and Beaconsfield. Recent drilling success at the Trafalgar prospect within the Golden Ridge project confirmed continuous mineralisation across multiple structures.
The funds from the Mount Dove sale will allow Flynn to investigate historical workings and gold anomalies across a nine-kilometre gold mineralised zone at Golden Ridge. Flynn has developed an exploration target of up to 520,000 contained ounces at Golden Ridge and aims to refine its geological and structural models with new data and interpretations.
