Flynn Gold : Reverse Circulation Drilling Underway at Kensington

onlyASX: FG1

ABN

use82 644 122 216

CAPITAL STRUCTURE

Share Price: A$0.10

Cash (31/3/22): A$6.5M

Debt: Nil personalOrdinary Shares: 95.1M

M rket Cap: A$9.5M

Options: 3.0M

Performance Rights: 1.0M

BOARD OF DIRECTORS

Clive Duncan

Chairman

Sam Garrett

Ex cutive Director

John Forwood

Director

ForCOMPANY SECRETARY

Mathew Watkins

CONTACT

Level 4, 96-100 Albert Road,

South Melbourne,

Victoria, 3205

[phone]

[e-mail]

www.flynngold.com.au

ASX Announcement

26 July 2022

Reverse Circulation Drilling

Underway at Kensington

Highlights

• Reverse circulation (RC) exploration drilling has commenced at the Kensington prospect, located in the Golden Ridge licence.
• A program of 1,350m of scout RC drilling has been planned to test several exploration targets at Kensington, Blinding and the Link Zone.
• The planned scout RC drilling will be the first drilling outside the Brilliant and Trafalgar prospects at the Golden Ridge Project, and represents an important step in testing the kilometre-scale potential of the gold mineralisation system at Golden Ridge.

Flynn Gold Limited (ASX: FG1, "Flynn" or "the Company") is pleased to provide an update on exploration activity at the Golden Ridge Project in northeast Tasmania.

The planned reverse circulation (RC) drilling program comprises approximately 10 shallow exploration drillholes for an expected total of 1,350m. The program is designed as a scout drilling program to test multiple previously undrilled priority target areas identified by the Company (Kensington, Blinding and the Link Zone) (Figure 1).

Executive Director, Sam Garrett said,

"We are excited to commence our shallow RC drilling program at Kensington which will represent the first ever drilling at the prospect and the first drilling outside the Brilliant and Trafalgar prospects. This work is being carried out in conjunction with the ongoing diamond drilling program at Trafalgar. The geological and geochemical information gained will be very valuable to our ongoing exploration efforts at Golden Ridge. Flynn now has 3 active drilling programs in operation in NE Tasmania and we look forward to updating investors on progress and results."

For personal use only

Figure 1. Simplified geology plan and compiled reconnaissance rock and stream sediment geochemistry (recent and historical data1,2), Golden Ridge Project.

Kensington Prospect

RC drilling has started at the Kensington prospect, located around 4km northwest of the Brilliant prospect workings (Figure 4). The Kensington area was originally identified by the Company as a zone of interest due to consistently anomalous gold values in stream sediments draining the southwestern granodiorite/hornfels contact zone.

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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 [e-mail] | www.flynngold.com.au

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Early reconnaissance in the area by Flynn geologists identified extensive zones of sheeted to stockwork/conjugate quartz veining and quartz vein breccia (Figures 2-3), developed in hornfelsed sandstone over an area some 600m in length along the north-south trending ridge. Initial sampling by Flynn indicated widespread anomalous gold with up to 1.74g/t Au from strongly limonitic sheeted grey veins and vein breccia in clayey fine grain sandstone. These sampled veins occur around 1km from the granodiorite/sediment contact (at surface) but are still within the mapped contact metamorphic aureole. Follow-up rock chip sampling returned further anomalous results ranging between 0.65g/t and 31.0g/t Au. Sample GR90144 taken from an outcropping 20cm wide quartz vein with patchy arsenopyrite and secondary scorodite assayed 31.0g/t Au3.

Blinding Prospect

Planned scout RC drilling at the Blinding prospect will test a zone of outcropping ferruginous quartz veining in silicified metasediments adjacent to the granodiorite contact, located approximately 500m west of the Brilliant prospect (where Flynn recently completed a 4,222m diamond drilling program). Previous reconnaissance rock chip sampling by Flynn at Blinding returned anomalous assays (>0.1g/t Au) ranging between 0.24 and 2.83g/t Au over a 350 x 350m wide area3.

Link Zone Prospect

The Link Zone prospect is defined by a 2.5km long ridge along the Golden Ridge granodiorite

• metasediment contact between the Brilliant and Trafalgar prospects. Planned scout RC drilling at the Link Zone will test areas of fractured limonitic meta-sandstone with sheeted to conjugate quartz veinlets and quartz vein breccia observed in outcrop along the ridge line. Locally increasing coarse-grained mica content of sandstones in the zone is indicative of increasing proximity to the granodiorite contact. Reconnaissance rock chip sampling over the zone by Flynn2,3 returned anomalous assays (>0.1g/t Au) ranging between 0.1 and 8.31g/t Au, including at least one sample containing disseminated fine grained visible gold in quartz veining. There is no historical drilling within the Link Zone area.

Forward Planning

Planning is underway for the RC rig to test shallow targets at the Brilliant and Trafalgar prospects following completion of the scout drilling program at the Kensington, Blinding and Link Zone prospects.

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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 [e-mail] | www.flynngold.com.au

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Figure 2. Outcropping quartz veining at the Kensington prospect being tested at depth by drill hole KERC001.

Figure 3: Quartz vein breccia outcropping in a quarry at the Kensington prospect.

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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 [e-mail] | www.flynngold.com.au

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Figure 4. Scout RC drilling of hole KERC001 at Kensington located within an abandoned quarry.

About Flynn Gold

Flynn Gold is an Australian mineral exploration company with a portfolio of exploration projects in Tasmania and WA. The Company has seven 100% owned granted tenements located in northeast Tasmania (Figure 5) and is establishing a portfolio of gold exploration assets in the Pilbara and Yilgarn regions of Western Australia. The Company also has prospective tin projects within its northeast Tasmania gold project, as well as two zinc-silver tenements on Tasmania's mineral-rich west coast.

For further information regarding Flynn Gold please visit the ASX platform (ASX:FG1) or the Company's website www.flynngold.com.au.

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Level 4, 96-100 Albert Road, South Melbourne, Victoria, 3205 [e-mail] | www.flynngold.com.au