Flynn Gold : Maiden Drill Hole at Trafalgar Intersects 5.4m @ 10.63g/t Au

onlyASX: FG1

ABN

use82 644 122 216

CAPITAL STRUCTURE

Share Price: A$0.10

Cash (31/03/22): A$6.5M

Debt: Nil personalOrdinary Shares: 95.1M

M rket Cap: A$9.5M

Options: 3.0M

Performance Rights: 1.09M

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

5 July 2022

Maiden Drill Hole at Trafalgar Intersects 5.4m @ 10.63g/t Gold

Flynn Gold Limited (ASX: FG1, "Flynn" or "the Company") is pleased to provide an update on its maiden drilling program currently underway at the Trafalgar prospect within the Golden Ridge Project in northeast Tasmania.

Highlights

• First assays received from diamond drill hole TFDD002 confirm observations of visible gold associated with zones of quartz-sulphide veining and breccia.
• An 11m wide zone prioritised for sampling and assaying due to the presence of visible gold has returned significant assays including:

• TFDD002: 5.4m @ 10.63g/t Au from 160.1m, including

1. 1.9m @ 19.88g/t Au from 160.1m (including 0.4m @

52.20g/t Au); and

• 1. 2.0m @ 9.02g/t Au from 163.5m (including 0.35m @ 35.10g/t Au).
• Geological logging of the TFDD002 core has identified a second parallel zone of significant quartz-sulphide veining and potential mineralisation hosted within granodiorite from 264 to 297m. This zone, for which assays are not yet available, is consistent with the position of historically drilled mineralisation (previously reported1) which included:
• • TFD001: 5.0m @ 12.56g/t Au from 202.0m, including
  • 1. 0.4m @ 150.0g/t Au from 202.7m.
• Program extensions are being planned.

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Figure 1: Summary of Flynn Gold's tenement position in northeast Tasmania highlighting the location

of the Golden Ridge project where drilling is currently underway at the Trafalgar prospect.

Executive Director, Sam Garrett said,

"This is a very exciting start to the drilling campaign at Trafalgar. The results validate the importance of the intrusive contact as an exploration target and now significantly enhance the prospect with the potential for multiple parallel high-grade gold veins. We eagerly anticipate the assay results for the remainder of the hole. Trafalgar is the only location to date where drilling has tested the intrusive-hornfels contact and the team on site are already making plans to expand the current drill program and exploring options to add additional rigs. Drilling is also planned to test new targets at Blinding, Link Zone and Kensington.

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Flynn has only recently turned one year old and we have achieved much success - so I am very proud of our team and the strong results they continue to deliver in such a short space of time."

Trafalgar Prospect Drilling

TFDD002 is the first hole of Flynn Gold's maiden drilling program at Trafalgar (Figure 2) which commenced in late April 2022 (refer to Table 1 for collar location details). The planned Trafalgar drill program comprises 3 to 4 holes (for up to 1,400m), designed to test the mineralised granodiorite-hornfels contact over a strike length of 250m.

TFDD002 was designed to target extensions to an historical drill hole intercept of 5.0m @ 12.56g/t Au (TFD001)1 and to provide important stratigraphic, structural, and mineralogical information towards advancing our understanding of the mineralisation system at Trafalgar.

The first assay results from sampling of TFDD002 have been received. The results represent preliminary assays from selective, partial sampling of TFDD002 from a zone prioritised for assay the following observation of fine-grained visible gold in drill core (Figures 4-5). The sampled interval (157.0 to 168.0m) returned a significant mineralised interval of:

TFDD002:

• 5.4m @ 10.63g/t Au from 160.1m, including

1. 1.9m @ 19.88g/t Au from 160.1m, including
2. • 0.4m @ 50.50g/t Au from 161.60m o 2.0m @ 9.02g/t Au from 163.5m, including
   • 0.35m @ 35.10g/t Au from 165.15m

The reported mineralised intercept is associated with quartz-sulphide(pyrite-arsenopyrite- galena) visible gold bearing veins and vein breccia hosted in biotite-hornfelsed sediments of the Mathinna Group. It is located proximal to the contact with the Golden Ridge granodiorite (at 206m downhole). Structural logging of the orientated core indicates that the mineralised vein set strikes ENE-WSW and dips steeply to the SE. These structural orientations are consistent with other mineralised veins observed and sampled3 in outcrop and historical workings in the broader Trafalgar prospect area.

A second, parallel zone of significant visual veining and mineralisation is observed further downhole in TFDD002 between 264 to 297m (Figure 3). This zone (yet to be sampled)

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

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comprises variably intense quartz-sulphide veining and heavily disseminated sulphides hosted in altered granodiorite (Figures 6-9). It is consistent with (and proximal to) the granodiorite- hosted high-grade mineralisation intercepted in historical drill hole TFD001, which returned assays of1:

TFD001:

• 5.0m @ 12.56g/t Au from 202.0m, including o 0.4m @ 150.0g/t Au from 202.7m.

Further zones of quartz veining occur throughout TFDD002 in both the granodiorite and hornfels aureole host rock. These zones are currently being logged and sampled and further results will be reported as assays are received.

Golden Ridge Diamond Drilling - Forward Program

Drill hole TFDD002 is ongoing at the time of reporting (at a depth of approximately 535m with a maximum planned depth of 600m). A wedge hole is planned off the TFDD002 parent hole to enable further testing of the high-grade intercept zones. Additional drill holes are in planning/permitting stage and include new drill targets identified from the recently completed dipole-dipole IP survey2 over the Trafalgar prospect area.

Additionally, statutory approvals for planned drilling programs at the Blinding, Link Zone and Kensington prospects (totalling around 4,500m of drilling) have been received (Figure 10). The company has secured the contract for an RC drill rig for part of these programs, with the rig expected to mobilise to site during July.

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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. Drillhole location plan for the Trafalgar prospect, Golden Ridge Project.

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