Minerals explorer Flynn Gold has delivered what it claims is one of the best ever results from exploration at its project near St Helens in North-East Tasmania.
Shares in the Tasmanian-focused exploration group rose sharply on Thursday, after it reported that the latest drilling results at its Golden Ridge project included a four-metre drill core section containing gold concentrations of 23.7 grams per tonne.
A 50-centimetre section of that sample had gold concentrations over 169 grams per tonne.
The gold intercept was made at shallow depth, meaning that it is more economical to recover through mining, according to the company statement.
The market reacted positively to the news, driving the company's ASX-listed stock nearly 30 per cent above its previous close, to 10 cents per share, before they fell back to close around 6 per cent higher.
Flynn Gold chief executive Neil Marston\ said the result was the highest gold grade interval seen to date at Golden Ridge.
He said the company is also expecting more results from a further 925 metres of drilling at the same project soon.
"We are thrilled that drilling at the Trafalgar Prospect at Golden Ridge in north-east Tasmania has delivered another high-grade gold intersection," he said.
"This drill hole was sited to test beneath a recently discovered historical adit and has produced an exciting intercept as we grow the scale of the deposit beyond a 400-metre strike length."
Mr Marston said drilling at Trafalgar - one of the prospects within the Golden Ridge project - would be paused to allow time for the company to assess further assay results and to plan future drill campaigns.
Last year, drilling at Golden Ridge struck a series of high-grade samples, including an intercept with gold concentrations of up to 52.2 grams a tonne in some of the drilled samples.
Another result announced in December last year included a 1.25-metre core section where concentrations were tested at 106.6 grams of gold and 195.1 grams of silver.
Earlier this year, the company confirmed through additional drilling that Golden Ridge contained a number of high-grade gold zones.
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