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Flynn Gold (ASX: $FG1) secures option for lithium project acquisition

Flynn Gold (ASX: $FG1) secures binding Option Agreement for lithium project acquisition


Flynn Gold Limited (ASX: $FG1) has secured a binding Option Agreement to acquire two exploration licences at Parker Dome, located 50km north of the Mount Holland lithium project in Western Australia. The historic RAB drilling at Parker Dome targeting gold mineralisation has intersected multiple pegmatite dykes, with most holes ending in pegmatite up to 12 metres thick. The licences are fully permitted, allowing for immediate commencement of exploration and drilling. The key terms of the agreement include an option fee of $25,000 payable in cash, consideration on exercise of the option of $500,000 (60% settled as cash and 40% via the issue of FG1 shares), and a deferred consideration of $500,000 payable upon the announcement of a JORC Mineral Resource Estimate equivalent to at least 500,000oz Au or 10Mt at 1.0% Li2O, as applicable, along with a 1% Net Smelter Royalty on all production from the project. Additionally, four additional exploration licence applications have been lodged over 20km2 within 7km of the Mount Holland lithium project.

Managing Director and CEO's Commentary on Parker Dome Acquisition


Managing Director and CEO, Neil Marston, stated, 'We are delighted to have secured an option to acquire two fully permitted exploration licences at Parker Dome, which complement our exciting lithium projects at Forrestania and Lake Johnston in Western Australia. Historical RAB drilling on these licences has recorded pegmatite in the bottom of multiple holes over an extensive area with thicknesses of up to 12 metres. Significantly, these drill holes were not assayed for lithium. Consequently, we intend making a rapid start to exploration activities to test these exciting drill-ready lithium targets.'

Summary of Parker Dome Acquisition and Outlook


Flynn Gold's acquisition of the two exploration licences at Parker Dome presents an opportunity to expand its lithium projects in Western Australia. The company's immediate plans include field reconnaissance, geological mapping, soil sampling, permitting activities, and aircore/RC drilling of lithium pegmatite targets. The acquisition also includes four additional exploration licence applications lodged near the Mount Holland lithium project. The binding Option Agreement terms, including the option fee, consideration on exercise, deferred consideration, and royalty, outline the financial aspects of the acquisition. Flynn Gold's focus on lithium projects in Western Australia reflects its commitment to exploring and expanding its presence in the region.

Sourcehttps://announcements.asx.com.au/asxpdf/20231211/pdf/05yf3qg3qx05xn.pdf

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