Flynn Gold signs agreement targeting 94% recoveries
- Flynn Gold signed a non-binding ore purchase agreement with a subsidiary of Kaiser Reef.
- Following the announcement, the Flynn Gold share price was unchanged at $0.021.
- The deal creates a framework to process ore at an existing Tasmanian facility to lower initial capital expenditure.
Flynn Gold (ASX:FG1) executed a non-binding ore purchase agreement with Kaiser Reef (ASX:KAU) after initial testwork demonstrated 94% gold recoveries.
The agreement allows the explorer to evaluate processing ore at the operating Henty facility instead of building a standalone plant.
"Executing this ore purchase agreement with Kaiser Reef Limited is an important milestone in Flynn’s ambitions towards becoming a gold producer in Tasmania," said Flynn Gold Managing Director and CEO Neil Marston.
The company stated that using third-party infrastructure could significantly reduce upfront capital requirements and accelerate development at its flagship Golden Ridge Project.
Following the announcement, the Flynn Gold share price was unchanged at $0.021.
Flynn Gold recently submitted a mining lease application for Golden Ridge, which benefits from nearby grid power and sealed roads.
The business continues to progress a broader portfolio of Australian assets, including the Firetower tungsten-gold project in Tasmania and exploration grounds in Western Australia.
