Flynn Gold Option Expiry 30th June - Firetower and Warrentinna projects
Posted: Fri May 26, 2023 9:20 am
We should hear something in the next few weeks, because the option for Flynn Gold to purchase our Tasmanian tenements, Firetower and Warrentinna, expires on the 30th June.
Just as a reminder, Flynn Gold paid a non-refundable option fee of A$100,000 to Greatland when the parties entered into the option agreement on November 30, 2022.
The company has six months or 10 business days after the receipt of drilling permits from Mineral Resources Tasmania (MRT), whichever is later but no later than June 30, 2023, to exercise the option.
If the option is exercised by Flynn Gold, the following additional amounts are payable to Greatland:
An initial purchase price of A$200,000;
Deferred consideration of:
A$500,000 if a JORC resource of at least 500,000 oz of gold is announced; plus
A$500,000 if Flynn Gold obtains a permit to mine, in respect of one or more of the tenements; and
A royalty equal to 1% on net smelter returns in respect of any production from the tenements.
The latest comments from Flynn Gold were incorporated in their last 'Quarterly Activities Report' dated 31st March 2023:
"During the quarter the Company commenced a detailed technical review of the Warrentinna Project with the initial focus being on the historic Golden Mara underground mine (see Figure 11). An initial 3D geological model of the Golden Mara deposit and workings from historical data has been completed. From this modelling a number of drill holes have been designed to test for extensions to gold mineralization beneath the existing Golden Mara workings.
The Company also commenced a technical review of the nearby Derby North prospect.
A technical review of the Firetower project commenced during the quarter and is ongoing."
https://wcsecure.weblink.com.au/pdf/FG1/02658630.pdf
Just as a reminder, Flynn Gold paid a non-refundable option fee of A$100,000 to Greatland when the parties entered into the option agreement on November 30, 2022.
The company has six months or 10 business days after the receipt of drilling permits from Mineral Resources Tasmania (MRT), whichever is later but no later than June 30, 2023, to exercise the option.
If the option is exercised by Flynn Gold, the following additional amounts are payable to Greatland:
An initial purchase price of A$200,000;
Deferred consideration of:
A$500,000 if a JORC resource of at least 500,000 oz of gold is announced; plus
A$500,000 if Flynn Gold obtains a permit to mine, in respect of one or more of the tenements; and
A royalty equal to 1% on net smelter returns in respect of any production from the tenements.
The latest comments from Flynn Gold were incorporated in their last 'Quarterly Activities Report' dated 31st March 2023:
"During the quarter the Company commenced a detailed technical review of the Warrentinna Project with the initial focus being on the historic Golden Mara underground mine (see Figure 11). An initial 3D geological model of the Golden Mara deposit and workings from historical data has been completed. From this modelling a number of drill holes have been designed to test for extensions to gold mineralization beneath the existing Golden Mara workings.
The Company also commenced a technical review of the nearby Derby North prospect.
A technical review of the Firetower project commenced during the quarter and is ongoing."
https://wcsecure.weblink.com.au/pdf/FG1/02658630.pdf
