Flynn Gold Limited provided an update in relation to its ongoing drilling activities at the Company's 100% owned gold projects in Northeast Tasmania. Phase 1 diamond drilling at the Trafalgar Prospect located at the Company's Golden Ridge Project was completed in February 2023. Flynn Gold successfully completed seven diamond drill holes, with some outstanding gold intersections recorded to date, including 5.4m at 10.63g/t Au (TFDD002) 1.2m at 65.9g/t Au (TFDD003) and 12.3m at 16.8 g/t Au (TFDD005).

The Phase 2 diamond drilling program has now commenced with a drill rig on site and drilling underway, targeting extensions of known gold mineralised vein structures and potential dilations. The Company has completed two diamond drill holes targeting gold mineralisation at the Popes Prospect, located north of Gladstone on EL18/2016. The Popes Prospect forms part of the southern extension of the Portland Gold Project.

The main exploration target at the Portland Gold Project is for Victorian-style, turbidite-hosted orogenic high-grade gold deposits. The Popes Prospect comprises a series of historical shallow gold workings (trenches, pits and abandoned shafts). Previous exploration at the Popes Prospect has been limited to soil sampling undertaken as part of a project wide soil sampling program across the Portland mineralised system.

The soil sampling at the Popes Prospect was spaced mainly on a 100m x 50m grid with some in-fill sampling on a 50m x 50m grid. The sampling identified an extensive arsenic-in-soil anomaly, which is a minimum of 600m long and open in both strike directions. This scout drilling program is the first to be undertaken at the Popes Prospect and is designed to target the prominent As-in-soil anomaly.

Gold mineralisation in the Portland trend and other trends in the district has shown a strong correlation to arsenopyrite mineralisation. Both drill holes intersected zones of moderate to intensely phyllic altered sediments hosting multi-phase and polymetallic quartz veining, examples of which are shown in Figures 4-6 and consist of: network/brecciated veins with pyrite in sandstone/altered sandstone, and laminated veins with pyrite in shale/sericite altered sediments. Sheeted quartz veining bearing galena with fine-grained arsenopyrite hosted in intensely phyllic altered sandstone has also been identified in hole PPDD002.

The processing of Popes Prospect core has commenced with core logging, cutting and sampling at the Company's Scottsdale exploration base. Samples will be dispatched for laboratory analysis in the coming weeks, with prioritisation of the more prospective intersections.