Flynn Gold Ltd. has reinforced its focus on Tasmania as it sold its non-core Forrestania and Lake Johnston projects in Western Australia to Forrestania Resources for AU$350,000 in shares.
Under a binding agreement, Flynn will sell its 100 per cent interest in both projects to Forrestania for a consideration of AU$350,000 in Forrestania shares at 55 cents per share. Completion is expected by March 31.
Flynn said the sale is the next step in its strategy to divest or joint venture its non-core Western Australian exploration assets and follows the sale of the company’s tenure at Mount Dove in the Pilbara region to Northern Star Resources in July 2025.
Flynn CEO Neil Marston said: “This sale is the latest step in our broader divestment strategy for our non-core Western Australia assets.
“Our exploration focus is now even more firmly on our Tasmanian assets, where Flynn is currently drilling at the Henty silver-lead- project.
“Forrestania is a company dedicated to systematic exploration and a focused approach to growing its gold asset base in the region which makes it a good fit as the new owner of these prospective exploration assets and allows us to focus on our key Tasmania gold, silver and critical minerals projects.”
Forrestania said the acquisition will further consolidate its Forrestania hub, according to Chairman David Geraghty.
“Importantly, the transaction structure aligns consideration with preserving capital which can be assigned to advancing Forrestania’s near term production ambitions across our portfolio of West Australian gold assets.”
The Forrestania hub host significant gold mineralisation, associated with shear zones in steeply dipping basalt.
