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Highlights
- FireFly Metals reports significant extension of copper mineralisation at Green Bay Project.
- Drilling confirms 650-meter extension of high-grade copper zones with strong resource growth potential.
- FireFly is well-funded for further drilling and resource expansion.
FireFly Metals Ltd (ASX:FFM) has released another round of strong drilling results from its Green Bay Copper-Gold Project in Newfoundland, Canada. These results have extended the high-grade copper mineralisation at the Ming underground copper-gold mine by 650 meters beyond the existing resource, with the mineralisation still open for further growth.
The recent drilling efforts have pushed the limits of the known resource and highlight the potential for continued resource expansion. A notable result from the drilling includes an intersection of 102 meters at 1.7% copper, showcasing the promise of ongoing exploration.
Rapid Resource Growth at Ming Mine
The extension of mineralisation at the Ming underground copper-gold mine is a significant achievement for FireFly, aligning with its goal of achieving rapid, low-cost resource growth through targeted drilling. According to the company's managing director, Steve Parsons, these results validate the ongoing strategy and are setting the stage for a resource update expected this month.
In addition to the upcoming update, a second resource evaluation is planned for the second quarter of 2025. This will be informed by the 130,000-meter drill program currently in progress. The latest estimates place the resource at 39.2 million tonnes, with a copper equivalent grade of 2.1%, translating to 811,000 tonnes of copper equivalent.
World-Class Resource Potential
Since acquiring the Green Bay Project in October 2023, FireFly has completed extensive drilling at the Ming mine, with 79 drill holes accounting for 37,110 meters of diamond core. Recent assay results have revealed high-grade copper and gold mineralisation in both the massive sulphide zones and the large-scale Footwall Zone.
Key results from the drilling include:
- 17.8 meters at 4.2% copper equivalent
- 22.2 meters at 5.1% copper equivalent
- 56.8 meters at 2.7% copper equivalent
- 31.7 meters at 3.5% copper equivalent
These findings confirm the significant potential for further growth at Green Bay, particularly as mineralisation remains open and further drilling is planned to explore new areas. Both high-grade and broad mineralisation zones have been extended well beyond the limits of previous exploration, with some sections exceeding 200 meters past historic drilling results.
Funding Secured for Growth Acceleration
FireFly is well-prepared to continue its aggressive drilling campaign, having secured A$65 million through an institutional placement. An additional share purchase plan (SPP) aims to raise A$5 million, which will support ongoing resource growth and exploration activities.
With these funds in place, FireFly plans to fast-track its drilling and resource expansion efforts. The first phase of a 750-meter drill drive has been completed, and the company is now progressing with a second phase involving 1,200 meters of further development to facilitate more resource growth.
Regional exploration drilling is also on the horizon, with airborne geophysical surveys already in progress and additional drill testing set to take place in the coming months. FireFly's concerted efforts are focused on unlocking the full potential of the Green Bay Copper-Gold Project, which continues to show promise as a world-class resource.
The company's well-funded growth strategy, combined with the latest positive drilling results, positions it strongly for future development and resource expansion at Green Bay.
