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Highlights
- Best-ever copper hit: 86m @ 3.7% copper from 290m depth at the Green Bay site.
- Strong share performance: Shares surged 13% to AU$1.14, reflecting confidence in drilling results.
- World-class potential: Mineralisation includes high-grade stringer and sulphide deposits.
Firefly Metals (ASX:FFM) has unveiled its most significant copper drilling result to date at the Green Bay copper-gold project in Canada, sending its shares soaring by 13% to AU$1.14 on Tuesday. The company reported a standout intercept of 86m at 3.7% copper from a depth of 290m, describing it as its "best-ever" drilling outcome.
The highlight drill targeted the Ming Mine site within the Green Bay project and further demonstrated the site’s potential, with a second notable result of 76m at 2.9% copper from 356m depth. Both hits indicate a robust underground resource with the promise of further growth.
Geotechnical teams are optimistic about identifying additional substantial mineralised zones. This could bolster the current resource estimate, which reflects 59 million tonnes of ore at 2% copper. "The resource remains open, and we will continue to add value through the drill bit by growing and infilling this already high-grade, large-scale copper deposit," said Firefly Metals Managing Director Steve Parsons.
High-Grade Mineralisation Driving Success
The company noted that the Ming mineralisation includes two styles: stringer deposits and high-grade sulphide systems. Notably, the latest 86m intercept highlighted stacked levels of mineralisation beneath an already known sulphide system.
Breaking down the results, Firefly identified several standout segments within the 86m intercept, including:
- 15.5m @ 4.6% copper,
- 9.9m @ 5.8% copper,
- 27.6m @ 5.3% copper.
Parsons referred to the results as "world-class," citing their exceptionally high grades and considerable widths. “These results, some of the deepest we’ve drilled to date, underline the extraordinary potential of the Green Bay project,” he added.
Market Reaction and Copper Outlook
Investors responded enthusiastically, with shares trading as high as AU$1.14 during early hours on Tuesday. By 10:50 am Sydney time, approximately $1.03 million worth of shares had exchanged hands. This surge builds on Firefly’s already impressive one-year return of +115%, making it one of the key beneficiaries of growing demand in the global copper market.
