FireFly Metals (ASX: FFM; TSX: FFM) has reported further exceptional extensional drilling results at the Green Bay copper-gold project in Newfoundland.
Step-out drilling from the 805-exploration development demonstrates that both VMS and FWZ mineralization continues for more than 200 metres beyond the extent of the current mineral resource, which currently stands at 24.4Mt at 1.9% copper equivalent measured and indicated resource and 34.5Mt at 2.0% copper equivalent inferred resource.
The company encountered high grade copper-gold rich VMS style mineralization in both step-out holes, with thick and consistent intersections of 12.4 metres at 6.8% copper equivalent and 25.8 metres at 5.1% copper equivalent returned (~ true thickness). Multiple broad zones of FWZ style mineralization were also intersected in the extensional drilling, with key results including 19.5 metres at 3.0% copper equivalent and 14.5 metres at 1.9% copper equivalent (~ true thickness).
Modelling of the data by geophysical consultants Southern Geoscience indicates the presence of a conductive anomaly in the same orientation as know mineralization for over 700 metres beyond the extent of the current drilling. This is highly significant because similar DHEM anomalies drill tested at the Ming mine previously have been directly associated with copper and gold mineralization, signalling the potential for significant future mineral resource growth.
FireFly Managing Director Steve Parsons said: “We continue to create value on several fronts, ranging from resource growth and resource upgrades though to exploration drilling and initial mining studies. The combination of this work shows just what an outstanding project Green Bay is and how well placed we are to capitalize on the demand for copper-gold projects in tier one locations. We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign, but we have more than enough avenues of growth to warrant this”.
Underground Mineral Resource infill drilling remains on track to deliver a significant increase in the highly valuable measured and indicated resource in future estimates. The measured and indicated resource will underpin future economic studies into the upscaled resumption of production at the Ming mine. An update on the infill drilling will be provided in June as further results become available.
Surface exploration drilling continues high priority targets close to the Ming mine, with the initial focus on the historic Rambler Main deposit. The gold-rich VMS at Rambler Main is located less than 3 km from the Ming mine and was mined between 1964 and 1967 to a depth of only 200m below surface. FireFly drilling aims to test for extensions of the shallow mineralization beyond historic mining, with first results expected in the coming weeks.
FireFly remains committed to accelerating its growth strategy. This comprises a combination of mineral resource growth, upgrading the current mineral resource and making new copper-gold discoveries. A total of six drill rigs are currently operating at Green Bay (five underground and one on surface). An additional underground rig is scheduled to arrive in late May. Mineral resource updates and preliminary economic mining studies are expected to be delivered later in 2025.
For further information regarding FireFly Metals, please visit the company’s website: www.FireFlyMetals.com.au
