FireFly Metals Ltd (ASX:FFM) has been recognised as a Deloitte WA Index High Growth Award Winner for 2024 during the annual Diggers & Dealers Mining Forum in Kalgoorlie, Western Australia.
Each year, Deloitte celebrates WA-listed companies that have shown exceptional growth in market capitalization in the previous year to June 30.
FireFly was one of the top three movers in the WA Index Top 100 for the FY ended June 30, 2024, having increased its market cap by 545%.
Diggers presentation
The company’s managing director Steve Parsons presented at the Diggers & Dealers Mining Forum on Tuesday, telling delegates that the “exceptional drilling results generated in the June quarter” were consistent with the achieving its goal of creating maximum value for shareholders by growing the resource at the Green Bay Copper-Gold project in Newfoundland, Canada.
Green Bay currently hosts a mineral resource prepared in accordance with Canadian NI 43-101 of 39.2 million tonnes at 2.1% for 811,000 tonnes of copper-equivalent metal but this is expected to grow to become a globally significant copper-gold asset.
Resource update on the way
Parsons said the results from well outside the resource boundary were likely to lead to a significant resource update while there was potential for further positive results with four drilling rigs in operation.
Assays of up to 10% copper and 4 g/t gold, will feed into a resource update scheduled for September 2024.
Results of up to 13.1 metres at 14.3% copper equivalent, including 10.7% copper and 4.1 g/t gold, within 26 metres at 8.2% copper equivalent were returned from the upper high-grade copper-gold massive sulphide VMS zone.
Multiple high-grade zones from the large-scale copper-rich footwall zone were intersected in each hole and include 55 metres at 1.8% copper equivalent including 12.1 metres at 2.3% copper equivalent and 8.9 metres at 3.0% copper equivalent.
“Huge potential”
“We established that there is continuous high-grade mineralisation for 460 metres beyond the existing resource boundary, where it remains open,” Parsons said.
"These results will underpin the resource update. We are drilling flat-out to continue extending this known mineralisation.
“We are also about to start an extensive geophysics program to identify regional drilling targets.
"We hold a very large piece of highly prospective, yet grossly under-explored, land around Green Bay and there is clearly huge potential for game-changing discoveries.
“Our first, second and third priorities are resource growth, resource growth and resource growth, in that order,” Parsons stated.