Another set of strong drilling results from FireFly Metals Ltd (ASX:FFM) has further extended the known high-grade copper mineralisation at the Green Bay Copper-Gold Project in Newfoundland, Canada, ahead of an upcoming resource update.
The drilling has extended the known mineralisation at the Ming underground copper-gold mine by a further 650 metres past the existing resource and remains open beyond the previous furthest hole of 102 metres at 1.7% copper, pointing to the potential for continued resource growth.
Rapid, low-cost resource growth
“Our recent drilling has confirmed that mineralisation at the Ming underground mine extends a further 650 metres from the existing resource and remains open, validating our strategy of delivering rapid, low-cost resource growth via the drill bit,” FireFly managing director Steve Parsons said.
“These exceptional new results from extensional drilling set the scene for our resource update, which is on track for delivery this month.”
The results support significant resource growth at Green Bay with a resource update set for later this month followed by another resource update in the second quarter of 2025 on the back of the current 130,000-metre drill program.
The current resource stands at 39.2 million tonnes at 2.1% for 811,000 tonnes copper equivalent.
Point to world-class growth potential
Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay Copper-Gold Project by FireFly in October 2023. In total, the company has completed 79 drill holes for 37,110 metres of diamond core from underground development.
The latest assays from extensions of the upper high-grade massive sulphide copper and gold VMS zones include 17.8 metres at 4.2% copper equivalent and 22.2 metres at 5.1% copper equivalent.
In the large-scale copper Footwall Zone of Ming, thick, consistent mineralisation continues to be discovered, with significant drill assays including 56.8 metres at 2.7% copper equivalent, 31.7 metres at 3.5% copper equivalent and 61.8 metres at 1.8% copper equivalent.
Green Bay Ming underground mine showing FireFly’s latest drill results from step-out drilling of the high-grade VMS zone and the broad Footwall Zone.
The mineralisation remains open and drilling continues to demonstrate the world-class growth potential of the Green Bay Project.
FireFly considers these latest results to be “highly significant” because both the high-grade VMS mineralisation and the broad copper stringer zone have been extended more than 200 metres beyond the limits of historic exploration drilling, which returned a previous intersection of 102 metres at 1.7% copper.
These new results also confirm the presence of high-grade copper and gold mineralisation in down-hole electromagnetic anomalies identified during the recent geophysical surveys completed by the company.
Well-funded for accelerated growth
The company intends to accelerate its drilling growth strategy following the recent successful institutional placement of A$65 million. FireFly also intends to undertake a non-underwritten share purchase plan (SPP) to raise an additional ~A$5 million.
“With the funds from the recent institutional placement, we are well-placed to fast-track our growth strategy of resource growth and new discovery drilling,” Parsons said.
“This concerted drilling effort is intended to allow us to unlock the full size potential of the Green Bay Copper-Gold Project”.
The development of the phase one 750 metre drill drive is complete, while four rigs continue underground drilling. Phase two consists of a further 1,200 metres of planned development to enable further step-out resource growth.
A total of 1,488 metres of lateral development (including ventilation and secondary egress) has been completed since underground mining recommenced.
FireFly will now also commence regional exploration drilling, with airborne geophysical surveys well underway and drill testing over the coming months.