FireFly Metals Ltd (ASX:FFM) has uncovered some high-grade copper-gold intersections from its latest drilling campaign at the Green Bay Project in Canada, pointing to the potential for resource expansion.
The successful drilling was conducted from the new underground exploration platforms, with two rigs currently spinning, and is part of FireFly's accelerated resource growth strategy.
The current underground campaign is set to deliver significant cost and time efficiencies compared to surface drilling.
What’s down there?
Green Bay Copper-Gold Project is known for hosting two unique styles of copper mineralisation and has revealed promising results, particularly from the Footwall Zone (FWZ).
Initial drilling into the FWZ yielded strong grades across multiple significant widths, including an intersection of 18.0 metres at 3.3% copper equivalent (CuEq) within a broader zone of 41.1 metres at 2.3% CuEq.
Other notable results from this drilling campaign include:
- 22.8 metres at 2.4% CuEq, 6.6 metres at 2.7% CuEq and 3.1 metres at 3.1% CuEq within a broader copper zone of 67.8 metres at 1.6% CuEq;
- 18.8 metres at 3.5% CuEq within a broader copper zone of 47.1 metres at 2.4% CuEq;
- 14.1 metres at 2.8% CuEq;
- 15.6 metres at 2.5% CuEq within a broader copper zone of 30 metres at 1.9% CuEq; and
- 11.2 metres at 2.7% CuEq within a broader copper zone of 29.8 metres at 1.6% CuEq.
These latest results not only validate historical drill intersections in the FWZ but also underscore the huge potential to enhance the current resource estimate of 39.2 million tonnes at 2.1% for 811,000 tonnes CuEq.
Outstanding copper intersections
“These outstanding intersections demonstrate very wide intervals of mineralisation with grades which consistently exceed 3% copper equivalent,” FireFly managing director Steve Parsons said.
“Given the ongoing strength of our drilling results, the fact that we are now drilling from underground and the extent to which the mineralisation remains open, it is easy to see a clear path to rapid and significant resource growth at Green Bay.”
FireFly remains well-positioned for phase one of this growth strategy, boasting a financial position of $17.2 million in cash reserves as of the end of December 2023.
More results are anticipated in the coming weeks, and the company expects further updates on resource expansion in the September 2024 quarter.