FireFly Metals Ltd (ASX:FFM), formerly AuTECO Minerals Ltd, has reported significant copper, gold, silver and zinc results — including up to 9.4% copper and 4.7 g/t gold — from outside the existing resource at the Ming Mine within its recently acquired high-grade Green Bay Copper-Gold Project in Newfoundland, Canada.
The results are from the analysis of 18 diamond drill holes completed in 2022 by the mine’s previous operator that were previously only tested for copper. In addition to the known high-grade copper, the new results demonstrate significant quantities of precious (gold and silver) and base metals (zinc) in the high-grade VMS zone.
As part of its resource growth strategy, FireFly has commenced an underground exploration drill drive as well as its 40,000-metre underground diamond drilling program for which assays are expected in coming weeks.
Results of historic 2022 drill holes
The drill holes analysed were aimed at testing down-plunge continuity of the high-grade upper volcanogenic massive sulphide (VMS) style mineralisation and stringer mineralisation in the footwall immediately adjacent to the VMS contact.
The program successfully proved continuity of the VMS zone and also demonstrated the significant concentration of precious and base metals in the system in addition to the high-grade copper.
Notable results include an intersection of 16.8 metres at 11.2% copper equivalent, consisting of 6.7% copper, 3.5 g/t gold, 24.8 g/t silver and 4.9% zinc.
The mine’s former operator did not complete analysis for key economic metals outside of copper due to it entering the Canadian Companies’ Creditors Arrangement Act (CCAA) process for insolvent companies.
The Green Bay project has a resource of 39.2 million tonnes at 2.1% for 811,000 tonnes of copper equivalent. The mineralisation remains open and FireFly’s immediate strategy centres on an extensive drilling program designed to rapidly grow the inventory.
Extending known mineralisation
FireFly managing director Steve Parsons said: “These latest assays confirm there is extensive high-grade mineralisation well outside the existing resource.
“We are well into a major 40,000-metre underground drilling program designed to continue extending this known mineralisation. The underground exploration drive now being constructed will enable us to do this even faster, more accurately and more efficiently.
“This strategy is aimed at achieving rapid growth in the resource, which will in turn confirm Green Bay is a major high-grade copper-gold project with extensive existing infrastructure in a tier-one location”.
Drilling results imminent
FireFly resumed underground diamond drilling at the Green Bay project in late October 2023 with first assay results expected in coming weeks.
The company notes that mining of the 750-metre exploration drill drive is also underway, having commenced in late November. This platform will be positioned to test both the VMS and Footwall Zone mineralisation extensions at optimal drill angles.
As mining progresses and drill platforms become available, further rigs will be deployed to fast-track potential resource growth — a second drill rig is expected to be mobilised in January with a third rig soon after.
The company is fully-funded — with $24 million — to complete the first year of its resource growth and exploration drilling plan.
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