FireFly Metals Ltd (ASX:FFM) has fielded promising geophysical results from downhole electromagnetic (DHEM) surveys, highlighting new high-grade copper mineralisation zones at its Green Bay project in Newfoundland, Canada.
Massive sulphide channels
The surveys, conducted by Southern Geoscience, revealed off-hole conductors consistent with existing mineralisation and indicated potential new massive sulphide channels west of the Ming North zone.
These findings underscore the continuity of both the copper-gold-rich Volcanogenic Massive Sulphide (VMS) lenses and the broad Footwall Zone (FWZ) stringer mineralisation well beyond the limits of current drilling.
FireFly Metals has commenced drill testing of these anomalies, with results expected within weeks.
Substantial resource growth
The company is optimistic that these geophysical insights, coupled with recent high-grade copper and gold drilling results, will drive substantial resource growth in the coming years.
A resource update is on track for release between September and October 2024.
FireFly remains well-positioned to fund its ongoing growth strategy, with A$38.1 million in cash as of 30 June 2024. Four rigs are currently drilling underground, with two focused on priority geophysical targets.
The company's exploration program aims to extend known mineralisation and discover new deposits across the Green Bay VMS District.
The broader campaign has the potential to establish a significant mining district, reinforcing FireFly’s strategy of low-cost resource growth.
FireFly Managing Director Steve Parsons said: “These strong geophysical results provide more compelling evidence of the potential for substantial resource growth at Green Bay.
Scope for copper
“As well as demonstrating huge scope to continue extending the known copper mineralisation, these results highlight new areas of potential mineralisation, opening the door to big increases in the resource in additional regions of our large landholding.
“Given the success of this program, we will now use geophysics as a key element of our exploration strategy because it provides us with another highly effective tool with which we can rapidly unlock the value of this extremely prospective acreage.”