FireFly Metals Ltd (ASX:FFM) has delivered further “outstanding” wide high-grade copper-gold intersections from its drilling program at the Green Bay Copper-Gold Project in Canada, which contains the Ming underground copper-gold mine.
There are two distinct styles of mineralisation at the Ming underground mine. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses which sit above the other style, a broad copper stringer zone known as the Footwall Zone (FWZ).
Resource growth potential
FireFly commenced mining a 1,500-metre underground drill drive last November to enable exploration for down-plunge extensions of mineralisation outside the current resource, which currently stands at 39.2 million tonnes at 2.1% for 811,000 tonnes copper equivalent.
Drilling hit numerous zones of high-grade copper well outside the resource. Assay results from the first five holes drilled from the development drill drive returned exceptional results, with significant intersections of the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ.
Highlighting "outstanding" potential for more resource growth, the results demonstrate strong VMS and FWZ mineralisation between the current resource end and an earlier 460-metre step-out exploration hole of 6.3 metres at 5.9% copper equivalent in the VMS and 102 metres at 1.7% copper in the FWZ.
Intersections in the VMS zone included 9.1 metres at 5.4% copper equivalent and 13 metres at 4.4%. The copper stringer style FWZ mineralisation continued to return multiple high-grade results, including 12 metres at 4.8% copper equivalent within a wider halo of 37.4 metres at 2.7% copper equivalent.
The results reported from the exploration drive are significant because they demonstrate strong and continuous VMS and FWZ-style mineralisation between the end of the current resource and the 460-metre step-out exploration hole. This sets the scene for a significant resource increase, with the update set to be completed in the September quarter.
FireFly managing director Steve Parsons said: “These are exceptional results with high grades and strong widths well beyond the existing resource boundary.
“This means they are entirely consistent with our strategy to keep growing the resource.
“We are also accelerating our growth campaign, with drilling now taking place from the underground exploration drive, which makes it faster, cheaper and more accurate, and a third rig will start in the next few weeks.
“With ongoing drilling, strong newsflow, a resurgent copper price and manoeuvring in the copper space now extending right up to the multi-nationals, FireFly’s outlook is strengthening by the day”.
Funds from the recent A$52 million capital raising will be used to accelerate the growth program. A third rig is planned to arrive at the site in May, which will be used to fast-track resource drilling and in-mine downhole geophysical targeting.
New CFO appointed
Additionally, the company has also announced the appointment of highly experienced resource finance executive Cheng Sun as chief financial officer.
Sun’s most recent role was CFO of highly successful formerly ASX-listed nickel producer Mincor Resources NL.