FireFly Metals Ltd (ASX:FFM) is making positive progress with its strategy to establish the Green Bay Copper-Gold Project in Newfoundland, Canada, as a major operation with world-scale copper production, including securing valuable port access just 6 kilometres from the project.
The company is also today completing the acquisition of an additional 169 square kilometres of highly prospective ground adjacent to Green Bay from Gold Hunter Resources Inc with multiple high-priority targets to drill test on this tenure in coming months.
Much closer facility
A Port Access Agreement with TSXV-listed Maritime Resources Corp (TSX-V:MAE, OTC:MRTMF). will enable FireFly to annually export up to 1 million tonnes of mineral concentrate from Pine Cove Deep Water Port.
Importantly, this port can receive Panamax vessels and provides a much closer export facility than Goodyear’s Cove Port, which is currently available to Green Bay and is around 140 kilometres from the project.
The agreement, which has also seen FireFly take an 8.4% (non-diluted) stake in Point Rousse Project owner Maritime Resources, gives the company free and uninterrupted passage over Maritime’s Point Rousse tenements to provide access to Pine Cove port for the transporting and exporting of mineral concentrate.
It also includes the right for FireFly to construct storage and handling facilities on the property, which also has a causeway, a barge offloading facility, access road and laydown facilities.
“Another pivotal step”
FireFly managing director Steve Parsons said: “This port access agreement is another pivotal step in our strategy to position Green Bay as a world-scale copper project in terms of both the resource and production outlook.
“Having open access to such a big port just 6 kilometres away will be extremely cost-effective, low-risk and appealing to potential offtake partners.
“With the outstanding drilling results we are generating, the completely open nature of the mineralisation, the existing infrastructure and now port access on our doorstep, FireFly is perfectly positioned to capitalise on the bullish outlook for copper, especially projects in tier-one locations.”
Green Bay Project showing the location of the Pine Cove deepwater port and the new exploration claims acquired as part of the Gold Hunter transaction.
About the port
Point Rousse Port, which is in the Baie Verte Mining District on the Point Rousse/Ming’s Bight Peninsula, is just 6 kilometres from FireFly’s Ming Copper-Gold Project with a resource of 30.2 million tonnes at 2.1% copper equivalent.
The company anticipates working with Maritime and other stakeholders of the property and these related facilities to coordinate its operations as the development plan is implemented.
“We are also excited to become a significant shareholder in Maritime Resources Corp. who are actively exploring across 450 square kilometres of highly prospective land in the Baie Verte mining district,” Parsons said.
“They also have the fully permitted Pine Cove gold processing facility, a large capacity in-pit tailings storage facility and the deepwater port facility which we now have access to.”
Additional ground
FireFly also advises that it is today completing the acquisition of additional ground adjacent to its Green Bay Project from Gold Hunter Resources.
This acquisition cements FireFly’s position as a dominant landholder in the highly prospective Baie Verte VMS mineral district of Newfoundland.
Reviews of the historic targets and data are underway by the FireFly geological team and the company expects to update the market in the coming weeks with prioritised regional targets and upcoming exploration plans.