FireFly Metals Ltd press release
Green Bay Copper-Gold Project, Canada - Six-rig drilling blitz returns outstanding results of more than 12% CuEq
TSX - Toronto Stock Exchange · Copper · Gold · Silver · Cobalt · Vanadium · Titanium · Australia
Canada NewsWire
Aggressive drilling campaign aims to extend known mineralisation, unlock full value by upgrading Inferred Resources to Measured & Indicated and test new targets
KEY POINTS
FireFly's six-rig drilling campaign at Green Bay continues to generate extremely high-grade results The latest results support the strategy to create value by extending the known mineralisation, upgrading Inferred Resources to the more valuable Measured & Indicated categories and making new discoveries; This is aimed at establishing a global-scale project in a tier-one location, in turn aiming for further share price re-rating The latest exceptional assays from drilling at the Ming Mine within the Green Bay Project will form part of the next Mineral Resource update (currently 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt @ 2% CuEq Inferred Resource; see ASX announcement 29 October 2024 ) There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic Massive Sulphide ('VMS') lenses above a broad copper footwall stringer zone ('FWZ') Drilling from the 805 exploration drive continues to deliver high-grade intersections from the copper-gold VMS, including (~true thickness): 10.7m @ 12.2% CuEq (9.0% Cu & 3.9g/t Au) in hole MUG24-095 17.3m @ 7.4% CuEq (7.0% Cu & 0.4g/t Au) in hole MUG24-089 12.5m @ 4.2% CuEq (1.8% Cu & 2.6g/t Au) in hole MUG24-089 2.3m @ 12.4% CuEq 1 (8.2% Cu & 4.9g/t Au) in hole MUG24-098
Drilling on the northern margins of the Mineral Resource continues to return thick and consistent drill intersections which confirm strong FWZ mineralisation directly below the high-grade VMS: 58.2m @ 3.1% CuEq (2.4% Cu & 0.7g/t Au) in hole _MUG24-083 ( ~ true thickness ) _Intersection includes a distinct VMS lode grading 5.0m @ 6.7% CuEq above a broad copper FWZ intersection with internal high-grade zones including 9.2m @ 5.0% CuEq and 5.2m @ 3.3% CuEq
The intersection in hole MUG24-083 is directly along strike of previously-reported thick high-grade intersections (see ASX announcement dated 10 th of December 2024 ): 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) in hole MUG24-079 ( ~ true thickness ) 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au _) __in hole MUG24-073 ( ~ true thickness ) _
Importantly these intersections conclusively prove that previously reported downhole EM geophysical anomalism is associated with copper and gold mineralisation ( see ASX announcement dated 16 September 2024 ) Infill drilling has commenced with the aim of creating value by converting Inferred Resources to the Measured and Indicated categories for inclusion in future mining studies. A fifth underground drill rig is currently being mobilized to site to fast-track drilling; Downhole geophysics is ongoing Surface exploration drilling is underway using the sixth rig and will test high priority near mine targets with first results anticipated in the March quarter The Company remains well funded for its accelerated growth strategy with ~A$84.1M in cash, receivables and liquid investments at 31 December 2024
| _ | | 1 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation. |
FireFly Managing Director Steve Parsons said: "FireFly's decision to employ six rigs at Green Bay reflects our strong belief in the immense value which stands to be created by growing and upgrading the resource.
"This six-rig blitz will enable us to target extensions of the known mineralisation, create significant value by upgrading it to Measured & Indicated and test new targets, all at the same time.
"This aggressive drilling campaign is aimed at establishing Green Bay as a global scale project in a tier-one location, a standing which we believe will drive substantial growth for shareholders".
[](https://mma.prnewswire.com/media/2618292/FireFly_Metals_LtdGreen_Bay_Copper_Gold_ProjectCanada_Six_.html)
PERTH, Australia , Feb. 12, 2025 /CNW/ - FireFly Metals Ltd (ASX: FFM) (TSX: FFM) ( Company or Firefly ) is pleased to announce further exceptional drilling results at the Green Bay Copper-Gold Project.
These results highlight both the potential for continued Mineral Resource growth and significant increases in the highly valuable Measured and Indicated ( M&I ) Mineral Resource. The current Mineral Resource stands at 24.4Mt @ 1.9% CuEq in M&I and a further 34.5Mt @ 2% CuEq in the Inferred category.
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay . One comprises the upper copper-gold rich Volcanogenic Massive Sulphide ( VMS ) lenses. This sits above a broad copper stringer zone known as the Footwall Zone ( FWZ ).
Drilling from the 805 Exploration drive continues to demonstrate both continuity and extensions of mineralisation at the northern margin of the Mineral Resource. Results returned contain thick high-grade copper-gold intersections of the VMS style mineralisation, with results including 10.7m @ 12.2% CuEq , 17.3m @ 7.4% CuEq, 2.3m @ 12.4% CuEq and 12.5m @ 4.2% CuEq .
Drilling at the northern extent of the current Mineral Resource continues to show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses, resulting in a thick continuous zone of high-grade mineralisation ( 58.2m @ 3.1% CuEq ~true thickness in hole MUG24-083) This hole is directly along strike of previously reported intersections of 86.3m @ 3.7% CuEq and 76.3m @ 2.9% CuEq demonstrating continuity of the convergent zone.
Importantly, these results validate the use of downhole EM as an exploration tool at Green Bay . This drilling tested conductors generated by downhole EM completed in 2024 2 and conclusively demonstrates the geophysical anomalism from the survey is associated with copper and gold rich mineralisation. The geophysical anomalies suggest the mineralisation continues beyond the extent of current drill testing.
The strategy of creating value by increasing confidence in the Mineral Resource has commenced, with two drill rigs currently focused on converting Inferred Mineral Resources to Measured and Indicated Mineral Resources for inclusion in future mining studies.
A fifth underground drill rig is being mobilised to site to fast track the fully-funded 130,000m drill campaign designed to deliver both Mineral Resource extensions and upgrades. Additionally, surface exploration drilling is underway and will test key near-mine targets. The first results from surface exploration are expected in the March 2025 quarter.
FireFly is well funded with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024.
| | | 2 See ASX announcement dated 16 September 2024 titled 'Downhole Geophysics points to new high-grade copper zones'. |
[](https://mma.prnewswire.com/media/2618288/FireFly_Metals_LtdGreen_Bay_Copper_Gold_ProjectCanada_Six_.html)
About the Drill Results
Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the Green Bay Copper-Gold Project by FireFly in October 2023 . In total, the Company has completed ~59,500m of diamond core to date from underground.
Assays have been received for the first 103 holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received.
There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a series of upper copper-gold rich Volcanogenic Massive Sulphide ( VMS ) lenses underlain by a broad copper stringer zone, known as the Footwall Zone ( FWZ ).
The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m and widths exceeding 200m . The known strike of the mineralisation defined to date is 2.1km and it remains open down-plunge.
Four drill rigs are currently operating underground, with the focus split between both extension and exploration (two rigs) and resource conversion drilling (two rigs).
Significant assay results are presented in Appendix B of this announcement.
Exploration Drive Drilling (from the 805 Level)
This announcement contains results from a further 7 drill holes completed from the two northern-most drill platforms completed in the drill drive. These holes demonstrate the presence of both VMS and FWZ style mineralisation, confirming continuity of the mineralised system over a known strike of 2.1 km.
The northern margin of the Mineral Resource area is defined by a coherent stringer zone immediately beneath the high-grade copper-gold VMS horizons, resulting in broad consistent intersections such as those observed in hole MUG24-083.
Significant intersections 3 from resource drilling completed from the exploration drive include:
Hole MUG24-083 includes multiple mineralised zones of both VMS and FWZ:
58.2m @ 2.4% Cu, 0.7g/t Au, 6.7g/t Ag, 0.49% Zn (3.1% CuEq ) from 240.7m (VMS/FW Stringer-style), including (~true thickness): 5m @ 4.6% Cu, 2.2g/t Au, 18.1g/t Ag, 1.56% Zn (6.7% CuEq) from 240.7m (VMS-style) 9.2m @ 4.7% Cu, 0.3g/t Au, 4.8g/t Ag, 0.06% Zn (5% CuEq) from 273.4m (FW Stringer-style) 5.2m @ 3.1% Cu, 0.2g/t Au, 3.5g/t Ag, 0.06% Zn (3.3% CuEq ) from 286m (FW Stringer-style)
Hole MUG24-089 includes multiple mineralised zones of both VMS and FWZ:
12.5m @ 1.8% Cu, 2.6g/t Au, 18.7g/t Ag, 0.43% Zn (4.2% CuEq) from 201.6m (VMS-style) 17.3m @ 7.0% Cu, 0.4g/t Au, 6.4g/t Ag, 0.08% Zn (7.4% CuEq) from 243.3m (VMS-style) 20.9m @ 1.2% Cu, 0.1g/t Au, 1.1g/t Ag, 0.06% Zn (1.3% CuEq) from 329.5m (FW Stringer-style)
Hole MUG24-092 drilled outside of the VMS channels targeting FWZ, intersected multiple thick stringer zones:
63.8m @ 1.5% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.6% CuEq) from 398.3m (FW Stringer-style), including (~ true thickness): 15.6m @ 2.0% Cu, 0.1g/t Au, 2.6g/t Ag, 0.01% Zn (2.1% CuEq) from 398.3m (FW Stringer-style)
21.7m @ 2.0% Cu, 0.1g/t Au, 2.7g/t Ag, 0.01% Zn (2.1% CuEq) from 425.4m (FW Stringer-style)
Hole MUG24-095 intersected multiple mineralised zones of both VMS and FWZ:
10.7m @ 9.0% Cu, 3.6g/t Au, 20.6g/t Ag, 0.77% Zn (12.2% CuEq) from 202.5m (VMS-style) 20.4m @ 2.6% Cu, 0.2g/t Au, 3g/t Ag, 0.06% Zn (2.8% CuEq) from 233m (FW Stringer-style)
Hole MUG24-098 intersected multiple mineralised zones of both VMS and FWZ:
2.3m @ 8.2% Cu, 4.9g/t Au, 19.6g/t Ag, 0.71% Zn (12.4% CuEq) from 189.7m (VMS-style) 13.4m @ 1.4% Cu, 0.3g/t Au, 2.1g/t Ag, 0.05% Zn (1.7% CuEq) from 196.2m (VMS/Stringer-style) 19.4m @ 1.8% Cu, 0.2g/t Au, 2g/t Ag, 0.06% Zn (2% CuEq) from 217.9m (FW Stringer-style)
Hole MUG24-076 drilled on the eastern margin of the FWZ to test width:
12.9m @ 1.8% Cu, 0.2g/t Au, 2.4g/t Ag, 0.01% Zn (1.9% CuEq) from 460.4m (FW Stringer-style)
Resource Conversion Drilling (from the 620 & 750 Levels)
Resource conversion drilling is well underway from the 620 and 750 levels of the historical mine workings. Two drill rigs are focused on upgrading the Inferred Mineral Resource to the higher confidence Measured and Indicated (M&I) Mineral Resource categories. Assay results for this work are expected over coming weeks.
| | | 3 Holes are drilled perpendicular to the mineralisation and approximate true thickness. |
Forward Work Plan
Near-term drilling activities at the Green Bay Copper-Gold Project will continue to focus on three key areas: Mineral Resource Growth , Upgrading the Mineral Resource (infill) and New Discoveries .
Drilling reported in this announcement confirms strong continuity of mineralisation at the Ming Mine. None of the reported results were incorporated into the Mineral Resource Estimate announced by the Company in the ASX announcement on 29 October 2024 (24.4Mt @ 1.9% CuEq in M&I and a further 34.5Mt @ 2% CuEq in the Inferred category).
FireFly will continue with its low-cost rapid resource growth strategy, with the underground exploration drill drive to be extended to allow effective drill testing down plunge as well as discovery drilling utilising DHEM for new parallel and repeat lodes at the Ming deposit during 2025.
A fifth underground diamond drill rig is en-route to site to ensure the Company's growth objectives are delivered. To date, ~60,000m of the planned 130,000m drill program has been completed. The remainder of the underground drill program for 2025 has three clear strategic components:
Resource extension: Test the down-plunge continuation of both the high-grade copper-gold VMS zones and the broad footwall copper stringer zone: ~35,000m of drilling ( Figure 2 ); Infill drilling: Create value through the conversion of Inferred areas of the Mineral Resource to Indicated for inclusion in future mining studies: ~35,000m of drilling; and Discovery drilling: Drilling to explore for parallel high-grade VMS lodes and additional broad footwall stringer-style mineralisation and possible high grade 'feeder' zone style mineralisation within 600m of the underground infrastructure: ~10,000m of drilling. Additionally, this includes near mine surface drilling.
Regional exploration will accelerate in early 2025 with surface drilling now underway . To date, works completed include regional geophysical surveys (VTEM, gravity), surface prospecting and target generation. Drilling will initially focus on the historical mines within 5km of the Ming deposit that contain unmined intersections such as 25.0m @ 4.1% CuEq (4.7g/t gold and 0.23% copper). 4 Data compilation for the newly acquired Tilt Cove property is in progress with numerous compelling copper and gold targets for exploration evident.
Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Mineral Resource updates once finalised. With the huge success of the drilling programs to date, the Company does not want to limit the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling.
The Company remains funded to deliver the fast-growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024 .
| _ | | 4 Refer to ASX announcement dated 22 August 2024 for further details on historical drill results and regional targets at the Green Bay Copper-Gold Project. |
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ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX:FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada . The Green Bay Copper-Gold Project currently hosts a Mineral Resource prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ( JORC Code 2012 ) and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ( NI 43-101 ) of 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and 34.5Mt of Inferred Resources at 2% for 690Kt CuEq . The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario . The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold , with exceptional discovery potential on the 500km 2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia .
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the Company's website www.fireflymetals.com.au
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out at Appendix A was first reported in the Company's ASX announcement dated 29 October 2024, titled "Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq" and is also set out in the Technical Reports for the Ming Copper Gold Mine and Little Deer Copper Project available on SEDAR+ at www.sedarplus.ca .
Metal equivalents for the Mineral Resource Estimate mineralisation have been calculated at a copper price of US$8,750 /t, gold price of US$2,500 /oz and silver price of US$25 /oz. Individual Resource grades for the metals are set out at Appendix A of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase precious metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
Mineral Resources Estimate – Pickle Crow Project The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company's ASX announcement dated 4 May 2023 , titled "High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t".
Metal equivalents for Exploration Results Metal equivalents for the exploration results have been calculated at a copper price of US$8,750 /t, gold price of US$2,500 /oz, silver price of US$25 /oz and zinc price of US$2,500 /t. Individual grades for the metals are set out at Appendix B of this announcement.
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal metallurgical recovery was assumed at 85% based on historical recoveries achieved at the Ming Mine in addition to historical metallurgical test work to increase recoveries. Zinc recovery is applied at 50% based on historical processing and potential upgrades to the mineral processing facility.
In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company's operational experience.
Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038).
Exploration results Previously reported exploration results at the Green Bay Project referred to in this announcement were first reported in accordance with ASX Listing Rule 5.7 in FireFly's ASX announcements dated 31 August 2023, 11 December 2023, 16 January 2024 , 4 March 2024 , 21 March 2024 , 29 April 2024 , 19 June 2024 , 3 September 2024 , 16 September 2024 and 3 October 2024 .
Original announcements FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that, in the case of Mineral Resources, all material assumptions and technical parameters underpinning the estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.