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FireFly Drills its Best Hole Yet with Assay of 86.3m at 3.7% CuEq
December 09, 2024
Latest drilling returns very thick intersections with exceptional grades, outlining a rich area of mineralistion which will form part of the next Resource update
FireFly Metals Ltd (ASX: FFM) (“Company” or “Firefly”) is pleased to announce its best assays yet at the Green Bay copper-gold project.
KEY POINTS
- Latest drilling at the Ming Mine within the Green Bay Project returns spectacular results which support the Company’s strategy to continue growing the Resource (currently 59Mt at 2% CuEq; see ASX release dated 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’)
- The latest drilling reveals strong FWZ mineralisation directly below the high-grade VMS; This has resulted in continuous copper-gold intersections which are both wide (~true thickness) and high-grade, including drill holes:
- 86.3m @ 3.7% CuEq 1 (3.1% Cu & 0.6g/t Au) in hole MUG24-079
Intersection includes two distinct VMS lodes grading 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a broad copper FWZ intersection with a high-grade core of 27.6m @ 5.3% CuEq
- 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073
Intersection includes an upper VMS lode grading 20.1m @ 6.1% CuEq above multiple FWZ intersections including 24.0m @ 2.6% CuEq and 11.0m @ 2.4% CuEq
- Other notable assays received subsequent to the completion of the October 2024 Resource update include (~true thickness):
- 7.9m @ 3.8% CuEq (1.1% Cu & 2.9g/t Au) VMS zone MUG24-070
- 21.0m @ 1.8% CuEq and 21.9m @ 1.9% CuEq and 19.7m @ 2.0% CuEq FWZ zone MUG24-070
- 50.9m @ 1.7% CuEq (1.6% Cu & 0.1g/t Au) FWZ zone MUG24-069
- Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating likely extensions to the mineralisation
FireFly Managing Director Steve Parsons said: “These exceptional new results highlight both the quality and ongoing growth potential at Green Bay.
”The results, which come from some of the deepest holes drilled to date, are world-class, demonstrating exceptionally high grades over huge true widths. They will be included in the next Resource update.
“The Resource remains open, and we will continue to add value through the drill bit by continuing to grow and infill what is already a high-grade and large-scale copper deposit”.
The results highlight the huge scope for ongoing growth in the Resource, which already stands at 59Mt @ 2% for 1.2Mt of contained copper metal equivalent.
These reported intersections were received after the October 2024 Resource update.
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 at the margins of the current Resource show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses. In other parts of the deposit the separation of the VMS and FWZ can exceed 50 metres. Their convergence has resulted in thick and consistent high-grade copper and gold intersections which are amongst the best mineralised results returned from the deposit to date. Highlights include 86.3m @ 3.7% CuEq (~true thickness) made up of two separate VMS intersections of 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a thick FWZ mineralised zone with a core of 27.6m @ 5.3% CuEq.
Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating probable extensions to the mineralisation pointing to future resource growth.
The Company will continue with its strategy of Resource growth at Ming with exploration development continuing to position drill rigs to deliver Resource growth during 2025. Four rigs continue to drill underground as part of the fully-funded 130,000m campaign designed to deliver both additional Resource extensions and infill drilling to increase confidence in the Inferred areas of the current estimate.
FireFly is well funded with ~A$88M in cash at the end of October 2024.
Click here for the full ASX Release
This article includes content from Firefly Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
18h
Northern Territory Finalises Mine Legacy Remediation Program
The Northern Territory's government has finalised a AU$5.5 million six month mine legacy remediation program for sites located in the Tennant Creek area, a January 9 press release states.
The next phase will involve Alice Springs, where further works are scheduled for later this year.
“Mining has been an integral part of the Northern Territory’s history for more than 150 years, but historical mining activities have left behind a range of legacy features such as open shafts, degraded infrastructure, tailings dams, and waste rock dumps,” said Gerard Maley, deputy chief minister and minister for mining and energy.
“The safety program we’ve delivered in Tennant Creek is addressing these risks by remediating over 260 legacy mine features, keeping the public safe and providing significant local employment opportunities for Territorians."
The program forms part of Department of Mining and Energy’s Legacy Mines Small Mines Safety Program, which addresses public safety risks from historic mine sites and creates employment and economic benefits for citizens.
The government said that safety works at Tennant Creek were performed by DAC Enterprises. This included backfilling 182 mine voids, installing 27 shaft covers and 35 adit covers and fencing and signposting 16 mine voids.
A total of 19 local businesses in Tennant Creek were utilized by DAC Enterprises throughout the program, creating six new jobs. Four Aboriginal workers also participated. Tennant Creek's total population is just over 3,000.
“The Tennant Creek project highlights how legacy mine remediation can provide regional economic stimulus, with similar opportunities expected in other parts of the Northern Territory as the program continues,” the government said.
Steve Edgington, minister for Aboriginal affairs and member for Barkly, praised the government's support of regional towns, adding that the program “has been a real boost for Tennant Creek” as it has supported local businesses.
The next phase of remediation works in Alice Springs and Pine Creek is now in the planning stage. A tender for small mines safety works around Alice Springs will also be released in the coming months.
Works for legacy mine audits in the Katherine and Darwin regions are also in progress.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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13 January
High grade Massive Sulphide Intercepts Confirmed at Oval
Asian Battery Metals PLC (ABM or the Company, ASX: AZ9) is pleased to announce the remaining laboratory assay results of the 2024 Phase 2 drilling program for samples from drillholes OVD026, OVD027, OVD028, and OVD029. The details of the assays are provided in Table 1.
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
Click here for the full ASX Release
This article includes content from Asian Battery Metals PLC, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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09 January
Canadian Markets Steady Amid Trump Tariff Speculation and Renewed Greenland Interest
Canada's main stock index gained on Wednesday (January 8), driven by strength in tech and mining stocks.
Investors continue to weigh the impact of potential US trade policy changes under President-elect Donald Trump, as well as his renewed interest in taking ownership of Greenland, an idea he first raised in 2019.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed at 25,049.66, recovering from two consecutive sessions of losses following Justin Trudeau's resignation as Canadian prime minister on Monday (January 6).
According to CNN, Trump is reportedly considering declaring a national economic emergency so that he can impose widespread tariffs under the International Emergency Economic Powers Act (IEEPA).
The tech sector led gains in Canada, rising 1.8 percent after sharp losses earlier in the week. Mining stocks also supported the index, with the materials group adding 1.7 percent as gold and copper prices strengthened. The sector’s performance was bolstered by expectations that a weaker US dollar could make commodities more attractive globally.
On the other hand, some Canadian exporters and manufacturers remain cautious about the possible tariffs. Concerns have been raised about how universal tariffs might affect industries reliant on cross-border trade with the US.
Market watchers anticipate Trump turmoil
In the US, major indexes continued to rally, led by gains in large-cap tech stocks.
The S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) both advanced on Wednesday, reflecting investor optimism despite speculation around Trump's tariff plans.
The US dollar's weakness, reversing its recent surge, was another key factor driving gains in equities.
Trump's actions are drawing comparisons to his first term, when abrupt policy announcements frequently impacted global markets. In 2019, the president-elect invoked IEEPA to threaten tariffs on Mexican imports; however, the move was later withdrawn following a bilateral agreement on immigration measures.
Commodities prices broadly saw gains as the US dollar weakened. For its part, the Canadian dollar remained relatively steady, benefiting from higher commodities prices, but tempered by broader market caution.
Oil prices, however, remained under pressure, with concerns about global demand overshadowing temporary gains in other asset classes. Energy stocks in Canada showed mixed performances.
Trump’s renewed interest in Greenland
As mentioned, markets are also fluctuating in part due to Trump's renewed interest in Greenland.
In addition to his comments, Donald Trump Jr.’s visit to Greenland this week, described as a personal trip, has drawn attention to the island’s strategic location and resources, including rare earths.
While both Greenland and Denmark have dismissed the possibility of a sale, US interest in Greenland continues to make headlines, particularly regarding its importance for defense and natural resource availability.
Greenland is an autonomous territory of Denmark, and the country's foreign minister has said Greenland has the right to pursue independence if its residents choose; even so, he rejected the idea that it could become a US state.
The implications of these events were felt as far away as Australia, where shares of ASX-listed Energy Transition Minerals (ASX:ETM,OTC Pink:GDLNF) soared by 36 percent. The company, which owns the Kvanefjeld rare earths project in Southern Greenland, has positioned itself as a player in the global green energy transition.
Trump’s comments have added new momentum to discussions about Greenland's resource potential, even as the territory remains firm on its stance that it is "not for sale."
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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07 January
Trudeau Resigns, Canadian and US Markets React
Canadian markets showed mixed reactions following Prime Minister Justin Trudeau’s resignation.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed lower on Monday (January 6), while the Canadian dollar gained strength against the US dollar, reflecting diverging investor sentiment.
The index dropped by 142.14 points to settle at 24,995.93, marking a 0.57 percent decline from its starting point for the day. Meanwhile, the Canadian dollar rose to 69.7 cents US, reaching a near three week high.
Overall, the market’s performance was uneven across sectors. Eight of the 10 major sectors on the TSX experienced declines, with consumer staples seeing the most significant drop at 1.6 percent.
Gold wrapped up the day at the US$2,640 per ounce level, while copper futures climbed to US$4.16 per pound.
Energy stocks gained modestly, reflecting higher oil prices earlier in the day. West Texas Intermediate crude futures ultimately ended Monday at the US$73.50 per barrel level, while Brent crude finished around US$76.20 per barrel.
Meanwhile, the technology sector showed resilience, buoyed by the absence of further developments on the Canadian capital gains tax proposal introduced last year. The proposed tax changes, criticized by parts of the business community, remain stalled due to Trudeau’s resignation and the subsequent suspension of parliamentary activities.
South of the border, US markets demonstrated mixed results. The Dow Jones Industrial Average (INDEXDJX:.DJI) dipped by 25.57 points, closing at 42,706.56, while the S&P 500 (INDEXSP:.INX) gained 32.91 points to end at 5,975.38. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rose by 243.3 points, driven by gains in large-cap technology stocks.
Microsoft's (NASDAQ:MSFT) announcement of an US$80 billion investment in artificial intelligence infrastructure contributed to the Nasdaq’s rise, boosting semiconductor companies, including NVIDIA (NASDAQ:NVDA).
Trudeau resignation a result of "political infighting"
Trudeau’s decision to step down comes amid mounting pressure from within his party and declining public approval ahead of a Canadian federal election, which will be held later this year.
"This country deserves a real choice in the next election, and it has become clear to me that if I'm having to fight internal battles, I cannot be the best option in that election," he said during a press conference on Monday.
Trudeau confirmed that he will remain in office until the Liberal Party selects a new leader. Parliament will be suspended until March 24, pending the leadership transition.
The news places Canada’s political landscape in limbo. While some analysts view the prospect of a Conservative-led government as a catalyst for more business-friendly policies, others see the interim period as a source of risk.
"The (expected) change in government could usher in a policy agenda that stimulates economic growth," Ian Chong, portfolio manager at First Avenue Investment Counsel, told Reuters.
Sachit Mehra, president of the Liberal Party, confirmed that the party’s board of directors will convene this week to outline the leadership selection process. "Liberals across the country are immensely grateful to Justin Trudeau for more than a decade of leadership to our Party and the country,” he said in a statement.
Trudeau was elected to head the party in 2013 and won the role of prime minister in 2015. His leadership has spanned nine years, during which his government prioritized climate policy, social programs and pandemic response measures.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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02 January
5 Australian Mining Grants Open for Applications in 2025
As 2025 begins, companies in the mining sector are gearing up for another year of work.
In Australia, there are many chances for explorers and developers to access government funding at both the state and federal level. The list below includes five programs that are open for applications, or will be soon.
Read on to learn more about what companies can apply and how much money is up for grabs.
1. Exploration Incentive Scheme
The Exploration Incentive Scheme (EIS) is a program in Western Australia that dates back to April 2009.
Managed by the Geological Survey and Resource Strategy Division within the Department of Energy, Mines, Industry Regulation and Safety, the program aims to encourage exploration in Western Australia.
The program's focus is on “the long-term sustainability of the State’s resources sector and the demand for critical minerals on the transition to a net-zero energy system.”
The EIS hosts co-funded programs for drilling, geophysics and energy analysis. These programs provide financial support for innovative exploration drilling, greenfields geophysical surveys and energy systems projects.
This past October, the government announced that 50 successful applicants were assisted through Round 30.
Grants worth AU$7.28 million will be delivered to the applicants, with the funds being dedicated toward the drilling of projects between December 2024 and November 2025.
Applications for Round 31 of the co-funded programs will open on February 3, 2025.
2. METS Innovation Program
The Minerals Research Institute of Western Australia (MRIWA) launched its Mining Equipment, Technology and Services (METS) Innovation Program in December 2023.
The AU$3 million program supports industry-led research projects relating to mining equipment, technology and services. It features a specific grant scheme with matched funding of up to AU$250,000 for eligible and successful grant holder companies, as well as project facilitation assistance for collaborative projects.
METS focuses on supporting the development of new technologies in MRIWA’s strategic focus areas: low-emissions technologies, precision and low-impact mining, critical minerals and the alternative use of tailings and waste.
In October, five companies were each awarded matching funding of AU$250 million via the METS program, for a total of AU$1.25 million. The successful applicants were Aquirian (ASX:AQN), Total Marine Technology, Big Roller Overland Conveyor Company, Electric Power Conversions Australia and CMG Operations.
Applications for the next round of funding will close on March 4, 2025.
3. Geophysics and Drilling Collaborations Program
Australia's Northern Territory has been holding a co-funding program to advance geological understanding and resource development since 2008. Through its Geophysics and Drilling Collaborations (GDC) Program, the government takes up to AU$3 million from its AU$9.5 million Resourcing the Territory program to co-fund projects that address gaps in geoscientific knowledge, advance exploration and support resource discovery and development.
“The outcomes of the program are expected to improve geological knowledge and mineralisation targeting within a region, particularly at depth,” the Northern Territory government says on the program's website.
During Round 17, the latest iteration of the program, 41 projects from 29 companies were awarded co-funding, with projects set for completion within the 2024/2025 financial year.
Participants will submit reports on their work to the Northern Territory Geological Survey, with data to be made publicly accessible six months from the completion of the fieldwork, or on August 1, 2025(whichever is earlier).
Applications for Round 18 of the GDC Program will open on February 25, 2025, and will close on April 28, 2025. Submission guidelines and templates are available here.
4. Exploration Drilling Grant Initiative
Since October 2018, the Tasmanian government has awarded 98 grants through its Exploration Drilling Grant Initiative (EDGI). The goal of the initiative is to provide stimulus to greenfields exploration in Tasmania.
The EDGI favours minerals included on Australia's critical minerals list. Administered by Mineral Resources Tasmania, the program has a funding commitment from the government of AU$5 million over 10 years.
Contributions to each successful project are capped at AU$70,000 for drilling costs, although an additional AU$20,000 can be allotted in case of the need for helicopter support.
Tasmania closed Round 10 of the EDGI recently, with grants to be paid after final reports are reviewed, any time before the funding agreement ends on June 13, 2025. The announcement of Round 11 is expected in early 2025.
Applicants may submit more than one proposal, and applications can be made for all mineral categories, as defined in the Mineral Resources Development Act 1995.
Applications for the grant must be submitted and completed online using this form.
5. Cooperative Research Centres Program
Established by the Australian government in 1990, the Cooperative Research Centres Program funds industry-led collaborations between mining industry members, researchers and end users.
The program has two grants under its umbrella, with one being for medium to long-term collaborations and the other being intended for short-term collaborations. The former is called the Cooperative Research Centre (CRC) grant, while the latter is known as the Cooperative Research Centres-Projects (CRC-P) grant.
CRC grant applicants can receive support for up to 10 years, while CRC-P recipients can be covered for up to three years. Funding covers a wide range of AU$100,000 to AU$3 million.
Among the recent recipients is Impact Minerals (ASX:IPT), which was awarded AU$2.87 million under the CRC-P program for its pilot plant in Lake Hope in October of last year.
Applications for Stage 2, Round 25 of the CRC grant program closed on October 29, 2024. An announcement about the results is expected in early 2025, and funding is projected to begin in July.
No dates have been announced so far for the 2025 rounds of the CRC and CRC-P grants.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Impact Minerals is a client of the Investing News Network. This article is not paid-for content.
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30 December 2024
VRIC 2025 Preview — Jay Martin Talks Resource Wars, Geopolitics and How to Invest
The next Vancouver Resource Investment Conference (VRIC) is set to run from January 19 to 20, 2025, and Jay Martin, president of Cambridge House, joined the Investing News Network ahead of time to discuss the event.
Looking at the resource sector, Martin, who also hosts the Jay Martin Show on YouTube, said the current decade has been defined by chaos and uncertainty, with no signs of a slowdown any time soon.
With that in mind, his macro thesis on commodities remains steadfast, and he's watching three key drivers.
The first is geopolitics, which Martin said now matters more than it ever has before.
"Countries that used to share resources aren't sharing them like they used to. And when the supply of something becomes uncertain, the price of that thing goes up. That's fueled a lot of the commodity prices that we've seen," he said.
Martin also pointed to a lack of investment in the mining industry as important.
"These two forces butting up against each other makes for a very bullish case," he explained.
He also pointed to copper's bullish supply/demand setup as a scenario that could play out for other metals as well — while the balance has been fairly consistent for decades, it's now looking like supply is set to fall short.
"You can take that blueprint and apply it to silver and nickel and many other commodities," Martin said.
When it comes to VRIC, there will be three main themes: geopolitics, macro finance and capital allocation in mining. He's planning to bring together experts who can speak on those topics, and said more than 100 keynote speakers will be taking the stage. Three hundred mining companies are also expected to attend, as well as over 9,000 investors.
If you'd like to attend VRIC, click here to register. And stay tuned for the Investing News Network's coverage.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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