Firefly Metals

High-Grade Assays Establish Continuous Mineralisation for 460m Outside Resource

Assays up to 10% copper and 4g/t gold further strengthen outlook for substantial resource growth; Two more rigs on way to site as wider exploration strategy ramps up

FireFly Metals Ltd (ASX: FFM) is pleased to announce more outstanding wide high-grade copper- gold intersections from its drilling program at the Green Bay Copper-Gold Project in Canada.


KEY POINTS

  • Another batch of high-grade copper and gold assays support FireFly’s strategy for rapid and substantial Resource growth at Green Bay
  • The latest results reveal consistently high-grade mineralisation extends continuously for 460m outside the current Resource boundary
  • These results will form part of the next upgrade in the Resource, which currently stands at 39.2Mt at 2.1% for 811,000t CuEq1
  • Green Bay hosts two distinct styles of copper mineralisation: One contains high-grade copper-gold massive sulphide zones (‘VMS') and the other is a large-scale, copper-rich Footwall Zone (‘FWZ’)
  • Latest results from the upper high-grade massive sulphide VMS zone include (~true thickness):
    • 13.1m @ 14.3% CuEq (10.7% Cu & 4.1g/t Au) within 26.0m @ 8.2% CuEq MUG24-030
    • 18.0m @ 4.9% CuEq (3.4% Cu & 1.7g/t Au) MUG24-025
    • 13.5m @ 7.6% CuEq (5.3% Cu & 2.6g/t Au) MUG24-029
    • 5.4m @ 12.2% CuEq (8.6% Cu & 4.0g/t Au) MUG24-023
    • 6.9m @ 5.4% CuEq (4.8% Cu & 0.6g/t Au) within 20.3m @ 3.3% CuEq MUG24-030
    • 20.8m @ 4.3% CuEq (4.0% Cu & 0.3g/t Au) MUG24-029
  • Multiple zones from the large-scale copper-rich footwall zone were intersected in each hole and include (~true thickness):
    • 55.0m @ 1.8% CuEq including 12.1m @ 2.3% CuEq and 8.9m @ 3.0% CuEq (MUG24-024)
    • 47.1m @ 1.5% CuEq including 7.4m @ 2.2% CuEq and 16.3m @ 1.8% CuEq (MUG24-019)
    • 31.5m @ 1.6% CuEq including 21.9m @ 1.7% CuEq and 3.1m @ 3.7% CuEq (MUG24-026)
  • These latest results are highly significant because they demonstrate continuous VMS and FWZ mineralisation between the current resource and the 460m step-out exploration hole of 6.3m @ 5.9% CuEq in the VMS zone and 102m @ 1.7% Cu in the FWZ (see ASX 16/01/24)
  • Two more rigs are on the way to site, taking the total to four; This will underpin FireFly’s goal of accelerating resource growth in parallel with in-mine discovery exploration
  • Geophysical surveys to identify new discovery targets will commence in coming weeks with underground downhole Electromagnetics (DHEM) and regional Airborne VTEM
  • FireFly remains fully-funded for its growth strategy following the successful A$52M equity raising in March 2024.

FireFly Managing Director Steve Parsons said: “We continue to generate exceptional step out drilling results which point to substantial growth in the high-grade copper and gold resource at Green Bay.

“Given the consistently strong drilling results we are achieving, we are doubling the number of rigs to four. This is aimed at accelerating our resource growth while also seeking to make new discoveries.

“Green Bay is a large district scale copper-gold mineralised system with huge potential outside the current resource and known mineralisation. We are aiming to unlock the value of this wider project area and therefore we are about to start regional geophysical surveys to define lookalike copper-gold targets for drill testing”.

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’).

In November 2023 the Company commenced mining of a 1,500m underground drill drive to enable exploration for down-plunge extensions of mineralisation outside of the current resource, which currently stands at 39.2Mt @ 2.1% for 811,000t CuEq.

Holes drilled from the development drill drive continue to return exceptional results, with significant intersections of both the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ.

The latest intersections in the VMS zone include 13.1m @ 14.3% CuEq within a broader zone of 26.0m @ 8.2% CuEq. The copper stringer style FWZ mineralisation also continues to contain multiple high- grade zones, including 8.9m @ 3.0% CuEq within a wider halo of 55.0m @ 1.8% CuEq in MUG24-024.

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 460m step-out exploration hole (R17-25ab) that contained intersections including 6.3m @ 5.9% CuEq in the VMS and 102m @ 1.7% Cu in the FWZ (see ASX 16/01/24). This sets the scene for a significant resource update, which is scheduled for completion in the September Quarter.


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.

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