FireFly Metals Ltd (ASX:FFM) is on course for its September resource update with more high-grade copper-gold intersections from the Green Bay Project in Canada.
Wide zones of copper
More wide zones grading 4% copper point to an expansion of the known mineralisation at the project, which distinguishes itself with two unique copper mineralisation types - the high-grade copper-gold massive sulphide zones and the extensive copper-rich Footwall Zone (FWZ).
This ongoing exploration is a key element of FireFly’s strategy to substantiate and enhance the resource estimate, with the FWZ's high-grade intersections pointing towards a promising increase in the project's value and scale.
Highlights
The latest drilling results from the FWZ are noteworthy, demonstrating the high-grade nature of the copper over wide areas. They include:
- 9 metres at 4.0% copper equivalent (CuEq) and 63.1 metres at 2.2% including a zone of 12.4 metres at 3.1%;
- 51 metres at 2.2% CuEq including zones of 5.3 metres at 3.3% and 4.9 metres at 3.2%;
- 9.8 metres at 3.7% CuEq; and
- 17.8 metres at 1.8% CuEq.
These findings are part of a broader drilling campaign that has consistently shown the potential for significant resource growth at the Green Bay site.
The current resource estimate stands at 39.2 million tonnes with a 2.1% CuEq, totalling 811,000 tonnes of CuEq.
Drilling continues apace
FireFly Metals continues its drilling efforts with two rigs operational underground and more results on the horizon.
Resource growth drilling from the underground development delivers significant cost and time savings in comparison to completing the drilling from surface.
The development of a 750-metre exploration drive is well underway, with the owner-operator mining crew having completed almost 500 metres of development to date.
FireFly remains fully funded for phase one of its growth strategy with $17.2 million in cash at the end of December 2023.
FireFly managing director Steve Parsons said: “We continue to grow the known extent of the mineralisation with wide intersections and strong grades.
“This all demonstrates the growing size of the system and points to a substantial resource update in the September quarter.
“It also highlights the immense potential to increase the scale of mining at Green Bay.”
FireFly’s resource growth plan remains on track – an updated resource is expected in the September quarter.