FireFly Metals Ltd (ASX:FFM) is building toward a potentially sizeable resource update for the Green Bay Copper-Gold Project in Canada before the end of next month with more high-grade copper-gold hits in the latest round of drilling.
The company generated results including 3.2 metres at 11.8% copper equivalent (CuEq) from 95.7 metres in the high-grade volcanogenic massive sulphide (VMS) zone and 43.2 metres at 2.2% CuEq from 396.4 metres in the Footwall zone.
Four rigs are at work underground on additional drilling programs, the results from which will join the vast number of mineralised intersections recorded outside the existing mineral resource estimate (MRE) to form part of the upcoming update.
Green Bay currently holds a resource of 811,000 tonnes of contained metal at 2.1% CuEq.
Extending resource boundary
“We keep adding outstanding intersections of high-grade and wide mineralisation to the vast database of assays we have accumulated over the past year,” FireFly managing director Steve Parsons said.
“These results extend the known continuous mineralisation by about 500 metres beyond the current resource and will underpin the upcoming resource estimate.
“In addition to these latest assays, we have established that geophysics is a highly effective means of identifying prospective mineralised areas at Green Bay.
“The results point to likely extensions of the known mineralisation beyond the current drilling at the existing mine.
“But importantly, they also show that geophysics will be extremely useful in our strategy to identify new regional deposits at Green Bay.
“This wider exploration campaign has the potential to create huge value for shareholders and is now a top priority.”
Shares have been as much as 5.44% higher on the ASX intra-day to $0.97.
More surveys and drilling to come
FFM used down-hole electromagnetic (DHEM) surveys to identify the VMS and Footwall zones at Green Bay, offering a strong validation of the exploration technique’s effectiveness on the project’s geology.
The company intends to complete another DHEM survey underground to find fresh extensions to the new copper zones, with drilling to follow in the coming weeks.
FireFly says it is well funded to pursue its gold ambitions in Canada, with $38.1 million in the bank as of June 30, 2024.
Highlight drilling results from this latest program at Green Bay include:
- 3.2 metres at 11.8% CuEq (2.9% copper and 10.4 g/t gold) from 95.7 metres;
- 5.3 metres at 8.6% CuEq (6.6% copper and 2.2 g/t gold) from 48.8 metres;
- 7.0 metres at 7.4% CuEq (4.4% copper and 2.7 g/t gold) from 55.5 metres;
- 3.5 metres at 5.0% CuEq (1.6% copper and 3.8 g/t gold) from 82.6 metres;
- 6.5 metres at 4.3% CuEq from 49 metres, and 6 metres at 4.1% CuEq from 88.6 metres within a broader zone of 48.6 metres at 1.9% CuEq from 49 metres;
- 43.2 metres at 2.2% CuEq from 396.4 metres;
- 18.7 metres at 2.4% CuEq from 171.2 metres and 38.8 metres at 2.0% CuEq from 243.2 metres; and
- 21.7 metres at 2.4% CuEq from 256.2 metres.