FireFly Metals Ltd (ASX:FFM) managing director Steve Parson sits down with Proactive’s Tylah Tully to discuss a 42% increase in the mineral resource estimate (MRE) for its Green Bay Copper-Gold Project in Newfoundland, Canada, following an extensive 2023-2024 drilling program.
The MRE now stands at 59 million tonnes at 2% copper equivalent (CuEq), representing 1.2 million tonnes of contained metal. Key resources include 1 million tonnes of copper, 550,000 ounces of gold and 5.4 million ounces of silver, marking increases of 39%, 48% and 57% for each metal, respectively.
The resource expansion, achieved through 40,000 metres of diamond drilling, confirms Green Bay’s status as a high-grade copper project.
FireFly's discovery cost averaged A$79 per tonne of CuEq, making it a cost-effective asset.
The Green Bay Project includes a high-grade volcanogenic massive sulphide (VMS) zone, now estimated at 6 million tonnes at 4.3% CuEq, and shows potential for further expansion based on recent geophysical data.
FireFly, with recent funding of A$73 million, is positioned to continue its drilling and engineering efforts into 2025, targeting additional resource growth in VMS and copper stringer zones.
The next drilling phase is underway with step-out results expected in the coming weeks.