Firefly Metals Ltd has fielded promising new infill drilling results from the Ming Mine at its Green Bay copper-gold project that will support a strategy to upgrade the mineral resource ahead of expanded mining studies.
Thick, high-grade copper
The company’s ongoing six-rig drilling campaign has returned thick, high-grade copper-gold intersections from both the Volcanogenic Massive Sulphide (VMS) lenses and the broader Footwall Zone (FWZ).
The company expects these results to underpin conversion of inferred resources to the measured and indicated categories in the next update, which will position it for accelerated growth in 2025.
Firefly managing director Steve Parsons said: “These outstanding results show that our multi-pronged strategy for growth in 2025 is already working.
“There is substantial value to be created by converting our large inferred resource to measured and indicated due to the increased confidence level, the higher values typically assigned to these resources and the ability to demonstrate the production and cashflow potential at Green Bay.
“This is taking place in parallel with ongoing exploration drilling aimed at driving further growth in the total resource.
“With six rigs turning and another set to start in May, resource updates scheduled and mining studies to get underway, we have multiple sources of growth throughout 2025.”
Highlights
Recent highlights from the high-grade VMS lenses include:
- 14.2 metres at 7.5% copper equivalent (CuEq);
- 9.0 metres at 5.5% CuEq;
- 14.5 metres at 4.6% CuEq; and
- 19.0 metres at 3.8% CuEq.
In the FWZ, consistent and thick copper-rich mineralisation was returned, including:
- 50.9 metres at 2.6% CuEq;
- 46.8 metres at 2.2% CuEq;
- 66.8 metres at 2.1% CuEq;
- 21.7 metres at 2.7% CuEq; and
- 42.8 metres at 2.2% CuEq.
The current mineral resource stands at 24.4 million tonnes at 1.9% CuEq in the measured and indicated category and 34.5 million tonnes at 2.0% CuEq in the inferred category.
The infill program is a key component of FireFly’s growth strategy, enabling future economic studies aimed at defining the production and cashflow potential of the project.
The drill campaign has completed some 67,000 metres of a planned 130,000-metre program.
On the horizon
A seventh rig is scheduled to arrive in May to accelerate efforts, with further resource growth, conversion drilling and new discovery targets in focus.
Surface exploration and geophysics are also underway, with initial assays expected in the June quarter.
FireFly is finalising a submission for environmental assessment in Newfoundland and Labrador as part of advancing toward a potential restart.
The company remains well funded, with around A$84.1 million in cash, receivables and liquid investments as of December 31, 2024.