FireFly Metals Ltd has reported strong extensional drilling results at its Green Bay Copper-Gold Project in Newfoundland, Canada, with mineralisation intersected more than 200 metres beyond the current Mineral Resource.
The Green Bay Project hosts a substantial Mineral Resource, with 24.4 million tonnes at 1.9% copper equivalent (CuEq) classified as Measured and Indicated, and a further 34.5 million tonnes at 2.0% CuEq in the Inferred category.
In support of its accelerated growth strategy, FFM is ramping up its underground drilling activities ahead of planned mining studies. A sixth underground rig is scheduled to arrive on site in late May, bringing the total to seven rigs, including one surface rig dedicated to high-priority exploration targets near the Ming Mine.
Initial surface drilling efforts have been directed towards the historic Rambler Main copper-gold deposit, situated less than three kilometres from the Ming Mine. Rambler Main was previously mined to a depth of approximately 200 metres between 1964 and 1967. The company expects to receive first assay results from the current drilling campaign in the coming weeks.
Potential outside resource
A Down Hole Electromagnetic (DHEM) anomaly suggests further potential, with a new conductive zone extending over 700 metres outside known drill extents. To accelerate growth, a seventh drill rig will be mobilised later this month.
This is highly significant as previous drilling of DHEM anomalies at the Ming Mine confirmed a direct correlation with copper and gold mineralisation. The latest survey results reinforce this association, indicating continuity of the mineralisation and underscoring the potential for substantial growth in the Mineral Resource.
Long section through the Green Bay Ming underground mine showing the location of the Mineral Resource step-out drillholes reported in this announcement, which included high-grade extensions to both VMS and FWZ styles of mineralisation. The DHEM plate modelled by geophysical consultant Southern Geoscience (Green) shows a conductive anomaly extending more than 700m beyond the extent of current drilling.
“We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign but we have more than enough avenues of growth to warrant this,” FFM managing director Steve Parsons said.
Step-out drilling confirms high-grade extensions
Drilling from the 805-level drill drive has returned significant mineralised intercepts from both the upper copper-gold Volcanogenic Massive Sulphide (VMS) zone and the Footwall Zone (FWZ).
Following its acquisition of the project in October 2023, FireFly has completed approximately 79,200 metres of diamond drilling. Assays have now been reported for the first 140 drillholes, with further results pending.
The Ming Mine hosts two distinct styles of mineralisation: upper-level, copper-gold-rich volcanogenic massive sulphide (VMS) lenses and an extensive underlying Footwall Zone (FWZ), characterised by broad copper stringer mineralisation. The FWZ mineralisation has been defined over a strike length exceeding 2.3 kilometres, with thicknesses around 150 metres and widths greater than 200 metres. The system remains open down-plunge.
Drilling is progressing with five rigs underground—two allocated to extension and exploration drilling, and three focused on resource conversion. Results from this program will continue to inform the company’s resource growth and development strategy.
High-grade hits from 805L exploration drive
FireFly’s extensional drilling from the 805 Level drill drive—targeting areas beyond the current Mineral Resource Estimate of 24.4 million tonnes at 1.9% copper equivalent (CuEq) Measured and Indicated and 34.5 million tonnes at 2.0% CuEq Inferred—has delivered promising results.
Key intersections from hole MUG24-124 include:
- 4.3 metres at 2.1% copper (Cu), 0.7 grams per tonne (g/t) gold (Au), 6.6 g/t silver (Ag), 3.83% zinc (Zn) (3.3% CuEq) from 468.8 metres (VMS-style)
- 25.8 metres at 4.6% Cu, 0.5 g/t Au, 5.8 g/t Ag, 0.15% Zn (5.1% CuEq) from 488.8 metres (VMS/Stringer-style)
- 9.4 metres at 1.6% Cu, 0.1 g/t Au, 1.5 g/t Ag, 0.01% Zn (1.7% CuEq) from 526.1 metres (FW stringer)
- 5.9 metres at 2.4% Cu, 0.2 g/t Au, 2.7 g/t Ag, 0.09% Zn (2.6% CuEq) from 563.5 metres (FW stringer)
Highlights from hole MUG25-040 include:
- 12.4 metres at 3.6% Cu, 3.5 g/t Au, 23.6 g/t Ag, 0.88% Zn (6.8% CuEq) from 548.8 metres (VMS-style)
- 19.5 metres at 2.7% Cu, 0.3 g/t Au, 3.4 g/t Ag, 0.03% Zn (3% CuEq) from 609.5 metres (FW stringer)
- 14.5 metres at 1.8% Cu, 0.1 g/t Au, 1.7 g/t Ag, 0.01% Zn (1.9% CuEq) from 643.6 metres (FW stringer)
- 9.6 metres at 1.6% Cu, 0.2 g/t Au, 1.6 g/t Ag, 0.06% Zn (1.8% CuEq) from 679 metres (FW stringer)
Further assays and geological analysis are ongoing, with updates expected as drilling continues.
These results demonstrate strong continuity and grade, supporting expansion of the existing 24.4 million tonne Measured and Indicated Resource at 1.9% CuEq and 34.5 million tonne Inferred Resource at 2.0% CuEq.
Resource upgrade and discovery drilling underway
FireFly is operating six rigs (five underground, one surface), targeting three key workstreams:
- Resource extension: 35,000 metres of drilling to test down-plunge VMS and FWZ mineralisation
- Infill drilling: 35,000 metres to convert Inferred Resources to Measured and Indicated
- Discovery drilling: 10,000 metres targeting new lodes and feeder zones
Surface drilling is also testing historic prospects near Ming Mine, including the Rambler Main deposit, with initial assays expected in coming weeks.
“We continue to create value on several fronts, ranging from resource growth and resource upgrades though to exploration drilling and initial mining studies,” Parsons said.
“The combination of this work shows just what an outstanding project Green Bay is and how well placed we are to capitalise on the demand for copper-gold projects in tier one locations.”
Well-funded for growth
With A$68.5 million in cash and equivalents at the end of March 2025, FireFly is well positioned to deliver further Mineral Resource growth, updated studies, and a potential restart scenario at Green Bay later in 2025.
Significant value drivers for FireFly Metals in 2025. Results in this announcement relate to Mineral Resource growth by demonstrating high-grade copper and gold mineralisation continues beyond the extent of the current Mineral Resource.