FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has announced a new set of “extremely high-grade” results from its ongoing drilling campaign at the Green Bay Copper-Gold Project in Newfoundland, Canada.
The latest results continue to demonstrate the significant potential of this high-quality copper and gold asset, with drilling showing excellent continuity and mineralisation across key zones, and will play a crucial role in an upcoming mineral resource estimate (MRE) update, expected later in 2025.
Strong assay results pave the way for a resource upgrade
The latest drilling results from the Green Bay project highlight the promise of the Tier 1 asset, with very high-grade assays continuing to flow from the ongoing infill drilling program.
Key intersections from the recent drilling of volcanogenic massive sulphide (VMS) lenses include:
- 11.6 metres at 9.3% CuEq (6.0% Cu and 3.9g/t Au) in hole MUG24-128;
- 5.5 metres at 7.1% CuEq (5.4% Cu and 2.0g/t Au) in hole MUG25-014;
- 14.6 metres at 6.7% CuEq (5.4% Cu and 1.5g/t Au) in hole MUG25-032; and
- 6.4 metres at 6.3% CuEq (3.0% Cu and 3.6g/t Au) in hole MUG25-069W1.
In addition to these high-grade VMS intersections, drilling of the Footwall Stringer Zone (FWZ) continues to demonstrate thick and consistent copper mineralisation. Notable results include:
- 9.5m at 6.4% CuEq (6.1% Cu and 0.4g/t Au) in hole MUG25-073;
- 26.2m at 5.3% CuEq (4.9% Cu and 0.4g/t Au) in hole MUG25-015; and
- 24.1m at 3.7% CuEq (3.5% Cu and 0.3g/t Au) in hole MUG25-042.
Long section through the Green Bay Ming underground mine showing the location of select drill results from this announcement. Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown. The green shape is a modelled DHEM anomaly (from hole MUG25-040). Drill assays >0.5% copper are shown in red.
“These are absolutely superb assays which show why Green Bay is in such an enviable position,” FireFly managing director Steve Parsons said. “With investors and metal traders around the world scrambling for exposure to high-quality copper and gold projects in Tier 1 locations, Green Bay meets all the key criteria."
Growth and upgrades driving forward mining studies
The infill drilling results are pivotal for FireFly, which intends to use them to upgrade the current Inferred Resources to the more valuable Measured and Indicated (M&I) categories.
The current MRE for Green Bay stands at 24.4 million tonnes at 1.9% for 460,000 tonnes copper equivalent (CuEq) in M&I Resources, with an additional 34.5 million tonnes at 2.0% for 690,000 tonnes CuEq in Inferred Resources.
The planned MRE update, scheduled for later this year, is expected to show a significant increase in the M&I category, which will underpin future mining studies.
Long section through the Ming Mine showing the location of drill platforms and drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.
“We will have eight rigs drilling as part of our plan to keep growing the mineral resource and upgrading more of it to the Indicated Resource category,” Parsons said. “The updated mineral resource will then feed into mining studies. This multi-pronged strategy is aimed at unlocking the value of what is clearly an exceptional copper-gold asset in a highly desirable location at a time when such projects are in hot demand.”
Expanded exploration efforts and funding
FireFly has also bolstered its exploration efforts with a robust funding position, following a recent equity raise that strengthened its balance sheet to about $145 million — funds that will be crucial in advancing both exploration and feasibility studies for the Green Bay project.
Read more: FireFly Metals doubles Share Purchase Plan to A$10 million
The company’s drilling program, which now includes eight rigs (six underground and two on surface), is focused on expanding known mineralisation, upgrading resources, and making new discoveries. Two drill rigs have been deployed to the northern extension of the project area to test for high-grade down-plunge extensions of the Ming Deposit, with additional results expected in the coming weeks.
FireFly is also continuing to explore regional geophysical targets, with further assays expected from the nearby Rambler Main mine.
With substantial funding in place and ongoing high-grade drill results, FireFly remains on track for an updated MRE in late 2025, which will provide further clarity on the potential scale of the project and support the completion of mining studies and feasibility work in 2026.
Key 2024-2025 milestones for the Green Bay Copper-Gold Project.