FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has identified numerous compelling drill-ready targets at its Green Bay Copper-Gold Project in Newfoundland, Canada, after an extensive geophysical survey revealed 325 conductive anomalies resembling known copper-gold mineralisation in the area, including the highly productive Ming, Rambler Main, and East Mines.
The airborne electromagnetic (EM) and magnetic surveys — the first modern geophysical campaign conducted at Green Bay — alongside ground-based follow-up work have uncovered anomalies that share key geological characteristics with the rich deposits at Green Bay, including similar orientations, conductive responses, and geological settings, the company reported.
Multiple significant new targets from the recent airborne VTEM and magnetic geophysical surveys. The white dots represent bedrock conductive anomalies. There are numerous untested conductive trends in a similar orientation (yellow boxes) to the known mineralisation at the Ming, Rambler Main and East Mines (white boxes).
These discoveries bolster FireFly's broader resource growth strategy at Green Bay, as it leverages the newly identified targets to expand upon its established resource base and accelerate exploration across the region.
Targeting major discoveries
FireFly managing director Steve Parsons called the survey results “extremely strong”, saying they support the company’s assessment of “huge potential for major discoveries at Green Bay”.
“No modern geophysics has been used at Green Bay until now, and the regional upside has barely been tested,” he said. “But these results have uncovered compelling targets which share key similarities with the known deposits at the project.”
With these geophysical anomalies confirmed, FireFly is set to deploy a second surface drill rig to accelerate its exploration program and systematically test these high-priority targets in the coming months.
Expanding exploration at Tilt Cove and Rambler Mines
FireFly has also initiated exploration at the Tilt Cove Project, acquired in late 2024, which hosts a historic copper-gold VMS (Volcanogenic Massive Sulphide) system about 30 kilometres east of the Ming Mine. Historical mining at Tilt Cove produced more than 170,000 tonnes of copper and 50,000 ounces of gold.
Tilt Cove Copper-Gold Project area showing the large-scale conductor (red) identified by FireFly’s ground-based EM survey. This conductor is significant and potentially caused by copper-gold bearing sulphide mineralisation.
Recent ground-based EM surveys at the project have confirmed the presence of a large untested conductive anomaly, first identified by Newmont Exploration in the 1980s. FireFly plans to drill test this anomaly later in 2025.
At the Rambler Main and East Mines area, a previously unidentified anomaly dubbed Hillbog has also been targeted. Drilling of this new target has already commenced, with results expected in the coming weeks.
Hillbog VTEM anomaly located less than 300m south of Rambler Main Mine and associated VTEM anomalies.
In addition, the company has identified a series of large untested EM anomalies in the Southwest target area, about 8 kilometres southwest of the Ming Mine. These anomalies are set to be drill-tested soon.
Multiple significant new targets from the recent airborne VTEM and magnetic geophysical surveys to the Southwest of the Ming Copper-Gold Mine. The white dots represent bedrock conductive anomalies. There are numerous untested conductive trends in a similar orientation (yellow boxes) to the known mineralisation at the Ming, Rambler Main and East Mines.
Well-funded for continued exploration and growth
FireFly remains well-funded to support its ambitious exploration goals, with about A$145 million in cash and liquid investments, bolstered by a recent capital raising and upsized share purchase plan. The company’s exploration strategy includes both surface drilling at Green Bay and ongoing underground drilling at the Ming Mine, which aims to expand and upgrade the current mineral resource.
Looking ahead, FireFly is committed to using the capital raised to fast-track its regional exploration programs at Green Bay and Tilt Cove, with a focus on new discovery, resource growth, and testing high-priority targets throughout the remainder of 2025 and beyond.