FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) earlier this week outlined progress at its Green Bay copper-gold project in Newfoundland and Labrador, including environmental approval for a 1.8 million tonne-per-annum processing plant. Managing director Steve Parsons discussed the highlights.
Highlights
- Firefly Metals has secured environmental approval for a 1.8 million tonne-per-annum processing plant at the Green Bay project.
- The approval received strong community and Newfoundland & Labrador government support.
- Metallurgical test results returned over 98% copper recovery and over 85% gold and silver recovery.
- Green Bay holds over 500,000 ounces of gold.
- Construction permit applications are in progress; early site works scheduled for late 2025.
- Eight rigs currently drilling — six underground for resource expansion and infill drilling, two surface rigs for regional exploration.
- A resource update is expected in Q4 2025.
- Engineering and economic study results are expected in Q1 2026.
- The company is testing a pipeline of 325 regional targets.
Government support
The approval was supported by both the local community and the Newfoundland & Labrador government. Parsons described the development as “something quite amazing for the company” and said it clears the way for the project to advance toward development and production.
Test results
The company also reported metallurgical test results showing over 98.00% copper recovery and over 85.00% gold and silver recovery. It highlighted that Green Bay hosts over 500,000 ounces of gold, with the high recovery rates feeding directly into the engineering and economic studies currently in preparation. These studies are scheduled for release in the first quarter of 2026.
Construction permit applications are in progress, and Firefly plans to begin early seasonal site preparation works in late 2025. The company is also continuing an active drilling program, with eight rigs currently in operation. Six underground rigs are targeting step-out drilling to expand the resource and infill drilling to support measured and indicated classifications for the upcoming studies.
Two surface rigs are testing regional targets. The company previously identified 325 prospects and is now systematically evaluating them. Parsons said shareholders can expect continued news flow from both resource expansion and regional exploration drilling.
Upcoming milestones
Key upcoming milestones include a resource statement in the fourth quarter of 2025 and the release of the engineering and economic study results in early 2026. The company indicated that these developments, alongside ongoing exploration, are expected to provide multiple potential catalysts for the project in the near term.