FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has unearthed more exceptional copper and gold grades from its Green Bay Project in Newfoundland, Canada, reinforcing both the scale and quality of its flagship asset.
The latest round of underground drilling at the Ming Mine continues to confirm thick, high-grade Volcanogenic Massive Sulphide (VMS) zones and broad copper-rich Footwall Zone (FWZ) mineralisation, providing a strong foundation for an upcoming Mineral Resource Estimate (MRE) update due later this quarter.
With eight diamond rigs now in operation and assays pending from step-out holes, FireFly says the campaign is delivering on its twin goals of resource growth and conversion to higher-confidence Measured and Indicated categories.
High-grade VMS hits underpin conversion push
Infill drilling within the high-grade copper-gold VMS lenses delivered several standout intercepts (all ~ true thickness), including:
- 4.4 metres at 19.5% copper equivalent (CuEq) (3.1% Cu and 19.2 g/t Au) in MUG25-113;
- 10.1 metres at 10.1% CuEq (6.6% Cu and 4.1 g/t Au) in MUG25-110; and
- 8.0 metres at 8.6% CuEq (3.2% Cu and 5.8 g/t Au) in MUG25-068.
Long section through the Green Bay Ming underground mine showing the location of select drill results from this announcement only. 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 demonstrating the mineralisation remains open at depth ready for drill testing.
FireFly says these results continue to convert wide-spaced hits into consistently mineralised zones, supporting an uplift in the higher-confidence Measured and Indicated categories in the upcoming MRE update.
Thick FWZ intersections highlight bulk-tonnage potential
Broad copper stringer mineralisation in the Footwall Zone (FWZ) continues to point to large-scale mining optionality. Notable intervals include:
- 117.0 metres at 2.1% CuEq, including 21.9 metres at 4.0% CuEq, in MUG25-078;
- 22.1 metres at 4.9% CuEq in MUG25-083;
- 51.9 metres at 2.0% CuEq in MUG25-058; and
- 25.0 metres at 2.8% CuEq and a further 10.6 metres at 2.2% CuEq in MUG25-081.
Six rigs are turning underground and two on surface to upgrade and extend known mineralisation while testing new regional targets.
Aggressive drilling ‘paying huge dividends’
FireFly managing director Steve Parsons said the company’s sustained momentum at Green Bay is translating into tangible results, with infill and step-out drilling rapidly expanding the scale and confidence of the resource.
“Our aggressive drilling strategy, now being advanced with eight diamond rigs, is paying huge dividends,” Parsons said. “These latest infill drilling results pave the way for growth in the Measured and Indicated Resource.
“With eight drill rigs turning and a Mineral Resource Estimate update planned for later this quarter, we expect to continue generating strong news flow as we seek to drive mineral resource growth and unlock more value from our increasingly valuable copper and gold asset in a true tier-one location.”
Long section through the Ming Mine showing the location of drill platforms and drilling reported in this announcement as well as the significant DHEM conductor.
Current resource and upgrade timetable
Green Bay’s current MRE (October 2024) stands at:
- M&I: 24.4 million tonnes (Mt) at 1.9% CuEq for 460,000 tonnes CuEq;
- Inferred: 34.5 Mt at 2.0% CuEq for 690,000 tonnes CuEq.
FireFly expects the density and tenor of recent infill intercepts to lift M&I tonnages in the pending update — a key de-risking step as only M&I resources can be used in feasibility studies. Step-out assays targeting down-plunge extensions at the Ming Mine are due in the coming weeks, with the MRE update scheduled for release later this quarter.
Studies, permitting and early works
Economic evaluations for an upscaled restart are advancing, with a preliminary economic study targeted for completion in the first quarter of 2026. Metallurgical test work reported in August returned copper recoveries of 98% and preliminary gold recoveries of up to 85%.
Following a conditional release from further Environmental Assessment by the Province of Newfoundland and Labrador, FireFly has begun permitting for early works and construction and plans selective low-cost seasonal activities to ready the site.
Regional programs accelerating
Beyond the mine footprint, two surface rigs are testing conductive geophysical anomalies across the central Green Bay leases. A VTEM survey is being flown over the 115-square-kilometre Tilt Cove Project east of Ming, alongside a detailed helicopter magnetic survey over the core Green Bay tenure.
New datasets are expected in the coming weeks to refine drill targeting.
Balance sheet and index inclusion
The company remains well funded after a ~$98.1 million equity raise and a $10 million share purchase plan completed mid-year, finishing the quarter with ~A$145 million in cash and liquid investments.
FireFly also noted that it was added to the S&P/ASX 300 index on September 22, 2025, less than two years after acquiring Green Bay in October 2023.
With eight rigs active, step-out results pending and the MRE update due this quarter, FireFly is positioning Green Bay as a larger, higher-confidence copper-gold system — combining high-grade VMS lenses with thick FWZ bulk-mining potential — feeding into its Q1 2026 study timetable.