FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has unveiled another batch of outstanding drill results from its Green Bay Copper-Gold Project in Newfoundland, Canada, with new assays extending high-grade mineralisation by more than 650 metres beyond the current mineral resource boundary.
The headline result — 49 metres at 6.1% copper equivalent (CuEq) including 14.3 metres at 13.7% CuEq — marks one of the best intersections ever drilled at the Ming deposit and reinforces the company’s view that grades and thicknesses are improving with depth.
The results will feed directly into an updated mineral resource estimate (MRE) due later this quarter, building on FireFly’s October 2024 MRE of 24.4 million tonnes at 1.9% CuEq (460,000 tonnes CuEq) in the Measured and Indicated categories and 34.5 million tonnes at 2.0% CuEq (690,000 tonnes CuEq) Inferred.
Deepest hole delivers strongest mineralisation yet
The step-out drilling from the end of the 805L exploration drive confirmed copper-gold mineralisation extending 430 metres beyond previous drilling and 650 metres beyond the existing MRE.
Hole MUG25-202 returned 49 metres at 6.1% CuEq (4.9% Cu and 1.3 g/t Au), including 14.3 metres at 13.7% CuEq (10.6% Cu and 3.2 g/t Au).
Core photographs for drillhole MUG25-202, showing the upper VMS (827m-841.25m) that grades 14.3m @ 13.7% CuEq and the adjacent broad FWZ stringer-style mineralisation. This is part of the broader step-out intersection of 49.0m @ 6.1% CuEq.
The results also validate a previously reported 700-metre downhole electromagnetic (DHEM) anomaly as being associated with copper-gold sulphides — a strong indication that the deposit remains open and potentially much larger at depth.
High-grade intercepts were also recorded from other holes:
- MUG25-208: 7.0 metres at 3.9% CuEq and 30.0 metres at 1.9% CuEq.
- MUG25-190: 14.1 metres at 3.7% CuEq, including 1.8 metres at 15.2% CuEq, and 27.0 metres at 1.9% CuEq.
- MUG25-179: 33.9 metres at 1.9% CuEq and additional copper stringer mineralisation below.
These results confirm the continuation of both the copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses and the underlying copper-rich Footwall Zone (FWZ), both of which remain open at depth.
Long section through the Green Bay Ming underground mine showing the location of select drill results from this announcement showing the 650m step-out from the previously released October 2024 Mineral Resource Estimate. The green shape is a modelled DHEM anomaly demonstrating the mineralisation remains open beyond this deepest drill hole. Drill assays >0.5% copper are shown in red.
‘World-class’ grades highlight growth outlook
FireFly managing director Steve Parsons described the new results as “truly world-class”, noting that the intersections demonstrated why Green Bay ranks among the world’s best undeveloped copper assets.
“To extend the known mineralisation by 650 metres beyond the Mineral Resource with such a spectacular intersection as 49 metres at 6.1% CuEq demonstrates the exceptional growth outlook at Green Bay,” Parsons said.
“The mineralisation remains open, and we are continuing to drill in pursuit of more growth,” he added. “The spectacular results in this announcement combined with recent infill results set the scene for a Mineral Resource update later this quarter.”
Eight rigs turning, feasibility study under way
FireFly continues to advance one of the most aggressive copper-gold drill programs in North America, with eight rigs currently in operation — six underground and two on surface.
The company has now completed more than 126,000 metres of underground diamond drilling, targeting both resource growth and conversion from Inferred to Measured and Indicated categories to support feasibility studies.
Key 2024-2025 milestones for the Green Bay Copper-Gold Project.
With cash and liquid investments of about A$145 million following its recent equity raise, FireFly is well funded to maintain the accelerated pace of exploration, complete the feasibility study for an upscaled operation, and progress permitting and early works at Green Bay.
Read more: FireFly delivers high-grade copper-gold hits and A$145 million capital boost at Green Bay
At the regional scale, a comprehensive VTEM and helimagnetic survey is under way across FireFly’s broader Green Bay and Tilt Cove projects, supporting a systematic drilling campaign to identify new copper-gold discoveries across the 346-square-kilometre landholding.