FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) this week returned high-grade copper and gold results from the Green Bay copper-gold project in Canada. Managing director, Steve Parsons, joined Proactive to discuss.
Highlights
- Firefly Metals reported strong copper-gold drill results from its Green Bay Project in Canada.
- The new drill hole is a 650-metre step-out from the existing resource — a major wildcat test.
- The hole returned 49 metres at 6.5% copper, including 14 metres at nearly 14% copper.
- Managing Director Steve Parsons said it is “the best drill hole we’ve ever drilled to date.”
- The company plans a resource update later this year and an engineering and economic study in Q1 next year.
- Firefly has $145 million in cash and a $16 million exploration budget for the next 12 months.
- Two drill rigs are active, with plans to increase due to strong results.
- Parsons noted 325 exploration targets remain to be tested.
- Regional exploration work marks the first major activity at the project in 30 years.
Proactive: Steve, you’ve informed the market that the strength of the mineralisation appears to be increasing at depth, with the latest hole returning one of the best intersections drilled in the deposit to date. That’s quite a milestone. What more can you tell us?
Steve Parsons: Yeah, it’s a fairly impressive drill hole we put out today. On the back of all the infill we completed last week and put out to the market, we’re expecting more infill results very soon leading up to the resource update later this year.
This drill hole is really significant because it’s a 650-metre step-out from the previous resource — a wildcat hole — and it’s probably the best drill hole we’ve ever drilled to date, which is quite amazing when you think about it. It’s also the furthest wildcat hole drilled so far.
The grade is sensational — 49 metres at 6.5% copper and a 14-metre zone at almost 14% copper. Remembering this is copper and gold, which is great.
Proactive: And of course, market prices are in your favour at the moment, so investors are quite keen to step in. Regional exploration is underway now. Steve, you’ve got a balance sheet of $145 million to upscale Green Bay. What’s next in the coming weeks?
Steve Parsons: Great question. The infill work is super important ahead of the resource upgrade and for the engineering and economic study work coming out in the first quarter of next year.
The step-out drilling we’ve just completed now — and more to come — is showing the growth potential of the project. However, the regional upside is huge. No one has really done any work here for a good 30 years.
We have $16 million budgeted over the next 12 months for regional exploration. There are currently two drill rigs on site, and we’re looking to ramp that up because what we’re seeing is looking so good. There are 325 targets to go after, so we want to test as many as possible. Watch this space — there should be news out soon on the regional targeting front as well.
Proactive: All eyes will be on Green Bay in the coming weeks as things start to ramp up. We’ll have more details with you very soon. This was Firefly’s managing director, Steve Parsons. Thank you so much.
Steve Parsons: Thanks for having me.