FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has outlined what it calls a “major exploration breakthrough” at its Green Bay Copper-Gold Project in Newfoundland, Canada, reporting more exceptional assays that define an emerging 800-metre core of very high-grade mineralisation — most of it outside the current Mineral Resource.
Fresh results include 43.6 metres at 7.6% copper equivalent (CuEq) (~true thickness) in hole MUG25-214, featuring an upper volcanogenic massive sulphide (VMS) interval of 14.9 metres at 16.0% CuEq (11.5% Cu and 5.0 g/t Au). Nearby, hole MUG25-144 returned 44.5 metres at 3.7% CuEq, including 22.0 metres at 4.5% CuEq from the Footwall Zone (FWZ).
Long section through the Ming Mine highlighting the current ~800m strike of the extremely high-grade core zone and remains open. The FWZ stringer style mineralisation is developed directly beneath the upper high-grade VMS.
Management says the consistently high grades over substantial widths along an 800-metre strike length suggest the VMS lenses and the underlying FWZ converge to form a rich core that remains open along strike and down plunge. A down-hole electromagnetic (EM) conductor extends a further 350 metres beyond MUG25-214, indicating room for growth.
“These results point to the discovery of a long, extremely high-grade core of copper and gold mineralisation over a strike length of at least 800 metres,” managing director Steve Parsons said. “These high grades occur over substantial widths, further highlighting the potential impact on the Mineral Resource and the economic studies now under way. We will continue drilling to establish the full extent of this core unit and feed the results into the Mineral Resource Estimate update planned for this quarter.”
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 (from hole MUG25-040 - see ASX announcement dated 7 May 2025 for further details). Drill assays >0.5% copper are shown in red.
Drilling highlights
Alongside today’s headline holes, FireFly pointed to a string of thick, high-grade intercepts delivered along the core trend over the past year, including:
- 49.0 metres at 6.1% CuEq (~39.2m true thickness), including 14.3 metres at 13.7% CuEq, in MUG25-202 — the furthest step-out to date.
- 86.3 metres at 3.7% CuEq, including 27.6 metres at 5.3% CuEq, in MUG24-079.
- 58.2 metres at 3.1% CuEq, including 5.0 metres at 6.7% CuEq, in MUG24-083.
- 76.3 metres at 2.9% CuEq, including 20.1 metres at 6.1% CuEq, in MUG24-073.
Read more: FireFly extends Green Bay copper-gold mineralisation by 650 metres with standout 49-metre intercept
Infill work in the upper VMS lenses continues to deliver very high grades, such as 16.0 metres at 13.5% CuEq (MUG25-126), 10.1 metres at 9.2% CuEq (MUG25-170) and 4.1 metres at 17.4% CuEq (MUG25-135).
Meanwhile, broad FWZ intervals highlight bulk-tonnage potential, including 82.8 metres at 2.5% CuEq (MUG25-156), 31.0 metres at 5.0% CuEq (MUG25-136) and 50.0 metres at 2.2% CuEq (MUG25-141).
Resource update this quarter
Green Bay currently hosts 24.4 million tonnes at 1.9% CuEq (Measured & Indicated) for 460,000 tonnes CuEq and 34.5 million tonnes at 2.0% CuEq (Inferred) for 690,000 tonnes CuEq. With the emerging high-grade core largely outside the latest model, FireFly expects the Mineral Resource Estimate (MRE) update — planned for release this quarter — to capture both extensions and conversions from Inferred into higher-confidence categories.
Metallurgical test work reported in August indicated copper recoveries of 98% and preliminary gold recoveries up to 85%. Gold is an important by-product at Green Bay, with 550,000 ounces included within the current resource.
Eight rigs turning and regional push under way
FireFly has completed about 129,200 metres of underground drilling from the 805L exploration drive as of October 21, 2025, and continues with eight diamond rigs — six underground and two on surface — to upgrade the resource, extend known mineralisation, and test regional targets.
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 (see ASX announcement dated 7 May 2025). Assay results greater than 0.5% Cu are shown in red.
The second phase of the 805L drill drive has been completed, providing deeper platforms to pursue down-plunge growth. The deepest drilling to date (MUG25-202) confirms continuity at depth, with mineralisation remaining open.
Isometric view of drill positions in the 805L Exploration drill drive. Drill results from this announcement are shown with copper assays >0.5% shown in red.
Regionally, two surface rigs are testing conductive anomalies across the central Green Bay leases, while a VTEM survey is in progress over the 115-square-kilometre Tilt Cove Project. New geophysical datasets are expected to guide systematic follow-up across FireFly’s 346 square kilometres of exploration tenure.
Studies advancing towards an upscaled restart
Economic evaluations for an upscaled resumption of mining at Green Bay are in progress, with a first preliminary study targeted for completion in Q1 2026 and underpinned by the upcoming MRE. Following a recent conditional release from further Environmental Assessment by the Province of Newfoundland and Labrador for a start-up mining and processing operation, FireFly has begun permitting for early works and intends to commence selective low-cost seasonal site activities in the coming months.
Key 2024-2025 milestones for the Green Bay Copper-Gold Project.
The company remains well funded after completing an approximately $98.1 million equity raising in June 2025, alongside a $10 million share purchase plan, supporting the accelerated drilling and engineering programs now under way.
Read more: FireFly Metals doubles Share Purchase Plan to A$10 million