FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) earlier this week announced further high-grade copper-gold intercepts from its Green Bay project in Canada. The company said the latest drilling has confirmed a continuous high-grade core zone extending for 800.00 metres in strike length and remaining open at depth and along trend.
The company told investors that the high-grade zone measures between 30.00 and 50.00 metres wide. One key intercept returned 43.00 metres at 7.60% copper, including an internal interval of 15.00 metres at 16.00% copper equivalent. It highlighted that the mineralisation contains gold credits, which adds further value to the system.
Firefly said these results follow a series of announcements after a break in activity during the Northern Hemisphere summer. The company confirmed that drilling and assay work has resumed and is progressing rapidly.
The company stated that its focus is now on upgrading its existing indicated resource of 24.00 million tonnes to between 30.00 and 50.00 million tonnes. It said this will support a scoping study that is scheduled for release at the end of the first quarter of 2026.
Firefly said eight drill rigs are currently operating at Green Bay. Six of these are positioned underground for infill drilling, and two are conducting surface exploration. The company added that it is now targeting areas that have never been tested, including extensions down plunge of the current ore body and potential parallel structures to the east and west.
An updated mineral resource estimate is expected by the end of the current quarter. Firefly said a second resource update is also planned in early 2026, ahead of the upcoming scoping study.
Managing Director Steve Parsons said: “This is copper with gold credits. You know, this is pretty impressive.”
The company expects steady news flow as drilling and exploration continues across the project.
Proactive:
Firefly Metals has found more copper in what it’s called a major exploration breakthrough at the Green Bay copper-gold project in Canada. Joining me with all the details this afternoon is the company’s Managing Director, Steve Parsons. Steve, it’s good to see you again. We’ve been seeing you quite often the last couple of weeks with some great and fantastic news. How are you?
Steve Parsons:
Yeah, I'm good, thanks. Exciting stuff happening at Green Bay at the moment.
Proactive:
Investors have definitely taken this the right way. Your share price is up 15% at the time of this recording. What more can you tell us about the copper you found?
Steve Parsons:
Yeah, so there has been a flurry of announcements coming out recently. That’s because we’re now back on board with all the drilling and all the assays coming back after the summer break in the Northern Hemisphere.
These latest drill results — we’ve been putting several out recently — are showing this high-bright zone that we’ve been having with high-grade copper and high-bright gold.
We’ve now confirmed that we do have a very high-grade core zone that’s about 30 to 50 metres wide and now trends for 800 metres in strike length. It continues on past that. We know that because of the deepest hole that we drilled, which we put out recently. It came back with some very high-grade copper and gold.
So, intersections such as 43 metres at 7.6% copper, with an internal zone going at almost 15 metres at 16% copper equivalent. And remember, this is copper with gold credits. This is pretty impressive — over 800 metres of strike — and it’s completely open as well.
Proactive:
Steve, you’ve also announced to the market that you are set to continue drilling to establish the full extent of this core unit and then feed those results into an updated MRE. We’re expecting that later in the quarter, as I understood. What are you betting on from this updated MRE? And what can investors expect in the coming weeks?
Steve Parsons:
Yeah, so we’ll be updating the market this quarter — sometime leading up to the December break. We're getting these last drill results in.
The real focus since the last resource update 12 months ago has been getting the measured and indicated category expanded — focusing on the infill drilling. That will help get the resource in the indicated category from 24.00 million tonnes up to around 30.00, 40.00, or 50.00 million tonnes — ready for the study.
That study, the PFS or scoping study, will be coming out at the end of the first quarter next year. That’s really important for us to get ready. It allows us to show long mine life and high grades coming out in the study.
Having said that, don’t stop watching, because drill rigs will continue to turn. There are currently eight drill rigs on site — six of them underground. They’re going to carry on drilling. We expect another resource upgrade coming out at the end of the first quarter next year, ready for that study.
There’s going to be discovery and exploration drilling happening around the surface. There are two rigs turning there. And watch this space, because again — we’ve never drilled underneath this ore body, there’s drilling down plunge of the ore body, down onto this 800 metres of high-grade component, and we’ve never drilled for parallel structures either — to the west and east.
So, plenty going on and hopefully lots of news flow over the coming weeks and months.
Proactive:
Quite a fruitful period, to say the least, at Green Bay. This was Firefly Metals' Managing Director Steve Parsons. We'll look forward to having you on board in the coming weeks for more updates. Thank you.
Steve Parsons:
Thank you.