FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has delivered another round of strong drilling results at its Green Bay copper-gold project in Canada, with new intersections reinforcing the continuity and scale of its high-grade core and supporting plans for an accelerated production restart.
Latest assays from underground drilling at the Ming deposit include standout hits such as 70.8 metres at 4.0% copper equivalent (CuEq), including 19.2 metres at 7.5% CuEq, alongside 53.3 metres at 4.1% CuEq. The results continue to highlight a thick, coherent high-grade core that management believes could underpin strong early cashflow in future mining scenarios.
The drilling campaign forms part of FireFly’s broader strategy to upgrade and expand the resource base ahead of economic studies due in mid-2026.
“These outstanding results again emphasise the immense value of the high-grade Core Zone at Green Bay,” FireFly managing director Steve Parsons said.
“The latest intersections of well over 3% copper plus significant gold highlight not just the exceptional grades but also the strong continuity of the mineralisation,” he added. “This zone has the potential to bolster the early economics of a production scenario.”
Long section through the Green Bay Ming underground mine highlighting 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 large scale DHEM conductor (green) beyond the edge of the current Mineral Resource highlights strong potential for the Mineral Resource to continue. Drill assays >0.5% copper are shown in red. All intersections true thickness unless otherwise stated.
High-grade core continues to deliver
The current Green Bay resource stands at 50.4 million tonnes at 2.0% CuEq in the Measured and Indicated (M&I) category, plus 29.3 million tonnes (Mt) at 2.5% CuEq Inferred. Within this, the high-grade Core Zone hosts 8.8Mt at 3.9% CuEq (M&I) and 10.9Mt at 3.8% CuEq (Inferred), forming a central focus of ongoing drilling.
Recent results confirm that this core zone remains open at depth and along strike, with drilling continuing to intersect thick zones where copper-gold-rich volcanogenic massive sulphide (VMS) lenses converge with broader footwall stringer mineralisation.
Importantly, FireFly said the consistency of these intersections supports the conversion of lower-confidence Inferred material into higher-confidence M&I resources — a key step in advancing towards mine planning and reserve definition.
Only M&I resources can be converted into ore reserves, making this conversion work critical to upcoming economic studies.
Isometric view of the Ming Mine 805L Exploration Drive showing the location of drill platforms and drilling reported in this announcement. Assay results greater than 0.5% Cu are shown in red.
Broader mineralised system expands
Beyond the core zone, drilling continues to return high-grade results from surrounding VMS zones, including intersections such as 11.9 metres at 8.1% CuEq and 25.7 metres at 7.8% CuEq.
Additional results from the footwall zone also point to wide zones of copper mineralisation, with hits such as 20.9 metres at 4.5% CuEq further reinforcing the scale of the system.
The mineralised footprint at Green Bay now extends over several kilometres and remains open, highlighting ongoing resource growth potential.
Six underground rigs are currently operating at the site, focusing on both infill drilling to upgrade resource confidence and step-out drilling to extend known mineralisation.
Studies and restart plans gather pace
The latest results feed directly into economic studies assessing the potential restart and expansion of operations at Green Bay, with a preliminary economic assessment (PEA) or scoping study targeted for completion in mid-2026.
These studies will evaluate multiple development scenarios, including production scale and mining approaches, with early mining expected to focus on the high-grade core.
FireFly has also flagged that an updated mineral resource estimate will be released ahead of the study, incorporating recent drilling.
The company remains well funded to execute its strategy, with around A$251 million in cash and liquid investments at the end of December 2025.
Timeline of key activities at the Green Bay copper-gold project.
Building on recent momentum
The latest drilling results build on a series of recent milestones at Green Bay, including a major resource upgrade in late 2025 and ongoing work to accelerate economic studies following a capital raising.
At the same time, FireFly has been advancing its broader portfolio, including moves to unlock value from its Pickle Crow gold assets and progress regional exploration across its Canadian landholding.
With drilling continuing to deliver high-grade results and resource confidence improving, Green Bay is increasingly shaping up as a potential high-margin copper-gold operation — particularly if early production can be anchored by the thick, high-grade core now being consistently defined.