New drilling at FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF)'s Green Bay Copper-Gold Project in Newfoundland has reinforced the scale, grade and continuity of the project’s high-grade Core Zone ahead of a planned Mineral Resource Estimate update this quarter.
The update is expected to feed into the company’s Preliminary Economic Assessment (PEA), which remains on track for completion in mid-2026.
The current Green Bay resource stands at 50.4 million tonnes at 2.0% copper equivalent (CuEq) in the measured and indicated categories, plus 29.3 million tonnes at 2.5% CuEq inferred. Within this, the Core Zone hosts 8.8 million tonnes at 3.9% CuEq measured and indicated and 10.9 million tonnes at 3.8% CuEq inferred.
Managing director Steve Parsons said the company entered the June quarter “well-funded and well-positioned”, with 6 underground rigs operating and both the resource update and PEA on the horizon.
“The Green Bay exploration program, which is at the centre of our strategy to create shareholder value, generated outstanding results in the quarter. The assays continued to demonstrate exceptional grades and continuity, particularly in the high-grade Core Zone, which we expect to be central to the early economics of an upscaled restart. At the same time, our economic studies are advancing on schedule and permitting is underway. We are also crystallising value from our Ontario Gold Assets through the Bellavista transaction.
"FireFly enters the June quarter well-funded and well-positioned, with six rigs turning underground, and a Mineral Resource Estimate update and PEA on the horizon. We have a world-scale copper-gold project in a tier-one jurisdiction and the outlook for copper remains compelling”.
Drilling supports early production focus
Post-quarter results included 70.8 metres at 4.0% CuEq, including 19.2 metres at 7.5% CuEq, in hole MUG25-096, and 53.3 metres at 4.1% CuEq, including 18.2 metres at 5.8% CuEq, in hole MUG25-209.
Long section through the Green Bay Ming underground mine highlighting the location of select drill results from the ASX announcement dated 8 April 2026. 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.
FireFly said the results confirmed the convergence of copper-gold volcanic massive sulphide mineralisation with the broader copper Footwall Zone, supporting the Core Zone’s potential as a valuable early feed source in future restart scenarios.
The company has completed about 174,000 metres of underground diamond drilling at the Ming Mine since acquiring Green Bay in October 2023, with 6 underground rigs operating during the March quarter.
Resource conversion remains key priority
FireFly’s near-term work is focused on converting inferred resources into measured and indicated categories, with the company targeting at least 70% measured and indicated resource coverage ahead of economic studies.
Infill drilling from the 805L Exploration Drive is designed to support the upcoming resource update, while step-out drilling continues to test down-plunge and lateral extensions.
The Core Zone remains open down-plunge, giving FireFly scope to add further tonnes as it advances the project toward an upscaled restart.
PEA and permitting progressing
The PEA/Scoping Study will assess multiple development scenarios, including haulage options, production rates and life-of-mine metal output.
FireFly has also satisfied conditions attached to the provincial Environmental Assessment release and has started applying for construction permits. Selective low-cost seasonal early works are expected in the coming months.
Well-funded for next phase
FireFly ended March with A$206.8 million in cash and A$219.9 million in cash and liquid investments, giving it funding for drilling, studies and pre-construction works.
Timeline of key activities at the Green Bay Copper-Gold Project.