FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) has reported another series of high-grade copper-gold drilling results from the Green Bay Project in Newfoundland, strengthening the planned early production profile for a potential restart of the Ming Mine.
The latest intersections include 11.5 metres at 13.2% copper equivalent (CuEq), comprising 11.1% copper and 2.1 g/t gold, alongside several additional thick, high-grade hits from the project’s upper volcanogenic massive sulphide (VMS) lenses and underlying Core Zone.
The results will be incorporated into an updated mineral resource estimate, which is expected to underpin a preliminary economic assessment (PEA) scheduled for completion by the end of August 2026.
High-grade zones support early production strategy
Drilling from the upper VMS zones continued to confirm strong copper and gold grades, including:
- 18.9 metres at 8.2% CuEq and a separate 11.1 metres at 12.1% CuEq in hole MUG26-079;
- 13.5 metres at 11.1% CuEq and 18.9 metres at 7.0% CuEq in MUG26-083; and
- 19.8 metres at 7.2% CuEq in MUG26-086.
The upper VMS zones are expected to form an important high-grade component of the early years of a larger-scale restart at Green Bay.
Drilling has also demonstrated continuity across the more than 800-metre-long Core Zone, where hole MUG26-060 returned 65.3 metres at 4.3% CuEq, including 3.6% copper and 0.7 g/t gold.
The Core Zone occurs where the upper VMS mineralisation converges with the broad footwall stringer zone. Its current resource stands at 8.8 million tonnes at 3.9% CuEq in the measured and indicated categories, plus 10.9 million tonnes at 3.8% CuEq inferred.
It remains open at depth, with the deepest hole drilled to date having previously returned 49 metres at 6.1% CuEq.
Long section through the Green Bay Ming underground mine highlighting the location of select drill results . Results from both the high-grade copper-gold VMS zone and broad copper Footwall Zone are shown.
Resource conversion central to economic studies
The underground program is primarily targeting conversion of inferred resources into the higher-confidence measured and indicated categories.
FireFly’s current Green Bay resource comprises 50.4 million tonnes at 2.0% CuEq measured and indicated and a further 29.3 million tonnes at 2.5% CuEq inferred.
The company expects infill drilling completed since the November 2025 resource estimate to enable at least 70% measured and indicated material to be included in the upcoming mine plan.
This higher-confidence inventory is considered important for extending the mine life assessed in the initial economic study, supporting feasibility work and ultimately allowing FireFly to declare its first ore reserve.
Additional results from the footwall stringer zone included 36.9 metres at 2.7% CuEq and 21.4 metres at 2.3% CuEq, further confirming broad and continuous mineralisation beneath the VMS lenses.
Six rigs continue underground drilling
FireFly had completed 197,714 metres of underground diamond drilling at Green Bay by June 30, 2026.
Six drill rigs remain active underground, with four focused on resource conversion and two testing lateral and down-plunge extensions.
The latest announcement contains results from 42 completed holes, including the final drilling expected to be included in the updated resource estimate.
Surface exploration is also accelerating following the Canadian winter, with two rigs testing geophysical anomalies south of the Ming Mine and a third undertaking maiden drilling at the Tilt Cove Project.
Next steps
The updated Green Bay mineral resource estimate and PEA are scheduled for completion by the end of August.
The PEA will assess a range of development options, including alternative underground haulage methods, production rates and life-of-mine metal output.
FireFly plans to move directly into a feasibility study following the PEA, targeting completion in the first quarter of 2027. The company also intends to complete sufficient economic work to support a maiden ore reserve before the end of 2026.
Permitting, engineering and selective early works are continuing in parallel, with the company having satisfied the conditions required to begin early works and commenced applications for construction permits.
FireFly had approximately A$196.4 million in cash and liquid investments at June 30, providing funding for drilling, studies, exploration and pre-construction activities.