FireFly Metals Ltd. - Green Bay Copper-Gold Project, Canada
Drilling hits extensive copper and gold outside Mineral Resource
Plus, strong EM results highlight potential for significant mineralisation well beyond current drilling
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"We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign but we have more than enough avenues of growth to warrant this." –
Steve Parsons , Managing Director
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Latest drilling has intersected high-grade copper and gold mineralisation more than 200m beyond the current Mineral Resource
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The drilling shows the continuity and thickness of the high-grade upper copper and gold massive sulphide zone (VMS), with results from the two step-out holes intersecting:
- 12.4m @ 6.8% CuEq1 (3.6% Cu & 3.5g/t Au) in hole MUG25-040 (~ true thickness)
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25.8m @ 5.1% CuEq
(4.6% Cu & 0.5g/t Au) in hole MUG24-124 (~ true thickness)
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The extensional drilling also intersected multiple zones of the thick high-grade copper footwall zone (FWZ) stringer style mineralisation with key results including:
- 19.5m @ 3.0% CuEq (2.7% Cu & 0.3g/t Au) in hole MUG25-040 (~ true thickness)
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14.5m @ 1.9% CuEq
(1.8% Cu & 0.1g/t Au) in hole MUG25-040 (~ true thickness)
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A Down Hole Electromagnetic geophysical (DHEM) survey completed from the deepest step-out hole completed (MUG25-040) reveals a conductive anomaly that extends more than 700m beyond current drill extents
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This is highly significant because previous drilling of DHEM anomalies at the
Ming Mine showed that those anomalies were directly associated with copper and gold mineralisation. Given this strong correlation, the survey points to continuity of the mineralisation and highlights the potential for substantial Mineral Resource growth
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These results validate FireFly's extensive drilling program designed to create value by simultaneously extending known mineralisation, upgrading the Mineral Resource and making new discoveries
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The Green Bay Mineral Resource stands at 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt at 2.0% CuEq Inferred Resource; see ASX announcement dated
29 October 2024 -
The Company plans to accelerate underground drilling ahead of mining studies with a sixth underground rig due on site in late May. This will take the total number of rigs on site to seven, with a surface rig continuing to focus on high priority exploration targets near the
Ming Mine
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Surface drilling has initially targeted mineralisation at the historical Rambler Main Copper-Gold deposit that is located less than 3km from the
Ming Mine atGreen Bay . Rambler Main was mined to a depth of ~200m between 1964 and 1967. First assay results are expected in the coming weeks
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The Company remains well funded for its accelerated growth strategy with
~A$68.5M in cash, receivables and liquid investments at31 March 2025
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FireFly Managing Director
"The combination of this work shows just what an outstanding project
"We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign but we have more than enough avenues of growth to warrant this".
There are two distinct styles of mineralisation at the Ming underground mine at
Step-out drilling from the 805 exploration development demonstrates that both VMS and FWZ mineralisation continues for more than 200m beyond the extent of the current Mineral Resource, which currently stands at 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt at 2.0% CuEq Inferred Resource (see ASX announcement dated 29 October 2024).
High grade copper-gold rich VMS style mineralisation was encountered in both step-out holes, with thick and consistent intersections of 12.4m @ 6.8% CuEq and 25.8m @ 5.1% CuEq returned (~ true thickness). Multiple broad zones of FWZ style mineralisation were also intersected in the extensional drilling, with key results including 19.5m @ 3.0% CuEq and 14.5m @ 1.9% CuEq (~ true thickness).
A Downhole Electromagnetic (DHEM) survey was completed in the deeper of the two step-out holes (MUG25-040). Modelling of the data by geophysical consultants Southern Geoscience indicates the presence of a conductive anomaly in the same orientation as know mineralisation for over 700m beyond the extent of the current drilling. This is highly significant because similar DHEM anomalies drill tested at the
Underground Mineral Resource infill drilling remains on track to deliver a significant increase in the highly valuable Measured and Indicated (M&I) Resource in future estimates. The M&I Resource will underpin future economic studies into the upscaled resumption of production at the
Surface exploration drilling continues on high priority targets close to the
FireFly remains committed to accelerating its growth strategy. This comprises a combination of Mineral Resource growth, upgrading the current Mineral Resource and making new copper-gold discoveries. A total of six drill rigs are currently operating at
About the Drill Results
Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the
Assays have been reported for the first 140 holes drilled by FireFly. Logging and analysis of additional drill holes is ongoing, with details to be reported regularly as results are received.
There are two distinct styles of mineralisation present at the
Five drill rigs are currently operating underground, with the focus split between both extension / exploration (two rigs) and resource conversion drilling (three rigs).
The location of drill positions and holes reported in this announcement are presented in Figure 3. Significant assay results are presented in Appendix B of this announcement.
Resource Extension Drilling from the
Drilling from the northern section of the 805L drill drive has to date focused on extensional drilling outside of the current Mineral Resource, which currently stands at 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt at 2.0% CuEq Inferred Resource.
Assays have been returned from the first two step-out holes from the 850 stockpile. Both contain high-grade copper and gold mineralisation.
Significant intersections2 from resource definition drilling completed from the exploration drive include, but are not limited to:
Hole MUG24-124 intersected two upper massive sulphide zones grading into copper-dominant sulphide stringers
- 4.3m @ 2.1% Cu, 0.7g/t Au, 6.6g/t Ag, 3.83% Zn (3.3% CuEq) from 468.8m (VMS-style)
- 25.8m @ 4.6% Cu, 0.5g/t Au, 5.8g/t Ag, 0.15% Zn (5.1% CuEq) from 488.8m (VMS/Stringer-style)
- 9.4m @ 1.6% Cu, 0.1g/t Au, 1.5g/t Ag, 0.01% Zn (1.7% CuEq) from 526.1m (FW Stringer-style)
- 5.9m @ 2.4% Cu, 0.2g/t Au, 2.7g/t Ag, 0.09% Zn (2.6% CuEq) from 563.5m (FW Stringer-style)
Hole MUG25-040 includes multiple mineralised zones consisting of an upper massive sulphide zone followed by multiple footwall stringer style zones
- 12.4m @ 3.6% Cu, 3.5g/t Au, 23.6g/t Ag, 0.88% Zn (6.8% CuEq) from 548.8m (VMS-style)
- 19.5m @ 2.7% Cu, 0.3g/t Au, 3.4g/t Ag, 0.03% Zn (3% CuEq) from 609.5m (FW Stringer-style)
- 14.5m @ 1.8% Cu, 0.1g/t Au, 1.7g/t Ag, 0.01% Zn (1.9% CuEq) from 643.6m (FW Stringer-style)
- 9.6m @ 1.6% Cu, 0.2g/t Au, 1.6g/t Ag, 0.06% Zn (1.8% CuEq) from 679m (FW Stringer-style)
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Forward Work Plan
Near-term drilling activities at the
Step-out drilling reported in this announcement demonstrates the growth potential at
Infill drilling continues to demonstrate continuous and consistent high-grade copper and gold mineralisation at the
During 2025, FireFly will continue with its low-cost rapid Mineral Resource growth strategy, with the underground exploration drill drive continuing to be extended to allow effective drill testing down plunge as well as discovery drilling utilising Down Hole Electromagnetics (DHEM) for new parallel and repeat lodes at the Ming deposit. The latest DHEM has identified an anomalous conductor that extends for 700m beyond the current drilling.
Due to the exceptional results achieved to date, the Company has decided to accelerate the drill program by contracting a sixth underground drill, which is anticipated to arrive at
To date, ~79,200m of the planned 130,000m drill program has been completed. The remainder of the underground drill program for 2025 has three clear strategic components:
- Mineral Resource extension: Test the down-plunge continuation of both the high-grade copper-gold VMS zones and the broad footwall copper stringer zone: ~35,000m of drilling (Figure 4);
- Infill drilling: Create value through the conversion of inferred areas of the Mineral Resource to indicated for inclusion in future mining studies: ~35,000m of drilling; and
- Discovery drilling: Drilling to explore for parallel high-grade VMS lodes and additional broad footwall stringer-style mineralisation and possible high grade 'feeder' zone style mineralisation within 600m of the underground infrastructure: ~10,000m of drilling. This includes near mine surface drilling.
Regional exploration is underway with a surface diamond drill currently testing high-priority targets close to the
Furthermore, ground geophysical crews continue to validate multiple anomalies identified in the Company's 2024 airborne VTEM geophysical survey.
Work on engineering studies continues to evaluate various scenarios for an up-scaled restart to operations, which will incorporate the expected 2025 Mineral Resource Estimate updates once finalised. With the huge success of the drilling programs to date, the Company does not want to limit the size of any future potential upscaled mining operation until it has completed the next phase of growth drilling.
The Company remains well funded to deliver its accelerated growth strategy with
ABOUT
FireFly holds a 70% interest in the high-grade
The Company also holds a 90% interest in the
For further information regarding
COMPLIANCE STATEMENTS
Mineral Resources Estimate –
The Mineral Resource Estimate for the
Metal equivalents for the Mineral Resource Estimate mineralisation have been calculated at a copper price of
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the
Mineral Resources Estimate –
The Mineral Resource Estimate for the
Metal equivalents for exploration results
Metal equivalents for the exploration results have been calculated at a copper price of
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the
In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company's operational experience.
Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038).
Exploration results
Previously reported exploration results at the
Original announcements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that, in the case of Mineral Resources, all material assumptions and technical parameters underpinning the Mineral Resource Estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' and Qualified Persons' findings are presented have not been materially modified from the original market announcement.
COMPETENT PERSON AND QUALIFIED PERSON STATEMENTS
The information in this announcement that relates to new exploration results is based on and fairly represents information compiled by Mr
All technical and scientific information in this announcement has been reviewed and approved by Group Chief Geologist, Mr
FORWARD-LOOKING INFORMATION
This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly's plans, forecasts and projections with respect to its mineral properties and programs. Forward-looking statements may be identified by the use of words such as "may", "might", "could", "would", "will", "expect", "intend", "believe", "forecast", "milestone", "objective", "predict", "plan", "scheduled", "estimate", "anticipate", "continue", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives.
Although the forward-looking statements contained in this announcement reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward looking statements and projections are estimates only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company, which may include changes in commodity prices, foreign exchange fluctuations, economic, social and political conditions, and changes to applicable regulation.
The forward-looking statements and projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly's plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly's mineral properties. The performance of FireFly may be influenced by a number of factors which are outside of the control of the Company, its directors, officers, employees and contractors. The Company does not make any representations and provides no warranties concerning the accuracy of any forward-looking statements or projections, and disclaims any obligation to update or revise any forward looking statements or projections based on new information, future events or circumstances or otherwise, except to the extent required by applicable laws.
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