FireFly drilling extends high-grade core zone in Newfoundland
FireFly Metals Ltd. [FFM-TSX, ASX] has announced what it describes as “exceptional drilling” comprising infill results within the existing mineral resource and lateral extension results outside it, at its Green Bay Copper-Gold Project in Newfoundland and Labrador.
It said the latest results will be incorporated into a mineral resource estimate update (MRE) that will underpin the impending definitive feasibility study which remains on track for completion by the end of March 2027.
The project is located in the Baie Verte district of north-east Newfoundland and consists of multiple assets including the Ming underground mine which operated between 1972 and 1982 and more recently between 2012 and March 2023. The Ming Mine consists of a fully operational decline accessible to 950 metres below surface, and an existing 650-metre deep shaft, which provide a platform to increase estimated resources and set the company up future mining operations.
Measured and indicated resources at the site stand at 60.2 million tonnes at 2.4% copper equivalent (CuEq). On top of that is an inferred resource of 23.5 million tonnes of 2.5% CuEq. As of September 30, 2026, the company has completed 218,000 metres of underground diamond drilling. It says six underground rigs will continue to advance the underground resource conversion and extension activities for the foreseeable future.
Work to advance Green Bay towards construction has accelerated since the company released the results of the preliminary economic assessment (PEA) for the restart of mining on 25 August 2026. Early works have commenced with seasonal clearing, camp expansion and select underground development underway.
In its latest press release, the company said drilling has extended the high-grade core zone laterally, hitting up-dip mineralization outside the existing mineral resource estimate and closer to surface. It said the exceptional results are significant because they point to continued growth in the high grade Core Zone (currently 18.1 million tonnes at 4.3% CuEq in the measured and indicated category and 7.0 million tonnes at 4.4% CuEq in inferred resources, and the lateral up-dip nature of the extensions means that additional mineralization would be easily accessed.
The company also said results demonstrate the potential to add further copper tonnes per vertical metre, which could further enhance the economics of a mining operation as outlined in the recent PEA.
Meanwhile, drilling targeting lateral extensions of the current MRE an completed since the August 2026 mineral resource cut off include 16.4 metres at 9.2% CuEq (6.2% copper, and 2.9 g/t gold) in hole MUG26-173.
“The intersections effectively extend the known high-grade core sideways, meaning it can be easily accessed and creating potential for economic mining,’’ said FireFly Managing Director Steve Parsons. “Regionally on our 346 square kilometre land packaged at Green Bay, we recently announced a significant new discovery at Mount Joy and results from drilling at other regional targets are imminent.’’
Firefly shares were unchanged Monday at $1.31 and trade in a 52-week range of $2.30 and $1.19.