FireFly shares rally on Newfoundland copper-gold project results
FireFly Metals Ltd. [FFM-TSX, ASX] has announced a major high-grade copper and gold exploration breakthrough at its Green Bay project on the Baie Verte peninsula of north west Newfoundland.
In its latest press release, which contains results from 49 holes, the company said a high-grade core is emerging at Green Bay, with the drilling results continuing to reveal the presence of this rich copper-gold mineralisation over substantial widths along an 800 metre length.
On Monday, FireFly shares advanced on news, rising 8.05% or 12 cents to $1.61. The shares trade in a 52-week range of $1.59 and 59 cents.
The high-grade core, which remains open along strike, stands to significantly impact the mineral resource estimate planned for release this quarter and the subsequent economic studies, the company said.
The Green Bay project hosts a measured and indicated resource of 24.4 million tonnes of 1.9% for 460,000 tonnes of CuEq and an inferred resource of 34.5 million tonnes at 2.0% for 690,000 tonnes of CuEq.
There are two distinct styles of mineralisation at the Green Bay Ming Mine. One consists of the upper copper-gold-rich volcanogenic massive sulphides (VMS) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (FWZ). Drilling suggests the core occurs where the VMS and FWZ-style mineralisation converge.
The latest holes into the high-grade core have returned intersections of:
- 6 metres at 7.6% copper equivalent (CuEq) (5.7% copper and 2.1 g/t gold) in hole MUG250-214 (true thickness), including an upper VMS zone grading 14.9 metres at 16% CuEq (11.5% copper and 5.0 g/t gold)
- 5 metres of 3.7% CuEq (3.0% copper and 0.8 g/t gold) in hole MUG25-44 (true thickness) including a FWZ grading 22.0 metres at 4.5% CuEq ( 4.2% copper and 0.3 g/t gold).
In addition, the latest infill drilling results targeting the upper VMS zones reveal more high-grade gold mineralisation, including 4.1 metres at 17.4% CuEq ( 14.1% copper and 3.6 g/t gold) in hole MUG25-135.
FireFly also said broad intersections of FWZ style copper mineralisation highlight areas of thick and consistent copper mineralisation, indicating the potential for large-scale bulk mining.
The company said eight diamond drill rigs continue to operate (two underground and two on surface) to upgrade the current mineral resource, extend known mineralisation, and make new regional discoveries.
Regional exploration is well underway, with drill rigs systematically testing conductive geological anomalies in the central Green Bay leases.
FireFly has completed 246 underground holes for a total of 129,200 metres of underground diamond drilling to October 21, 2025.
The company is planning a staged resumption of mining operations at Green Bay with the construction of a new processing facility at the mine.
Firefly recently said it passed key milestones on the path to an upscaled production restart at Green Bay. It has secured environmental approval for the processing plant, construction permitting has commenced and metallurgical tests have returned extremely strong results, the company said recently.
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