FireFly shares rally on Newfoundland drilling results
FireFly Metals Ltd. [FFM-TSX, ASX] has announced further exceptional extensional drilling results at the Green Bay Copper-Gold Project in Newfoundland. The company said there are two distinct styles of mineralization at the Ming underground mine at Green Bay. One consists of upper copper-gold rich volcanogenic Massive Sulphide (VMS) lenses. The VMS lenses sit above a broad copper-stringer zone known as the Footwall Zone (FWZ)
The shares rose 7.04% or $0.05 to 76 cents in early trading, Wednesday. The shares trade in a 52-week range of $1.03 and 59 cents.
In its latest press release, the company said step-out drilling from the 805 exploration development demonstrates that both VMS and FWZ mineralisation continues for more than 200 metres beyond the extend of the current mineral resource,
High grade copper-gold-rich VMS style mineralisation was encountered in both step-out holes, with thick and consistent intersections of 12.4 metres at 6.8% copper equivalent (CuEq) and 25.8 metres at 5.1% CuEq returned (true thickness). Multiple broad zones of FWZ style mineralization were also intersected in the extensional drilling, with key results including 19.5 metres at 3.0% CuEq and 14.5 metres at 1.9% CuEq (true thickness).
“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 justify this,’’ said FireFly Managing Director Steve Parsons.
The company said a downhole Electromagnetic geophysical (DHEM) survey completed from the deepest step out hole completed (MUG25-040) reveals a conductive anomaly that extends more than 700 metres beyond current drill extents.
Mineral resource updates and preliminary economic mining studies are expected to be delivered later in 2025.
FireFly is an emerging copper-gold company with a focus on advancing the high-grade Green Bay Copper Gold Project in Newfoundland. The Green Bay projects hosts an 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. The company has a clear strategy for rapidly grow the copper-gold mineral resource to demonstrate a globally significant copper-gold asset. In keeping with that goal, the company has launched a 130,000-metre drilling program.
FireFly also hosts a 70% interest in the high grade Pickle Crow Gold Project in Ontario. The current inferred resource stands at 11.9 million tonnes at 7.2 g/t or 2.8 million ounces of gold.
The company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
FireFly was in the news recently when it agreed to acquire the Tilt Cove Project in Newfoundland from Signal Gold Inc. for $4.0 million in total compensation.
The announcement came after Signal Gold recently agreed to be acquired by NexGold Mining Corp. [NEXG-TSXV] in a move that is expected to create a top near-term gold developer advancing