FireFly targets Newfoundland copper-gold feasibility study
FireFly Metals Ltd. [FFM-TSX, ASX] said it is on track to complete a preliminary economic assessment (PEA) at its Green Bay copper-gold project in Newfoundland in the June quarter. The company also expects to finalize a feasibility study on the project by the end of 2026.
Meanwhile the company said discussions regarding funding options are underway, including with potential offtake customers and export credit agencies. Initial talks reveal strong appetite for the company’s Green Bay concentrate with several confidentiality agreements already signed.
The PEA will be underpinned by an upgraded mineral resource which stands at 50.4 million tonnes of 2.0% copper equivalent (CuEq) in the measured and indicated category, plus 29.3 million tonnes of 2.5% CuEq in the inferred category. Contained copper at the site now stands at 863,000 tonnes measured and indicated plus 566,000 tonnes inferred. Contained gold stands at 546,000 ounces measured and indicated, plus 563,000 ounces inferred.
FireFly said it has established a high-grade core consisting of 8.8 million CuEq in the measured and indicated category and 10.9 million tonnes at 3.8% CuEq inferred, materially enhancing development options.
“Importantly, the highly valuable measured and indicated categories of mineral resource at the Ming Deposit have grown by121% (from 21.5 million tonnes to 47.5 million tonnes) and now make up 67% of the Ming Deposit Mineral Resource,’’ the company said in a press release. “This is significant as the measured and indicated resource will underpin economic studies.’’
FireFly eased 4.3% or $0.09 to $2.02 on Fridah. The shares trade in a 52-week range of $2.28 and 59 cents.
The company is planning a staged resumption of mining operations at Green Bay with the construction of a new processing facility at the mine. The company has received a conditional release from further detailed environmental and socio-economic assessment by the Province of Newfoundland for an initial upscaled restart involving a plant with a throughput capacity of 1.8 million tonnes per annum.
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 said the metallurgical testwork, completed on 1,500 kg of samples from the Ming Mine, is a key component of economic studies now underway, which will be incorporated into the scoping study due for completion in the March quarter of 2026.
There are two distinct styles of mineralization at the Ming underground mine at Green Bay. 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.
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