Firefly Metals Unveils 325 New Targets at Green Bay Copper-Gold Project in Canada

Firefly Metals (ASX: FFM) has identified 325 compelling greenfields targets in the first modern geophysics campaign conducted at its Green Bay copper-gold project in Canada.

Airborne electrical and magnetic surveys across the central project area plus localised detailed ground electromagnetic work confirmed the targets to be significant conductive responses to copper-gold bearing sulphide mineralisation.

They exhibit similar geological settings and orientation to known mineralisation at the historically-mined Ming, Rambler Main and East Mines deposits.

New Targets

Firefly’s surveys identified the previously unknown lookalike “Hillbog” anomaly, 300 metres to the south of the Rambler Main mine.

They also defined a series of large anomalies in prospective volcanic rocks 8km southwest of the company’s flagship Ming mine, which has a current mineral resource of 24.4 million tonnes grading 1.9% copper equivalent (measured and indicated) and 34.5Mt at 2.0% CuEq (inferred).

The company will systematically drill-test all of these targets as part of a fast-tracked surface exploration program to confirm the cause of the anomalous response.

Major Discoveries

Firefly managing director Steve Parsons said the geophysics results prove there is considerable potential for major discoveries at Green Bay.

“This is the first modern geophysics to be used at Green Bay and although the regional upside has barely been tested, the results have uncovered compelling targets which share key similarities with the project’s known deposits,” he said.

Firefly has also commenced exploration at the nearby Tilt Cove project it acquired in late 2024, where historical mining produced approximately 170,000t of copper and 50,000oz of gold from a large-scale Volcanogenic Massive Sulphide (VMS) system.

Rig Fleet

Firefly aims to eventually have a fleet of eight diamond rigs at Green Bay, with six working on the underground resource and exploration drilling at the Ming Mine and two at the surface.

The company will use $17.8 million from a recent share placement for the discovery, targeting and testing of the new targets between now and the end of 2026.

This capital management program has left the company well-funded, with anticipated cash and liquid investments in the vicinity of A$145m.