FireFly Metals reports significant copper and gold expansion at Green Bay

FireFly Metals (ASX: FFM) has significantly extended the known mineralisation zone with impressive results from the maiden drilling program at its Green Bay project in Newfoundland, Canada.

The company has now received a number of high-grade copper and gold assay results from the project and is preparing to step up its activities there.

Managing director Steve Parsons said the assays have demonstrated high grades over significant widths and have extended the known volcanogenic massive sulphide (VMS) mineralisation by 350m.

Drilling has now expanded mineralisation well beyond the area covered by the current Green Bay resource of 39.2 million tonnes at 2.1% for 811,000 tonnes of copper equivalent.

Highlights amongst the new assay results include grades of up to 19.4% copper equivalent and intersections including 46.4m at 5.6% copper equivalent (4.6% copper, 1.2 grams per tonne gold) and 17.8m at 6.6% copper equivalent (4.4% copper, 2.2g/t gold).

FireFly also hit a precious metals-enriched VMS zone at the Ming South area within Green Bay, with an intersection of 14.7m at 2.6% copper, 5.5g/t gold and 24.2g/t silver.

“These assays strongly support our view that Green Bay is an exceptional asset with huge growth potential,” Mr Parsons said.

“To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and immense upside.”

Upside potential

The historic Green Bay copper-gold project is located in the Baie Verte district of north-east Newfoundland and includes significant upside and infrastructure.

The project comprises numerous assets including the Ming underground mine, Little Deer exploration project, Nugget Pond processing plant and a concentrate storage port facility at Goodyear’s Cove.

FireFly now intends to follow up its recent drilling success to take advantage of these opportunities.

“We are set to accelerate our resource growth strategy with the start of underground drilling and a second diamond rig has arrived on site,” Mr Parsons said.

Initial drilling from the new underground platform is expected to start this month.

Green Bay acquisition

In early September 2023, the Supreme Court of Newfoundland and Labrador in Bankruptcy and Insolvency approved FireFly’s (then known as AuTECO Minerals) bid to acquire the Green Bay project.

The transaction comprised an upfront consideration of $35 million in cash and $15m in shares, followed by an additional $7.5m cash payment and $7.5m in shares within 18 months.

In late December, FireFly agreed to acquire 169 sq km of additional ground adjacent to the Green Bay project from Gold Hunter Resources for around $17.5m.