Firefly Resources reports bonanza 1,439.55g/t gold intercept at Yalgoo

Junior gold explorer Firefly Resources (ASX: FFR) has reported “outstanding” results from the first four holes of a maiden drilling program at the recently-acquired Yalgoo gold project in WA.

The reverse circulation program intersected “spectacular” high-grade mineralisation at shallow depths near the historic Melville deposit, including a bonanza intercept of 1,439.55 grams per tonne gold.

Firefly confirmed all four holes intersected mineralised porphyry, high-grade gold in porphyry-associated quartz veining and/or wide intersections of mineralised porphyry-related wallrock alteration.

Best assays were 6m at 244.9g/t gold from 50m, including 1m at 1439.55g/t from 51m and 1m at 16.95g/t from 55m.

Other results were 14m at 1g/t from 58m, including 1m at 2.61g/t and 1m at 3.73g/t; and 2m at 1.06g/t from 106m to the end-of-hole in a mineralised porphyry unit.

All results were from outside the historic resource envelope at Melville.

Geological understanding

Approximately 1,200m of drilling for 10 holes has been completed to date at Yalgoo as part of a larger 10,000m multi-stage campaign.

The first part of the campaign has been designed to test Firefly’s existing geological understanding of the Melville deposit and give the company a better understanding of the various mineralisation styles present.

It also hopes to validate the continuity and extent of the historical resource interpretation and give Firefly a potential upside opportunity in the form of new intercepts and extensions to existing mineralisation.

Resource upgrade

Managing director Simon Lawson said the bonanza grade highlights strong potential to upgrade and grow the Yalgoo resource base.

“We have been blessed with one of the best exploration results I could have hoped for in our first program at Yalgoo,” he said.

“This is a monster result from just 50m depth, in a new ore position located on the margins of, and along-strike from, the historic Melville deposit resource estimate.”

The result has spurred the explorer to keep chasing the prize in a systematic and planned manner.

“While we are naturally excited and motivated by this extraordinary result, we will continue to be systematic and disciplined in our approach to exploration,” Mr Lawson said.

“Bonanza grade intercepts are a rare occurrence in gold exploration and the reality is that we are targeting consistent mineralisation over a wide area.”

Mt Magnet similarity

The 6 million ounce Mt Magnet gold camp – located less than 10km from Yalgoo – is positioned within the same mineralisation styles, giving hope that a similar resource exists on Firefly’s ground.

“This is the geological analogue we’re are chasing at Yalgoo,” he said.

“The difference is that we plan to accelerate the 120-year history of Mt Magnet and compress it into the here and now for our shareholders.”