Green Bay Resource Grows to 24.4Mt at 1.9% CuEq Amid Strong Drilling Results
FireFly Metals reports a substantial 42% increase in its Green Bay Copper-Gold Project resource, underpinned by strong drilling results and a successful A$73 million capital raise. The company is well-positioned to accelerate development and regional exploration in 2025.
- Measured and Indicated Resource at Green Bay grows to 24.4Mt at 1.9% CuEq
- Inferred Resource increases to 34.5Mt at 2.0% CuEq following extensive underground drilling
- Four underground rigs active in a fully funded 130,000m drill campaign targeting resource growth and upgrade
- Successful Share Purchase Plan raises A$8 million, complementing a prior placement for total A$73 million
- Acquisition of Tilt Cove project expands regional footprint by 115km2, enhancing exploration potential
Resource Growth and Drilling Success
FireFly Metals Ltd (ASX: FFM, TSX: FFM) has delivered a significant milestone in its quest to develop the Green Bay Copper-Gold Project in Newfoundland, Canada. The company announced a 42% increase in its Mineral Resource estimate as of October 2024, with Measured and Indicated Resources rising to 24.4 million tonnes at 1.9% copper equivalent (CuEq), and Inferred Resources expanding to 34.5 million tonnes at 2.0% CuEq. This growth is primarily attributed to the successful underground drilling campaign conducted throughout 2023 and 2024, which has extended the strike length of mineralisation to approximately 2 kilometres and revealed robust copper-gold intersections.
Drilling highlights include wide and high-grade intersections such as 86.3 metres at 3.7% CuEq in hole MUG24-079, featuring both volcanogenic massive sulphide (VMS) and footwall stringer zone (FWZ) mineralisation. These results underscore the project's potential to support a substantial mining operation with significant production upside.
Capital Raising and Financial Position
FireFly has fortified its balance sheet to support an aggressive growth strategy, successfully completing a Share Purchase Plan (SPP) that raised A$8 million, exceeding initial targets due to strong investor demand. Combined with a prior institutional placement, the company has raised a total of A$73 million before costs. At 31 December 2024, FireFly reported cash and liquid investments of approximately A$84.1 million, providing ample funding for its ongoing 130,000-metre drilling program and associated development activities.
Strategic Expansion and Management Enhancements
In addition to resource growth, FireFly expanded its regional footprint through the acquisition of the Tilt Cove copper-gold project, adding 115 square kilometres of highly prospective tenure contiguous with Green Bay. Tilt Cove is historically significant, having produced substantial copper and gold in the late 19th and mid-20th centuries, and presents compelling exploration targets for VMS and orogenic gold mineralisation.
On the corporate front, FireFly appointed Laura Noonan-Crowe as General Counsel and Company Secretary, bringing 17 years of legal expertise in the mining sector, including TSX compliance and corporate governance. This appointment aligns with FireFly’s dual listing strategy, having commenced trading on the Toronto Stock Exchange in December 2024 to enhance its profile in North America and attract local talent.
Forward-Looking Development Plans
FireFly’s 2025 program is focused on three pillars: resource growth and in-mine exploration at Ming Mine, project development including engineering studies for an upscaled restart, and accelerated regional exploration. Four underground rigs continue to drill, targeting resource extensions, infill drilling to upgrade resource classification, and discovery drilling for new high-grade zones. Surface drilling at regional targets, including historical mines near Ming and the newly acquired Tilt Cove, is set to commence imminently.
With a robust cash position and a clear strategy, FireFly is positioning Green Bay as a globally significant copper-gold asset, aiming to bridge the gap between smaller producers and major mines worldwide. The company’s ongoing drilling and exploration efforts will be critical in defining the scale and economics of future operations.
Bottom Line?
FireFly’s expanded resource base and strong funding position set the stage for a transformative 2025 at Green Bay, but market and drilling outcomes remain key to unlocking full value.
Questions in the middle?
- How will upcoming drilling results influence the timing and scale of potential mine development?
- What impact will the Tilt Cove acquisition have on FireFly’s regional exploration success and resource growth?
- How will FireFly navigate TSX and ASX regulatory requirements while managing dual listings?
