Green Bay Project Drilling Hits High Grades: 10.7m at 12.2% CuEq Among Highlights

FireFly Metals Accelerates Growth at Green Bay

FireFly Metals Ltd (ASX: FFM, TSX: FFM) has delivered a compelling update from its Green Bay Copper-Gold Project in Newfoundland, Canada, announcing exceptional drilling results that reinforce its strategy to grow and upgrade its mineral resource base. The company’s ongoing six-rig drilling blitz has returned multiple high-grade intersections, some exceeding 12% copper equivalent (CuEq), underscoring the project’s significant potential.

The Green Bay Project currently hosts a Mineral Resource of 24.4 million tonnes at 1.9% CuEq in the Measured and Indicated categories, alongside 34.5 million tonnes at 2% CuEq in the Inferred category. FireFly’s aggressive drilling campaign aims to convert a substantial portion of the Inferred Resources into the more valuable Measured & Indicated classifications, a move that could materially enhance project economics and investor confidence.

High-Grade Mineralisation Confirmed and Extended

Drilling at the Ming Mine, the core of the Green Bay Project, continues to reveal two distinct mineralisation styles: the upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses and the underlying broad copper Footwall Zone (FWZ). Recent underground drilling from the 805 exploration drive has delivered standout results including 10.7 meters at 12.2% CuEq and 2.3 meters at 12.4% CuEq, confirming both the continuity and exceptional grade of the VMS lenses.

In addition, thick and consistent intersections in the FWZ, such as 58.2 meters at 3.1% CuEq, demonstrate a robust copper-rich footwall zone directly beneath the VMS lenses. These results validate the use of downhole electromagnetic (EM) geophysics as an effective exploration tool, with geophysical anomalies correlating strongly with mineralisation and suggesting further extensions beyond current drilling.

Strategic Drilling and Resource Conversion

FireFly has mobilized a fifth underground drill rig to accelerate its fully funded 130,000-meter drilling program, which is divided into three strategic components: resource extension drilling to test down-plunge continuations, infill drilling to upgrade Inferred Resources to Measured and Indicated categories, and discovery drilling targeting new parallel lodes and near-mine surface targets. Surface exploration drilling is also underway, with initial results expected in the March quarter of 2025.

The company’s Managing Director, Steve Parsons, highlighted the significance of the six-rig campaign, stating that it reflects FireFly’s confidence in the immense value creation potential at Green Bay. Parsons emphasized that the campaign is designed not only to grow the resource but also to upgrade its classification, which is expected to drive a substantial re-rating of the company’s share price as the project’s scale and quality become increasingly apparent.

Robust Funding and Future Outlook

FireFly remains well capitalized with approximately A$84.1 million in cash, receivables, and liquid investments as of December 31, 2024. This strong financial position supports the company’s accelerated growth strategy and ongoing drilling activities. Engineering studies are progressing to evaluate scenarios for an upscaled restart of operations, incorporating the anticipated 2025 Mineral Resource updates.

With a known strike length of 2.1 kilometers and mineralisation remaining open down-plunge, the Green Bay Project is positioned as a globally significant copper-gold asset in a tier-one jurisdiction. FireFly’s systematic approach to resource growth, conversion, and discovery is setting the stage for a transformative phase in the project’s development.