Resource Growth at Risk? FireFly’s Ambitious Seven-Rig Campaign Faces Execution Challenges

Extending the Boundaries of Green Bay

FireFly Metals Ltd has unveiled compelling new drilling results from its Green Bay Copper-Gold Project in Newfoundland, Canada, revealing high-grade copper and gold mineralisation extending more than 200 metres beyond the limits of its current Mineral Resource. This breakthrough has prompted the company to ramp up its drilling operations aggressively, adding a seventh rig to its campaign, a rare move justified by the project's multiple growth avenues.

The latest step-out drill holes have intersected thick, consistent zones of Volcanogenic Massive Sulphide (VMS) mineralisation, with assays including 12.4 metres at 6.8% copper equivalent and 25.8 metres at 5.1% copper equivalent. These results confirm the continuity and robustness of the upper copper-gold massive sulphide lenses, while also highlighting substantial mineralisation in the underlying footwall stringer zones.

Geophysical Insights Signal Further Potential

Complementing the drilling success, a Down Hole Electromagnetic (DHEM) survey conducted from the deepest step-out hole has identified a conductive anomaly extending over 700 metres beyond current drill extents. Historically, such anomalies at the Ming Mine have correlated directly with copper and gold mineralisation, suggesting that FireFly’s resource could expand significantly as exploration continues.

FireFly’s Managing Director, Steve Parsons, emphasised the exceptional nature of the project, stating that very few copper-gold projects could justify such an aggressive drilling program. The company’s strategy is clear: simultaneously extend known mineralisation, upgrade the existing Mineral Resource, and pursue new discoveries to create substantial value.

Resource Base and Funding Strength

The Green Bay Project currently boasts a Mineral Resource of 24.4 million tonnes at 1.9% copper equivalent in the Measured and Indicated categories, plus an additional 34.5 million tonnes at 2.0% copper equivalent classified as Inferred. FireFly is accelerating underground drilling ahead of mining studies, with six rigs already operating and a seventh due on site shortly. Surface drilling is also underway near the historic Rambler Main deposit, located less than 3 kilometres from the Ming Mine, targeting extensions beyond historic mining depths.

Financially, FireFly is well positioned to execute its ambitious growth plans, holding approximately A$68.5 million in cash, receivables, and liquid investments as of March 2025. This strong balance sheet underpins the company’s confidence in delivering resource upgrades and advancing preliminary economic assessments later this year.

Looking Ahead

FireFly’s ongoing drilling program, which has completed nearly 80,000 metres of a planned 130,000-metre campaign, focuses on resource extension, infill drilling to upgrade resource categories, and discovery drilling for new high-grade lodes. The company anticipates further assay results and resource updates in the coming months, which will be critical inputs for upcoming economic studies aimed at evaluating an upscaled restart of mining operations at Green Bay.