FireFly’s Green Bay Discovery Push Hinges on Upcoming Assay Results and Funding Approval
FireFly Metals has identified 325 promising geophysical targets at its Green Bay copper-gold project in Newfoundland, using advanced airborne surveys, and is accelerating drilling with strong financial backing.
- 325 geophysical targets identified resembling major Green Bay deposits
- Second surface drill rig mobilised to accelerate exploration
- Ongoing drilling at Rambler Main and East Mine extensions with strong initial assays
- Exploration initiated at Tilt Cove Project confirming large conductive anomaly
- Well-funded with ~A$145 million in cash and investments after recent capital raising
Advanced Geophysics Reveals Extensive Targets
FireFly Metals Ltd has announced a significant breakthrough at its Green Bay copper-gold project in Newfoundland, Canada, unveiling 325 geophysical anomalies that mirror the geological and geophysical signatures of known prolific deposits such as Ming, Rambler Main, and East Mine. These targets were identified through the company's first modern airborne electromagnetic (VTEM) and magnetic surveys, marking a technological leap over previous exploration efforts in the region.
The geophysical data, complemented by ground-based electromagnetic follow-ups, strongly suggest the presence of copper-gold bearing sulphide mineralisation, a hallmark of the area's rich volcanogenic massive sulphide (VMS) systems. This extensive target generation positions Green Bay as a fertile ground for potential major discoveries.
Accelerated Drilling and Promising Early Results
In response to these compelling targets, FireFly has mobilised a second surface diamond drill rig to expedite its exploration program. Currently, eight diamond drill rigs operate at Green Bay, with six focused on underground resource growth and infill drilling at the Ming Mine, and two dedicated to surface exploration targeting new discoveries.
Recent drilling at the Rambler Main Mine extension has yielded encouraging assay results, including intercepts of 10 meters at 6.4% copper equivalent and 12.9 meters at 4.3% copper equivalent. Further assay results from ongoing drilling at Rambler Main and East Mine are anticipated in the coming weeks, potentially reinforcing the project's resource base.
Exploration Expands to Tilt Cove Project
FireFly has also commenced exploration at the nearby Tilt Cove Project, approximately 30 kilometers east of Ming Mine. Historical mining at Tilt Cove produced substantial copper and gold, but modern exploration has been limited. FireFly's recent ground electromagnetic surveys have confirmed a large-scale conductive anomaly initially detected by Newmont Exploration in the 1980s. The company plans maiden drilling of this anomaly in late 2025, alongside a comprehensive airborne geophysical survey over the entire 115-kilometer project area scheduled for the third quarter of 2025.
Strong Financial Position Supports Growth Strategy
FireFly Metals is well positioned financially to pursue its aggressive exploration and development plans, with approximately A$145 million in cash and liquid investments following a multi-tranche capital raising and share purchase plan. The company intends to invest around C$16 million in early-stage exploration activities at Green Bay through to December 2026, focusing on resource growth, infill drilling, and new target testing.
Meanwhile, economic studies and metallurgical test work for a staged restart of operations at the Ming Mine are progressing, with results expected in early 2026. This integrated approach underscores FireFly's commitment to advancing Green Bay toward becoming a globally significant copper-gold asset.
Bottom Line?
FireFly’s extensive target generation and strong funding set the stage for a pivotal exploration phase that could redefine the Green Bay project’s potential.
Questions in the middle?
- Will upcoming assay results confirm the extent and grade of mineralisation at new targets?
- How will shareholder approval of the final capital raising tranche impact funding continuity?
- What are the timelines and expected outcomes for the Tilt Cove Project’s maiden drilling?
