Green Bay Copper-Gold Resource Grows by 650m with 49m at 6.1% CuEq Drill Hit
FireFly Metals has announced a significant extension of high-grade copper-gold mineralisation at its Green Bay Project in Canada, with drill results revealing a 650m expansion beyond previous estimates. The standout intersection of 49m at 6.1% copper equivalent underscores the project’s growing potential.
- 650m extension of mineralisation beyond October 2024 resource
- Best drill intersection – 49m at 6.1% copper equivalent
- Eight diamond rigs actively drilling to upgrade and expand resources
- Strong balance sheet with ~A$145M to fund exploration and feasibility
- Environmental approvals progressing, early works permits underway
A Major Step Forward at Green Bay
FireFly Metals Ltd has delivered a compelling update from its Green Bay Copper-Gold Project in Newfoundland, Canada, reporting drill results that extend known mineralisation by more than 650 metres beyond the October 2024 Mineral Resource Estimate. This expansion is anchored by a remarkable drill intersection of 49 metres grading 6.1% copper equivalent, including a high-grade core of 14.3 metres at 13.7% CuEq. Such widths and grades are exceptional in the copper mining sector and signal a robust growth trajectory for the project.
Drilling Success and Resource Growth
The recent drilling campaign, conducted from the northern end of the Ming mine’s 805L exploration drive, confirms that mineralisation continues to deepen and strengthen. The results validate a previously identified 700-metre long downhole electromagnetic anomaly as true copper-gold mineralisation, suggesting the deposit remains open at depth and along strike. FireFly’s eight diamond rigs, six underground and two surface, are aggressively pursuing both resource upgrades and new discoveries, with an ongoing 130,000-metre diamond drilling program.
Two Styles of Mineralisation Confirmed
The drilling delineates two distinct mineralisation styles at Ming, the upper Volcanogenic Massive Sulphide (VMS) lenses rich in copper and gold, and a broad Footwall Zone (FWZ) copper stringer system beneath. Notable intersections include multiple high-grade zones within both styles, reinforcing the deposit’s complexity and economic potential. These findings will feed into an updated Mineral Resource Estimate expected later this quarter, which is likely to see an increase in the higher-confidence Measured and Indicated categories, critical for advancing feasibility studies.
Strong Financial Position and Development Pathway
FireFly’s recent equity raises have bolstered its balance sheet to approximately A$145 million, providing ample capital to accelerate exploration and advance feasibility studies. The company is progressing environmental approvals, having received conditional clearance from the Province of Newfoundland and Labrador, and is now applying for permits to commence early works and construction. This positions Green Bay well for a potential upscaled mining operation, with preliminary economic evaluations slated for completion in early 2026.
Regional Exploration and Future Prospects
Beyond the Ming Mine, FireFly is actively exploring the broader Green Bay leases and the adjacent Tilt Cove Project with geophysical surveys and surface drilling. These efforts aim to identify additional deposits and further enhance the project’s scale. The combination of high-grade drill results, a strong financial foundation, and ongoing regional exploration underscores FireFly’s ambition to establish Green Bay as a globally significant copper-gold asset.
Bottom Line?
With mineralisation still open and a resource update imminent, FireFly Metals is poised to redefine Green Bay’s copper-gold potential.
Questions in the middle?
- How will the upcoming Mineral Resource update alter FireFly’s project valuation?
- What are the timelines and hurdles for securing full mining permits and commencing construction?
- Can ongoing drilling sustain or improve the current high-grade intersections at depth?