FireFly Metals has announced a substantial 51% increase in its Green Bay Copper-Gold Project Mineral Resource, highlighted by a newly defined high-grade core zone that promises to enhance early project economics.
- 51% increase in total Mineral Resource to 50.4Mt Measured and Indicated
- High-grade core zone defined – 8.8Mt @ 3.9% CuEq in M&I
- Ongoing drilling to convert Inferred resources and expand resource base
- Strong funding position with A$129.7M in cash and investments
- Advancing economic studies and offtake discussions ahead of 2026 feasibility
A Leap Forward for Green Bay
FireFly Metals Ltd has delivered a significant boost to its Green Bay Copper-Gold Project in Newfoundland, Canada, announcing a 51% increase in its Mineral Resource estimate. The updated resource now stands at 50.4 million tonnes at 2.0% copper equivalent (CuEq) in the Measured and Indicated categories, complemented by an additional 29.3 million tonnes at 2.5% CuEq in the Inferred category. This growth is underpinned by extensive underground diamond drilling and development since FireFly’s acquisition of the project in late 2023.
Central to this update is the establishment of a high-grade core zone within the Ming Deposit, comprising 8.8 million tonnes at an impressive 3.9% CuEq in the Measured and Indicated categories, with a further 10.9 million tonnes at 3.8% CuEq classified as Inferred. This core zone, where volcanogenic massive sulphide (VMS) and footwall stringer mineralisation converge, is expected to deliver substantial benefits to the project’s early years of production, potentially enhancing cash flow and project viability.
Drilling Success and Resource Conversion
The resource growth has been driven by a focused drilling campaign, with 242 new holes totaling over 78,000 meters completed underground. This has enabled the conversion of 26 million tonnes of Inferred resources into the higher confidence Measured and Indicated categories, a critical step for upcoming economic studies and feasibility assessments. Notably, the resource remains open at depth and along strike, with recent step-out drill holes intersecting high-grade mineralisation, including a standout 49 meters at 6.1% CuEq.
FireFly is maintaining an aggressive drilling program with eight rigs active, six underground and two surface, targeting further resource upgrades and new discoveries across its extensive 346 square kilometer landholding. The company’s strategy aims to maximize the size and confidence of the resource ahead of a Preliminary Economic Assessment (PEA) and subsequent feasibility studies scheduled for release in the first half of 2026.
Advancing Toward Development
Beyond exploration, FireFly is progressing detailed mine design, scheduling, and metallurgical test work to optimize recoveries, particularly of gold and silver by-products, which now total over 1.1 million ounces of gold and nearly 10 million ounces of silver in the resource. Engineering work on a potential processing facility and port infrastructure enhancements near Pine Cove are underway, signaling readiness for scaled-up operations.
Financially, FireFly is well positioned with nearly A$130 million in cash, receivables, and liquid investments as of September 2025. The company is actively engaging with potential offtake partners, export credit agencies, and financiers, with several confidentiality agreements signed, indicating strong market interest in Green Bay’s copper concentrate.
Environmental and Regional Exploration
Environmental permitting is advancing, with the project recently cleared from further provincial environmental assessment, allowing FireFly to commence selective early works. Regional exploration continues with surface drilling testing high-priority targets generated from recent geophysical surveys, underscoring the project’s significant discovery potential beyond the current resource footprint.
FireFly’s comprehensive approach; from resource expansion and upgrading to infrastructure planning and market engagement; positions Green Bay as a compelling copper-gold development prospect on the global stage.
Bottom Line?
With a strengthened resource base and robust development plans, FireFly Metals is poised to redefine Green Bay’s role in the copper-gold sector as it moves toward feasibility and production.
Questions in the middle?
- How will the upcoming economic studies quantify the impact of the high-grade core on project economics?
- What are the timelines and terms expected from offtake and financing agreements currently under discussion?
- To what extent can further drilling expand the resource beyond current boundaries, especially at depth?