FireFly Metals has delivered exceptional drilling results at its Green Bay Copper-Gold Project, reinforcing the continuity and scale of its high-grade core zone. These assays will feed into updated resource models and economic studies due mid-year.
- Exceptional drill intercepts up to 42m @ 6.1% CuEq
- High-grade core zone resource to be upgraded
- Economic studies now scheduled for July-August 2026
- Six underground rigs active at Ming Mine
- A$219.9 million cash position supports growth plans
Exceptional Drilling Results Bolster Green Bay’s High-Grade Core
FireFly Metals Ltd (ASX:TSX: FFM) has unveiled a fresh batch of impressive drilling results from its Green Bay Copper-Gold Project in Newfoundland, Canada, showcasing thick, high-grade copper-gold intersections that underpin the project’s economic potential. Highlights include a standout 42 metres at 6.1% copper equivalent (CuEq) and a 9.8-metre zone grading an extraordinary 16.5% CuEq, reinforcing the continuity of the high-grade core zone that is central to FireFly’s development plans.
These results, predominantly from infill drilling, will be incorporated into an updated Mineral Resource Estimate (MRE) that supports the upcoming Preliminary Economic Assessment (PEA) and scoping study, now slated for release in July-August 2026. The timing shift reflects FireFly’s decision to fold in these latest assays to better capture the resource’s value.
Resource Upgrade and Economic Studies in Focus
The current Green Bay MRE stands at 50.4 million tonnes at 2.0% CuEq in the Measured and Indicated (M&I) categories, with an additional 29.3 million tonnes at 2.5% CuEq classified as Inferred. The high-grade core zone alone accounts for 8.8 million tonnes at 3.9% CuEq M&I, with significant upside potential as drilling continues.
FireFly is prioritising conversion of Inferred resources to the higher confidence M&I category through systematic infill drilling, a critical prerequisite for advancing the project towards feasibility and eventual production. This approach aligns with industry norms requiring a minimum of 70% M&I resources for early-stage economic studies, which in turn form the foundation for Ore Reserve estimations and mine planning.
Active Underground Drilling and Regional Exploration
Six underground rigs are currently operational at the Ming Mine, focusing on both resource conversion and lateral extensions of mineralisation. The drilling has confirmed strong continuity across the Volcanogenic Massive Sulphide (VMS) lenses, the footwall stringer-style copper zone, and the convergent high-grade core zone, which remains open at depth.
Beyond the underground program, regional exploration is ramping up with two surface rigs testing geophysical anomalies near Green Bay and maiden drilling underway at the Tilt Cove project. This dual strategy aims to both upgrade existing resources and discover new mineralisation, enhancing the project’s long-term growth profile.
Robust Financial Position Supports Development
FireFly’s balance sheet remains strong, with approximately A$219.9 million in cash and liquid investments as of 31 March 2026. This financial strength underpins ongoing drilling, economic and technical studies, and early works activities, positioning the company well to advance permitting and engineering tasks critical for an upscaled restart of mining operations.
Managing Director Steve Parsons emphasised the significance of the results: "These are exceptional results with extremely high grades over substantial widths. They demonstrate the strong continuity of this mineralisation, a very positive indicator for the upcoming economic studies." He added that the company intends to continue growing and upgrading the resource in parallel with technical studies, leveraging the six underground rigs and regional exploration programs.
Bottom Line?
FireFly’s latest drilling confirms a robust, high-grade core at Green Bay, setting the stage for a pivotal resource upgrade and economic study update in the coming months.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact FireFly’s mine plan and project economics?
- Can regional exploration at Tilt Cove deliver meaningful new discoveries to complement Green Bay?
- What permitting milestones and timelines will influence the pace of project development post-economic studies?