FireFly Metals Ltd.: Drilling hits extensive copper and gold outside Mineral Resource
Press Release
⦁ “We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign but we have more than enough avenues of growth to warrant this.” – Steve Parsons, Managing Director
⦁ Latest drilling has intersected high-grade copper and gold mineralisation more than 200m beyond the current Mineral Resource
⦁ The drilling shows the continuity and thickness of the high-grade upper copper and gold massive sulphide zone (VMS), with results from the two step-out holes intersecting:
o 12.4m @ 6.8% CuEq1 (3.6% Cu & 3.5g/t Au) in hole MUG25-040 (~ true thickness) o 25.8m @ 5.1% CuEq (4.6% Cu & 0.5g/t Au) in hole MUG24-124 (~ true thickness)
⦁ The extensional drilling also intersected multiple zones of the thick high-grade copper footwall zone (FWZ) stringer style mineralisation with key results including:
o 19.5m @ 3.0% CuEq (2.7% Cu & 0.3g/t Au) in hole MUG25-040 (~ true thickness) o 14.5m @ 1.9% CuEq (1.8% Cu & 0.1g/t Au) in hole MUG25-040 (~ true thickness)
⦁ A Down Hole Electromagnetic geophysical (DHEM) survey completed from the deepest step-out hole completed (MUG25-040) reveals a conductive anomaly that extends more than 700m beyond current drill extents
⦁ This is highly significant because previous drilling of DHEM anomalies at the Ming Mine showed that those anomalies were directly associated with copper and gold mineralisation. Given this strong correlation, the survey points to continuity of the mineralisation and highlights the potential for substantial Mineral Resource growth
⦁ These results validate FireFly’s extensive drilling program designed to create value by simultaneously extending known mineralisation, upgrading the Mineral Resource and making new discoveries
⦁ The Green Bay Mineral Resource stands at 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt at 2.0% CuEq Inferred Resource; see ASX announcement dated 29 October 2024
⦁ The Company plans to accelerate underground drilling ahead of mining studies with a sixth underground rig due on site in late May. This will take the total number of rigs on site to seven, with a surface rig continuing to focus on high priority exploration targets near the Ming Mine
⦁ Surface drilling has initially targeted mineralisation at the historical Rambler Main Copper-Gold deposit that is located less than 3km from the Ming Mine at Green Bay. Rambler Main was mined to a depth of ~200m between 1964 and 1967. First assay results are expected in the coming weeks
⦁ The Company remains well funded for its accelerated growth strategy with ~A$68.5M in cash, receivables and liquid investments at 31 March 2025
FireFly Managing Director Steve Parsons said: “We continue to create value on several fronts, ranging from resource growth and resource upgrades though to exploration drilling and initial mining studies.
“The combination of this work shows just what an outstanding project Green Bay is and how well placed we are to capitalise on the demand for copper-gold projects in tier one locations.
“We are about to add a seventh rig because we have so many opportunities to pursue. There are very few projects which could justify such an aggressive drilling campaign but we have more than enough avenues of growth to warrant this”.
IBF4
