Firefly Metals: Six-rig drilling blitz returns outstanding results of more than 12% CuEq
Press Release
Feb 12, 2025
Aggressive drilling campaign aims to extend known mineralisation, unlock full value by upgrading Inferred Resources to Measured & Indicated and test new targets
⦁ FireFly’s six-rig drilling campaign at Green Bay continues to generate extremely high-grade results
⦁ The latest results support the strategy to create value by extending the known mineralisation, upgrading Inferred Resources to the more valuable Measured & Indicated categories and making new discoveries; This is aimed at establishing a global-scale project in a tier-one location, in turn aiming for further share price re-rating
⦁ The latest exceptional assays from drilling at the Ming Mine within the Green Bay Project will form part of the next Mineral Resource update (currently 24.4Mt at 1.9% CuEq Measured & Indicated Resource and 34.5Mt @ 2% CuEq Inferred Resource; see ASX announcement 29 October 2024)
⦁ There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses above a broad copper footwall stringer zone (‘FWZ’)
⦁ Drilling from the 805 exploration drive continues to deliver high-grade intersections from the copper-gold VMS, including (~true thickness):
o 10.7m @ 12.2% CuEq (9.0% Cu & 3.9g/t Au) in hole MUG24-095 o 17.3m @ 7.4% CuEq (7.0% Cu & 0.4g/t Au) in hole MUG24-089 o 12.5m @ 4.2% CuEq (1.8% Cu & 2.6g/t Au) in hole MUG24-089 o 2.3m @ 12.4% CuEq1 (8.2% Cu & 4.9g/t Au) in hole MUG24-098
⦁ Drilling on the northern margins of the Mineral Resource continues to return thick and consistent drill intersections which confirm strong FWZ mineralisation directly below the high-grade VMS:
⦁ 58.2m @ 3.1% CuEq (2.4% Cu & 0.7g/t Au) in hole MUG24-083 (~ true thickness)
Intersection includes a distinct VMS lode grading 5.0m @ 6.7% CuEq above a broad copper FWZ intersection with internal high-grade zones including 9.2m @ 5.0% CuEq and
5.2m @ 3.3% CuEq
⦁ The intersection in hole MUG24-083 is directly along strike of previously-reported thick high-grade intersections (see ASX announcement dated 10th of December 2024):
⦁ 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) in hole MUG24-079 (~ true thickness)
o 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073 (~ true thickness)
Importantly these intersections conclusively prove that previously reported downhole EM geophysical anomalism is associated with copper and gold mineralisation (see ASX announcement dated 16 September 2024)
⦁ Infill drilling has commenced with the aim of creating value by converting Inferred Resources to the Measured and Indicated categories for inclusion in future mining studies.
⦁ A fifth underground drill rig is currently being mobilized to site to fast-track drilling; Downhole geophysics is ongoing
⦁ Surface exploration drilling is underway using the sixth rig and will test high priority near mine targets with first results anticipated in the March quarter
⦁ The Company remains well funded for its accelerated growth strategy with ~A$84.1M in cash, receivables and liquid investments at 31 December 2024
FireFly Managing Director Steve Parsons said: “FireFly’s decision to employ six rigs at Green Bay reflects our strong belief in the immense value which stands to be created by growing and upgrading the resource.
“This six- rig blitz will enable us to target extensions of the known mineralisation, create significant value by upgrading it to Measured & Indicated and test new targets, all at the same time.
“This aggressive drilling campaign is aimed at establishing Green Bay as a global scale project in a tier-one location, a standing which we believe will drive substantial growth for shareholders”.
IBF4
