High-grade copper and gold intersections extend known mineralisation at Firefly’s Green Bay by 650m
Press Release
⦁ Drilling from the end of the Ming mine exploration drive has extended the known mineralisation by 430m beyond previous drilling and more than 650m beyond the October 2024 Mineral Resource Estimate
⦁ The strength of the mineralisation (i.e. the combination of grade and width) appears to be increasing at depth with the furthest hole returning one of the best intersections drilled in the deposit to date:
o 49.0m @ 6.1% copper equivalent (CuEq)1 (4.9% Cu & 1.3g/t Au) in hole MUG25-202 (~39.2m
true thickness), including
⦁ 14.3m @ 13.7% CuEq (10.6% Cu & 3.2% Au)
⦁ Importantly, these drillholes confirm that the previously reported ~700m long downhole electromagnetic (DHEM) geophysical anomaly (see ASX announcement dated 7 May 2025) is the result of confirmed copper-gold bearing mineralisation. This anomaly indicates mineralisation is likely to continue well beyond this step-out hole
⦁ Other step-out holes demonstrate that the upper high-grade copper and gold rich Volcanogenic Massive Sulphide (VMS) zones continue, with key intersections including:
o 7.0m @ 3.9% CuEq (2.1% Cu & 1.9g/t Au) in hole MUG25-208 (~ true thickness)
⦁ 14.1m @ 3.7% CuEq (0.9% Cu & 3.2g/t Au) in hole MUG25-190 (~ true thickness), including
⦁ 1.8m @ 15.2% CuEq (1.8% Cu & 15.9g/t Au) and
⦁ 4.4m @ 4.4% CuEq (1.8% Cu & 2.8g/t Au)
⦁ The drilling also confirms the presence of broad copper-rich Footwall Zone (FWZ) style copper mineralisation below the upper VMS zone. Intersections include:
o 33.9m @ 1.9% CuEq (1.8% Cu & 0.1g/t Au) in hole o 30.0m @ 1.9% CuEq (1.8% Cu & 0.1g/t Au) in hole o 27.0m @ 1.9% CuEq (1.8% Cu & 0.1g/t Au) in hole
MUG25-179 (~ true thickness)
MUG25-208 (~ true thickness)
MUG25-190 (~ true thickness)
1 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copper, 85% for precious metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038). In the opinion of the Company, all elements included in the metal equivalent calculation have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
FireFly Metals Ltd
+61 8 9220 9030 ACN 110 336 733
info@fireflymetals.com.au Principal & Registered Office:
www.fireflymetals.com.au Level 2/8 Richardson Street West Perth WA 6005
⦁ The current Mineral Resource Estimate for Green Bay totals 24.4Mt at 1.9% for 460Kt CuEq of Measured & Indicated Resources and 34.5Mt at 2.0% for 690Kt CuEq of Inferred Resources
(see ASX announcement dated 29 October 2024)
⦁ Eight diamond rigs continue operating (six underground and two on surface) to upgrade the current Mineral Resource, extend known mineralisation and make new regional discoveries
⦁ Regional exploration is well underway, with drill rigs systematically testing conductive geophysical anomalies in the central Green Bay leases (see ASX announcement dated 24 July 2025). A VTEM survey is being completed over the Company’s Tilt Cove Project
⦁ FireFly has a strong balance sheet with cash and liquid investments of ~A$145M2 following successful completion of the recent equity raise. These funds will be used to accelerate exploration activities and complete the feasibility study on the upscaled Green Bay Project
FireFly Managing Director Steve Parsons said: “These results are truly world-class, with widths and grades which any copper miner would be delighted to have.
“To extend the known mineralisation by 650m beyond the Mineral Resource with such a spectacular intersection as 49m at 6.1% CuEq demonstrates the exceptional growth outlook at Green Bay and shows why it is one of the best undeveloped copper projects in the world. The mineralisation remains open, and we are continuing to drill in pursuit of more growth.
“The spectacular results in this announcement combined with the recent infill drill results set the scene for a Mineral Resource update later this quarter.”
FireFly Metals Ltd (ASX: FFM, TSX: FFM) (Company or FireFly) is pleased to announce exceptional drill results which extend the known mineralisation by more than 650m beyond the Mineral Resource at its Green Bay Copper-Gold Project.
The furthest drillhole recently completed from the northern end of the 805L exploration drive intersected 49.0m @ 6.1% CuEq (~39.2m true thickness). This included an internal massive sulphide zone grading a significant 14.3m @ 13.7% CuEq.
This is one of the best intersections ever recorded at the Ming deposit within Green Bay and provides more firm evidence that the grade of mineralisation is increasing at depth.
The step-out drilling in this announcement extends the mineralisation more than 650m beyond the October 2024 Mineral Resource Estimate. These holes will form an important part of the updated estimate planned for later this quarter.3
The Mineral Resource Estimate currently stands at 24.4Mt @ 1.9% for 460Kt CuEq of Measured and Indicated Resources and a further 34.5Mt @ 2.0% for 690Kt CuEq of Inferred Resources.4
2 Cash, receivables and liquid investment position at 30 June 2025, plus A$10 million gross proceeds received from the Share Purchase Plan first announced on 5 June 2025 and completed on 14 July 2025, plus net proceeds of ~A$26.6 million from the second tranche of the institutional placement first announced on 5 June 2025 and completed on 3 September 2025.
3 Timeframes are indicative and may be subject to change.
2 See ASX announcement dated 29 October 2024.
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (VMS) lenses. The VMS lenses sit above a broad copper stringer zone known as the Footwall Zone (FWZ). The step-out drilling confirms both styles of mineralisation continue at depth and remain open.
Strong copper and gold mineralisation was also defined in the upper VMS zones with intersections including 7.0m @ 3.9% CuEq and 14.1m @ 3.7% CuEq which included an internal gold-dominated zone grading 1.8m @ 15.9g/t Au and 1.8%Cu. The FWZ mineralisation identified exhibited consistent grades and widths with results including 33.9m @ 1.9% CuEq and 30.0m @ 1.9% CuEq.
Importantly these drillholes confirms that the 700m long downhole electromagnetic (DHEM) geophysical anomaly reported in the ASX announcement dated 7 May 2025 (Figure 1) is the result of copper-gold bearing sulphide mineralisation. This anomaly indicates mineralisation is likely to continue well beyond the step-out hole reported in this announcement.
The extensive six-rig underground drill campaign continues at the Ming Mine with the dual objectives of growing the current Mineral Resource and, most importantly, upgrading more of the Inferred Resources to the comparatively more valuable Measured and Indicated (M&I) Mineral Resource categories.
IBF4
