New high grade drill results include 12% copper equivalent

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Stock Firefly Metals Ltd (FFM.ASX)
Release Time 12 Feb 2025, 9:37 a.m.
Price Sensitive Yes
 New high grade drill results include 12% copper equivalent
Key Points
  • Drilling at the Green Bay Copper-Gold Project continues to generate extremely high-grade results
  • Drilling aims to extend known mineralisation, upgrade Inferred Resources to Measured & Indicated, and test new targets
  • Latest results will form part of the next Mineral Resource update
Full Summary

FireFly Metals Ltd (ASX/TSX: FFM) is pleased to announce further exceptional drilling results at the Green Bay Copper-Gold Project. These results highlight both the potential for continued Mineral Resource growth and significant increases in the highly valuable Measured and Indicated (M&I) Mineral Resource. The current Mineral Resource stands at 24.4Mt @ 1.9% CuEq in M&I and a further 34.5Mt @ 2% CuEq in the Inferred category. Drilling from the 805 Exploration drive continues to demonstrate both continuity and extensions of mineralisation at the northern margin of the Mineral Resource, with results including 10.7m @ 12.2% CuEq, 17.3m @ 7.4% CuEq, 2.3m @ 12.4% CuEq and 12.5m @ 4.2% CuEq. Drilling at the northern extent of the current Mineral Resource continues to show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses, resulting in a thick continuous zone of high-grade mineralisation (58.2m @ 3.1% CuEq ~true thickness in hole MUG24-083). The strategy of creating value by increasing confidence in the Mineral Resource has commenced, with two drill rigs currently focused on converting Inferred Mineral Resources to Measured and Indicated Mineral Resources. A fifth underground drill rig is being mobilised to site to fast track the fully-funded 130,000m drill campaign designed to deliver both Mineral Resource extensions and upgrades. Additionally, surface exploration drilling is underway and will test key near-mine targets.

Outlook

The Company remains funded to deliver the fast-growth strategy with ~A$84.1M in cash, receivables and liquid investments at the end of December 2024. Near-term drilling activities will continue to focus on Mineral Resource Growth, Upgrading the Mineral Resource (infill) and New Discoveries.