First drilling in new area hits high-grade mineralisation
| Stock | Firefly Metals Ltd (FFM.ASX) |
|---|---|
| Release Time | 15 May 2025, 8:22 a.m. |
| Price Sensitive | Yes |
First drilling in new area hits high-grade mineralisation
- Maiden drilling program at Rambler Main Mine returns high-grade gold-copper-zinc intersections
- Mineralisation extends over 200m beyond historical mining and remains open down plunge
- Rambler Main shares key similarities with the nearby Ming Mine, part of the same VMS system
FireFly Metals' maiden drilling program at the historical Rambler Main Mine within the Green Bay Project has returned high-grade gold-copper-zinc intersections, with the first two drill holes extending the known mineralisation more than 200m beyond the limit of historical mining. The results show that Rambler Main shares many 'look-alike' features with the rich Ming Mine, including the nature of the down-plunge extension from historical mining and the fact that the mineralisation remains open. The Rambler Main mineralisation is part of the same camp-scale Volcanogenic Massive Sulphide (VMS) system that formed the Ming deposit, with the mineralisation located on the same geological contact. Given the strength of these results and the key similarities with Ming, there is clearly potential for Rambler Main to be an important source of mineral resource growth at Green Bay. A similar surface drilling program has also been conducted at the nearby historical East Mine, with results expected soon. The surface drill rig is now back at Rambler Main testing for further depth extensions of the gold-copper-zinc mineralisation. These programs are aimed at growing the overall mineral resource by unlocking the camp-scale potential at Green Bay.
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 is committed to accelerating its growth strategy, which comprises a combination of mineral resource growth, upgrading the current mineral resource and making new copper-gold discoveries. The Company has a total of six drill rigs currently operating at Green Bay (five underground and one on surface), with an additional underground rig scheduled to arrive in the coming weeks. Mineral resource updates and preliminary economic mining studies are expected to be delivered later in 2025.