FireFly Metals (ASX: FFM) Identifies Compelling Copper-Gold Targets at Green Bay Project

Key Highlights:

- FireFly Metals (ASX: FFM) discovers multiple high-grade copper-gold targets at its Green Bay Project in Newfoundland, Canada.

- The project features three historically productive mines, with mineralization remaining open and untapped.

- A comprehensive exploration campaign, including modern geophysical surveys, is set to begin shortly.

FireFly Metals Ltd (ASX: FFM) has announced the identification of several compelling copper and gold exploration targets at its Green Bay Project in Newfoundland, Canada. These targets are part of a broader strategy to drive large-scale growth beyond the already established Ming mine, which has been the focal point of FireFly’s activities.

The Green Bay Project isn't just any mining operation; it's a sprawling hub of potential, housing three historically significant mines. What’s even more intriguing is that mineralization at these sites remains open, suggesting there’s much more to uncover. Among the top prospects is the Rambler Main Mine, located a mere 2.4 km from FireFly’s flagship Ming mine. Previous drilling has yielded eye-popping results, including 25.0m @ 4.7 g/t gold and 0.24% copper, and an impressive 6.9m @ 14.2 g/t gold and 0.36% copper. Similarly, the Rambler East Mine, just 2.5 km away, has delivered strong intersections like 13.0m @ 1.5% copper and 21.0m @ 1.2% copper.

But FireFly isn’t stopping there. The company is gearing up for a full-scale, modern exploration blitz. This includes cutting-edge geophysical surveys—downhole EM and regional gravity surveys are already underway. And that’s just the beginning. A comprehensive airborne Versatile Time Domain Electromagnetic (VTEM) survey is on the agenda, set to scan the entire 211 km² of exploration territory. With these advanced techniques, FireFly aims to pinpoint the most promising targets before launching a 10,000-meter surface drilling campaign later this year.

The project’s untapped potential is further underscored by astonishing surface rock chip samples. At the Lever-Tauch prospect, assays returned copper grades as high as 27%, while the Lucky Strike area boasted samples with up to 19.7% copper and 70.1 g/t silver. These high-grade findings suggest that Green Bay is far from reaching its peak, offering substantial upside for investors who get in early.

FireFly’s Managing Director, Steve Parsons, couldn’t be more bullish about these developments. “We are in the midst of exploring an exceptional VMS mineralized system,” he said. “The high-quality prospects we’ve identified could lead to substantial increases in the Green Bay Resource at a similar high grade, driving significant shareholder value.”

Backing this aggressive exploration push is a robust financial position, with FireFly boasting $38.1 million in funds as of June 30, 2024. The company has also bolstered its team with the appointment of Crispin Pike, a highly respected geologist from Newfoundland, as Vice President of Exploration. With the right team and resources in place, FireFly is primed to unlock the full potential of Green Bay.

On the back of today’s ASX announcement, FireFly Metals Ltd (ASX: FFM) shares surged 11.21%, reaching A$0.968 at 3:11 PM AEST, August 22, 2024.