FireFly Metals Ltd (ASX:FFM) Achieves Over 12% CuEq in Latest Drilling Campaign
Operational Achievements
FireFly Metals Ltd has reported remarkable results from its six-rig drilling campaign at the Green Bay Copper-Gold Project, surpassing 12% CuEq. The successful drilling aims to extend known mineralisation, upgrade Inferred Resources to Measured & Indicated, and explore new targets.
Drilling Results
The latest assays from the Ming Mine include high-grade intersections such as 10.7m @ 12.2% CuEq (9.0% Cu & 3.9g/t Au) in hole MUG24-095 and 2.3m @ 12.4% CuEq (8.2% Cu & 4.9g/t Au) in hole MUG24-098. Consistent intersections confirm strong Footwall Zone mineralisation beneath the VMS lenses.
Future Plans
FireFly has commenced infill drilling to convert Inferred Resources to Measured and Indicated for future mining studies. A fifth underground drill rig is being mobilised to accelerate drilling efforts. Surface exploration with the sixth rig is underway, with initial results expected in the March quarter.
Financial Position
As of 31 December 2024, FireFly remains well funded with approximately A$84.1M in cash, receivables, and liquid investments, supporting its aggressive growth strategy.
Executive Comments
Managing Director Steve Parsons stated, “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.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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