FireFly Metals Ltd (ASX:FFM) Reports Exceptional Drilling Results
Drilling Results
FireFly Metals Ltd reported highly successful infill drilling results at its Green Bay Copper-Gold Project in Canada, paving the way for upgrading Inferred Resources to Measured & Indicated Resources. These upgraded resources typically attract significantly higher valuations.
Resource Highlights
The drilling campaign delivered high-grade intersections, including 14.2m @ 7.5% CuEq (5.7% Cu & 2.0g/t Au) in hole MUG24-125, and 50.9m @ 2.6% CuEq (2.5% Cu & 0.2g/t Au) in hole MUG24-091. These results demonstrate the extensive potential for large-scale bulk mining within the broad Footwall stinger zone.
Future Plans
FireFly plans to continue its six-rig drill program, with an additional underground rig scheduled to commence in May 2025. Further infill drilling is slated for the recently discovered high-grade zone, and step-out drilling will test extensions of the current resource. Surface exploration drilling and geophysics are underway, with first assay results expected in the June quarter.
Financial Position
The company remains well-funded for its accelerated growth strategy with approximately A$84.1 million in cash, receivables, and liquid investments as of December 2024.
Executive Comments
Managing Director Steve Parsons stated, “These outstanding results show that our multi-pronged strategy for growth in 2025 is already working. There is substantial value to be created by converting our large inferred resource to measured and indicated due to the increased confidence level, the higher values typically assigned to these resources and the ability to demonstrate the production and cashflow potential at Green Bay. This is taking place in parallel with ongoing exploration drilling aimed at driving further growth in the total Resource. With six rigs turning and another set to start in May, Resource updates scheduled and mining studies to get underway, we have multiple sources of growth throughout 2025.”
Motley Fool contributor Lauren Surplice 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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