Six-rig drilling blitz returns outstanding results of more than 12% CuEq
FireFly Metals Ltd
+61 8 9220 9030
www.fireflymetals.com.au
ACN: 110 336 733
Principal & Registered Office:
Level 2/8 Richardson Street West Perth WA 6005
ASX: FFM | TSX: FFM
Company Announcement
12 February 2025
Green Bay Copper-Gold Project, Canada
Six-rig drilling blitz returns outstanding
results of more than 12% CuEq
Aggressive drilling campaign aims to extend known mineralisation, unlock full value
by upgrading Inferred Resources to Measured & Indicated and test new targets
KEY POINTS
• FireFly’s six-rig drilling campaign at Green Bay continues to generate extremely high -grade
results
• The latest results support the strategy to create value by extending the known
mineralisation, upgrading Inferred Resources to the more valuable Measured & Indicated
categories and making new discoveries; This is aimed at establishing a global-scale project
in a tier-one location, in turn aiming for further share price re-rating
• The latest exceptional assays from drilling at the Ming Mine within the Green Bay Project will
form part of the next Mineral Resource update (currently 24.4Mt at 1.9% CuEq Measured &
Indicated Resource and 34.5Mt @ 2% CuEq Inferred Resource; see ASX announcement 29 October
2024)
• There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic
Massive Sulphide (‘VMS’) lenses above a broad copper footwall stringer zone (‘FWZ’)
• Drilling from the 805 exploration drive continues to deliver high-grade intersections from the
copper-gold VMS, including (~true thickness):
o 10.7m @ 12.2% CuEq (9.0% Cu & 3.9g/t Au) in hole MUG24-095
o 17.3m @ 7.4% CuEq (7.0% Cu & 0.4g/t Au) in hole MUG24-089
o 12.5m @ 4.2% CuEq (1.8% Cu & 2.6g/t Au) in hole MUG24-089
o 2.3m @ 12.4% CuEq1 (8.2% Cu & 4.9g/t Au) in hole MUG24-098
• Drilling on the northern margins of the Mineral Resource continues to return thick and
consistent drill intersections which confirm strong FWZ mineralisation directly below the
high-grade VMS:
o 58.2m @ 3.1% CuEq (2.4% Cu & 0.7g/t Au) in hole MUG24-083 (~ true thickness)
Intersection includes a distinct VMS lode grading 5.0m @ 6.7% CuEq above a broad
copper FWZ intersection with internal high -grade zones including 9.2m @ 5.0% CuEq and
5.2m @ 3.3% CuEq
• The intersection in hole MUG24-083 is directly along strike of previously-reported thick high-
grade intersections (see ASX announcement dated 10th of December 2024):
o 86.3m @ 3.7% CuEq (3.1% Cu & 0.6g/t Au) in hole MUG24-079 (~ true thickness)
o 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073 (~ true thickness)
1 Metal equivalent for drill results reported in this announcement have been calculated at a copper price of US$8,750/t, gold p rice of
US$2,500/oz, silver price of US$25/oz and zinc price of US$2,500/t. Metallurgical recoveries have been set at 95% for copp er, 85% for precious
metals and 50% for zinc. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822) + (Zn(%) x 0.15038). In the opinion of t he Company, all
elements included in the metal equivalent calculation have a reasonable potential to be sold a nd recovered based on current market
conditions, metallurgical test work, and historical performance achieved at the Green Bay project whilst in operation.
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• Importantly these intersections conclusively prove that previously reported downhole EM
geophysical anomalism is associated with copper and gold mineralisation ( see ASX
announcement dated 16 September 2024)
• Infill drilling has commenced with the aim of creating value by converting Inferred Resources
to the Measured and Indicated categories for inclusion in future mining studies.
• A fifth underground drill rig is currently being mobilized to site to fast-track drilling; Downhole
geophysics is ongoing
• Surface exploration drilling is underway using the sixth rig and will test high priority near
mine targets with first results anticipated in the March quarter
• The Company remains well funded for its accelerated growth strategy with ~A$84.1M in cash,
receivables and liquid investments at 31 December 2024
FireFly Managing Director Steve Parsons said: “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”.
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FireFly Metals Ltd (ASX/TSX: FFM) (Company or Firefly) 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.
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One
comprises the upper copper -gold rich Volcanogenic Massive Sulphide ( VMS) lenses. This sits
above a broad copper stringer zone known as the Footwall Zone ( FWZ).
Drilling from the 805 Exploration drive continues to demonstrate both continuity and extensions of
mineralisation at the northern margin of the Mineral Resource. Results returned contain thick high-
grade copper -gold intersections of the VMS style minerali sation, 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) This hole is directly along strike of previously reported intersections of 86.3m @ 3.7% CuEq and
76.3m @ 2.9% CuEq demonstrating continuity of the convergent zone.
Importantly, these results validate the use of downhole EM as an exploration tool at Green Bay. This
drilling tested conductors generated by downhole EM completed in 2024 2 and conclusively
demonstrates the geophysical anomalism from the survey is associated with copper and gold
rich mineralisation. The geophysical anomalies suggest the mineralisation continues beyond the
extent of current drill testing.
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 for inclusion in future mining studies.
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 nea r-mine targets. The first results from
surface exploration are expected in the March 2025 quarter.
FireFly is well funded with ~A$84.1M in cash, receivables and liquid investments at the end of
December 2024.
2 See ASX announcement dated 16 September 2024 titled ‘Downhole Geophysics points to new high-grade copper
zones’.
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Figure 1: Long Section through the Green Bay Ming underground mine showing the location of FireFly’s latest drill
results from drilling of the high-grade VMS zone and the broad Footwall Zone. Key results from this announcement
are highlighted. Drillhole assays >0.5% copper are shown in red.
About the Drill Results
Drilling at the Ming underground copper-gold mine recommenced following the acquisition of the
Green Bay Copper-Gold Project by FireFly in October 2023 . In total, the Company has completed
~59,500m of diamond core to date from underground.
Assays have been received for the first 103 holes drilled by FireFly. Logging and analysis of
additional drill holes is ongoing, with details to be reported regularly as results are received.
There are two distinct styles of mineralisation present at the Green Bay Ming Mine, consisting of a
series of upper copper -gold rich Volcanogenic Massive Sulphide ( VMS) lenses underlain by a
broad copper stringer zone, known as the Footwall Zone ( FWZ).
The Footwall Zone is extensive, with the stringer mineralisation observed over thicknesses of ~150m
and widths exceeding 200m. The known strike of the mineralisation defined to date is 2.1km and it
remains open down-plunge.
Four drill rigs are currently operating underground, with the focus split between both extension and
exploration (two rigs) and resource conversion drilling (two rigs).
Significant assay results are presented in Appendix B of this announcement.
Exploration Drive Drilling (from the 805 Level)
This announcement contains results from a further 7 drill holes completed from the two northern -
most drill platforms completed in the drill drive. These holes demonstrate the presence of both VMS
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and FWZ style mineralisation, confirming continuity of the mineralised system over a known strike
of 2.1 km.
The northern margin of the Mineral Resource area is defined by a coherent stringer zone
immediately beneath the high -grade copper- gold VMS horizons, resulting in broad consistent
intersections such as those observed in hole MUG24-083.
Significant intersections3 from resource drilling completed from the exploration drive include:
Hole MUG24-083 includes multiple mineralised zones of both VMS and FWZ:
• 58.2m @ 2.4% Cu, 0.7g/t Au, 6.7g/t Ag, 0.49% Zn (3.1% CuEq ) from 240.7m (VMS/FW Stringer- style),
including (~true thickness):
o 5m @ 4.6% Cu, 2.2g/t Au, 18.1g/t Ag, 1.56% Zn (6.7% CuEq) from 240.7m (VMS-style)
o 9.2m @ 4.7% Cu, 0.3g/t Au, 4.8g/t Ag, 0.06% Zn (5% CuEq) from 273.4m (FW Stringer-style)
o 5.2m @ 3.1% Cu, 0.2g/t Au, 3.5g/t Ag, 0.06% Zn (3.3% CuEq) from 286m (FW Stringer-style)
Hole MUG24-089 includes multiple mineralised zones of both VMS and FWZ:
• 12.5m @ 1.8% Cu, 2.6g/t Au, 18.7g/t Ag, 0.43% Zn (4.2% CuEq) from 201.6m (VMS-style)
• 17.3m @ 7.0% Cu, 0.4g/t Au, 6.4g/t Ag, 0.08% Zn (7.4% CuEq) from 243.3m (VMS-style)
• 20.9m @ 1.2% Cu, 0.1g/t Au, 1.1g/t Ag, 0.06% Zn (1.3% CuEq) from 329.5m (FW Stringer-style)
Hole MUG24-092 drilled outside of the VMS channels targeting FWZ, intersected multiple thick
stringer zones:
• 63.8m @ 1.5% Cu, 0.1g/t Au, 2g/t Ag, 0.01% Zn (1.6% CuEq) from 398.3m (FW Stringer- style), including (~
true thickness):
o 15.6m @ 2.0% Cu, 0.1g/t Au, 2.6g/t Ag, 0.01% Zn (2.1% CuEq) from 398.3m (FW Stringer-style)
• 21.7m @ 2.0% Cu, 0.1g/t Au, 2.7g/t Ag, 0.01% Zn (2.1% CuEq) from 425.4m (FW Stringer-style)
Hole MUG24-095 intersected multiple mineralised zones of both VMS and FWZ:
• 10.7m @ 9.0% Cu, 3.6g/t Au, 20.6g/t Ag, 0.77% Zn (12.2% CuEq) from 202.5m (VMS-style)
• 20.4m @ 2.6% Cu, 0.2g/t Au, 3g/t Ag, 0.06% Zn (2.8% CuEq) from 233m (FW Stringer-style)
Hole MUG24-098 intersected multiple mineralised zones of both VMS and FWZ:
• 2.3m @ 8.2% Cu, 4.9g/t Au, 19.6g/t Ag, 0.71% Zn (12.4% CuEq) from 189.7m (VMS-style)
• 13.4m @ 1.4% Cu, 0.3g/t Au, 2.1g/t Ag, 0.05% Zn (1.7% CuEq) from 196.2m (VMS/Stringer-style)
• 19.4m @ 1.8% Cu, 0.2g/t Au, 2g/t Ag, 0.06% Zn (2% CuEq) from 217.9m (FW Stringer-style)
Hole MUG24-076 drilled on the eastern margin of the FWZ to test width:
• 12.9m @ 1.8% Cu, 0.2g/t Au, 2.4g/t Ag, 0.01% Zn (1.9% CuEq) from 460.4m (FW Stringer-style)
Resource Conversion Drilling (from the 620 & 750 Levels)
Resource conversion drilling is well underway from the 620 and 750 levels of the historical mine
workings. Two drill rigs are focused on upgrading the I nferred Mineral Resource to the higher
confidence Measured and Indicated (M&I) Mineral Resource categories. Assay results for this work
are expected over coming weeks.
3 Holes are drilled perpendicular to the mineralisation and approximate true thickness.
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Forward Work Plan
Near-term drilling activities at the Green Bay Copper -Gold Project will continue to focus on three
key areas: Mineral Resource Growth , Upgrading the Mineral Resource (infill) and New
Discoveries.
Drilling reported in this announcement confirms strong continuity of mineralisation at the Ming
Mine. None of the reported results were incorporated into the Mineral Resource Estimate
announced by the Company in the ASX announcement on 29 October 2024 (24.4Mt @ 1.9% CuEq in
M&I and a further 34.5Mt @ 2% CuEq in the Inferred category).
FireFly will continue with its low -cost rapid resource growth strategy, with the underground
exploration drill drive to be extended to allow effective drill testing down plunge as well as discovery
drilling utilising DHEM for new parallel and repeat lodes at the Ming deposit during 2025.
A fifth underground diamond drill rig is en-route to site to ensure the Company’s growth objectives
are delivered. To date, ~60,000m of the planned 130,000m drill program has been completed. The
remainder of the underground drill program for 2025 has three clear strategic components:
• Resource extension: Test the down-plunge continuation of both the high-grade copper-gold
VMS zones and the broad footwall copper stringer zone: ~35,000m of drilling ( Figure 2);
• Infill drilling: Create value through the conversion of Inferred areas of the Mineral Resource to
Indicated for inclusion in future mining studies: ~35,000m of drilling; and
• Discovery drilling: Drilling to explore for parallel high -grade VMS lodes and additional broad
footwall stringer -style mineralisation and possible high grade ‘feeder’ zone style
mineralisation within 600m of the underground infrastructure: ~10,000m of drilling. Additionally,
this includes near mine surface drilling.
Regional exploration will accelerate in early 2025 with surface drilling now underway. To date,
works completed include regional geophysical surveys (VTEM, gravity) , surface prospecting and
target generation. Drilling will initially focus on the historical mines within 5km of the Ming deposit
that contain unmined intersections such as 25.0m @ 4.1% CuEq (4.7g/t gold and 0.23% copper). 4
Data compilation for the newly acquired Tilt Cove property is in progress with numerous compelling
copper and gold targets for exploration evident.
Work on engineering studies continues to evaluate various scenarios for an up- scaled restart to
operations, which will incorporate the expected 2025 Mineral Resource updates once finalised.
With the huge success of the drilling programs to date , the Company does not want to limit the
size of any future potential upscaled mining operation until it has completed the next phase of
growth drilling.
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.
4 Refer to ASX announcement dated 22 August 2024 for further details on historical drill results and regional targets
at the Green Bay Copper-Gold Project.
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Figure 2: Planned 2024-2025 Resource extensions drilling at the Ming M ine. This is expected to add additional
high-grade VMS and broad footwall stringer extensions to the Mineral Resource. Note that new discovery drilling
and infill drilling is not shown on this image, only extension drilling.
Figure 3: Key 2024 -2025 milestones for the Green Bay Copper -Gold Project. 1. Please note that timelines are
indicative and may be subject to change.
Steve Parsons Media
Managing Director Paul Armstrong
FireFly Metals Ltd Read Corporate
+61 8 9220 9030 +61 8 9388 1474
ASX: FFM | TSX: FFM
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ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX, TSX:FFM) is an emerging copper-gold company focused on advancing the
high-grade Green Bay Copper- Gold project in Newfoundland, Canada. The Green Bay Copper -
Gold Project currently hosts a M ineral Resource prepared in accordance with the 2012 Edition of
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(JORC Code 2012) and Canadian National Instrument 43- 101 - Standards of Disclosure for Mineral
Projects (NI 43-101) of 24.4Mt of Measured and Indicated Resources at 1.9% for 460Kt CuEq and
34.5Mt of Inferred Resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly
grow the copper -gold resource to demonstrate a globally significant copper -gold asset. FireFly
has commenced a 130,000m diamond drilling program.
FireFly holds a 70% interest in the high -grade Pickle Crow Gold Project in Ontario. The current
Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on
the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium -Titanium Project in
Western Australia.
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the
Company’s website www.fireflymetals.com.au
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set
out at Appendix A was first reported in the Company’s ASX announcement dated 29 October 2024,
titled “Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq” and is also set out in
the Technical Reports for the Ming Copper Gold Mine and Little Deer Copper Project available on
SEDAR+ at www.sedarplus.ca.
Metal equivalents for the Mineral Resource Estimate mineralisation have been calculated at a
copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual
Resource grades for the metals are set out at Appendix A of this announcement. Copper equivalent
was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) x 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used
was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%.
Precious metal metallurgical recovery was assumed at 85% on the bas is of historical recoveries
achieved at the Ming M ine in addition to historical metallurgical test work to increase precious
metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a
reasonable potential to be sold and recovered based on current market conditions, metallurgical
test work, and historical performance achieved at the Green Bay project whilst in operation .
Mineral Resources Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was
first reported in the Company’s ASX announcement dated 4 May 2023, titled “High- Grade Inferred
Gold Resource Grows to 2.8Moz at 7.2g/t”.