Green Bay Copper-Gold Project Drilling Confirms High-Grade Core Continuity
FireFly Metals Ltd has announced outstanding drilling results from its Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. The latest assays demonstrate strong continuity of high-grade mineralization, particularly in the Core Zone, bolstering the potential for robust early cash flow in future production scenarios.
Exceptional Drilling Intersections
The infill drilling program continues to yield impressive results, with the most notable intersections including 70.8 meters at 4.0% copper equivalent (CuEq), featuring a high-grade stringer zone of 19.2 meters at 7.5% CuEq. Another significant hole returned 53.3 meters at 4.1% CuEq, including an upper zone grading 18.2 meters at 5.8% CuEq. These results confirm the continuity of the high-grade Core Zone, which spans over 800 meters of thick copper and gold mineralization.
The Volcanogenic Massive Sulphide (VMS) zones also delivered spectacular intersections, such as 11.9 meters at 8.1% CuEq and 25.7 meters at 7.8% CuEq. Additionally, the Footwall Zone stringer-style mineralization returned significant results, including 20.9 meters at 4.5% CuEq.
Mineral Resource Estimates and Economic Potential
The current Mineral Resource Estimate for the Green Bay project stands at 50.4 million tonnes at 2.0% CuEq in the Measured & Indicated (M&I) category, with a further 29.3 million tonnes at 2.5% CuEq in the Inferred category. The high-grade Core Zone specifically contains 8.8 million tonnes at 3.9% CuEq M&I and an additional 10.9 million tonnes at 3.8% CuEq Inferred.
This Core Zone is particularly significant as it has the potential to serve as an extremely valuable feed source in the early years of production. The zone remains open for expansion, with the deepest hole drilled to date returning 49.0 meters at 6.1% CuEq.
Strategic Implications and Future Plans
Steve Parsons, Managing Director of FireFly Metals, emphasized the importance of these results, stating, "These outstanding results again emphasise the immense value of the high-grade Core Zone at Green Bay. The latest intersections highlight not just the exceptional grades but also the strong continuity of the mineralisation. This zone has the potential to bolster the early economics of a production scenario."
The company is currently operating six rigs underground with the aim of growing the M&I Resource and high-grade VMS-style mineralization for inclusion in ongoing economic studies. These studies, which remain on track for delivery in mid-2026, will evaluate multiple scenarios for the resumption of upscaled copper and gold production.
Regional exploration continues with drilling of geophysical targets, and maiden drilling at the Tilt Cove project is expected in the coming months. FireFly Metals is well-funded to achieve its growth objectives, with approximately A$251 million in cash and liquid investments as of December 31, 2025.
The latest drilling results point to strong conversion of current Inferred Mineral Resources into the higher confidence Measured and Indicated categories, which is crucial as only M&I resources can be converted into Ore Reserves. This progress supports the company's strategy to enhance the project's economic viability and move toward potential production.
