FireFly Discovers 22.5-Metre High-Grade Mineralized Zone at Canadian Copper-Gold Project

en.Wedoany.com Reported - On October 26, Australian mining company FireFly Metals announced the latest exploration results from its Green Bay copper-gold project in Newfoundland and Labrador, Canada, reporting the discovery of a new volcanogenic massive sulfide (VMS) copper-gold mineralized system at the Mount Joy target. Drill hole FFR26-071 intersected 22.5 metres from a depth of 109 metres grading 2.5% copper equivalent, including a 9-metre interval grading 3.9% copper equivalent, approximately 3.0% copper and approximately 1.0 g/t gold. The company has concurrently commenced pre-development engineering works for the mine.

The Mount Joy target is located within the historical Tilt Cove–Betts Cove mining area, approximately 35 kilometres from the Ming Mine at the Green Bay project and approximately 2.6 kilometres from the existing Nugget Pond processing facility. The first drill hole, FFR26-064, intersected approximately 6.5 metres from a depth of 15.6 metres grading 2.0% copper equivalent. Subsequent downhole electromagnetic surveys identified new conductive anomalies, and drill hole FFR26-071 was deployed to test them.

Follow-up drill hole FFR26-076 intersected approximately 40 metres of semi-massive sulfide mineralization over the 240 to 280 metre depth range, with pyrite- and chalcopyrite-bearing veinlet mineralization also observed below 400 metres. The company will arrange the next round of drilling based on drill hole assays, downhole electromagnetic surveys and geological structural interpretation, and plans to construct a road from Nugget Pond to the target area in winter 2027 to support tracked drill rig operations.

Mine development engineering works at the Green Bay project have also commenced. The Government of Newfoundland and Labrador has approved certain early construction works, and selective vegetation clearing, construction camp setup, power system upgrades and wastewater treatment facility modifications are underway on site. The company plans to procure certain long-lead equipment by the end of 2026, complete an updated mineral resource estimate and feasibility study in the first quarter of 2027, and consider a final investment decision in mid-2027. Formal construction is scheduled to begin around July 2027, subject to the Board's investment decision.

As of September 30, 2026, approximately 210,000 metres of underground diamond drilling had been completed at the Green Bay Ming Mine, with six underground drill rigs continuing resource infill and extension drilling and three surface drill rigs conducting regional exploration. The project's previous preliminary economic assessment proposed two development scenarios processing 1.8 million tonnes and 4.6 million tonnes of ore per year; detailed engineering design and cost estimation are currently being carried out around the 1.8 million tonne base case.