KEY POINTS
FireFly Managing Director Steve Parsons said: “We continue to generate exceptional step out drilling results which point to substantial growth in the high-grade copper and gold resource at Green Bay.
“Given the consistently strong drilling results we are achieving, we are doubling the number of rigs to four. This is aimed at accelerating our resource growth while also seeking to make new discoveries.
“Green Bay is a large district scale copper-gold mineralised system with huge potential outside the current resource and known mineralisation. We are aiming to unlock the value of this wider project area and therefore we are about to start regional geophysical surveys to define lookalike copper-gold targets for drill testing”.
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’).
In November 2023 the Company commenced mining of a 1,500m underground drill drive to enable exploration for down-plunge extensions of mineralisation outside of the current resource, which currently stands at 39.2Mt @ 2.1% for 811,000t CuEq.
Holes drilled from the development drill drive continue to return exceptional results, with significant intersections of both the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ.
The latest intersections in the VMS zone include 13.1m @ 14.3% CuEq within a broader zone of 26.0m @ 8.2% CuEq. The copper stringer style FWZ mineralisation also continues to contain multiple high- grade zones, including 8.9m @ 3.0% CuEq within a wider halo of 55.0m @ 1.8% CuEq in MUG24-024.
The results reported from the exploration drive are significant because they demonstrate strong and continuous VMS and FWZ-style mineralisation between the end of the current resource and the 460m step-out exploration hole (R17-25ab) that contained intersections including 6.3m @ 5.9% CuEq in the VMS and 102m @ 1.7% Cu in the FWZ (see ASX 16/01/24). This sets the scene for a significant resource update, which is scheduled for completion in the September Quarter.
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