Firefly Metals Ltd (FFM)

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Drilling hits high-grade copper zones well outside resource

29 April 2024 9:50 AM. Original PDF: Open PDF | 22 Pages

FireFly Metals Ltd announces exceptional drilling results at the Green Bay Copper-Gold Project, indicating significant resource growth potential.

Summary

• Drilling at the Green Bay Project has identified high-grade copper zones outside the existing resource.
• Results include significant intersections of copper-gold massive sulphide and copper-rich footwall zones.
• The current resource stands at 39.2Mt at 2.1% for 811,000t CuEq.
• A third drill rig will commence in May to accelerate resource growth.
• FireFly is fully-funded for its growth strategy following a successful A$37.3M equity raising.
• The company expects significant resource increase by September Quarter 2024.

Highlights

• 9.1m @ 5.4% CuEq from the VMS zone.
• 12.0m @ 4.8% CuEq within a broader zone of 37.4m @ 2.7% CuEq from the FWZ.
• Total current resource of 39.2Mt at 2.1% for 811,000t CuEq.

Positives

• Exceptional drilling results demonstrating significant step-outs from existing resource.
• Identification of two distinct styles of copper mineralisation offering diversified potential.
• Strong funding position to support aggressive exploration and development strategy.

Negatives

• The foreign estimate is not reported in accordance with JORC 2012, presenting a level of uncertainty.
• Requires shareholder approval for an additional A$14.7M funding.

Key Dates

• 31 August 2023 - Announcement of the foreign estimate for the Green Bay Project.
• March 2024 - Successful A$37.3M equity raising.
• 29 April 2024 - Appointment of Ms Chen Sun as CFO.
• 20 May 2024 - Scheduled meeting for shareholder approval of additional funding.
• September Quarter 2024 - Expected significant resource increase.

Alerts

• Contains better than expected results: yes
• Contains worse than expected results: no
• Contains expected results: no
• Sentiment: positive