The first holes into the large-scale, copper-rich Footwall Zone, one of two styles of mineralisation known at Green Bay, have delivered thick hits headlined 68m at 1.6% copper equivalent from 117m, including 22.8m at 2.4% CuEq and 3.1m at 3.1% CuEq, over 41.1m at 2.3% CuEq from 136m, including 18m at 3.3% CuEq.
Encouragingly, all the intercepts are true widths.
The FWZ stringer mineralisation is observed over thicknesses of 150m and widths exceeding 200m, along a mapped strike of 1.6km. It remains open down plunge.
Firefly’s first results from the FWZ come off the back of January’s first intersections from the other target, high-grade VMS sulphide-style copper-gold zones, such as 46.4m at 5.6% CuEq, 17.8m at 6.6% CuEq and 14.7m at 7.5% CuEq.
The VMS program successfully extended the known strike by 350m.
Reviewing previous historical copper core for precious and base metals also returned the potential for gold, silver and zinc at high grades.
The junior explorer has long believed the existing 811,000t CuEq at 2.1% resource is just the start of its long-term plan to build up resources for a restart.
Two rigs are now drilling with new underground platforms within the existing Ming underground.
Managing director Steve Parsons said the presence of wide zones grading above 3% was an encouraging start.
“Given the ongoing strength of our drilling results, the fact that we are now drilling from underground and the extent to which the mineralisation remains open, it is easy to see a clear path to rapid and significant resource growth at Green Bay,” Parsons said.
Firefly, known as Autecho Minerals until recently, plans a 40,000m underground diamond drilling program and 700m development drive to put some oomph behind its longer-term plan to restart the mine in Newfoundland.
The Ming workings are dewatered and accessible to around 950m. Firefly believes they will support a larger scale mid-tier copper operation where some $250 million has been spent on infrastructure, but there was a lack of adequate investment by the prior owner, meaning mining was reactionary.
Rather than rushing to restart, Firefly believes that taking the time to get its understanding right can avoid the previous owner’s pitfalls.
It is targeting two resource updates over the next two years.
Separately, it is finalising the purchase of an additional 169sq.km tenement package from Gold Hunter Resources for a total consideration of C$500,000 cash and $15 million in shares.
The goal is to secure a dominant position in the Baie Verte district, with limited regional exploration since 2000.
The focus on Newfoundland means there has been little focus on the 2.8Moz grading 7.2 grams per tonne gold resource Pickle Crow project for some time.
Firefly started the year with A$17.2 million cash.
The company will be added to the All Ordinaries index on March 18.
