FireFly reports strong copper drilling to strongly focused copper market

With copper news dominating the resources sector for the past few sessions, FireFly Metals has reported that its latest drilling has "set the scene for significant growth" in its contained copper resource of 811,000t of copper-equivalent at the Green Bay project in Canada (reports MiningNews).

With copper news dominating the resources sector for the past few sessions, FireFly Metals has reported that its latest drilling has “set the scene for significant growth” in its contained copper resource of 811,000t of copper-equivalent at the Green Bay project in Canada (reports MiningNews).

Results of step out drilling included 9.1m grading 5.4% copper equivalent (3.1% copper and 2.4 grams per tonne gold) and 13m at 4.4% copper equivalent (3.7% copper and 0.8gpt gold), with both intercepts expected to equate to the true width of the mineralisation.

The Steve Parsons-led FireFly said a third drill rig was due on-site next month, while geophysical targeting will start in the coming weeks as part of a strategy to make new discoveries at Green Bay.

Production studies are due to start this quarter.

Green Bay features a shuttered plant and mine that FireFly is aiming to reboot.

The ASX-listed explorer raised A$52 million in new equity funding last month when it sold new shares at 64c each.

Shares in FireFly were up 5.6% to 84c in morning trade, capitalising the company at $381 million.

The shares have more or less doubled in headline value over the past three months.

FireFly reports strong copper drilling to strongly focused copper market

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