Announcement • Jul 28
FireFly Metals Reports Outstanding Drilling Results And Updates Resource Estimate For Green Bay Copper-Gold Project
FireFly Metals Ltd. reported exceptional intersections in the Core Zone, which will be included in the imminent resource update and PEA/Scoping Study. Exceptional drilling results from the high-grade core zone (Core Zone) included 42.0m @ 6.1% Copper Equivalent (CuEq) (including a Volcanogenic Massive Sulphide (VMS) zone of 9.8m @ 16.5% CuEq) and 51.5m @ 4.9% CuEq (including 17.0m @ 9.1% CuEq). These results highlight the Core Zone’s potential to underpin early, high-margin production. Given the strength of these results, FireFly will incorporate them into an updated Mineral Resource Estimate, which will then feed into the economic studies. The current Green Bay Mineral Resource Estimate (MRE) stands at 50.4Mt @ 2.0% CuEq in the Measured & Indicated (M&I) categories plus 29.3Mt @ 2.5% CuEq in Inferred. The Preliminary Economic Assessment (PEA) /Scoping Study, which is on track for completion in August 2026, will assess development scenarios for an upscaled restart of copper-gold production at Green Bay. The latest results, generated primarily from infill drilling, are expected to be reflected in the M&I Mineral Resource categories, which is central to the economic studies. Upper VMS zones also continue to deliver high-grade copper-gold intersections, including 20.7m @ 7.7% CuEq and 13.6m @ 6.8% CuEq. Six underground rigs operated throughout the quarter (four conducting infill drilling, and two conducting step-out drilling), with underground diamond drilling at Green Bay totalling 197,714m from acquisition until 30 June 2026. Regional exploration continues, with two surface rigs testing geophysical targets near the Ming Mine and a third rig conducting maiden drilling at the Tilt Cove project. FireFly completed the sale of its Ontario Gold Assets to Bellavista Resources, simplifying the portfolio to focus on Green Bay. FireFly remains well-funded, with approximately AUD 196.4 million (unaudited) in cash and liquid investments as at 30 June 2026. During the period, the Company continued its multi-rig underground drilling campaign at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, delivering further outstanding results that reinforce the scale and continuity of the high-grade Core Zone. A further tranche of assay results, announced post quarter-end on 2 July 2026, built on this momentum, extending the high-grade Core Zone and reinforcing that mineralisation remains strong and continuous where the copper and gold-rich Volcanogenic Massive Sulphide (VMS) system meets the broad Footwall Zone (FWZ) stringer mineralisation, as well as in the surrounding VMS lenses. Headline intercepts include: 42.0m @ 6.1% CuEq (4.7% Cu & 1.4g/t Au) including a high-grade VMS zone of 9.8m @ 16.5% CuEq (12.7% Cu & 4.0g/t Au) (~ true thickness) in hole MUG26-053; 51.5m @ 4.9% CuEq (4.0% Cu & 0.9g/t Au) including an upper zone grading 17.0m @ 9.1% CuEq (7.5% Cu & 1.7g/t Au) (~ true thickness) in hole MUG26-054; 70.8m @ 4.0% CuEq (3.4% Cu & 0.6g/t Au), including an internal high-grade stringer zone of 19.2m @ 7.5% CuEq in hole MUG25-096, demonstrating continuity of the Core Zone where the VMS transitions into the thick, high-grade FWZ; 53.3m @ 4.1% CuEq (3.4% Cu & 0.8g/t Au), including an upper zone of 18.2m @ 5.8% CuEq in hole MUG25-209, confirming the convergent Core Zone; 50.2m @ 4.0% CuEq (3.5% Cu & 0.4g/t Au) in hole MUG26-036; Upper VMS zones also delivered exceptional thick intersections, including 20.7m @ 7.7% CuEq (5.9% Cu & 1.9g/t Au) in hole MUG26-013, 13.6m @ 6.8% CuEq (5.7% Cu & 1.1g/t Au) in hole MUG26-029, 11.9m @ 8.1% CuEq (6.0% Cu & 2.3g/t Au) in hole MUG25-219, 25.7m @ 7.8% CuEq (4.4% Cu & 3.5g/t Au) in hole MUG25-187, and 16.3m @ 7.7% CuEq (4.3% Cu & 3.5g/t Au) in hole MUG25-206. The drilling achieved the following objectives during the quarter: Infill drilling from Crosscuts 3 and 4 of the 805L Exploration Drive focused on upgrading Inferred Mineral Resources to M&I categories ahead of the upcoming Mineral Resource Estimate update and economic studies; Drilling completed from the 880L 1807 Remuck was designed to test down-plunge extents of the western margin of the VMS lodes; Drilling completed from the 880 Remuck bays 1 and 2 focused on infill drilling of the eastern high-grade VMS zones, with select holes continued deeper into the footwall stringer mineralisation; Work completed from the 900L crosscuts 7 and 8 focused on infilling and extending the western margins of the Ming North VMS lode, successfully demonstrating both down-plunge and lateral continuity, highlighted by intersections including 20.7m @ 7.7% CuEq, 9.3m @ 7.0% CuEq and 17.8m @ 6.7% CuEq; Drilling completed from the 900L crosscuts 5 and 6, the northernmost drill positions in the 805L exploration drive, focused on the conversion of Inferred Mineral Resources to the higher-confidence M&I categories for inclusion in the upcoming economic studies. The high-grade Core Zone, which has a current Mineral Resource of 8.8Mt @ 3.9% CuEq M&I and 10.9Mt @ 3.8% CuEq Inferred, remains open down-plunge (the deepest hole to date returned 49.0m @ 6.1% CuEq) and continues to be viewed as a key early-production feed source in the upscaled restart scenarios being evaluated in the economic studies. FireFly's surface exploration team continued to build its pipeline of targets across the 346km² Green Bay land package, drawing on geophysical interpretation, prospecting and a review of historic datasets. Two surface rigs tested geophysical anomalies south of the Ming Mine for the duration of the period. Maiden drilling at the Tilt Cove project, located within the Green Bay tenure, commenced during the quarter with the mobilisation of a surface rig to the project.
