FireFly Metals Ltd (ASX: FFM) has acquired a 115-square-kilometre copper-gold property adjacent to its flagship Green Bay site in Newfoundland’s Baie Verte district.
The former owner of the Tilt Cove project, Signal Gold Inc (TSE: SGNL) (OTCMKTS: SGNLF), announced completion of the sale on Tuesday. FireFly paid Signal with C$570,000 cash and 2.3 million shares.
“We are happy to have this in the hands of Firefly who will undoubtedly explore it well,” Signal Gold chief executive Kevin Bullock said in a LinkedIn post. “This is non-core for SGNL and allows us to concentrate on adding value with our Goldboro Gold Project in Nova Scotia.”
FireFly’s newly acquired project is comprised of the Nugget Pond Mine, the Betts Cove Mine and the Tilt Cove Mine. These three operations produced significant quantities of gold and copper during different periods throughout the late 19th century and mid-20th century.
Tilt Cove was one of Newfoundland’s most successful mining operations back in the day. From 1864 to 1917 and from 1957 to 1967 it yielded over 150,000 pounds of copper and 43,000 gold ounces. “Canada’s smallest town” resides in the area.
Beautiful Tilt Cove, population 4, smallest town in Canada. NL Gov should create a campsite area next to the water for RVs. Bucket list camping area. Beautiful. pic.twitter.com/lVdjFgRQYi
— Jim Fudge (@Jim_Fudge) August 31, 2023
Read more: Calibre Mining highlights responsible energy usage in first-ever Climate Report
Read more: Calibre celebrates completing major heap leach pad expansion at the Pan Mine
Baie Verte used to be an asbestos mining hub
Significant quantities of asbestos minerals were mined in the region beginning in the mid-1950s.
Extracting the commodity through open-pit mining propelled the local economy and created hundreds of jobs until the health dangers started becoming broadly known in the 1970s.
Mine workers developed respiratory health problems as years passed and it became evident that the material shouldn’t be used anymore.
Asbestos was formerly utilized for insulation, fireproofing, noise reduction and a variety of other applications.
Photo credit: Heritage Newfoundland & Labrador
Gold, copper, uranium and nickel are the focus now
The province hosts a rich assortment of metals and minerals.
Newfoundland’s largest active mining operations include the Valentine Gold Mine held by Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) and the Voisey’s Bay nickel-copper-cobalt project run by Vale SA (NYSE: VALE).
Several junior gold miners, uranium explorers and nickel hunters have been staking ground in the province too. Infini Resources Ltd (ASX: I88), Churchill Resources Inc. (CVE: CRI) and Northern Shield Resources Inc. (CVE: NRN) are some of the juniors that have been investing their time and energy here.
Newfoundland is also known to be highly prospective for rare earth elements. York Harbour Metals (CVE: YORK) (OTCMKTS: YORKF) is one of the notable operators that has been taking an interest in these commodities within the region.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
