FireFly Metals Ltd (TSE: FFM) (ASX: FFM) is escalating exploration at its Green Bay Copper and Gold Project in Newfoundland.
The company said on Thursday that its drilling campaign is halfway through its 130,000 meter program.
Green Bay hosts a substantial copper and gold deposit, with current drilling indicating around 1.2 million tonnes of contained metal. This includes 24.4 million tonnes of higher-confidence material and an additional 34.6 million tonnes that require further drilling to confirm.
Grades are strong, averaging about 2 per cent copper equivalent. In other words, each tonne of rock contains metals worth the same as 2 per cent copper.
The project already operates as an underground mine. It features two access tunnels and more than 20 kilometres of historical mine development. The site includes established infrastructure such as offices, workshops, and a water treatment plant. Green hydroelectric power supplies the operation, and a deep-water port just six kilometres away can accommodate large cargo ships.
At present, the company values its setup at A$250 million. The first phase of the underground drill drive is finished at 750 metres. Additionally, this includes five underground active rigs with a sixth set to come online soon.
Meanwhile, the team has launched Phase 2 to extend the mine by another 750 metres. Five underground rigs are currently drilling, and they plan to add a sixth rig soon.
The company is also actively using geophysical tools to identify new drill targets near the mine. It has also begun regional exploration, with surface drilling and mapping already in progress.
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Firefly’s 2025 includes five distinct goals
As of December 31, 2024, FireFly reported A$84.1 million in cash, receivables, and liquid investments. Furthermore, the company says this funding is sufficient to support drilling and development work through 2025.
FireFly’s 2025 plan focuses on five key goals. First, it aims to grow the resource by drilling deeper into high-grade zones and broader copper-rich areas.
It also plans to upgrade lower-confidence inferred resources into higher-confidence categories, which typically carry more value. The company is now targeting new discoveries by testing potential extensions of the mine, nearby historical workings, and unexplored areas.
FireFly believes Green Bay has the potential to become a long-life, large-scale mining project. It is therefore advancing studies to support that view. The company operates in a tier-one location with strong infrastructure, renewable energy, and reliable access to government and investor support.
Newfoundland has emerged as a premier destination for gold explorers due to its geological potential, stable jurisdiction, and accessible infrastructure.
Beyond FireFly Metals and its Green Bay Copper-Gold Project there’s Calibre Mining Corp. (TSE: CXB) (OTCMKTS: CXBMF) with its Valentine Gold Project. This represents a significant top tier property located in central Newfoundland, which offers substantial resource growth potential. Additionally, Great Atlantic Resources (CVE: GR) is exploring its Golden Promise property, located near the Valentine mine, which has shown promising gold and copper anomalies in recent sampling.
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