Exceptional assays show why high-grade core stands to super-charge early production profile at FireFly's Green Bay
FireFly’s Green Bay assays show high-grade intercepts, with the project’s economic viability now dependent on the upcoming preliminary economic assessment results.
FireFly Metals announced on July 1, 2026, the latest batch of underground diamond drilling results from the Green Bay Copper-Gold Project in Newfoundland. The drilling was predominantly infill, targeting the high-grade core zone, upper VMS lenses, and footwall stringer zone.
Headline intercepts include: - MUG26-053: 42.0 m @ 6.1% CuEq (4.7% Cu, 1.4 g/t Au), including 9.8 m @ 16.5% CuEq - MUG26-054: 51.5 m @ 4.9% CuEq, including 17.0 m @ 9.1% CuEq - MUG26-036: 50.2 m @ 4.0% CuEq - MUG26-013 (upper VMS): 20.7 m @ 7.7% CuEq
Six underground rigs remain active, while two surface rigs are testing regional geophysics. Maiden drilling has also begun at Tilt Cove. The company held approximately A$219.9 million in cash and liquid investments as of March 31, 2026.
These results will feed into an updated Mineral Resource Estimate that underpins the Preliminary Economic Assessment (PEA/Scoping Study), which is now expected in July-August 2026. The current resource comprises Measured and Indicated (M&I) resources of 50.4 Mt at 2.0% CuEq and Inferred resources of 29.3 Mt at 2.5% CuEq. This includes a high-grade core of 8.8 Mt at 3.9% CuEq within the M&I category.
FireFly Metals Ltd. (FFM) released assay results that continue the trend of high-grade hits observed since mid-2025. The company stated that the new numbers represent infill drilling that confirms, rather than redefines, the known high-grade core. According to the company, the upcoming Preliminary Economic Assessment (PEA) is the primary value-unlocking catalyst, with these assays serving as geological feedstock. The release did not identify any new step-out holes or resource expansion, describing the results as continuity against the existing geological model.
From a cash perspective, the company reported a balance of $219.9 million. This figure is lower than the approximately A$251 million quoted in the April 2026 investor presentation as of 31 December 2025, representing a drawdown of approximately A$31 million over six months. The company attributed this decrease to aggressive drilling spending, noting that the burn rate is consistent with activities ahead of the PEA.
FireFly Metals Ltd (ASX/TSX: FFM) is a copper-gold developer focused on the Green Bay Project in Newfoundland, Canada. The project covers a historic VMS mining district and includes several deposits, with the Ming Mine at its core. Green Bay already hosts a JORC/NI 43-101 resource of 50.4 Mt @ 2.0% CuEq (M&I) and 29.3 Mt @ 2.5% CuEq (Inferred), containing a high-grade core zone of roughly 8.8 Mt @ 3.9% CuEq (M&I).
A$250 M of existing infrastructure, including a port, hydro-power, and underground development, is in place, and environmental approval for a restart up to 1.8 Mtpa has been obtained. The company sold its Ontario gold assets, Pickle Crow and Sioux Lookout, to Bellavista Resources, distributing the shares to shareholders and leaving FireFly laser-focused on Green Bay.