Ann: Drilling hits high-grade copper zones well outside resource, page-6

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daicosisgod

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29/04/24

16:48

Post #: 73563798
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Originally posted by aiguy ↑

Summary (from https://newsrush.ai/m_56.html):
Drilling hits high-grade copper zones well outside resource

29 April 2024 9:50 AM | 22 Pages

FireFly Metals Ltd announces exceptional drilling results at the Green Bay Copper-Gold Project, indicating significant resource growth potential.

Summary

Drilling at the Green Bay Project has identified high-grade copper zones outside the existing resource.

Results include significant intersections of copper-gold massive sulphide and copper-rich footwall zones.

The current resource stands at 39.2Mt at 2.1% for 811,000t CuEq.

A third drill rig will commence in May to accelerate resource growth.

FireFly is fully-funded for its growth strategy following a successful A$37.3M equity raising.

The company expects significant resource increase by September Quarter 2024.

Highlights

9.1m @ 5.4% CuEq from the VMS zone.

12.0m @ 4.8% CuEq within a broader zone of 37.4m @ 2.7% CuEq from the FWZ.

Total current resource of 39.2Mt at 2.1% for 811,000t CuEq.

Positives

Exceptional drilling results demonstrating significant step-outs from existing resource.

Identification of two distinct styles of copper mineralisation offering diversified potential.

Strong funding position to support aggressive exploration and development strategy.

Negatives

The foreign estimate is not reported in accordance with JORC 2012, presenting a level of uncertainty.

Requires shareholder approval for an additional A$14.7M funding.

Key Dates

31 August 2023 - Announcement of the foreign estimate for the Green Bay Project.

March 2024 - Successful A$37.3M equity raising.

29 April 2024 - Appointment of Ms Chen Sun as CFO.

20 May 2024 - Scheduled meeting for shareholder approval of additional funding.

September Quarter 2024 - Expected significant resource increase.

Alerts

Contains better than expected results: yes

Contains worse than expected results: no

Contains expected results: no

Sentiment: positive

Expand

FFM closed on a new 12 month high today of $0.87

The future for FFM is looking strong especially if more drilling reveals more 5% eq Copper hits and wide widths at the Ming Mine in Newfoundland Canada.

It is also good to see the company is serious with a new hire, highly experienced Chief Financial Officer.

GLTAH.........D
FFM Price at posting: 87.0¢ Sentiment: Buy Disclosure: Held
10 Upvote

0 Great analysis

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