Firefly Metals (ASX:FFM) has billed its latest copper drill hit at Green Bay in Canada as it’s “best ever” – just over 86m @ 3.7% copper from 290m depth.
Shares jumped 13% on the news, to $1.14/sh on Tuesday. Drills targeted on an area on-site Green Bay (a copper-gold project) called the ‘Ming Mine.’ A second drill hit came in at 76m width @ 2.9% copper from 356m depth; the operation is already underground.
Geotechs are hopeful to find further hits of considerable width so as to shore up the extant mineral resource, currently reflecting 59Mt of ore at 2% copper.
The company on Tuesday reported Ming mineralisation has two styles: Stringer and sulphide deposits, presumably based on a mix of assay data and visual inspection.
The company says this latest 80m+ drill hit shows there’s stringer style mineralisation under an already-known ‘high grade’ sulphide system.
Two lodes within the large drill hit reported on Tuesday came in at 15.5m @ 4.6% copper and another for 9.9m @ 5.8% copper; a further 27.6m segment of the 80m intercept comes in for 5.3% copper.
Based on what appears to be stacked ‘levels’ of high grade copper at least downhole the site of that drill target, the company’s 13% share price jump on Tuesday isn’t hard to reverse engineer.
(For context, some $1.03M worth of shares had been traded by 10.50am Sydney time.)
The drilling results, which come from some of the deepest holes drilled to date, are “world-class, demonstrating exceptionally high grades over huge true widths,” FFM MD Steve Parsons said.
“The resource remains open, and we will continue to add value through the drill bit by continuing to grow and infill what is already a high-grade and large-scale copper deposit.”
Firefly Metals has been one of the more reliable beneficiaries of the copper thematic – one-year returns are up +115%.
FFM last traded at $1.14 a share through to Tuesday lunch time.
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