Firefly positioned for copper growth in Canada ahead of resource update

Firefly Metals Ltd (ASX:FFM) is heading into a pending resource update at its Green Bay copper-gold project in Newfoundland, Canada, with a suite of strong results, with recent drilling extending mineralisation by 650 metres, and revealing thick zones of copper equivalent (CuEq) grading beyond 10%.

The company plans to release a resource update later in October, while in the background, its drilling campaign has shown potential for resource growth – with copper mineralisation continuing beyond the furthest hole of 102 metres at 1.7% copper (Cu).

Drilling has concentrated on extensions to the upper high-grade massive sulphide copper and gold VMS zones, as well as the Footwall Zone.

Intercepts from the former have included 17.8 metres at 4.2% CuEq (1.8% Cu and 2.2g/t Au) in one hole, and 22.2m at 5.1% CuEq (2.1% Cu and 3.1g/t Au), with two zones of 3.7m at 10.4% CuEq and 8.1m at 6.8% CuEq.

In the Footwall Zone, intercepts included 56.8m at 2.7% CuEq including 10.7m at 5.9% CuEq, and 61.8m at 1.8% CuEq, with the latter being 200m beyond historic drillhole containing 102m at 1.7% Cu.

Underground drilling is still happening via four drill rigs, and Firefly is using down-hole electromagnetics (DHEM) to develop new targets.

At 12:10 AEST, Firefly was trading at $1.05 – a fall of 0.245 since the market opened.

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