- Firefly Resources (FFR) has entered back-to-back trading halts pending a capital raise announcement
- The mineral exploration company will remain in the halts until October 2 or when an announcement is released, whichever occurs first
- Firefly also announced today it has begun the second phase of its planned 10,000-metre maiden drill program at the Yalgoo Gold Project in WA
- Roughly 4000 metres of reverse circulation drilling will target new mineralised areas identified on the eastern boundary of the historical resource
- Once samples have been collected, they’ll be sent to ALS laboratories in Perth for analysis
- Firefly expects to receive results in around four weeks
- Shares in Firefly last traded for 17 cents on September 25
Firefly Resources (FFR) has entered back-to-back trading halts pending a capital raise announcement.
The mineral exploration company will remain in the halts until October 2 or when an announcement is released, whichever occurs first.
Further, the company has not yet disclosed how much it intends to raise or what it’ll use the funds for.
Firefly also announced today that it has begun the second phase of its planned 10,000-metre maiden drill program at the Yalgoo Gold Project.
Yalgoo is situated 175 kilometres east of Geraldton in Western Australia and surrounds a historical goldfield which has not been explored in the last 15 years.
This second phase of work will consist of roughly 4000 metres of reverse circulation (RC) drilling to target new mineralised areas identified on the eastern boundary of the historical resource.
Work will also aim to prepare a maiden resource update for the Melville Gold Deposit, bringing it up to JORC 2012 standard.
This drilling follows on from the “monster” results identified in phase one work, where up to 1439.55g/t gold was intersected.
Once samples have been collected, they’ll be sent to ALS laboratories in Perth for analysis. Firefly expects to receive results in around four weeks.
“We’re really pleased to have the rig back on site and already well into the second phase of drilling, which will be an order of magnitude larger than the first program,” Managing Director Simon Lawson commented.
“The first phase has really put Firefly on the map with investors and I am really excited that we were able to demonstrate the huge growth potential for the Melville Gold Deposit, and the wider Yalgoo Gold Project, in the first 10 drill-holes,” he added.
Shares in Firefly last traded for 17 cents on September 25.