- Firefly Resources (FFR) was up as much as 20 per cent today after reporting on final assay results from its Melville Gold Deposit in WA
- Around 612 reverse circulation holes were drilled to follow up on the mineralisation identified following the release of a JORC mineral resource
- Up to 4.48g/t gold was intersected, and the results will be used to form the basis of the anticipated JORC 2012 compliant mineral resource estimate for Melville
- A diamond drill rig has now mobilised to site to drill around 1000 metres for geotechnical and metallurgical testwork
- Shares in Firefly are still up a healthy 15 per cent and are trading at 11.5 cents
Firefly Resources (FFR) was up as much as 20 per cent today after reporting on final assay results from its Melville Gold Deposit.
The Melville Gold Deposit is part of Firefly’s fully owned Yalgoo Gold Project which lies 110 kilometres west of Mount Magnet in Western Australia.
Firefly received initial results from Melville in early April with grades peaking at 3.39g/t gold.
All up, 612 reverse circulation (RC) holes, totalling 7000 metres, were drilled to follow up on the mineralisation identified following the release of a JORC-compliant mineral resource estimate in mid-March.
This program formed part of a much larger 30,000-metre drilling program that is aiming to grow the resource base across the entire Yalgoo Project.
New results include 12 metres at 4.48g/t gold from surface including four metres at 8.90g/t gold, and five metres at 4.16g/t gold from surface including two metres at 8.33g/t gold.
Firefly will use these and previously reported results to form the basis of the anticipated JORC 2012 compliant mineral resource estimate for Melville.
“The close-spaced drilling program at Melville has been as huge success, revealing a thick blanket of oxide gold mineralisation overlying the Melville mineral resource,” Managing Director Simon Lawson commented.
“The really exciting prospect for Firefly across the wider Yalgoo Gold Project is that this type of shallow, high-grade oxide gold mineralisation may exist across our other target areas,” he said.
“We are looking at a number of our existing targets now for this potential,” he added.
A diamond drill rig has now mobilised to site to drill around 1000 metres for geotechnical and metallurgical testwork.
Shares in Firefly are still up a healthy 15 per cent and are trading at 11.5 cents at 12:43 pm AEST.