FireFly Metals (ASX: AUT)
Reported drill Results of up to 9.4% copper and 4.7g/t gold from outside the existing Resource at Green bay.
Formerly Auteco, Firefly has taken over the former producing asset in Newfoundland and is growing the resources before resuming production.
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| Firefly Metals | ASX : AUT |
| Stage | Exploration / development |
| Metals | Copper / Gold |
| Market cap | A$220 m @ 61c |
| Location | Newfoundland, Canada |
FireFly Metals Green Bay Copper-Gold Project, Canada – Exceptional high-grade copper and gold intersections point to rapid resource growth
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Results of up to 9.4% copper and 4.7g/t gold from outside the existing Resource
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Key Points
• FireFly Metals has completed analysis for copper, gold, silver and zinc on historic 2022 drillholes that were only assayed for copper by the previous operator
• In addition to the known high-grade copper, these new results demonstrate significant
quantities of precious (gold and silver) and base metals (zinc) in the high-grade VMS
zone.
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Results include:
o 9.3m @ 9.4% Cu, 4.7 g/t Au, 20.5g/t Ag, 1.3% Zn (13.6% CuEq) RM22-795-15
o 16.8m @ 6.7% Cu, 3.5 g/t Au, 24.8g/t Ag, 4.9% Zn (11.2% CuEq) RM22-795-10
o 41.2m @ 5.9% Cu, 1.3 g/t Au, 13.3g/t Ag (7.1% CuEq) RM22-795-06
o 47.2m @ 4.7% Cu, 2.2 g/t Au, 14.3g/t Ag (6.8% CuEq) RM22-795-14
o 18.4m @ 4.6% Cu, 1.9 g/t Au, 10.9g/t Ag (6.3% CuEq) RM22-795-02
o 31.6m @ 3.6% Cu, 1.1 g/t Au, 9.8g/t Ag (4.6% CuEq) RM22-795-08
• Importantly, these results are from extensions of the high-grade VMS lode and are
therefore outside the Resource
• As part of its Resource growth strategy, FireFly has commenced an underground
exploration drill drive as well as its 40,000m underground diamond drilling programme;
Assays are expected in coming weeks
• FireFly is fully-funded with A$24m to complete the first year of its resource growth and
exploration drilling plan
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FireFly MD Steve Parsons stated,
“This strategy is aimed at achieving rapid growth in the Resource, which will in turn confirm Green Bay is a major high-grade copper-gold project with extensive existing infrastructure in a tier-one location”.
1 All reported results are downhole widths.
Drilling metal equivalents have been calculated at a copper price of US$8,300/t, gold price of US$2,000/oz, silver price of US$25/oz and zinc price of US$2,500/t.
To read the full news release, please click HERE
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclosure
At the time of writing the author holds no shares in FireFly Metals.
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