Firefly to execute on next phase of resource growth and development at the Green Bay Copper-Gold Project
Company name: FIREFLY METALS LTD - Code: FFM.ASX (Australian Stock Exchange)
Recent Capital raise proceeds will place Firefly in a strong position to execute on the next phase of resource growth, discovery and development at the Green Bay Copper-Gold Project in Canada.
Other factual information provided by the company has been summarised below:
- It’s full steam ahead as the company currently has four drill rigs operating at Green Bay Copper-Gold project and with an updated JORC compliant Mineral Resource due in October 2024, is set to undertake a further 100,000 metres of drilling to grow and in-fill the Resource, building on the 30,000 metres already completed.
- This new phase of drilling will also target new discovery opportunities, both in the near-mine environment and regionally, particularly in light of the successful results from DHEM which has identified new target zones for high-grade copper mineralisation as well as down-plunge mine extensions. FireFly Managing Director Steve Parsons said: “This landmark capital raising puts FireFly in an exceptional position to unlock the full potential of the Green Bay Project, with 100,000 metres of growth drilling planned through 2024/25.
- Green bay comes with +A$250M of infrastructure, including an accessible decline, extensive underground development, a 650m shaft, processing plant, port infrastructure and adjacent hydro power.
- Firefly will be economically positioned to take advantage of the copper supply gap over the next 10 years. According to McKinsey, global electrification is expected to increase annual copper demand to ~36.6 million tonnes by 2031, compared to the current demand of roughly 25 million tonnes. The consultancy firm forecasts copper supply to be around 30.1 million tonnes, leaving a gap of 6.5 million tonnes by the start of next decade. Majority of infrastructure built (if not all) to support renewable energy uses large amounts of copper, as the metal is a highly efficient conductor of electricity and heat.
- The World-Class Pickle Crow Gold Project has one of the highest grade 2.8Moz gold inferred resources globally in addition to significant district-scale discovery potential, operating in a stable Tier 1 mining jurisdiction, Ontario Canada. This includes year-round access with exceptional support infrastructure, with a current inferred resource of 2.8Moz at 7.2g/t gold open in all directions, supporting a near-term pathway to production. *see September 2024 presentation for detailed breakdown.
- The company can take advantage of the current gold bull run with a handful of economists and capital firms raising their gold price forecasts due to rising geopolitical instability, global growth slowdown, US dollar weakening and potential accelerated central bank money printing.
- The company’s share price has fluctuated between $0.45 and $1.13 over the last 12 months and the company has considered the SPP price of $0.95c to reflect current investor sentiment and the potential appetite for the newly issued securities. (Please note though that past share price performance is not indicative of future price movements as prices may fall or rise in the future).
- Managing Director – Steve Parsons, has a +20year established track record for rapid growth which includes experience in the mining industry, proven track record of mineral discoveries and corporate growth. Mr Parsons was previously the Managing Director of Gryphon Minerals Ltd, which he founded and listed on the Australian Securities Exchange, growing the company to be including on the ASX 200. In addition, Mr Parsons founded Bellevue Gold Ltd (ASX:BGL), developing one of Australia’s Highest-Grade Gold Mines, with a Mineral Resource of 3.1Moz, as of the 8th of September 2023, BGL’s market cap sits at ~$1.56billion.
- Firefly boasts a highly experienced Board and Management Team, have extensive hands-on operational experience in resource exploration, permitting, financing, building and commodity production in Australia and around the world. The board is led by former Bellevue Gold (valued at ~$1.56billion) and Northern Star (valued at ~$18.55billion) executives with a proven track record.
About the company
FIREFLY METALS LTD (FFM) (formerly AuTECO Minerals Ltd) (ASX:FFM) is an ASX Listed, emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada.
The Green Bay Copper-Gold Project currently hosts a mineral resource prepared in accordance with Canadian NI 43-101 of 39.2Mt at 2.1% for 811,000t CuEq. The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 40,000m diamond drilling program.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
Sources*
Announcements from https://www.asx.com.au/markets/company/ffm
Company website https://fireflymetals.com.au/
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