FireFly delays Greenbay PEA to incorporate meaningful drill results
TSX- and ASX-listed FireFly Metals says its underground drilling campaign at the Green Bay copper/gold project, in Newfoundland and Labrador, continues to deliver outstanding results that reinforce the scale and continuity of the high-grade Core zone and underpin plans for early production.
MD Steve Parsons says the company has decided to incorporate the latest drill results into an updated mineral resource estimate (MRE) ahead of economic studies on Green Bay, owing to the strength of the results.
This means the preliminary economic assessment (PEA) and scoping study for Green Bay will only be published in August. The PEA will assess development scenarios for an upscaled restart of copper and gold production at Green Bay.
The current Green Bay MRE stands at 50.4-million tonnes grading 2% copper-equivalent in the measured and indicated category, plus 29.3-million tonnes grading 2.5% copper-equivalent in the inferred category.
FireFly continues to undertake regional exploration, with two surface rigs testing geophysical targets near the Ming mine and a third rig conducting maiden drilling at the Tilt Cove project.
The company remains well-funded with A$196-million in cash and liquid investments as of June 30.
FireFly sold its Ontario-based gold assets to ASX-listed Bellavista Resources in May, to focus on Green Bay's development.
