Firefly Resources strikes bonanza grade gold from maiden drilling program at Yalgoo

by Leena Thomas
Image: Firefly Resources Ltd

Firefly Resources Ltd (ASX: FFR) has announced the intersection of spectacular high-grade gold mineralisation at shallow depths, including a bonanza intercept of 1,439.55g/t, from the very first holes drilled as part of its maiden RC drilling program at the recently acquired Yalgoo Gold Project in Western Australia.

Significant assay results from drilling at the Melville Deposit include 6m at 244.9g/t from 50m including 1m at 1,439.55g/t from 51m and 1m at 16.95g/t from 55m, 14m at 1.00g/t from 58m including 1m @ 2.61g/t and 1m @ 3.73g/t, and 2m @ 1.06g/t from 106m to the end-of-hole; 13m at 3.65g/t from 113m including 4m at 9.19g/t from 119m; 9m at 1.32g/t from surface including 1m at 4.76g/t from 7m, 1m at 3.49g/t from 96m, 2m at 1.87g/t from 101m and 1m at 2.66g/t from 105m; and 4m @ 1.24g/t from 3m and 1m at 5.76g/t from 69m.

FFR noted that all of these initial results are from outside the historical resource envelope at Melville, highlighting strong potential to upgrade and grow the resource base at Yalgoo.

The company said that the assays from the remaining six holes completed as part of the initial 10-hole, 1,200m RC program are expected over the next week. FFR said that the next phase of the multi-pronged, 10,000m drill program is set to resume shortly.

Yalgoo project

Firefly Resources had completed the acquisition of the Yalgoo Gold Project in WA from privately-owned Aurum Minerals Pty Ltd on 30 July 2020. The Yalgoo Project is located 175km east of Geraldton and encompasses a 600km2 tenement package covering an entire historic goldfield that has an extensive history of high-grade gold production but has had no exploration for the past 15 years.

The project tenements consist of 16 licences. Significant desposits include The Melville gold deposit located on E59/2077; The Lady Lydia/Brilliant, Don Bradman, and Prince George located on tenements E59/2077 and E59/2140;and The Enchanted prospect located on E59/2230.

The Holland acquisition includes several gold prospects that cover P59/2134 (Continental), P59/2087, M59/0384, P59/2086, and M59/0358 (St Michaels, Xmas Box, and Grey Cat). The tenements are in good standing and no known impediments exist.

Maiden drill program at Yalgoo

The company had recently planned an ~10,000m of Reverse Circulation (RC) drilling at the Yalgoo project. The drilling was planned across the main Melville Gold Deposit and the Don Bradman Gold Prospect to the south of Melville.

FFR said that the first round of drilling was designed primarily to validate the historical mineral resource estimate over the Melville Gold Deposit and upgrade it to JORC 2012 compliance.

Assays received from four holes

The company said that approximately 1,200m of RC drilling for 10 holes has been completed to date and assays have been received from the first four holes drilled as part of this initial program.

The company said that the remaining assays are expected to be returned in the coming week, and the next phase of RC drilling is scheduled to resume shortly

Outstanding results from four maiden RC holes

The company reported that spectacular gold hits were received from the maiden drill program at Yalgoo.

Significant assay results from drilling at the Melville Deposit include 6m at 244.9g/t from 50m including 1m at 1,439.55g/t from 51m and 1m at 16.95g/t from 55m, 14m at 1.00g/t from 58m including 1m @ 2.61g/t and 1m @ 3.73g/t, and 2m @ 1.06g/t from 106m to the end-of-hole (in a mineralised porphyry unit) (FMRC0008); 13m at 3.65g/t from 113m including 4m at 9.19g/t from 119m (FMRC0010); 9m at 1.32g/t from surface including 1m at 4.76g/t from 7m, 1m at 3.49g/t from 96m, 2m at 1.87g/t from 101m and 1m at 2.66g/t from 105m (FMRC0009); and 4m @ 1.24g/t from 3m and 1m at 5.76g/t from 69m (FMRC0007).

Important assay results from the four holes, FMRC0007, FMRC0008, FMRC0009, and FMRC0010 are as noted below.

Firefly Resources announced that porphyry intrusives at Melville has been confirmed as mineralised and strongly implicated as introducing high-grade gold fluids into the rocks of the Yalgoo Gold Project.

The company reported that all four Firefly holes intersected mineralised porphyry, high-grade gold in porphyry-associated quartz veining and/or wide intersections of mineralised porphyry-related wallrock alteration. FMRC0008 also ended in mineralised porphyry at 108m (2m @ 1.06g/t).

Importantly, all of these initial results are from outside the historical resource envelope at Melville, highlighting strong potential to upgrade and grow the resource base at Yalgoo.

Next steps

The company announced that further exploration is being planned using the acquisition database. Firefly said that the priority is to convert the Melville gold deposit into a maiden JORC 2012 compliant resource and to further grow the resource base across the entire Yalgoo project.

Management statements

Firefly Managing Director, Simon Lawson, said: “This is fantastic start to our maiden drill program at Yalgoo and gives us a lot of confidence that we are in a richly endowed gold field with huge potential, particularly given how little exploration it has seen in the past two decades.

The first 10 drill-holes of this campaign were multi-purpose in that they were designed to test our existing geological understanding of the Melville deposit – in particular, to give us a better understanding of the various mineralisation styles, validate the continuity and extent of the historical resource interpretation/wireframing prior to our planned update, and also give Firefly a potential upside opportunity in the form of new intercepts and extensions to existing mineralisation.

We have managed to achieve all those aims in just the first four of the 10 drill-holes at the flagship deposit and I am extremely proud of the Firefly team for getting boots, and a drill-rig, on the ground so quickly and executing on the plan.

We have been blessed with one of the best exploration results I could have hoped for in our first program at Yalgoo, in the shape of a spectacular intercept of 6m @ 244.91g/t including a remarkable zone of 1m @ 1439.55g/t. This is a monster result from just 50m depth, in a new ore position located on the margins of, and along-strike from, the historical Melville Deposit resource estimate.

While we are naturally excited and motivated by this extraordinary result, we will continue to be systematic and disciplined in our approach to exploration. Bonanza grade intercepts are a rare occurrence in gold exploration and the reality is that we are targeting consistent mineralisation over a wide area.

The 6Moz Mt Magnet gold camp, located less than 100km away in the same rocks and with the same mineralisation styles, is the geological analogue we are chasing here at Yalgoo. The only difference is that Firefly plans to accelerate the 120-year history of Mt Magnet and compress it into the here and now for our shareholders.”