Firefly Resources Ltd (ASX: FFR) has announced outstanding new results of 22m @ 5.36g/t including 5m @ 17.50g/t and 1m @ 73.30g/t plus visible gold from the second batch of assays received as part of the recently completed second phase of the planned 10,000m maiden drill program at its Yalgoo Gold Project in Western Australia.
The company reported that further strong results confirm the consistency, high-grade potential, and shallow nature of the mineralisation within the Melville Gold Deposit.
Significant new assay results include 50m @ 1.40g/t including 4m @ 5.20g/t and 5m @ 4.04g/t; 30m @ 1.23g/t including 6m @ 7.48g/t; and 3m @ 5.89g/t including 1m @ 17.00g/t.
FFR reported that substantial widths of gold mineralisation were encountered in the latest drilling with intervals containing visible gold in panning up to 50m thick and the zones remaining open at depth and along-strike.
The company said that the next phase of drilling is already underway targeting an area up to 500m to the north along the main Melville trend to evaluate potential extensions to the historical (JORC 2004) mineral resource estimate.
FFR said that the next phase of resource extension drilling has the potential to significantly add to the upcoming Melville resource update due 1st quarter CY2021.
Yalgoo gold project
Firefly Resources’ 100% owned Yalgoo Gold Project is located in a Tier-1 mining district, between Ramelius Resources’ 6Moz Mt Magnet gold mine and Silver Lake Resources’ Deflector copper-gold mine, 110km west of Mt Magnet in the Murchison region of Western Australia.
The Yalgoo Gold Project includes the advanced Melville gold deposit, which hosts a JORC 2004 Mineral Resource of 2.75Mt grading 1.57g/t Au for 140,000 ounces of contained gold (0.8g/t cut-off). Other tenements include the un-mined Enchanted Gold Prospect, located 100km south of Melville, Lady Lydia/Brilliant, Don Bradman, and Prince George prospects located on tenements E59/2077 and E59/2140; and Continental, St Michaels, Xmas Box, and Grey Cat gold prospects.
The company recently completed the second phase of the planned 10,000m maiden drill program at Yalgoo Gold Project.
Drilling at Melville
FFR reported that encouraging drill results were reported from the remaining 17 holes of the recently completed 24-hole Phase 2 Reverse Circulation (RC) drill program at the shallow Melville Gold Deposit.
The company said that the 17 RC drill-holes were all drilled in and around the historical (JORC 2004) Melville Gold Deposit resource outline, further reinforcing the shallow high-grade gold mineralisation seen in previous holes as well as increasing the Company’s knowledge and understanding of the deposit geology and structural architecture.
Further high-grade results
FFR said that further strong results were received from the remaining drill-holes completed as part of the second phase of drilling at the Yalgoo Gold Project, confirming the consistency, high-grade potential, and shallow nature of the mineralisation within the Melville Gold Deposit, as well as the potential of the deposit to host significant high-grade zones.
Significant new assay results include 50m @ 1.40g/t including 4m @ 5.20g/t and 5m @ 4.04g/t (FMRC0018); 30m @ 1.23g/t including 6m @ 7.48g/t (FMRC0021); 22m @ 5.36g/t incl. 5m @ 17.50g/t incl. 1m @ 73.30g/t (FMRC0031); 17m @ 2.75g/t including 3m @ 7.48g/t (FMRC0033); and 3m @ 5.89g/t including 1m @ 17.00g/t (FMRC0013).
FFR noted that substantial widths of gold mineralisation were encountered in the latest drilling with intervals containing visible gold in panning up to 50m thick and the zones remaining open at depth and along-strike.
Phase 3 drilling underway
FFR announced that a new program of RC drilling, representing the third phase of the planned 10,000m program, is already underway at Melville, targeting an area that extends to the north around 500m from the current mineralised position.
The company said that this drilling has the potential to significantly add to the planned maiden JORC 2012 Mineral Resource Estimate (MRE) for the Melville Deposit resource update scheduled for Q1 CY2021.
FFR said that further exploration is being planned using the acquisition database. The company 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.
Firefly Managing Director, Simon Lawson, said: “We have completed systematic drill test of areas that we believed were more “at-risk” in the historical Melville resource estimate when we acquired the project. While producing some spectacular gold results along the way, this drilling within the main resource area has strongly validated the historical data used in the previous estimate, giving us a high level of confidence in the previous estimate.
The next phase of drilling, currently underway, is designed to significantly increase the footprint of mineralisation by targeting an area up to 500m to the north and along-strike from Melville. We have established an excellent foundation at Melville in our previous two phases of drilling, and it’s now time to step out and see how big we can grow our key gold asset at Yalgoo”
Our small team is out there consistently generating results and testing the value proposition represented by Melville right now. We are really excited about what we are seeing in these latest drill-holes and have a schedule of targets along-strike from Melville as well as across the multiple proven mineralised trends in the wider Yalgoo Gold Project. Our shareholders are in for a great ride!”