FireFly Metals (ASX:FFM) has announced it expects to complete its Green Bay Copper-Gold Project economic studies in August after electing to incorporate an updated mineral resource estimate (MRE).
The preliminary economic assessment and Scoping Study, previously targeted for mid-2026, will assess development scenarios for an upscaled restart of copper and gold production at the Newfoundland project in Canada.
FireFly says recent drilling results from the Core Zone prompted the company to update the resource before completing the studies. The zone currently hosts measured and indicated resources of 8.8 million tonnes (Mt) @ 3.9% copper equivalent (CuEq) and inferred resources of 10.9Mt @ 3.8% CuEq.
Managing Director Steve Parsons says the Core Zone results have continued to exceed the company’s expectations in scale and grade.
“Given the strength of these results, we have decided to incorporate them into an updated MRE ahead of our economic studies. This means the PEA/Scoping Study will now be completed in August this year,” Parsons says.
Results reported earlier this month included 42m @ 6.1% CuEq, including 9.8m @ 16.5% CuEq, and 51.5m @ 4.9% CuEq, including 17m @ 9.1% CuEq. FireFly says the primarily infill results are expected to contribute to the measured and indicated resource categories used in the studies.
The Core Zone remains open down-plunge, with the deepest hole completed to date returning 49m @ 6.1% CuEq.
FireFly had completed 197,714m of underground diamond drilling at the Ming Mine between acquiring Green Bay in October 2023 and the end of June. Six underground rigs operated during the quarter, comprising four conducting infill drilling and two testing extensions.
The company says supporting work covering mine design, scheduling, processing, geotechnical matters, tailings, and metallurgy is continuing. Seasonal early works have also begun after the project was released from Newfoundland and Labrador’s environmental assessment process in April.
Write to France Pinzon at Mining.com.au
Images: FireFly Metals
