Copper and gold surge in FireFly’s Green Bay update

A resource update for FireFly Metals’ (ASX, TSX: FFM) Green Bay project in north-central Newfoundland more than doubles contained copper, gold and silver over the initial estimate from a year ago. Shares rose. 

The update gives Green Bay 50.4 million measured and indicated tonnes grading 1.7% copper, 0.3 gram gold per tonne and 3.1 grams silver for 863,000 tonnes of contained copper, 546,000 oz. gold and just over 5 million oz. silver, FireFly reported on Tuesday. Those increases amount to a 115% rise in contained copper, a 174% rise in contained gold and a 140% boost in contained silver.    

“This substantial resource increase demonstrates the exceptional growth potential of our Green Bay project,” FireFly’s managing director Steve Parsons said in a release. “The significant jump…in the higher confidence categories, provides a strong foundation for our upcoming economic studies and development plans.” 

The estimate further underscores Green Bay’s uniqueness as a copper-gold project with a significantly large resource base in Newfoundland and Labrador, where there are no commercially producing copper mines and just one producing gold mine. 

FireFly shares gained 2.5% to $1.62 apiece on Wednesday morning in Toronto, for a market capitalization of $1.1 billion. The stock has traded in a 12-month range of 59¢ to $1.82.

M&I up by 107% 

Due to the update raising measured and indicated resources by 107%, inferred resources fell by 15% to 29.3 million tonnes at 1.9% copper, 0.6 gram gold and 5.1 grams silver for 566,000 tonnes contained copper, 563,000 oz. gold and 4.8 million oz. silver.

Green Bay is comprised of the Ming and Little Deer deposits, with Ming forming most of the project. The update is focused only on Ming and is based on 319,534 metres of drilling, FireFly said.

Drilling is ongoing to convert more inferred tonnes to measured and indicated as the company prepares to release a feasibility study expected in the second half of 2026. Six drill rigs will continue drilling underground into next year and surface rigs will test numerous targets revealed by geophysics and field activities. 

Perth-headquartered FireFly inherited the site in October 2023 when it acquired Rambler Metals and Mining, which had entered creditor protection earlier that year. It has since launched an ambitious drilling and development push – buoyed by an $84.8-million financing in early June – which is revealing Ming as one of the highest grade pre-development copper projects in Canada.