FireFly Metals Unveils High-Grade Underground Copper and Gold Drilling Results
St. John’s, Monday, 3 August 2026.
FireFly Metals reported exceptional underground drill results from its Green Bay project in Canada, returning up to 13.2% copper equivalent to strengthen upcoming economic studies.
Exceptional Drill Intercepts at Green Bay
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) released new assay results on 3 August 2026 from the Green Bay Copper-Gold Project in Newfoundland, Canada [1][2]. The underground drilling program returned intercepts including 11.5 meters at 11.1% copper and 2.1g/t gold, equating to 13.2% copper equivalent [1][4]. These results confirm mineralization continuity across upper VMS lenses and the high-grade Core Zone [1]. Six underground drill rigs are currently active, with four focused on resource conversion and two on lateral step-out extensions [2][4]. Regional exploration is also accelerating with three surface rigs testing geophysical anomalies [2].
Strategic Timeline for Economic Assessments
The company plans to incorporate these results into an updated Mineral Resource Estimate (MRE) to support a Preliminary Economic Assessment (PEA) [1][2]. The previous MRE, established on 18 November 2025, recorded 50.4 million tonnes at 2.0% copper equivalent for Measured and Indicated resources [1][2]. Management aims to complete the PEA by 31 August 2026 and declare a maiden Ore Reserve before 31 December 2026 [2][4]. Managing Director Steve Parsons noted the high-grade core zone impact is expected in early production years [4]. The company aims to include at least 70% Measured and Indicated resources in the upcoming mine plan [2].
Capital Position and Market Performance
As of 30 June 2026, FireFly Metals held approximately A$196.4 million in cash and liquid investments [1][2]. Based on a market capitalization of AU$1.35 billion, the cash position represents approximately 14.548 percent of the company’s value [3]. The stock has seen a 1-year change of 69.90% leading up to this announcement [3]. Broader market conditions saw the S&P/ASX 200 index fall 0.2% on 3 August 2026 amid geopolitical tensions [5]. FireFly completed 197,714 meters of underground diamond drilling since acquiring the project in October 2023 [2].