Green Bay Copper-Gold Project, Canada
PERTH, Australia, Dec. 16, 2024 /CNW/ - Further to the announcement on 11 December 2024, FireFly Metals Limited (ASX: FFM) is pleased to advise that it will commence trading today on the main board of the Toronto Stock Exchange ("TSX") under the symbol "FFM". This listing is in addition to FFM's primary Australian Securities Exchange ("ASX") Listing.
This announcement has been authorised by the Board of Directors.
ABOUT FIREFLY METALS
FireFly Metals Ltd (ASX:FFM) is an emerging copper-gold company focused on advancing the high-grade Green Bay Copper-Gold project in Newfoundland, Canada. The Green Bay Copper-Gold Project currently hosts a mineral resource prepared in accordance with the JORC Code (2012 Edition) and NI 43-101 of 24.4Mt of measured and indicated resources at 1.9% for 460Kt CuEq and 34.5Mt of inferred resources at 2% for 690Kt CuEq. The Company has a clear strategy to rapidly grow the copper-gold resource to demonstrate a globally significant copper-gold asset. FireFly has commenced a 130,000m diamond drilling program.
FireFly holds a 70% interest in the high-grade Pickle Crow Gold Project in Ontario. The current Inferred Resource stands at 11.9Mt at 7.2g/t for 2.8Moz gold, with exceptional discovery potential on the 500km2 tenement holding.
The Company also holds a 90% interest in the Limestone Well Vanadium-Titanium Project in Western Australia.
For further information regarding FireFly Metals Ltd please visit the ASX platform (ASX:FFM) or the Company's website www.fireflymetals.com.au
COMPLIANCE STATEMENTS
Mineral Resources Estimate – Green Bay Project
The Mineral Resource Estimate for the Green Bay Project referred to in this announcement and set out at Appendix A was first reported in the Company's ASX release dated 29 October 2024, titled "Resource increases 42% to 1.2Mt of contained metal at 2% Copper Eq" and is also set out in the Technical Reports for the Ming Copper Gold Mine and Little Deer Copper Project available on SEDAR+.
Metal equivalents for the Mineral Resource Estimate mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Individual Resource grades for the metals are set out at Appendix A of this announcement. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) X 0.00822).
Metallurgical factors have been applied to the metal equivalent calculation. Copper recovery used was 95%. Historical production at the Ming Mine has a documented copper recovery of ~96%. Precious metal metallurgical recovery was assumed at 85% on the basis of historical recoveries achieved at the Ming mine in addition to historical metallurgical test work to increase precious metal recoveries.
In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions, metallurgical test work, and the Company's operational experience.
Mineral Resources Estimate – Pickle Crow Project
The Mineral Resource Estimate for the Pickle Crow Project referred to in this announcement was first reported in the Company's ASX release dated 4 May 2023, titled "High-Grade Inferred Gold Resource Grows to 2.8Moz at 7.2g/t".
Compliance Statements
FireFly confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that all material assumptions and technical parameters underpinning the mineral resource estimates in the original announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.
FORWARD LOOKING INFORMATION
This announcement may contain certain forward-looking statements and projections, including statements regarding FireFly's plans, forecasts and projections with respect to its mineral properties and programs. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that FireFly will be able to confirm the presence of Mineral Resources or Ore Reserves, that FireFly's plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of FireFly's mineral properties. The performance of FireFly may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors. The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.
APPENDIX A
Green Bay Copper-Gold Project Mineral Resources
Ming Deposit Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq |
| (Mt) | Grade (%) | Metal ('000 t) | Grade (g/t) | Metal ('000 oz) | Grade (g/t) | Metal ('000 oz) | Grade (%) |
Measured | 4.7 | 1.7 | 80 | 0.3 | 40 | 2.3 | 340 | 1.9 |
Indicated | 16.8 | 1.6 | 270 | 0.3 | 150 | 2.4 | 1,300 | 1.8 |
TOTAL M&I | 21.5 | 1.6 | 340 | 0.3 | 190 | 2.4 | 1,600 | 1.8 |
Inferred | 28.4 | 1.7 | 480 | 0.4 | 340 | 3.3 | 3,000 | 2.0 |
Little Deer Mineral Resource Estimate
| TONNES | COPPER | GOLD | SILVER | CuEq |
| (Mt) | Grade (%) | Metal ('000 t) | Grade (g/t) | Metal ('000 oz) | Grade (g/t) | Metal ('000 oz) | Grade (%) |
Measured | - | - | - | - | - | - | - | - |
Indicated | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 |
TOTAL M&I | 2.9 | 2.1 | 62 | 0.1 | 9 | 3.4 | 320 | 2.3 |
Inferred | 6.2 | 1.8 | 110 | 0.1 | 10 | 2.2 | 430 | 1.8 |
GREEN BAY TOTAL MINERAL RESOURCE ESTIMATE
| TONNES | COPPER | GOLD | SILVER | CuEq |
| (Mt) | Grade (%) | Metal ('000 t) | Grade (g/t) | Metal ('000 oz) | Grade (g/t) | Metal ('000 oz) | Grade (%) |
Measured | 4.7 | 1.7 | 80 | 0.3 | 45 | 2.3 | 340 | 1.9 |
Indicated | 19.7 | 1.7 | 330 | 0.2 | 154 | 2.6 | 1,600 | 1.9 |
TOTAL M&I | 24.4 | 1.7 | 400 | 0.3 | 199 | 2.5 | 2,000 | 1.9 |
Inferred | 34.6 | 1.7 | 600 | 0.3 | 348 | 3.1 | 3,400 | 2.0 |
1. | FireFly Metals Ltd Resources for the Green Bay Copper-Gold project, incorporating the Ming Deposit and Little Deer Complex, are reported in accordance with the JORC Code (2012 Edition) and NI 43-101 of the Canadian Securities Administrators. |
2. | Mineral resources have been reported at a 1.0% copper cut-off grade. |
3. | Metal equivalents for the Resource Estimate has been calculated at a copper price of US$8,750/t, gold price of US$2,500/oz and silver price of US$25/oz. Metallurgical recoveries have been set at 95% for copper and 85% for both gold and silver. CuEq(%) = Cu(%) + (Au(g/t) x 0.82190) + (Ag(g/t) X 0.00822). |
4. | Totals may vary due to rounding. |
SOURCE FireFly Metals Ltd.
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