Date: 15/05/2025
*** GENERAL AVICE ONLY***
FireFly Metals Ltd is a Company engaged in mineral exploration and evaluation at the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada, the Pickle Crow Gold Project in Ontario, Canada and the Limestone Well Vanadium-Titanium Project in Western Australia
FireFly’s maiden drilling program at the historical Rambler Main Mine within Green Bay has returned high-grade gold-copper-zinc intersections
Initial drilling targeted down-plunge extensions, with the first two drill holes returning exceptional intersections of: o 10.0m @ 6.4% CuEq1 (5.7g/t Au, 1.3% Cu, 1.7% Zn & 20.9g/t Ag) in hole FFR25-001 (~ true thickness) o 12.9m @ 4.3% CuEq (4.2g/t Au ,0.5% Cu, 1.5% Zn & 10.9g/t Ag) in hole FFR25-002 (~ true thickness)
These step-out holes have extended the known mineralisation more than 200m beyond the limit of historical mining and it remains open down plunge
The results show Rambler Main shares many ‘look-alike’ features with the rich Ming Mine ~2km away, including the nature of the down-plunge extension from historical mining and the fact that the mineralisation remains open
This mineralisation at Rambler Main is also part of the same camp-scale Volcanogenic Massive Sulphide (VMS) system that formed the Ming deposit with the mineralisation located on the same geological contact
Given the strength of these results and the key similarities with Ming, there is clearly potential for Rambler Main to be an important source of Mineral Resource growth at Green Bay
A similar surface drilling program has also been conducted at the nearby historical East Mine, with results expected soon
The surface drill rig is now back at Rambler Main testing for further depth extensions of the gold-copper-zinc mineralisation reported in this announcement
These programs are aimed at growing the overall Mineral Resource by unlocking the campscale potential at Green Bay
Trade Rationale
FFM has been in a long term down trend since trading as high as $3 back in 2020. The last few drill hits have been good results and this has caused the share price to gap higher and continue to drift higher. With more good results this morning the lows should be in and with six drill rigs on site the news flow should be consistent from here. So good risk to reward opportunity at current levels. FFM is currently a 500m mcap company still drilling to find out how big the total resource is, it will eventually be a billion mcap as it gets closer to mine development. FFM is still technically an explorer with risk, so manage position size
Trade Strategy:
Buy FFM up to 92c
Stop Loss 74c
Initial profit target $1.10
Disclaimer: The recommendation given is general advice only. It does not take into account your personal objectives, financial situation, or specific needs. This information should not be your sole resource when making such decisions. We strongly recommend you to seek the advice of financial, taxation, and legal professionals before finalising any investment decisions.