FireFly Metals Ltd (ASX: FFM) has reported a new series of high-grade drilling results from its Green Bay copper-gold project in Newfoundland, Canada. The latest assays from the underground program confirm the continuity of mineralisation across the upper volcanogenic massive sulphide (VMS) lenses and the project’s high-grade Core Zone. The company noted that 42 completed drill holes yielded significant intercepts, including 11.5m @ 13.2% CuEq and a broad 65.3m zone at 4.3% CuEq. These results are set to be incorporated into an updated Mineral Resource Estimate (MRE) slated for finalization this month.

The ongoing infill drilling is designed to increase geological confidence by converting Inferred resources into the higher-confidence Measured and Indicated categories. Achieving this transition is a central pillar of the company’s strategy to underpin future economic studies. With six rigs currently operating underground, FireFly aims to have at least 70% of the material in its proposed mine plan categorized as Measured and Indicated. This data will directly inform the upcoming Preliminary Economic Assessment (PEA), which remains on track for completion by the end of August 2026.

"If grade is king, we are on track for an almighty coronation at Green Bay, with a resource update and economic studies almost finished." — Steve Parsons, Managing Director

The drilling program is also supporting longer-term development goals. Beyond the immediate MRE update, the company is preparing for a maiden Ore Reserve declaration targeted for the end of 2026. This process is expected to provide a clearer path toward an upscaled restart of production at the site. Following the PEA, the company plans to transition directly into a Feasibility Study, which is currently anticipated for completion in the first quarter of 2027.

FireFly remains well-funded to execute its current program. As of 30 June 2026, the company held approximately A$196.4 million in cash and liquid investments. This balance sheet strength supports not only the aggressive six-rig underground drilling campaign but also early works and permitting activities necessary for future construction. Investors reacted positively to the update, with shares of the company closing at $1.85 on 3 August 2026, representing a 5.83% increase during the session.

The company’s growth strategy remains focused on the Ming underground mine, where lateral step-out and conversion drilling continue to define the extent of the VMS and footwall stringer zones. While regional exploration via three surface rigs is currently testing geophysical anomalies to identify potential new discoveries, the primary commercial focus remains on finalizing the economic parameters of the Ming mine. The integration of this latest drilling data is viewed as a critical step in de-risking the project and validating the high-grade nature of the deposit that the company intends to bring back into production. With the PEA delivery imminent, all eyes are on the potential development scenarios that will shape the future of the Canadian project.

Read the full announcement: Another batch of high-grade assays for FireFly’s resource update and economic studies