FireFly Metals Ltd (ASX: FFM, TSX: FFM) has released a new batch of drilling results from its Green Bay copper-gold project in Newfoundland and Labrador, Canada. The latest intersections are designed to bolster the project's confidence levels as the company prepares to finalise updated resource estimates and economic modelling. Among the notable findings, hole MUG26-101 returned 11.5 metres at 13.2% CuEq, containing 11.1% copper and 2.1 g/t gold.

These results focus on high-grade zones that the company expects to feature prominently in the early years of a potential production restart at the Ming Mine. The drilling programme, which has seen 197,714 metres of underground diamond drilling completed as of 30 June 2026, aims to increase data density within the Measured and Indicated categories. The current infill strategy specifically targets the upper volcanogenic massive sulphide (VMS) lenses, the extensive copper-rich footwall zone, and the high-grade core zone where these structures converge.

"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 data from these holes will flow directly into a new Mineral Resource Estimate, which serves as a critical input for the Preliminary Economic Assessment currently scheduled for release by the end of August 2026. Management intends for this study to incorporate at least 70% of the Mineral Resource in the Measured and Indicated categories, providing a foundation for the company to declare a maiden Ore Reserve before the end of 2026. This process is part of a broader effort to evaluate multiple development scenarios for a future mining operation at the site.

Operational activity remains intense, with six drill rigs currently active underground at the Ming Mine. The work is split between lateral step-out extensions to test the margins of the mineralised zones and infill drilling to refine the resource model. Additionally, three surface rigs are conducting regional exploration to test geophysical targets, including maiden work at the nearby Tilt Cove project.

The company maintains a strong treasury to support these technical objectives. As of 30 June 2026, it reported approximately A$196.4 million in cash and liquid investments. This funding is allocated to sustain the ongoing drilling blitz, the finalisation of economic studies, and planned early works ahead of any potential construction decision. By focusing on the continuity and grade of the core mineralisation, the explorer aims to present a robust production profile that leverages the existing underground infrastructure. As the team wraps up the current drilling and analysis, the focus remains squarely on delivering the updated resource data that will underpin the upcoming economic assessment and longer-term project planning. The results continue to highlight the project's potential, particularly as the technical team works to prove up the high-grade components that will define the early stages of a restart, ensuring the project remains on a steady trajectory toward potential development.

Read the full announcement: High-grade assays for FireFly resource update and studies