Highlights

  • Discovery hole FFR26-071 returns 22.5 metres at 2.5% copper equivalent from 109 metres, including 9 metres at 3.9% CuEq, at the Mount Joy VMS prospect.
  • Mount Joy sits 2.6 kilometres from the Nugget Pond Mill (on care and maintenance) and roughly 35 kilometres east of the Ming Mine.
  • Follow-up hole FFR26-076 from the same platform logs 40 metres of visual semi-massive sulphide from 240–280 metres, with assays due in about four weeks.
  • Green Bay hosts 60.2 million tonnes M&I at 2.43% copper equivalent; a feasibility study and FID are both targeted by mid-2027.

Another VMS body, another potential feed source. FireFly Metals (ASX:FFM) told the ASX on 27 October 2026 that it had struck volcanogenic massive sulphide mineralisation at Mount Joy — a greenfields electromagnetic target near the Nugget Pond Mill in Newfoundland. The discovery adds a potential regional satellite to Green Bay's established Ming and Tilt Cove resources.

What the Holes Found

The discovery hole, FFR26-071, was drilled into an EM target generated from 2025 airborne geophysics and 2026 ground surveys. It returned 22.5 metres at 2.5% copper equivalent from 109 metres, comprising 1.9% copper, 0.6 grams per tonne gold and 0.38% zinc, with a higher-grade sub-interval of 9 metres at 3.9% copper equivalent from 112 metres. Copper equivalent calculations use consensus prices: US$11,000 per tonne copper, US$3,600 per ounce gold, US$35 per ounce silver and US$2,700 per tonne zinc.

Note that the announcement is internally inconsistent on whether widths in FFR26-071 represent approximate true thickness or downhole lengths; the technical appendix states downhole widths and that more information is needed to confirm true thicknesses. These widths should therefore be treated as unconfirmed for true thickness. An earlier reconnaissance hole, FFR26-064, returned 6.45 metres at 2.0% copper equivalent from 15.55 metres.

Visual Sulphides at Depth in Follow-Up Hole

A follow-up hole, FFR26-076, was drilled from the same platform and visually logged approximately 40 metres of semi-massive sulphide between 240 and 280 metres downhole, with stringer mineralisation continuing beyond 400 metres. These are visual estimates only; the company cautions that they do not substitute for assays. Laboratory results are expected in about four weeks. Downhole electromagnetic surveys have also identified further untested off-hole conductors, suggesting the system extends beyond the current drilled footprint.

Why Mount Joy Matters

Mount Joy is not yet part of the Green Bay mineral resource, which currently totals 60.2 million tonnes Measured and Indicated at 2.43% copper equivalent plus 23.5 million tonnes Inferred at 2.51% — a base concentrated at Ming. Its relevance is as a potential additional feed source, given its 2.6-kilometre proximity to the Nugget Pond Mill. Managing director Steve Parsons described Mount Joy as 'a significant discovery for several reasons' and said it supports the plan to grow resources, mine life and production rates. No resource or mining study covers the prospect.

Green Bay Timeline

FireFly has budgeted C$16.7 million for regional exploration in FY27, with three surface rigs running beyond 2026. A maiden inferred resource for the Main Mine target, an updated Ming resource, a feasibility study and ore reserves are all targeted for the March quarter of 2027. An FID is expected around mid-2027, with formal construction targeted for approximately July 2027 subject to that decision. Pro-forma cash and liquid investments at 30 September were approximately A$368 million.