FireFly to step up regional exploration as it grows Green Bay holding
ASX-listed exporer FireFly Metals on Monday announced a transaction to buy the Tilt Cove exploration property, in Newfoundland, Canada, from TSX-listed Signal Gold.
The transaction will add a further 115 km2 of exploration tenure that is continuous to the emerging Green Bay copper and gold project.
The 54% increase in land holding sees the Green Bay project grow to a total area of 326 km2.
“This is a golden opportunity to secure a large parcel of compelling exploration tenure right next to our Green Bay project,” commented MD Steve Parsons.
The Tilt Cove property is highly prospective for volcanogenic massive sulphide (VMS) deposits similar to FireFly’s Ming mine that has recently increased its resource to 59-million tonnes at 2% copper-equivalent. Furthermore, the project contains strong potential for high-grade orogenic-style gold mineralisation.
A key target within the acquisition area is the namesake Tilt Cove copper/gold VMS deposit, which was one the world’s largest copper mines in the late nineteenth century. A total of 170 000 t of copper and 50 000 oz of gold was first mined between 1864 and 1917, with operations briefly resuming between 1957 and 1967.
FireFly will acquire the Tilt Cove property through a share purchase agreement comprising C$570 000 in cash and 2.3-million shares, being worth C$2.5-million.
The company has a clear strategy to rapidly grow the copper/gold resource at Green Bay to demonstrate a globally significant copper/gold asset.
The sale to FireFly comes as Signal and NexGold are advancing their merger to create a Canada-focused gold developer.
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