Maritime Resources Corp V.MAE

Firefly Reports More Spectacular Assay Result

[nozzpack]

Green Bay Copper-Gold Project, Canada

Spectacular grades up to 19% CuEq

extend known mineralisation by 350m

Results such as 46m at 4.6% Cu, 1.2g/t Au pave way for Resource update; Drilling about to start from underground platform, accelerating Resource growth strategy

16 January 2024

ASX Announcement

  Key Points

• First assays from drilling by FireFly at Green Bay contain high copper and gold grades over substantial widths

• The intersections extend the known limits of the VMS mineralisation by ~350m down plunge

• Significant results1 received include:

o 46.4m @ 4.6% Cu, 1.2 g/t Au, 7.5g/t Ag (5.6% CuEq) MUG23-006

o 17.8m @ 4.4% Cu, 2.2 g/t Au, 18.8g/t Ag (6.6% CuEq) MUG23-003

o 14.7m @ 2.6% Cu, 5.5 g/t Au, 24.2g/t Ag, 1.2% Zn (7.5% CuEq) MUG23-004 o 11.2m @ 4.9% Cu, 2.3 g/t Au, 9.7g/t Ag (6.9% CuEq) MUG23-004

o 2.7m @ 13.5%, 7.0 g/t Au, 33.0g/t Ag (19.4% CuEq) MUG23-006

• FireFly is set to accelerate the implementation of its resource growth strategy with first drilling from the new underground platform expected to start this month

• Plus, a second drill rig has arrived at site to fast-track step-out resource drilling

• More assays expected in coming weeks

• “To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and immense upside.” - FireFly MD Steve Parsons

1 All reported results are downhole widths.

FireFly Metals Ltd (formerly AuTECO Minerals Ltd)

    [phone] [e-mail] www.fireflymetals.com.au

ACN 110 336 733

Principal & Registered Office:

Level 2, 8 Richardson Street, West Perth 6005

  

 FireFly Metals Ltd (ASX: FFM, formerly AuTECO Minerals Ltd) is pleased to announce outstanding high-grade copper and gold assays from its first drilling program at the Green Bay project in Canada.

As well as demonstrating high grades over significant widths, the results are considered particularly important because they extend the known VMS mineralisation by 350m, taking it well beyond the boundary of the current resource, which stands at 39.2Mt at 2.1% for 811,000t CuEq2.

Grades of up to 19.4% CuEq were returned, with notable intersections including 46.4m @ 5.6% CuEq (4.6% copper, 1.2g/t gold) and 17.8m @ 6.6% CuEq (4.4% copper, 2.2g/t gold).

Drilling also intersected a precious metals-enriched VMS zone at Ming South within Green Bay. This returned an intersection of 14.7m @ 2.6% copper, 5.5g/t gold and 24.2g/t silver.

First assays from drilling on the Lower Footwall zone stringer-style mineralisation are expected in coming weeks.

Assays and news flow will continue to accelerate, with drilling set to start from the underground platform later this month.

In addition, a second diamond drill rig has arrived at site and will immediately commence resource extension drilling.

FireFly Managing Director Steve Parsons said: “These assays strongly support our view that Green Bay is an exceptional asset with huge growth potential.

“To extend the known mineralisation by 350m with such wide, high-grade intersections in our first drilling program speaks volumes about the project’s exceptional quality and immense upside.

“And we are set to accelerate our resource growth strategy with the start

[nozzpack]

Firefly's new January 15 corporate presentation reminded me that these Volcanogenic Massive Sulphide (VMS) Mineralisations typically extend to over 3000 m in depth . The CO shows four examples of these VMS copper-gold+ mines in Canada as examples. Yet the Ming Mine is ownly down to just over 1000 meters and recent drilling shows that copper gold Minera,ization remains open at Depth. The

[MineNL1]

Comparing those deeper deposits to Ming VMS is like comparing apples and oranges.  Those other deposits are sub-vertical and can hoist ore easily to surface.  Ming is shallow so there's a lot of technical problems that go along with it.  Finding ore at the Ming Mine is less of a problem than getting it to surface; this is why a company like Rambler went bankrupt with 40Mt of ore

[nozzpack]

Thank you and your point is well made about differential mining costs when ROM ore is mined at the greater depths at shallow slopes. Kidd for example has the same grades as a Ming with gold replacing zinc . But, profitability is also a matter of grade. Rambler could not make a sustained profit at 1.5% copper and 0.5 grams per ton gold. My cursory analyses is that the copper grade needs to be 2%

[nozzpack]

As an example of the effect of grades on profitability of the Ming mine, in F2016 they were very profitable at a copper grade of 2.12% and gold at 1.4 grams even at an average copper price of $2.20 per lb. Rambler in part, lacked the excess WC needed to drill define those higher grade massive sulphides