Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from FireFly Metals Ltd (ASX:FFM).
The company has entered into a binding agreement to acquire the Tilt Cove copper-gold exploration project in Newfoundland, Canada, from Signal Gold Inc. for C$3.07 million.
The payment comprises C$2.5 million in FireFly shares and C$570,000 in cash, with an additional C$1 million contingent on defining a minimum 500,000-ounce gold equivalent resource at 1 g/t. This acquisition expands FireFly’s Green Bay Copper-Gold Project area by 115 square kilometres, increasing its total exploration area by 54% to approximately 326 square kilometres.
Historically, Tilt Cove produced around 170,000 tonnes of copper and 50,000 ounces of gold from the late 19th century through intermittent operations ending in 1967.
The region is considered highly prospective for volcanogenic massive sulphide (VMS) deposits, similar to those at FireFly’s nearby Ming mine, which has a resource of 59 million tonnes at 2% copper equivalent.
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