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Firefly Resources (ASX:FFR) - Managing Director, Simon Lawson - The Market Herald
Managing Director, Simon Lawson
Source: Firefly Resources
  • Firefly Resources (FFR) has intersected further significant assay results during its maiden reverse circulation (RC) drilling program at the Yalgoo Gold Project
  • The aim of this program is to validate the historical mineral resource estimate at the Melville Gold Deposit and upgrade it to JORC 2012 compliance
  • To date, 10 holes have been completed with Firefly announcing the first four holes in early September and the remaining six today
  • New results have peaked at 21.98g/t gold
  • Firefly's next step is identifying the potential resource growth to the north of Melville across the eight-kilometre-long Melville gold trend
  • Company shares have dropped 17.4 per cent and are trading for 19 cents each

Firefly Resources (FFR) has intersected further significant assay results during its maiden reverse circulation (RC) drilling program at the Yalgoo Gold Project.

Yalgoo lies 175 kilometres east of Geraldton in Western Australia and surrounds a historical goldfield which has not been explored in the last 15 years.

Firefly's maiden drilling program was designed to validate the historical mineral resource estimate at the Melville Gold Deposit and upgrade it to JORC 2012 compliance.

To date, 10 holes have been completed, for 1200 metres, as part of a larger 10,000-metre program.

Firefly announced the results for the first four holes on September 7 and released the remaining six today.

Significant new results include 48 metres at 1.71g/t gold from 33 metres, including six metres at 5.28g/t gold from 35 metres and two metres at 21.98g/t gold from 107 metres.

"We have had an exciting start to our maiden drilling program at the Yalgoo Gold Project. Our inaugural program at the Melville Gold Deposit has delivered a mixture of exciting high-grade and thick wide zones of gold mineralisation at shallow depths," Managing Director Simon Lawson commented.

"This drilling gives us confidence that the historic geological interpretation and mineral resource estimate at Melville was done in a reasonably systematic and robust manner," he said.

"Combining this with our more recent drilling results and current gold pricing, I am looking forward to what our upcoming resource update will establish as a maiden JORC 2012 mineral resource figure," Simon added.

Firefly's next step is identifying the potential resource growth to the north of Melville across the eight-kilometre-long Melville gold trend.

The company will also aim to follow-up on the mineralisation discovered in the first four holes.

Firefly has dropped 17.4 per cent and shares are trading for 19 cents each at 12:28 pm AEST.


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