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- Firefly Resources (FFR) has stuck exceptionally high grades of gold during the maiden drilling program at Yalgoo
- Earlier this year the company acquired the historic gold project, located 175 kilometres east of Geraldton in Western Australia
- The aim of the reverse circulation project is to validate the historical mineral resource and upgrade it to current reporting standards
- Results from the first four holes have revealed shallow, high-grade gold mineralisation including a one-metre intercept grading 1439.55 grams per tonne of gold
- Importantly these initial results are from outside the existing mineral resource area, indicating the potential to expand Yalgoo’s resource base
- Assay results from the remaining six holes are expected within a week, and the multi-staged 10,000-metre drilling campaign will resume shortly
- Shares have jumped 45.8 per cent to 17.5 cents in midday trade
Firefly Resources (FFR) has stuck exceptionally high grades in the maiden drilling program at its recently acquired Yalgoo Gold Project.
Yalgoo is located 175 kilometres east of Geraldton in Western Australia and encompasses an entire historic goldfield which hasn’t been explored in the last 15 years.
The aim of the 10-hole reverse circulation project is to validate the historical mineral resource and upgrade it to be JORC 2012 compliant.
Results from the first four holes have revealed shallow, high-grade gold mineralisation including a one-metre intercept grading 1439.55 grams per tonne of gold.
Importantly these initial results are from outside the existing mineral resource area, indicating the potential to expand Yalgoo’s resource base.
Firefly Managing Director Simon Lawson said so far the program had already achieved its objectives.
“This is fantastic start to our maiden drill program at Yalgoo and gives us a lot of confidence that we are in a richly endowed goldfield with huge potential, particularly given how little exploration it has seen in the past two decades,” Simon commented.
“We have been blessed with one of the best exploration results I could have hoped for in our first program at Yalgoo, in the shape of a spectacular intercept of six metres at 244.91 grams per tonne including a remarkable zone of one metre at 1439.55 grams per tonne. This is a monster result from just 50 metres depth, in a new ore position located on the margins of, and along-strike from, the historical Melville Deposit resource estimate,” he said.
“While we are naturally excited and motivated by this extraordinary result, we will continue to be systematic and disciplined in our approach to exploration. Bonanza grade intercepts are a rare occurrence in gold exploration and the reality is that we are targeting consistent mineralisation over a wide area,” he added.
Assay results from the remaining six holes are expected within a week.
Firefly will resume the multi-staged 10,000-metre drilling campaign shortly.
Shares have jumped 45.8 per cent to 17.5 cents at 12:05 pm AEST.
