Gascoyne Resources (ASX:GCY) - Managing Director & CEO, Simon Lawson
Managing Director & CEO, Simon Lawson
Source: Firefly Resources
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  • Gold explorer Firefly Resources (FFR) has struck more gold at its Western Australian Yalgoo project — this time at the Don Bradman prospect
  • A recent bout of reverse circulation (RC) drilling at the prospect confirmed a string of high-grade mineralised quartz veins
  • The best results from the program include a five-metre hit grading an average of 5.11 grams per tonne of gold from 85 metres
  • Importantly, the Don Bradman prospect lies just two kilometres south of Firefly’s 196,000-ounce Melville Gold Deposit
  • Firefly says the mineralisation style at Don Bradman is “identical” to the Melville deposit
  • As such, the company plans to mobilise another drill rig at Don Bradman this week to speed up its exploration efforts at the prospect
  • Further to this, Firefly has started compiling information to put together a maiden mineral resource estimate for Don Bradman
  • Shares in Firefly Resources saw a small spike at market open this morning but have since retreated to the grey line to trade at 12 cents

Gold explorer Firefly Resources (FFR) has struck more gold at its Western Australian Yalgoo Gold Project — this time at the Don Bradman prospect.

A recent bout of reverse circulation (RC) drilling has confirmed a series of high-grade mineralised quartz veins at the prospect, which lies just two kilometres south of Firefly’s Melville Gold Deposit in the project area.

Specifically, the drilling returned results like a five-metre intersection at 5.11 grams per tonne (g/t) of gold from 85 metres. This intersection included a two-metre zone grading 9.32 g/t of gold and a four-metre zone at 2.08 g/t of gold from 126 metres.

Other notable hits included a nine-metre intersection at 1.69 g/t of gold from 35 metres and a five-metre intersection at 1.99 g/t of gold from 57 metres.

Firefly explained that the mineralisation style at the Don Bradman prospect is “identical” to the Melville deposit, where the company recently declared a mineral resource of 196,000 ounces grading 1.45 g/t of gold from surface.

Moreover, the company said recent sub-audio magnetic (SAM) surveys across the area show that drilling has only tested two out of at least five banded-iron-formation (BIF) targets at the Don Bradman prospect.

As such, the company plans to mobilise a second drill rig at the prospect to speed up its exploration efforts.

Firefly has started drawing from historical drill results in the area as well as results from its own recent drilling to put together a maiden mineral resource estimate for the Don Bradman prospect. This estimate is expected to be completed in the coming weeks, according to Firefly.

Managing Director Simon Lawson said the recent drilling at Don Bradman validates the on-ground mapping, geophysical surveys and aerial imaging Firefly has been working on.

“Our exploration team theorised early on that east-west oriented faults were the key focusing instrument for gold mineralisation in the north-south oriented banded iron formations at Yalgoo — and these latest results strongly reinforce that theory,” Simon explained.

“The results have been outstanding and, together with the outcomes of our mapping and state-of-the-art SAM geophysics, have allowed us to rapidly identify a number of priority drill targets,” he said.

“The key takeaway for investors is that this is a field that is still in its infancy from an exploration perspective, and we see huge potential to drill out additional shallow gold resources outside of Melville.”

Shares in Firefly Resources saw a small spike at market open this morning but have since retreated back to the grey line to trade at 12 cents as of 10:12 am AEST. The company has a $34 million market cap.

FFR by the numbers
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