Firefly Resources Ltd (ASX: FFR) has drilled exciting new intercepts of 22m @ 5.36g/t including 5m @ 17.50g/t and 1m @ 73.30g/t as part of the recently completed second phase of the planned 10,000m maiden drill programme at its 100%-owned Yalgoo Gold Project in Western Australia.
The company says the remaining 17 holes of the recently completed 24-hole Phase 2 Reverse Circulation (RC) drill programme continue to confirm the continuity and robustness of the gold mineralisation within the shallow Melville Gold Deposit, as well as the potential of the deposit to host significant high-grade zones.
A new programme of RC drilling, representing the third phase of the planned 10,000m program, is already underway at Melville, targeting an area that extends to the north around 500m from the current mineralised position.
Managing Director, Simon Lawson, said this drilling has the potential to significantly add to the planned maiden JORC 2012 Mineral Resource Estimate (MRE) for the Melville Deposit resource update scheduled for Q1 CY2021.
He added that the 17 RC drill-holes were all drilled in and around the historical (JORC 2004) Melville Gold Deposit resource outline, further reinforcing the shallow high-grade gold mineralisation seen in previous holes as well as increasing the company’s knowledge and understanding of the deposit geology and structural architecture.
We have completed systematic drill test of areas that we believed were more ‘at-risk’ in the historical Melville resource estimate when we acquired the project,” Mr Lawson said.
“While producing some spectacular gold results along the way, this drilling within the main resource area has strongly validated the historical data used in the previous estimate, giving us a high level of confidence in the previous estimate.
“The next phase of drilling, currently underway, is designed to significantly increase the footprint of mineralisation by targeting an area up to 500m to the north and along-strike from Melville.
“We have established an excellent foundation at Melville in our previous two phases of drilling, and it’s now time to step out and see how big we can grow our key gold asset at Yalgoo”
“Our small team is out there consistently generating results and testing the value proposition represented by Melville right now. We are really excited about what we are seeing in these latest drill-holes and have a schedule of targets along-strike from Melville as well as across the multiple proven mineralised trends in the wider Yalgoo Gold Project.
“Our shareholders are in for a great ride!”