Firefly Resources Drills Yalgoo Gold Potential

THE DRILL SERAGENT: Firefly Resources (ASX: FFR) reported assays returned from 11 RC drill-holes completed prior to Christmas 2020 at the company’s Yalgoo gold project in Western Australia.

Firefly Resources drilled the holes to test along strike and up-dip resource extensions at the Melville gold deposit and in the process achieved strong results from six holes completed at the Applecross prospect, located 300m along-strike to the north.

Results from Applecross included:

16 metres at 1.23 grams per tonne gold from 33m, including 3m at 3.6g/t gold and 10m at 1.21g/t gold, including 1m at 3.58g/t gold from 61m (BIF-hosted gold);

5m at 0.91g/t gold from 22m and 3m at 1.05g/t gold from 33m (BIF-hosted gold);

4m at 1.57g/t gold from 166m (Porphyry-hosted gold); and

1m at 2.51g/t gold from 113m and 1m at 1.31g/t gold and 5m at 1.27g/t gold from 138m (Porphyryhosted gold).

Two RC drill-holes were also drilled into the northern extents of the Melville deposit to test an up-dip in-fill opportunity and an interpreted down-dip structural offset for the anticipated JORC 2012 Resource update.

The holes intersected:

26m at 1.2g/t gold, including 2m at 5.8g/t gold and 3m at 2.02g/t gold from 55m (updip); and

1m at 2.03g/t gold from 73m and 4m at 0.92g/t gold from 100m (down-dip).

“Importantly, the drilling has begun to demonstrate the scale of the opportunity in front of us and answered some important strategic questions,” Firefly Resources managing director Simon Lawson said in the company’s announcement to the Australian Securities Exchange.

“While there is a lot more drilling to do, the significance of these results is that they firm up our structural model for gold emplacement and displacement providing a solid foundation for us to target rapid resource growth locally and beyond.

“All of the gold mineralisation intersected in our recent drilling at the Applecross prospect, as well as at the Melville gold deposit itself, appears to be near local-scale NW-striking faults.

“We believe our work so far implicates those NW-structures as potential conduits for gold mineralising fluids and mineralised porphyry intrusives.

“Those fluids and intrusives have introduced the gold-bearing fluids into the nearby BIF units due to micro-fracturing of the BIF host, increasing the permeability combined with gold’s well-known affinity for iron-rich rock chemistry.

“As such, we need to target these NW-striking structures effectively to target rapid resource growth.”