Firefly Resources Encounters Thick Shallow Gold Intercepts at Melville Gold Deposit

THE DRILL SERGEANT: Firefly Resources (ASX: FFR) reported the completion of the second phase of a planned maiden drill program at the company’s 100 per cent-owned Yalgoo gold project in Western Australia.

Firefly Resources declared the results received from the first seven RC drill-holes as “outstanding”, adding that they had confirmed the presence of thick, shallow zones of mineralisation at the Melville gold deposit.

Assays include:

24 metres at 3.5 grams per tonne gold, including 3m at 11.77g/t gold and 4m at 7.71g/t gold, 2m at 2.97g/t gold and 5m at 3.39g/t gold, including 2m at 6.5g/t gold;

30m at 1.35g/t gold, including 10m at 2.62g/t gold from 2m;

50m at 1.1g/t gold, including 20m at 2.02g/t gold;

31m at 1.00g/t gold, including 3m 5.82g/t gold;

15m at 0.56g/t gold and 16m at 0.76g/t gold, including 1m at 3.05g/t gold; and

10m at 1.58g/t gold from surface and ends in mineralisation.

“The Yalgoo gold project is just starting to show its real potential,” Firefly Resources managing director Simon Lawson said in the company’s announcement to the Australian Securities Exchange.

“Our drilling results so far show the presence of a consistent, wide mineralised zone along and across the Melville gold deposit.

“Local and regional exploration upside and growth potential is already also starting to become evident through the newly discovered high-grade zone below and to the east of Melville, as well as the correlation of regional architecture to historical high-grade intercepts, demonstrating that Yalgoo has real kilometre-scale potential.

“The Firefly team is working hard to progress our value-driven approach to exploring and growing the potential of the Yalgoo gold project.

“These efforts are made easier by the fact that the geology of the area is outstanding for its gold potential, the presence of a proven goldfield that has existed for over 100 years with an unmined primary gold deposit, mineralised from surface, and with proven potential to deliver new discoveries as well as kilometres of scale for many more.

“This all amounts to a rare and valuable opportunity in the WA gold space.

“Firefly has the necessary experience, funding and support to build something special at Yalgoo and we expect to be out there on the ground making that happen for many years to come.”