Firefly Resources Scores High-Grade Rock Chips at Yalgoo

THE DRILL SERGEANT: Firefly Resources (ASX: FFR) reported assay results from follow-up sampling of recorded and unrecorded gold workings across the northern extent of the company’s 100 per cent-owned Yalgoo gold project in Western Australia.

Firefly Resources recently announced it would be merging with Gascoyne Resources, however this apparently hasn’t stopped the company from concentrating on advancement of its Yalgoo project.

The company concentrated on sampling several historical workings around the intersection of the Western and Eastern Gold Trends at Yalgoo that returned encouraging assays.

These included the Drumline, Drumline South, Mako, Hammerhead and Good Companions prospects, situated within a three square kilometre area at the intersection of the regional folded stratigraphy where the Western and Eastern Gold Trends collide.

The samplings yielded very high grades at the intersection of the Western and Eastern Gold Trends, as well as the notable ‘demagnetisation’ of the BIF rocks in the area, which the company considers as a strong indicator of a potentially large-scale mineralised system at this important structural ‘collision zone.

“There’s a lot of excitement around Firefly at the moment with the announcement of a planned merger with Gascoyne Resources, however we remain absolutely focused on our core objective of delivering results from Yalgoo,” Firefly Resources managing director Simon Lawson said in the company’s ASX announcement.

“This latest round of rock-chip results further builds on the wider reconnaissance results we reported earlier this month by concentrating on some of the more structurally extensive and intensely altered gold zones we have identified.

“Given the widespread recorded mining activity at Yalgoo in the early 1900s, there are a lot of historical workings in the area and many of these workings have remained untouched since the old-timers walked away.

“We have identified these old workings from aerial imagery, studied the spatial relationships between the mineralisation and the different rock types and structures, and visited those workings to ground-truth and sample them.

“Having worked my whole career as a mine geologist, I know that grade is king and scale is everything else.

“Firefly is starting to reveal both of these key elements at Yalgoo with exciting implications for future development potential.

“The true scale of mineralisation over this northern part of the Yalgoo Goldfield is just coming to light now that it’s under single ownership. In particular, the intersection of the Western and Eastern Gold Trends is returning some very high-grade material over hundreds of metres of strike.

“Intersections in structure and stratigraphy commonly concentrate and trap gold, and we believe this is the case in the Drumline/Good Companion prospect area.

“There are many old workings seemingly scattered across this area of around three square kilometres, but when we correlate them with our aerial mapping, geophysics and ground-truthing we can see all the hallmarks of an emerging high-grade prospect area with scale, and importantly an area that has never seen any modern exploration work or drilling.”