While the All Ordinaries Index (ASX: XAO) is moving higher, some stocks tend to perform better with good growth potential.
FireFly Metals Limited (ASX: FFM)
FireFly Metals Limited has signed a binding agreement to acquire the Tilt Cove copper-gold exploration project in Newfoundland from Signal Gold Inc. for C$3.07 million, consisting of C$2.5 million in FireFly shares and C$570,000 in cash. The Tilt Cove project incorporates 115 square km more of highly prospective exploration ground just next to FireFly's existing Green Bay project. This acquisition strengthens FireFly's landholding by 54% to a total of about 326 square kilometers, with excellent potential for both VMS and high-grade orogenic gold mineralization.
The Tilt Cove property has a historic VMS copper-gold mine whose production was between the years 1864-1917 and had generated about 170,000 tons of copper and 50,000 ounces of gold. The area is geologically compared to the nearby Nugget Pond mine that produced high grade gold. FireFly aims to quickly leverage its exploration expertise at Tilt Cove to unlock its full potential. The acquisition is part of FireFly's broader strategy to add value through new discoveries and expand resources at Green Bay.
At its Green Bay Copper-Gold Project, FireFly has made significant progress, with a 42% increase in its resource estimate, bringing the total resource to 59 million tonnes at 2% CuEq. This increase includes 1 million tonnes of copper, 550,000 ounces of gold, and 5.4 million ounces of silver. The resource growth came primarily from the Ming Mine, which continues to show promise with further extensions identified through drilling. FireFly’s drilling program, supported by downhole electromagnetic surveys, has successfully outlined additional mineralized zones, highlighting the potential for significant further resource growth.
FireFly is well-funded, with A$88 million in cash, to continue advancing its Green Bay project. The company plans to focus on resource growth through in-mine exploration at the Ming Mine, regional exploration to identify new deposits, and ongoing project development. Drilling efforts are expanding the known mineralization at Green Bay, with the goal of discovering additional high-grade VMS deposits and potentially creating a major VMS mining district. The company remains committed to maximizing shareholder value through strategic exploration and discovery.
Yandal Resources (ASX: YRL)
Yandal Resources reported promising exploration progress in its Q4 2024 activities update, with initial results from reverse circulation (RC) drilling showing an emerging discovery at the Siona prospect on the eastern margin of the New England Granite. Where, RC hole 24IWBRC0039 intersected a substantial mineralized zone, returning 78m at 1.2 g/t Au from 96m depth, including high-grade intervals of 5m at 3.2 g/t Au from 102m and 5m at 2.8 g/t Au from 139m. Additionally, RC hole 24IWBRC0044, drilled 170m northwest, reported 14m at 1.8 g/t Au from 63m, including a standout 3m at 4.9 g/t Au from 64m.
Yandal's systematic exploration approach has highlighted multiple gold anomalies, including a substantial 3km-long anomaly at the Caladan and Irulan targets, aligning closely with the Caladan Fold structure. The company’s diligent technical focus has resulted in project momentum across its portfolio, underpinned by a cash position of approximately $3.9 million as of the quarter-end. This stability follows strategic capital raises a $4 million placement in November 2023 and an additional $2.5 million top-up placement in February 2024 supporting continued high-intensity exploration efforts.
In FY24, Yandal undertook approximately 9,000 meters of RC drilling and 2,000 meters of diamond drilling across its key projects, with a focus on refining exploration strategies for effective target testing. Notably, ground gravity surveys and soil sampling at the Ironstone Well-Barwidgee project have identified expansive gold anomalies across the Caladan and Irulan targets. Yandal’s scientific approach, emphasizing a disciplined methodology in exploration, has laid a robust groundwork for identifying high-potential areas. Yandal’s strategy prioritizes an accelerated pace of exploration and capital deployment to drive new discoveries and enhance the pathway toward commercialisation. This targeted approach aims to unlock significant value for shareholders by positioning the company as a competitive player in the resource development space. With ongoing exploration and further potential for mineralisation expansion, Yandal is well-placed to continue advancing its asset base in the evolving gold sector.
(Source: Company’s Report)
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