FireFly Metals Expands Canadian Presence with Acquisition of Tilt Cove Property

FireFly Metals, an ASX-listed mining company, has announced the strategic acquisition of the Tilt Cove exploration property in Newfoundland, Canada, from Signal Gold. This move significantly increases FireFly’s foothold in the area, expanding its Green Bay copper-gold project holdings by 54% to an impressive 326km2.

A Historic Copper Producer with High Exploration Potential

The Tilt Cove property spans 115 km2 of highly prospective land, directly adjacent to FireFly’s existing Green Bay project. Known for its rich history as a copper-producing region, Tilt Cove’s mining roots date back to the late 19th century. Over time, it has produced approximately 170,000 tonnes of copper and 50,000 oz of gold, establishing its reputation as a site of considerable mineral wealth.

Deal Structure and Milestone Payments

Under the acquisition terms, FireFly Metals will provide a cash payment of CAD $570,000 (approximately USD $620,754) and issue CAD $2.5 million worth of shares, calculated based on the ten-day volume-weighted average price on the ASX prior to the signing. Furthermore, an additional CAD $1 million will be payable in cash or shares once FireFly defines a mineral resource of at least 500,000 oz of gold-equivalent at a minimum grade of 1g per tonne.

Strategic Opportunity: The Tilt Cove Copper-Gold VMS Deposit

Tilt Cove holds potential for volcanogenic massive sulphide (VMS) deposits, similar to FireFly's existing Ming mine operations. This acquisition marks a pivotal opportunity for FireFly, with the Tilt Cove deposit presenting substantial potential for high-grade orogenic-style gold mineralization. Historically, Tilt Cove was one of the world’s largest copper mines, underscoring the site’s prospective value for further exploration and development.

FireFly’s Vision for Resource Growth

FireFly’s Managing Director, Steve Parsons, highlighted the strategic nature of the acquisition, stating: “This is a golden opportunity to secure a large parcel of compelling exploration tenure right next to our Green Bay project. Tilt Cove’s unique geological setting offers another avenue for substantial resource growth. We will move quickly to apply our exploration expertise and local knowledge at Tilt Cove as part of our overarching goal to expand resources at Green Bay.”

Next Steps for FireFly Metals

In line with its growth strategy, FireFly recently secured binding commitments for AUD $65 million to advance the next development phase of the Green Bay Copper-Gold project. This capital will enable FireFly to accelerate exploration efforts at Tilt Cove, with an eye toward unlocking additional value in the form of high-grade copper and gold resources.

Conclusion

With the acquisition of Tilt Cove, FireFly Metals is well-positioned to leverage this high-potential property and strengthen its portfolio in Newfoundland. The expansion enhances FireFly’s ability to uncover valuable copper and gold resources, pushing the company toward its goal of becoming a leading player in the Canadian mining landscape.