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Canada-focused FireFly Metals has announced A$52-million in funding to accelerate resource growth at its Green Bay copper and gold project, in Newfoundland.

The Australia-listed company last week unveiled a share placement of 81.5-million shares at A$0.64 each to institutional, professional and sophisticated investors.

“We decided to raise such a substantial sum in light of the exceptional drilling results we have been generating and the increasingly obvious scope to grow the resource quickly by extending the known mineralisation and testing the compelling targets nearby,” said MD Steve Parsons.

“The result is a game-changing event for FireFly. We are now fully funded for the next 18 months, during which time we will have two underground rigs and one surface rig working flat out to grow the resource.”

The drill programme will grow from the original planned 40 000 m to an expanded 100 000 m of drilling that will underpin additional resource growth at the Green Bay project