Firefly to get cracking at Yalgoo and Wanderer following funding boost

FIREFLY Resources is set to get very busy after raising A$6 million from investors who have paid for shares priced at 15c each.
Firefly to get cracking at Yalgoo and Wanderer following funding boost Firefly to get cracking at Yalgoo and Wanderer following funding boost Firefly to get cracking at Yalgoo and Wanderer following funding boost Firefly to get cracking at Yalgoo and Wanderer following funding boost Firefly to get cracking at Yalgoo and Wanderer following funding boost

The explorer will bring in a second rig at its Yalgoo gold project north east of Perth as well as undertaking a heli-supported maiden drill campaign at the isolated Wanderer copper-gold prospect, 250km east of Newman.

Firefly recently secured the Wanderer ground where shallow high grade copper-gold-molybdenum targets were originally picked up by CRA in the 1980s.

Meanwhile, the current rig at Yalgoo will continue to focus on the Melville gold deposit as Firefly moves towards a 2012 JORC-compliant resource estimate, while the second rig will target other historical resources and test exposed mineralised porphyry units. 

The Melville resource estimate is expected by the end of the year.

Regarding funding, Firefly said half of the $6 million raising was taken up by current shareholders.

Shares in Firefly were up 6% to 18c in afternoon trade, capitalising the company at $47 million.

The stock was at 2.4c in March this year.