FireFly plans to introduce a third drilling rig to expand the Green Bay resource at a faster pace. Credit: FCG via Shutterstock.com.

US-based asset manager BlackRock has acquired a 5.1% stake in Australian Securities Exchange-listed copper and gold mining company FireFly Metals.

The move comes on the heels of FireFly’s successful $52m (A$80.22m) capital-raising effort, which positions the company for robust financial health over the next 18 months.

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The capital injection from the recent fundraising is earmarked for accelerated drilling activities at the Green Bay project in Newfoundland and Labrador Province of Canada.

FireFly plans to introduce a third drilling rig to expand the resource at a faster pace, indicating a strategic push to enhance its mining operations and resource base.

Last month marked another strategic development for FireFly Metals, which boasts a market capitalisation of $367m.

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The company signed a port access agreement with Maritime Resources, granting it the capacity to export up to one million tonnes per annum of mineral concentrate from the Pine Cove Deep Water Port, situated 6km from the Green Bay Copper-Gold Project.

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The agreement not only provides FireFly with a transit route over Maritime’s Point Rousse tenements but also includes the rights to construct necessary storage and handling facilities at the port.

This infrastructure development is a significant step towards optimising FireFly’s export capabilities, ensuring efficient transport and export of mineral concentrate.

In December last year, FireFly Metals reached an agreement to purchase 169km² of land in Canada from Gold Hunter Resources.

The consideration included C$500,000 ($363,864) in cash and C$15m to be paid in FireFly Metals’ shares.

The deal positioned FireFly Metals as a key player in Newfoundland’s Baie Verte volcanogenic massive sulphide mineral district.

This acquired area is located near FireFly Metals’ Green Bay project.