Right, up next is FireFly. Now, this is a company that continues to divide its position within the broader metals landscape, building attention through its exploration work. A very solid offering in 2025 when they joined us up here on stage. Let's see what they have for us in 2026, and what has investors very keenly watching them. Would you please make welcome their MD, Steve Parsons?
Great. Thanks very much, and, I know it's lunchtime, so we'll try and get through this, as quick as possible. Thanks very much to, RIU down here in Fremantle, a place I, I love. So we'll talk about, FireFly and what we're up to. There's probably a couple of real key takeaways, in the presentation today, and one of those is, scale. And so when you look at, you know, what we picked up, two years ago, and it was only two years ago, literally almost to the day, that we found this project, we've grown it to 80 million tonnes at a fairly impressive 2.2% copper equivalent. And when I say copper equivalent in this presentation, I'm meaning copper with a gold credit.
So don't think zinc and lead and other weird and wonderful things. This is a copper ore body with a gold credit to it. Not only has it got scale, that's growing, but it's also got grade to it as well. And so you'll see that, not just the 2.2% copper equivalent that we've got, which is, you know, really good grade out there and, and some of the highest grade you'll see in copper mines around the world, but we have a very, very high-grade core zone that's almost 20 million tonnes going at a, a bit over or close to 4%, copper equivalent. Now, we are continuing to grow this.
We're infilling, we're growing it, and I'll show you a couple of slides on that shortly, so you'll see it growing much larger than that 80 million tonnes over the next little while as well. But a couple of the other real key value drivers for us is getting out in the regional tenements, seeing what else we have there, seeing if we've got another 20, 40, 80 million tonnes or so sitting there to truck into where the mine will be built, and obviously de-risking with the mining studies that's happening this year as well, and I'll talk about that shortly. So the normal disclaimers, everything is on the ASX platform. And so we will be talking just about Green Bay today. However, I'll talk very quickly about Pickle Crow.
It's almost 3 million ounces of gold, a fairly impressive nearly 7 grams per tonne . Up in Ontario, we've just recently sold that to a company called Bellavista Resources, BVR, down here on the ASX platform. And the amazing thing about that is not only will FireFly continue to maintain around about a 10% shareholding in that and the upside on that, but what we're doing is going to be giving all of our FireFly shareholders free shares in specie distribution of that stock to them into Bellavista. So if you hold FireFly on the record date, you will get a free share in Bellavista as well and get upside to that.
I can assure you at around about 120 million enterprise value that they'll be trading at, for that size of resource and grade, and led by two of the titans in the mining industry with Glenn Jardine and Peter Canterbury, who took De Grey to a AUD 6 billion takeover with Northern Star, and AUD 35 million in cash in their bank. We think that there's a lot further to go on that, so make sure you're on board for that one. A quick snapshot of FireFly. We are very much institutionally owned, globally. We have big institutions backing us. We have good volume traded, daily. We are listed on the ASX and TSX platforms, and we recently became ASX 300 as well.
Good research here, down here in Perth, as well as globally as well. Probably really importantly, you know, there's AUD 250 million in cash sitting there in the bank, which we will be deploying this year to create value and create growth and create shareholder wealth. Importantly, we have no offtake, there's no debt, there's no streaming, there's a tiny royalty on this project, so very, very vanilla for us. So, as I said, it's a copper and gold ore body, a VMS mineralised system. It's got a very high-grade zone to it called massive sulphide zone . It's typically about 10 meters in thickness, true thickness, and going at sort of 5%-7% copper with a gold credit to it of several grams per tonne .
Then a second zone that sits directly below it, and this is typically wider, so you're talking sort of 30, 40, 50 meters, and in places it gets up to about 100 meters in true thickness as well. And this is going around about 2% copper with only a small amount of gold in it, but still a gold credit in there as well. But what was really exciting in around about September of last year, and this is what we're drilling on at the moment, is where these two zones come together, and it's almost 1 km in strike length now, this conjoined zone, and this has got both true widths that are very wide, as well as really high grades as well. So you're getting best of both worlds there with thickness and grade.
And you can see some of those intersections of, you know, sort of 30, 40, 50 meters wide, you know, sort of, 3, 4, 5, 7% copper, and in places more than that as well. So there's really three main value drivers we see this year for creating value for our shareholders and, and for all stakeholders in, in fact, at, at the Green Bay, and in 2026. And, and the first of that is really about creating value around the headframe. So what, what we like to say is the low-hanging fruit. So typical resource growth, what we've been doing, month in, month out, year in, year out since we acquired the project, you're gonna continue to see it growing.
We're also de-risking by, by converting Inferred resources into M&I category resources, a higher confidence level ready for the study work, and also drilling around that headframe and seeing if there's, you know, a parallel load or a load sitting below it, things that are close to the existing infrastructure. And as I said, you know, we have had success with the drill bit. When we have money, we put it into drill rigs, and we turn those, and we currently have 6 drill rigs operating underground. As I said, you will continue to see this resource growing. It's currently 80 million tonnes, so it's already pretty big, but importantly, almost 50 million tonnes in the M&I category that we've grown in the last 2 years, and it grows in both copper and gold, so we're fortunate with that.
When you look at it in long section, and so here you go, you can see the portal at the top of the mine there, the surface, the underground development marked up in black there, and the ore body strikes for about 3 km. It starts from about 200 m below surface, and we drilled it down to about 1.5 km. You can see the grade here, marked up on the left-hand side. So anything that's sort of yellow and oranges is around that sort of 2-2.5% category, and then when you move into the pinks and the reds, you're talking sort of 3%-6%.
You can see there's this very, very high-grade, consistent core that trends for about a kilometer now, which is really, really important for us. What is amazing is the deepest hole we've ever drilled, and the most recent hole that we've ever drilled, right at the bottom of the ore body, is the best intersection we've ever had to date. So it's almost 50 meters going at 6% copper with a really high-grade internal core of almost 14% copper and gold. And we know that this will probably carry on because there's a down-hole electromagnetic conductor, which carries on off-hole as well. So a really good bodes really well for resource, further resource growth. So it's very simple.
Again, looking at it in long section here at the actual main mine, you can, again, you can see the underground development marked up in black. The drilling that we're doing from the underground drill platform's about 1 kilometer underground. As I said, you know, the ore body starts about 250 meters or so below surface, and we're drilling it down deeper than that. This is showing us Measured and Indicated category in yellow, and green is showing Inferred category. So that's what we're doing. We're converting that really high grade Inferred category into yellow M&I category. And of course, this will be really important for the, that study work that'll be coming out in the middle of the year. But, you know, what we've done, we've only ever stepped down plunge.
That's all we've done on this ore body. When you have ore bodies of this sort of size and scale, it's really important to look for parallel lodes and look for lodes that might be sitting below it and feeder zones and VMS systems. So that's what we're gonna be doing with part of these funds. Those 6 drill rigs are turning, doing that, conversion and step out, but we're also gonna be doing discovery drilling around the headframe. So seeing if we've got another parallel lode or high-grade feeder zone sitting there, so it's not just about following it down, down plunge. So probably the second real value add for us this year as well is demonstrating that this will be a mine.
We're already one step ahead there with obviously, it was a mine for 20 years, for two decades, and now we're talking about upscaling it to a much larger operation. So we are fully permitted for a 1.8 million tonne per annum operation, with tailings and the likes as well. But, you know, when you look at 80 million tonnes at the moment and you sort of work 1.8 million tonnes into 80 million tonnes, you're talking about a 45-year mine life. So what we're trying to do now is see ways for us to be able to upscale with the current permitting that we have and see if we can get something that's much larger than what we are talking about at the moment. We're one step ahead.
We have a huge head start when it comes to infrastructure. Being an ex-mine that only closed down a couple of years ago, we have hydroelectric power going at about CAD 0.06/kWh, so super cheap power and abundance of it where we are in Newfoundland and Labrador. A port facility only five kilometers away from us, taking 1 million tonnes of concentrate in and out that we can do. A workforce only 10 kilometers away from two towns that come in with skilled labor, there as well, and obviously, the underground portal and shaft and the likes as well. So a huge step ahead of most projects. So as I said, you know, we are fully permitted. The Newfoundland and Labrador government is a mining jurisdiction.
They get 32% of their GDP comes from mining, which is the same as South Australia, so think about that for a moment. Fully permitted in 45 days. And so for us now, demonstrating that 1.8 million tonne per annum project, we'll be putting that into study work in the middle of the year, but demonstrating as well that this will be a larger, longer life, mine life. Of course, you know, we are using all of the, the normal large-scale, consultants, and experts who've done this before in Canada. Our third real value driver for this year is creating value with the drill rigs, you know, is the key focus for us, like I've said before.
Stepping out in some of these regional targets, seeing if this district turns into something much larger than what we have currently. And you've got to remember, we've only ever been focused around that headframe and extending the ore body down plunge. So not only extending the ore body down plunge, but looking for parallel lodes around that infrastructure and headframe, but now getting out into the ground regionally and seeing what we've got. And remembering that VMS mineralised systems, they normally come in clusters. There's a whole bunch of old workings scattered across this district. We own it 100%. We're the main players there. We have three drill rigs turning, so watch this space. We'll be hoping to update the market over the coming weeks and months with how we're going on some of these regional targets.
So, almost at the end, and probably it's quite nice just to sort of reflect on the size and scale of the ore body, like I said at the start. So what we've got here is some well-known copper base metal mines that are around the world, both on the ASX and TSX platforms. What we're doing is we're looking at just copper, so we've taken out, you know, zinc and things like that, and gold out of it. When you look at, you know, where Green Bay sits, it is a very sizable copper ore body already, with 1.4 million tonnes of actual copper there, with a large portion in the M&I category, which we'll be demonstrating will be a mine. You know, it wasn't...
It was just recently that you just saw Foran with McIlvenna Bay being taken over for $4 billion with a project that's, you know, only a fraction the size of ours, but probably only, you know, 6-12 months ahead of us in timing-wise into development and production. So it is a real large-scale ore body. And when you start to think, you know, when the type of production that we can do, and, you know, we are fully permitted for a 1.8 million ton per annum operation, as I said.
But when you compare us to what other mines are doing out there, and when you think if you're looking purely at the copper side of things and take out the gold, or take out the zinc, or take out the lead of other projects, you can sort of see that, you know, our project will certainly be on the right-hand side of known copper producers out there on the ASX and TSX platform. And if you think upscaled project, then it certainly will be, without a doubt, on that right-hand side of the page. And we're looking forward to demonstrating that this year with the study work that will be coming out around the middle of the year, and again, towards the end of this year as we move into FID. So lots going on.
We're in a really strong position there, fully permitted, ready to go, drill rigs turning. There's currently nine on site. You'll probably see that upgrading as well on the regional side of things with any success that we might have. AUD 250 million in the bank. Very, very vanilla, with no debt, no streaming, no royalty, no nothing else. And watch this space on Pickle Crow. We're over the moon to have to dealt on that. We think that Bellavista and Glenn and Peter will be creating a lot of value for that. So as shareholders and our shareholders in the company of FireFly, we're looking forward to them hopefully you know making money on that as well. So watch this space. Plenty of news flow.
We've got plenty of geologists and people over at the booth, so come on over and have a chat.