FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to
announce the completion of the 2022 drill program at their flagship
Macmillan Pass zinc-lead-silver project, located within the
prolific Selwyn Basin zinc district of Yukon, Canada.
Highlights
- Fireweed has completed a 7,000 m diamond drilling program at
Macmillan Pass. Assays for all holes are pending.
- Step-out drilling has successfully extended the area of known
mineralization at Boundary Zone.
- New discoveries of massive sulphide and laminated stratiform
zinc mineralization at Boundary Zone.
- Sphalerite veins and vein breccias intersected in multiple
holes at Boundary Zone.
- Infill drilling around the high-grade feeder zone at the Tom
deposit has achieved significantly improved drilling recovery
compared to nearby historic holes.
- 11,000 metres of core have successfully been scanned using
state-of-the-art XRF and hyperspectral sensors.
CEO Statement
Brandon Macdonald, CEO, stated, “The 2022 drill program was not
only our biggest, but it was our best. Our drilling consistently
yielded wide zones of zinc mineralization at Boundary Zone,
including many potentially very high-grade intervals and new
discoveries. The infill drilling at Tom has produced some
spectacular massive sulphide intervals that we anticipate will
grade significantly higher than the grades of the surrounding
blocks in the current mineral resource model due to better
recoveries achieved by modern drilling. Our efficient drill program
hit zinc mineralization in every hole, maximizing the value from
this year’s drilling and going a long way to demonstrate the large
size potential of Boundary Zone. Our new discoveries provide a
compelling new addition to the Macmillan Pass project alongside our
Tom and Jason deposits.”
Cautionary Statement
Fireweed has drilled many intersections in the 2022 program that
contain visible sphalerite and galena, sulphides of zinc and lead,
respectively. The apparent abundance of these minerals based on
visual estimates made during core logging are considered material
results of drilling investigations and are being disclosed in this
release in a timely way, in consideration of anticipated delays
from the commercial laboratories for final assay results. Investors
are cautioned that visual estimates of the abundance of sphalerite
or galena are preliminary qualitative geological interpretations of
anticipated zinc and lead grades that can only be confirmed once
final assays are received. In an effort to not be misleading, and
to not conflate the material results of surveys and investigations
regarding the property with sample, analytical or testing results
on the property, visual grade or mineral abundance estimates have
not been quantified but are stated as the relative terms “low”,
“moderate”, “high”, and “very high” in comparison to the average
zinc and lead intersections within mineralized zones at Boundary
Zone and Tom in pre-2022 drilling.
Summary of material results from drilling investigations
Boundary ZoneTwenty-three diamond drill holes were collared at
Boundary Zone including six holes at Boundary West and seventeen
holes at Boundary Main (Maps 1, and 2).
At Boundary West, several step-out holes have intersected wide
zones of massive sulphides, including a new zone of massive
sulphides, leaving Boundary West open to the south and at depth. A
particularly wide (75 m) step-out intersection in hole NB22-002
comprised an apparent greater abundance of galena and sphalerite
compared to other massive sulphide intersections observed to date
at Boundary West. The preliminary geological interpretation is that
this intersection is located close to the feeder structure, with
room to step out further towards the feeder to the east and at
depth. Infill holes at Boundary West continue to demonstrate the
continuity of the massive sulphide zone first discovered by
Fireweed in 2020 (see Fireweed news release dated September 24th,
2020).
At Boundary Main, two significant new discoveries have been
made. A new zone of massive sulphide was intersected in three holes
(NB22-018, NB22-022, NB22-023) with high to very high visual
abundances of sphalerite and galena. This zone was intersected
between 70 and 120 m vertically below surface, and based on bedding
orientations and intersected thicknesses, it is interpreted to have
a true thickness of approximately 7 to 10 m. Another new zone of
laminated sphalerite-galena mineralization was discovered in one
hole (NB22-008) at Boundary Main. This zone was intersected over
2.65 m with an undetermined true thickness and comprised a high
abundance of sphalerite and moderate abundance of galena. Both of
the new discoveries are stratiform, are open in multiple
directions, and are located in the same stratigraphy as the Tom and
Jason deposits, showing good potential to form extensive and
continuous mineralized zones.
Boundary Main step-outs were longer holes (210 m to 370 m deep)
drilled in multiple directions to test beyond the previous extent
of zinc mineralization defined by pre-2022 drill holes, and
successfully extended the mineralized zone. Vein-hosted and
disseminated sphalerite were encountered in wide zones, including
short intervals of anticipated high grades typical of this style of
mineralization. Boundary Main remains open for extension in all
directions.
Infill drilling focused on closely spaced short holes that
targeted near-surface high-grade veins and vein-breccias to test
the grade continuity of this mineralization style. Based on high
abundance of coarse-grained sphalerite observed visually, many of
these infill holes are anticipated to contain short high grade zinc
intersections which can only be confirmed once assays are
received.
Tom Deposits
Eight infill holes were completed at Tom West, targeting feeder
proximal mineralization to test the validity of the current
geological resource model and improve drilling recovery in areas of
historic poor drilling recovery (Map 3). All eight holes
intersected the mineralized zone close to where predicted by the
geological model and had generally excellent core recovery, much
improved upon nearby historic drill holes. The intersections are
anticipated to have high to very high zinc and lead grades,
potentially greater than grades in the block model of the current
Mineral Resource that were estimated using data from nearby
historic holes with low recovery (for details on the current
Mineral Resource see Fireweed news release dated January 10th 2018
and www.sedar.com for the technical reports filed February 23rd
2018 and July 9th 2018).
One infill hole was completed at Tom East to test the geological
model, and the hole confirmed the high sphalerite and galena
abundances that are typical for this zone.
Collar details for all 2022 drill holes are provided in Table 2.
Assays are pending for all holes where samples have been
submitted.
Table 1: 2022 drilling summary.
Drill hole |
Zone |
Hole length (m) |
Significant intersections |
Type |
NB22-001 |
BW |
463 |
Wide zone |
Infill & Step-out |
NB22-002 |
BW |
491 |
Wide zone |
Step-out and New Discovery |
NB22-003 |
BW |
64 |
Hole abandoned |
- |
NB22-004 |
BW |
403 |
Moderate zone |
Step-out |
NB22-005 |
BM |
326 |
Weak zones |
Step-out |
NB22-006 |
BM |
375 |
Wide zone |
Step-out |
NB22-007 |
BW |
365 |
Narrow zones |
Step-out |
NB22-008 |
BM |
213 |
Wide zone |
Step-out & New Discovery |
NB22-009 |
BM |
147.5 |
Wide zone |
Infill |
NB22-010 |
BM |
91 |
Wide zone |
Infill |
NB22-011 |
BM |
265.3 |
Wide zone |
Infill & Step-out |
NB22-012 |
BM |
353 |
Wide zone |
Step-out |
NB22-013 |
BM |
125.4 |
Moderate zone |
Infill |
NB22-014 |
BM |
31 |
Hole abandoned |
- |
NB22-015 |
BM |
145 |
Moderate zone |
Infill |
NB22-016 |
BM |
57.4 |
Hole abandoned |
- |
NB22-017 |
BM |
80 |
Wide zone |
Infill |
NB22-018 |
BM |
270 |
Wide zone |
Infill & Step-out & New Discovery |
NB22-019 |
BW |
340 |
Wide zone |
Infill & Step-out |
NB22-020 |
BM |
149 |
Wide zone |
Infill |
NB22-021 |
BM |
112 |
Wide zone |
Infill |
NB22-022 |
BM |
327 |
Wide zone |
Step-out & New Discovery |
NB22-023 |
BM |
367 |
Wide zone |
Step-out & New Discovery |
TS22-001 |
TW |
200 |
Wide zone |
Infill |
TS22-002 |
TE |
170.9 |
Wide zone |
Infill |
TS22-003 |
TW |
125 |
Wide zone |
Infill |
TS22-004 |
TW |
214.2 |
Wide zone |
Infill |
TS22-005 |
TW |
128 |
Wide zone |
Infill |
TS22-006 |
TW |
190.5 |
Wide zone |
Infill |
TS22-007 |
TW |
86 |
Wide zone |
Infill |
TS22-008 |
TW |
61 |
Wide zone |
Infill |
TS22-009 |
TW |
335 |
Wide zone |
Infill |
All assays pending. BM: Boundary Main; BW: Boundary West; TW:
Tom West; TE: Tom East.
Core ScanningApproximately 11,000 m of core have been scanned
using a fully-integrated core scanning system combining
high-resolution digital photography, LiDAR topography, shortwave,
visible, and near infrared hyperspectral imagery, and X-ray
fluorescence (XRF) instrumentation. A combination of current and
historic core has been scanned, and the newly acquired data will be
used to inform future development of geometallurgical models of the
deposits.
Data verification
The diamond drill core logging and sampling program was carried
out under a rigorous quality assurance / quality control program
using industry best practices. Drilling investigations described in
this release are either HQ3 (split tube) size core (61.1mm /
2.4-inch diameter) or NQ2 size core (50.5 mm) with recoveries
typically above 85%. After drilling, core was scanned using
hyperspectral and high-resolution imaging, then logged for geology,
structure, and geotechnical characteristics, marked for sampling
and photographed on site. Assays for all holes are pending.
Comparison of visual estimates of sphalerite made during core
logging in 2018 to 2021 were compared to received zinc assays to
verify the visual observations of sphalerite made in 2022, as
similar core logging practices were implemented in these years with
consistency in supervisory personnel. Fireweed’s 2018-2021 logging
programs have consistently successfully identified either the
presence or absence of sphalerite in core, with very few false
positives or false negatives. However, the visual estimation of
sphalerite abundance and zinc grade has varied considerably among
logging geologists compared to results from zinc assays.
Spot checks were made with a handheld X-Ray Fluorescence (XRF)
instrument during core logging to determine the presence of lead or
zinc if there was doubt in the visual identification of sphalerite
or galena. Routine core scanning with an XRF sensor has further
enabled the verification of sphalerite and galena
identification.
Qualified Person Statement
Technical information in this news release has been approved by
Dr. Jack Milton, P.Geo., Chief Geologist and a ‘Qualified Person’
as defined under Canadian National Instrument 43-101.
About Fireweed Metals Corp. (TSXV: FWZ;
OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public
mineral exploration company on the leading edge of Critical
Minerals project development. The Company has three projects
located in northern Canada:
-
Macmillan Pass Zinc-Lead-Silver Project: Fireweed
owns 100% of the district-scale 940 km2 Macmillan Pass project in
Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver
deposits with current Mineral Resources and a PEA economic study
(see Fireweed news releases dated 10th January 2018, and 23rd May
2018, respectively, and reports filed on www.sedar.com for
details) as well as the Boundary Zone, Boundary Zone West, Tom
North Zone and End Zone which have significant zinc-lead-silver
mineralization drilled but not yet classified as mineral resources.
The project also includes large blocks of adjacent claims with
known showings and significant upside exploration potential. A
large, four-rig 2022 drill program is now complete and assay
results are pending.
- Mactung
Tungsten Project: The Company has a binding Letter of
Intent to acquire 100% interest in the 37.6 km2 Mactung Tungsten
Project located adjacent to the Macmillan Pass Project. Mactung
contains historic resources that make it one of the largest and
highest-grade undeveloped tungsten resources in the world. Located
in Canada, it is one of the rare large tungsten resources outside
of China. Due diligence and validation work on historic data as
well as relogging and sampling of historic drill core is underway
and will support a new mineral resource estimate.
- Gayna
River Zinc-Gallium-Germanium Project: Fireweed has 100% of
the 128.75 km2 Gayna River project located 180 kilometres north of
the Macmillan Pass project. It is host to extensive critical
minerals mineralization including zinc, gallium and germanium as
well as lead and silver, outlined by 28,000 metres of historic
drilling and significant upside potential. The 2022 field program
of airborne LiDAR topographic surveying, and ground geophysics was
recently completed, and data is being interpreted toward defining
2023 drill targets.
In Canada, Fireweed (TSXV: FWZ) trades on the
TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on
the OTCQB Venture Market for early stage and developing U.S. and
international companies and is DTC eligible for enhanced electronic
clearing and settlement. The Company is current in its reporting
and undergoes an annual verification and management certification
process. Investors can find Real-Time quotes and market information
for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE:
20F) trades on the Frankfurt Stock Exchange.
Additional information about Fireweed and its
projects can be found on the Company’s website
at FireweedMetals.com and at www.sedar.com.
ON BEHALF OF FIREWEED METALS
CORP.
“Brandon Macdonald”
CEO & Director
Contact:Brandon MacdonaldPhone: (604) 646-8361Email:
info@fireweedmetals.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Cautionary Statements
Forward Looking Statements
This news release may contain “forward-looking”
statements and information relating to the Company and its projects
that are based on the beliefs of Company management, as well as
assumptions made by and information currently available to Company
management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including
but not limited to, without limitations, exploration and
development risks, expenditure and financing requirements, general
economic conditions, changes in financial markets, the ability to
properly and efficiently staff the Company’s operations, the
sufficiency of working capital and funding for continued
operations, title matters, First Nations relations, operating
hazards, political and economic factors, competitive factors, metal
prices, relationships with vendors and strategic partners,
governmental regulations and oversight, permitting, seasonality and
weather, technological change, industry practices, and one-time
events. Should any one or more risks or uncertainties materialize
or change, or should any underlying assumptions prove incorrect,
actual results and forward-looking statements may vary materially
from those described herein. The Company does not undertake to
update forward looking statements or forward looking information,
except as required by law.
Table 2: 2022 drill collar details
Drill hole |
Target |
Length (m) |
Easting |
Northing |
Elevation (m.s.l) |
Azimuth (°) |
Dip(°) |
NB22-001 |
Boundary |
463 |
421861 |
7010461 |
1178 |
030 |
-58 |
NB22-002 |
Boundary |
491 |
421940 |
7010405 |
1164 |
033 |
-57 |
NB22-003 |
Boundary |
64 |
422105 |
7010683 |
1238 |
211 |
-76 |
NB22-004 |
Boundary |
403 |
422105 |
7010683 |
1238 |
211 |
-76 |
NB22-005 |
Boundary |
326 |
422230 |
7010524 |
1193 |
214 |
-50 |
NB22-006 |
Boundary |
375 |
422539 |
7010536 |
1195 |
207 |
-55 |
NB22-007 |
Boundary |
365 |
421940 |
7010405 |
1164 |
036 |
-47 |
NB22-008 |
Boundary |
213 |
422274 |
7010600 |
1217 |
209 |
-68 |
NB22-009 |
Boundary |
147.5 |
422438 |
7010417 |
1165 |
208 |
-50 |
NB22-010 |
Boundary |
91 |
422390 |
7010385 |
1152 |
205 |
-50 |
NB22-011 |
Boundary |
265.3 |
422440 |
7010419 |
1164 |
208 |
-69 |
NB22-012 |
Boundary |
353 |
422342 |
7010620 |
1219 |
201 |
-65 |
NB22-013 |
Boundary |
125.4 |
422390 |
7010386 |
1150 |
205 |
-70 |
NB22-014 |
Boundary |
31 |
422330 |
7010384 |
1146 |
212 |
-50 |
NB22-015 |
Boundary |
145 |
422331 |
7010385 |
1146 |
212 |
-75 |
NB22-016 |
Boundary |
57.4 |
422330 |
7010384 |
1146 |
212 |
-55 |
NB22-017 |
Boundary |
80 |
422331 |
7010385 |
1147 |
212 |
-85 |
NB22-018 |
Boundary |
270 |
422308 |
7010434 |
1166 |
216 |
-58 |
NB22-019 |
Boundary |
340 |
421948 |
7010672 |
1232 |
180 |
-57 |
NB22-020 |
Boundary |
149 |
422308 |
7010435 |
1166 |
216 |
-72 |
NB22-021 |
Boundary |
112 |
422309 |
7010435 |
1167 |
216 |
-82 |
NB22-022 |
Boundary |
327 |
422292 |
7010474 |
1182 |
211 |
-56 |
NB22-023 |
Boundary |
367 |
422292 |
7010474 |
1182 |
211 |
-70 |
TS22-001 |
Tom West |
200 |
441994 |
7003679 |
1545 |
060 |
-80 |
TS22-002 |
Tom East |
170.9 |
442063 |
7004322 |
1677 |
060 |
-90 |
TS22-003 |
Tom West |
125 |
441994 |
7003680 |
1545 |
065 |
-55 |
TS22-004 |
Tom West |
214.2 |
441993 |
7003679 |
1545 |
065 |
-89 |
TS22-005 |
Tom West |
128 |
442046 |
7003767 |
1533 |
063 |
-50 |
TS22-006 |
Tom West |
190.5 |
442044 |
7003582 |
1581 |
049 |
-75 |
TS22-007 |
Tom West |
86 |
441943 |
7003969 |
1538 |
066 |
-80 |
TS22-008 |
Tom West |
61 |
441945 |
7003970 |
1538 |
066 |
-45 |
TS22-009 |
Tom West |
335 |
442043 |
7003581 |
1581 |
049 |
-89 |
Coordinate reference system: UTM Zone 9 NAD83. North reference:
UTM grid north.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/57250c89-68f4-4340-b96a-5030de2b14fchttps://www.globenewswire.com/NewsRoom/AttachmentNg/8c71fd75-0154-49cf-8d88-5dbaf1e03ab2https://www.globenewswire.com/NewsRoom/AttachmentNg/e49eb738-d0ec-478f-a65a-cb0b3edf6130
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