FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to
provide a review of its exceptional 2022 accomplishments in
building the Company and advancing its Critical Minerals projects
in northern Canada.
2022 HighlightsCorporate:
- $49 million raised - $13 million
raised in May and $35 million raised in December (see Fireweed news
releases dated 27 May 2022 and 21 December 2022, and Updated
Private Placement Information note below for details)
- Lundin Family and Associates became
the largest shareholders in the Company (17.85%) while other major
shareholders maintained or increased their shareholdings.
- Fireweed welcomed two new directors
to the Board, Peter Hairsine and Jill Donaldson, who add
significant major project development experience, and governance
and legal strength, respectively, to an already strong Board.
- In June 2022, the Company changed
its name to Fireweed Metals Corp. from Fireweed Zinc Ltd. to
reflect its growth into a leading Critical Minerals project
development company with multi-commodity exposure beyond zinc.
Macmillan Pass Project:
- Largest drill program in the
history of the Company completed with four drills mainly at
Boundary Zones and some drilling at the Tom Deposit. All drill
holes intersected mineralization, with several new zones
discovered.
- First assays from the 2022 drilling
at Boundary West Zone returned the best ever intersection at
Macmillan Pass: 124 metres grading 12.3% Zinc, 1.3% Lead, and
45.9 g/t Silver including 60 metres of 19.0% Zinc, 1.6%
Lead, and 64.7 g/t Silver (see Fireweed news release dated 22
November 2022 for details and QP statement). All zones remain open
for extension. Additional drill results are pending.
- Positive initial metallurgy results
were received for Boundary Zone with flotation tests returning up
to 97% zinc recovery into high grade concentrates (see Fireweed
news release dated 1 November 2022 for details)
- Fireweed is pleased to announce
receipt of a new three-year Class 3 Land Use Approval for the
Boundary Zones area (see below for details).
New Projects:
- Mactung Project: Fireweed signed a
binding letter of intent to acquire 100% interest in the 37.6 km2
Mactung Tungsten Project, located immediately adjacent to the
Macmillan Pass property. Mactung contains historic resources that
make it one of the largest and highest-grade undeveloped resources
in the world of the Critical Mineral Tungsten, and one of the rare
large tungsten resources outside of China (see Fireweed news
release dated 7 June 2022 for details). Due diligence and
validation work on historic data as well as relogging and sampling
of historic drill core has been completed and will support a new
mineral resource estimate.
- Gayna River Project: Fireweed
acquired 100% of the 128.75 km2 Gayna River project located
180 kilometres north of the Macmillan Pass property. It is
host to extensive mineralization including Critical Minerals zinc,
gallium and germanium as well as lead and silver, outlined by
28,000 metres of historic drilling and significant upside
potential. Results from the 2022 initial exploration program
included high grade rock samples, confirmation of a strong historic
4 km x 1 km zinc and lead soil anomaly, completion of a LiDAR
topographic survey, and results from a 52.7 line-kilometre gravity
survey which highlighted potential drill targets (see Fireweed news
releases dated 10 May 2022 and 17 November 2022 for details).
CEO Statement
Brandon Macdonald, CEO, stated “These are
extraordinary times for Fireweed Metals. 2022 has been a banner
year and with a large financing in place, 2023 will be even bigger.
The list of accomplishments in 2022 is exceptional and includes the
biggest drill program in the history of the Company, the best hole
ever drilled on the property, acquisition of one of the largest and
highest-grade tungsten deposits in the world as well as a second
large zinc project, closing of two major financings, and, most
significantly, we welcomed the Lundin Family as a cornerstone
shareholder. Credit for all of this belongs with the Fireweed team,
the finest I have had the pleasure of working with and a standout
in the junior mining world. We look forward to 2023 which will see
our biggest ever work program to advance the Macmillan Pass
Project.”
New Class 3 Land Use Approval for
Boundary Zones Area
Fireweed is pleased to announce that it has
received a three-year Class 3 Quartz Mining Land Use Approval from
the Yukon Government for the Nidd Property located within its
Macmillan Pass Project in the southeast Yukon. Under this Approval,
Fireweed can conduct helicopter-supported exploration activities,
including up to 150 diamond drill holes totaling 60,000 metres, to
further define and extend mineralization within the Boundary and
Boundary West zones as well as nearby areas. (The Company operates
in the Tom and Jason area under a previously granted Class 4 Land
Use Approval (valid until 2028) and elsewhere on the property under
Class 1 Approval(s) which may be renewed annually as required.)
Updated Private Placement
Information
Further to the Company’s news release of 21
December 2022 announcing closing of the $35 million private
placement, the Company has accepted subscriptions for an additional
350,000 common shares at $0.74 per share (the “Additional
Subscriptions”), which a brokerage firm inadvertently omitted to
submit. The Company has received TSX Venture Exchange approval to
close on these Additional Subscriptions and agreed to pay related
finders’ fees totaling $5,540 and 21,000 finders’ warrants
exercisable for 12 months from the date of issuance at $0.80 per
share. With the inclusion of these Additional Subscriptions, the
Company private placement was for aggregate gross proceeds of
$35,398,720 consisting of: (a) 32,063,027 shares (“Shares”) of the
Company at a price of CAD$0.74 per Share (updated); (b) 4,672,818
flow-through common shares of the Company at a price of CAD$0.88
per share (“Flow-Through Shares”); (c) 6,300,000 flow-through
common shares of the Company at a price of CAD$1.20 per share
through a charitable donation arrangement (“Premium Flow-Through
Shares”).
Qualified Person Statement
Technical information in this news release has
been approved by George Gorzynski, P.Eng., Director 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. The large 2022 drill
program utilizing four drills is now complete and assay results are
being announced as they are received and interpreted.
- 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 resources in the world of the Critical
Mineral Tungsten. 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 has been completed and will support a new mineral
resource estimate.
- Gayna
River Zinc-Lead-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
mineralization including Critical Minerals 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 geochemical sampling, airborne LiDAR topographic
surveying and ground geophysics is now complete and data is being
interpreted toward defining 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
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 contains “forward-looking”
statements and information (“forward-looking statements”). All
statements, other than statements of historical facts, included
herein, including, without limitation, statements relating to
interpretation of drill results, future work plans, the use of
funds, and the potential of the Company’s projects, are forward
looking statements. Forward-looking statements are frequently, but
not always, identified by words such as "expects”, "anticipates”,
"believes”, "intends”, "estimates”, "potential”, "possible”, and
similar expressions, or statements that events, conditions, or
results "will”, "may”, "could”, or "should” occur or be achieved.
Forward-looking statements are based on the beliefs of Company
management, as well as assumptions made by and information
currently available to Company management and reflect the beliefs,
opinions, and projections on the date the statements are made.
Forward-looking statements involve various risks and uncertainties
and accordingly, readers are advised not to place undue reliance on
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company's expectations include but are
not limited to, exploration and development risks, unanticipated
reclamation expenses, 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, uncertainties
involved in the interpretation of drilling results and geological
tests, and one-time events. The Company assumes no obligation to
update forward‐looking statements or beliefs, opinions, projections
or other factors, except as required by law.
Contact:Brandon MacdonaldPhone: (604)
646-8361
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