FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce
further results from the 2022 drill program at Macmillan Pass,
Yukon, Canada (Map 1).
Highlights
- At Boundary Main
step-out drillhole NB22-006 intersected 12.5 m of 11.17% zinc
including 6.2 m of 15.84% zinc.
- A new laminated
zone in hole NB22-008 returned 14.55% zinc, 1.50% lead, and 28.8
g/t silver over 2.65 m.
- Copper-zinc
mineralization was intersected in NB22-006 over 10.5 m grading
0.45% copper and 2.32% zinc.
- Assay results
from 24 additional drill holes at Boundary and Tom Zones are
pending.
CEO Statement
Brandon Macdonald, CEO, stated, “Drilling continues to extend
the Boundary Zones with high-grade step-out drill results,
including the discovery of a new stratiform zone. The zones remain
open along trend and to depth for further extension. Many
additional 2022 drill results are pending and we have started
planning the biggest drill program in the history of the project
for 2023.”
New Boundary Drillholes Results
NB22-008
Laminated sphalerite-galena-barite-pyrite mineralization was
intersected in NB22-008 within only 35 m from surface and occurs
within the same late-Devonian stratigraphy that hosts the Tom and
Jason deposits. This zone graded 8.08% zinc, 0.82% lead, and 17.8
g/t silver over 5.58 m, containing a higher grade 2.65 m interval
of 14.55% zinc, 1.50% lead and 28.8 g/t silver (Table 1). This
represents a new discovery of a high-grade laminated zone at
Boundary Main and remains open to the north and west.
Deeper in NB22-008, a broad zone of sphalerite mineralization
was intersected, grading 3.32% zinc over 30.68 m (including higher
grade intervals listed in Table 1), representing a ~65 m step-out
down-dip from the historic Cominco hole NB91-25 (Map 2). This zone
comprised replacement of matrix and some clasts by pyrite and red
sphalerite in coarse clastic rocks and breccias cemented by
sphalerite-pyrite with minor sphalerite-quartz veins. The textures
in this step out intersection are typical of the zinc
mineralization at Boundary Main.
NB22-005
This hole intersected several narrow (2.84 m to 4.7 m wide)
intervals of stockwork sphalerite-siderite veins grading 4.20% to
5.55% zinc (Table 1) within a sequence of coarse volcaniclastic
rocks and conglomerates, typical of mineralization at Boundary
Main. These intersections are 30 m to 40 m step-outs up-dip from
mineralization in historic Cominco hole NB91-25 (Map 2).
Deeper in NB22-005 an 18.4 m intersection of 2.84% zinc was made
in a sequence of black mudstones and lapillistones of the Road
River Group comprising many thin red sphalerite-quartz-siderite
veins and selective replacement of lapilli by red sphalerite. This
intersection is a ~45 m step-out from similar mineralization
intersected in 2021 Fireweed drillhole NB21-010.
NB22-006
This hole intersected matrix and clast replacement sphalerite
mineralization and sphalerite vein mineralization in several wide
intervals typical of the style seen at Boundary Main (Table 1). A
higher-grade portion of one of these intervals graded 11.17% zinc
over 12.5 m including 6.22 m of 15.84% zinc. Hole NB22-006 is a
step-out hole, stepping-out 55 m to 70 m away from zinc
mineralization in historic Cominco drillhole NB90-20 (Map 2, Cross
Section E-E’).
In hole NB22-006, copper-zinc mineralization was intersected
over 10.5 m at 0.45% copper and 2.32% zinc within semi-massive
pyrite replacing diamictite clasts and matrix. This intersection is
145 m along strike from the intersection of 1.54% copper and 5.42%
zinc over 2.00 m reported from 2021 drillhole NB21-005 (see
Fireweed news release dated November 18, 2021) and it is unclear
whether there is any continuity between these intersections.
Table 1: NB22-005, NB22-006 and NB22-008 drill results.
Drill hole |
Zone |
Interval |
From(m) |
To (m) |
Width*(m) |
Zn(%) |
Pb(%) |
Ag(g/t) |
Cu(%) |
BulkDensity
(t/m3) |
NB22-008 |
BM |
primary |
40.92 |
46.50 |
5.58 |
8.08 |
0.82 |
17.8 |
0.06 |
3.02 |
NB22-008 |
BM |
>incl. |
40.92 |
43.57 |
2.65 |
14.55 |
1.50 |
28.8 |
0.10 |
3.32 |
NB22-008 |
BM |
primary |
132.47 |
163.15 |
30.68 |
3.32 |
0.03 |
7.7 |
0.01 |
3.15 |
NB22-008 |
BM |
>incl. |
156.00 |
163.15 |
7.15 |
6.18 |
0.03 |
9.9 |
0.01 |
3.14 |
NB22-008 |
BM |
>>incl. |
157.76 |
160.33 |
2.57 |
10.33 |
0.05 |
15.0 |
0.01 |
3.21 |
NB22-006 |
BM |
primary |
132.50 |
231.50 |
99.00 |
2.86 |
0.02 |
4.4 |
0.05 |
3.19 |
NB22-006 |
BM |
>incl. |
132.50 |
143.00 |
10.50 |
2.32 |
0.05 |
6.1 |
0.45 |
3.26 |
NB22-006 |
BM |
>and |
143.00 |
231.50 |
88.50 |
2.93 |
0.02 |
4.2 |
0.01 |
3.18 |
NB22-006 |
BM |
>>incl. |
146.00 |
151.00 |
5.00 |
8.23 |
0.04 |
14.1 |
0.02 |
3.59 |
NB22-006 |
BM |
>>>incl. |
147.90 |
150.00 |
2.10 |
12.56 |
0.05 |
15.3 |
0.02 |
3.72 |
NB22-006 |
BM |
>>and |
219.00 |
231.50 |
12.50 |
11.17 |
0.02 |
11.0 |
0.01 |
2.90 |
NB22-006 |
BM |
>>>incl. |
219.78 |
226.00 |
6.22 |
15.84 |
0.04 |
15.8 |
0.02 |
2.98 |
NB22-006 |
BM |
primary |
255.87 |
282.91 |
27.04 |
3.45 |
0.02 |
5.0 |
0.01 |
2.74 |
NB22-005 |
BM |
primary |
24.11 |
26.95 |
2.84 |
4.81 |
0.02 |
8.8 |
0.06 |
2.88 |
NB22-005 |
BM |
primary |
93.20 |
96.19 |
2.99 |
4.20 |
0.01 |
6.8 |
0.02 |
2.88 |
NB22-005 |
BM |
primary |
99.30 |
104.00 |
4.70 |
5.55 |
0.09 |
14.9 |
0.02 |
2.99 |
NB22-005 |
BM |
>incl. |
101.20 |
102.40 |
1.20 |
14.41 |
0.22 |
32.0 |
0.03 |
3.49 |
NB22-005 |
BM |
primary |
115.08 |
118.13 |
3.05 |
4.31 |
0.10 |
7.4 |
0.01 |
2.92 |
NB22-005 |
BW |
primary |
267.50 |
285.90 |
18.40 |
2.84 |
0.04 |
6.2 |
0.01 |
3.00 |
Zones: BM= Boundary Main; BW= Boundary West.*Intersected
thicknesses, not true thicknesses, are stated for all intersections
in Table 1. Most intersections in Table 1 are vein stockwork or
replacement styles of mineralization and have undetermined true
thicknesses. The laminated mineralization in NB22-008, 40.92 m to
46.50 m is assumed to be stratiform and true thickness is estimated
to be approximately 30% to 85% of intersected thickness, based on
bedding angles to core axis in and around the mineralized
intersection.Note – an interval of core in NB22-006 from 232.82 m
to 255.87 m and an interval from 57.0 m to 66.87 m in hole NB22-008
were not assayed as these intervals were lost to a windstorm that
up-ended several core tables, spilling the core on the ground prior
to logging and sampling.
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. Drill intersections in this release
are HQ3 (split tube) size core (61.1mm / 2.406-inch diameter)
(drill hole NB22-008) and NQ2 size core (50.5 mm/ 1.99-inch
diameter) (drill holes NB22-005 and NB22-006) with recoveries
typically above 85% unless otherwise noted in the table of results.
After drilling, core was cleaned, scanned with a core scanning
machine, logged for geology, structure, and geotechnical
characteristics, then marked for sampling and photographed on site.
The cores for analyses were marked for sampling based on geological
intervals with individual samples 1.5 m or less in length. Drill
core was cut lengthwise in half with a core saw; half-core was sent
for assays reported in this news release, and the other half is
stored on site for reference. Bulk density was determined on site
for the entire length of each sample assayed by measurement of mass
in air and mass in water. Sample duplicate bulk density
determinations and in-house bulk density standard determinations
were each made at a rate of 5%. Since 2017, four in-house bulk
density standards (mineralized drill core from the Tom deposit that
span a range of densities) have been used and show an acceptable
long-term precision. Certified standard masses are used to
calibrate the scale balance used for bulk density
determinations.
A total of 5% assay standards or blanks and 5% core duplicates
are included in the sample stream as a quality control measure and
are reviewed after analyses are received. Standards and blanks in
2022 drill results to date have been approved as acceptable.
Duplicate data add to the long-term estimates of precision for
assay data on the project and precision for drill results reported
is deemed to be within acceptable levels. Samples were sent to the
Bureau Veritas preparation laboratory in Whitehorse, Yukon, where
the samples were crushed and a 500 g split was sent to the Bureau
Veritas laboratory in Vancouver, B.C to be pulverized to 85%
passing 200 mesh size pulps. Clean crush material was passed
through the crusher and clean silica was pulverized between each
sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion
followed by Inductively Coupled Plasma Mass Spectrometry
(ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples
were also analyzed for multiple elements by lithium borate fusion
and X-ray fluorescence analysis (XRF) finish (BV Code LF725).
Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by
lithium borate fusion with XRF finish (BV Code LF726). Silver and
copper are reported in this news release by method AQ270, and zinc
and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver)
is an independent, international ISO/IEC 17025:2005 accredited
laboratory.
Results in this news release are length and bulk-density
weighted averages as would be used in a Mineral Resource estimate.
Readers are cautioned that in Fireweed news releases prior to 2020,
only length weighted assay averages were reported which may result
in slightly lower (under-reported) average values. Length and
bulk-density weighted averages have been reported as these most
accurately represent the average metal-content of the
intersections.
Qualified Person Statement
Technical information in this news release has been approved by
Fireweed Metals Chief Geologist, Jack Milton, Ph.D., P.Geo (BC),
and a ‘Qualified Person’ as defined under Canadian National
Instrument 43-101.
Updated Private Placement
Information
Further to the Company’s news releases of 21 December 2022 and
30 December 2022 announcing closing of the $35 million private
placement and related finders’ fees, the correct cash finders’ fees
totalled $403,346.99.
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 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 has been completed and a second phase of
relogging and sampling of historic drill core has begun 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 laboratory
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) 646-8361Map 1: Macmillan
Pass and Mactung location
map: https://www.globenewswire.com/NewsRoom/AttachmentNg/691f034b-73de-4594-b9de-03dffcfcee0d
Map 2: Boundary Zone drilling
map: https://www.globenewswire.com/NewsRoom/AttachmentNg/77a0fb6a-fa6e-4d56-a0f2-6d87d4f54353
Cross Section E-E’: Results from NB22-006 and historic Cominco
hole
NB90-20: https://www.globenewswire.com/NewsRoom/AttachmentNg/431c4b3b-b487-47a7-a05a-dcc77bc16c8f
Table 2: Summary of drill results from 2022 program.
Drill hole |
Zone |
Holelength(m) |
Significant intersections |
Type |
NB22-001 |
BW |
463 |
Reported in Nov. 22, 2022 news release |
Infill & Step-out |
NB22-002 |
BW |
491 |
Reported in Nov. 22, 2022 news release |
Step-out & New Discovery |
NB22-003 |
BW |
64 |
Hole abandoned |
- |
NB22-004 |
BW |
403 |
Moderate zone |
Step-out |
NB22-005 |
BM |
326 |
Reported in this release |
Step-out |
NB22-006 |
BM |
375 |
Reported in this release |
Step-out |
NB22-007 |
BW |
365 |
Narrow zones |
Step-out |
NB22-008 |
BM |
213 |
Reported in this release |
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 unless otherwise indicated. BM: Boundary
Main; BW: Boundary West; TW: Tom West; TE: Tom East.
Table 3: 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.
Fireweed Metals (TSXV:FWZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fireweed Metals (TSXV:FWZ)
Historical Stock Chart
From Apr 2023 to Apr 2024