FIREWEED METALS CORP. (“
Fireweed” or the
“
Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly
Fireweed Zinc Ltd.) is pleased to announce plans for the 2023 field
program at Macmillan Pass and the appointment of Andrew Crook, P.
Eng. as the new Vice President of Operations.
Highlights
-
2023 will be Fireweed’s largest ever drill program with five drills
secured and goals to expand all known mineralized zones
-
Over 16,000 m of drilling planned, with the opportunity to
increase
-
Strengthened management team with the addition of Andrew Crook as
Vice President of Operations
-
Increased future operational capacity with improved site
infrastructure including construction of a new, larger, camp better
equipped for cold-weather operations
-
Continued opportunities for local community members and
businesses
-
Commencement of year-round environmental studies to inform future
assessment processes on the path to eventual production at
Macmillan Pass and Mactung
CEO Statement
Brandon Macdonald, CEO stated “We are delighted
to welcome Andrew Crook to our management team as Vice President of
Operations. His skills and experience will be instrumental in what
will be an exciting and busy season for Fireweed as we ramp up to
our largest ever drill program with goals to expand all the known
mineralized zones. We are also building on our success in recent
years by working closely with our Indigenous partners, business
partners, and local communities to provide employment and business
opportunities while welcoming back many returning staff this year.
Perhaps equally exciting is the start of year-round baseline
environmental studies as we begin our journey toward production at
Macmillan Pass and Mactung.”
New Vice President of Operations, Andrew Crook,
P.Eng.
Andrew is a registered Professional Engineer
with 10 years of experience working with leading mining companies
and junior developers where he has demonstrated success leading
projects from exploration stage through engineering studies,
permitting, and into construction. Andrew helped see Sabina Gold
& Silver’s Back River Gold Project through studies, permitting,
licensing, and early construction including leading field drilling
programs and executing complex logistics projects. Most recently,
Andrew worked as Deputy Project Director for Kinross Gold’s Manh
Choh project in northeastern Alaska where he fast-tracked project
development and secured Board approval for $255M capital putting
the project on track to achieve first gold by 2024.
Operations Update
Preparations are well underway for the biggest
drilling campaign in the history of the Macmillan Pass Project. We
have secured five drills for the 2023 season with plans to drill at
least 16,000 m focused largely on growth through step-out drilling
at the Boundary Zone advanced prospect, and step-out and infill
drilling at the Tom and Jason deposits. Initial mobilization will
occur in May to support camp opening and expansion to eventually
support up to 150 people. Drilling is planned to begin in June and
continue through to September with the option to extend further
into the fall.
Local Procurement and Hiring
Fireweed is proud to be continuing to expand our
team of highly skilled personnel with an estimated 40 members from
local communities either returning to the Macmillan Pass Project or
joining us for their first season at the site. Fireweed is also
grateful for the continued dedicated service of local and
Indigenous-owned businesses for the upcoming field season,
including camp expansion, which was made possible through
collaboration with the Dena Nezziddi Development Corporation, which
is wholly owned by the Ross River Dena Council.
Commencement of Year-Round Environmental
Studies
Fireweed has previously conducted routine
environmental monitoring and completed heritage assessments and
wildlife studies in accordance with regulatory requirements and
guidance for exploration activities. In 2023 continuous year-round
field-based studies will commence to support project planning and
impact assessment activities to progress towards project approvals
for construction and production at both Macmillan Pass and
Mactung.
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. Fireweed is well-funded, with a
current cash position of approximately C$35,000,000 and is
well-positioned to carry out a large 2023 exploration program. The
Company has three projects located in 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 one of the largest undeveloped
zinc resources in the world* where the Tom and Jason
zinc-lead-silver deposits have current Mineral Resources1 (11.21 Mt
Indicated Resource at 6.59% zinc, 2.48% lead, and 21.33 g/t silver;
and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15
g/t silver) and a Preliminary Economic Assessment2 (PEA). In
addition, Boundary Main, Boundary West, Tom North and End Zone 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.
-
Mactung Tungsten Project: The Company recently
signed a definitive Asset Purchase Agreement and acquired 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. An updated mineral resource is planned for Q2 2023, and
re-sampling of historic drill core is completed and will include
assays for previously unreported by-product metals, such as gold,
copper, and bismuth, in addition to tungsten.
-
Gayna River Zinc-Lead-Gallium-Germanium Project:
Fireweed has 100% of the 128.75 km2 Gayna River project located 180
km 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 m of
historic drilling and significant upside potential. The results
from the 2022 field program of geochemical sampling, airborne LiDAR
topographic surveying and ground geophysics are now being
interpreted towards defining drill targets.
Qualified Person Statement
Technical information in this news release has
been approved by CEO Brandon Macdonald, P.Geo. (BC), a ‘Qualified
Person’ as defined under Canadian National Instrument 43-101.
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. 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 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
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.
Footnotes and References
* References to relative size and grade of the
Mactung historic resources and Macmillan Pass resources in
comparison to other tungsten and zinc deposits elsewhere in the
world, respectively, are based on review of the Standard &
Poor’s Global Market Intelligence Capital IQ database.
1: Fireweed Technical Report titled “NI 43-101
Technical Report on the Macmillan Pass Zinc-Lead-Silver Project,
Watson Lake and Mayo Mining Districts Yukon Territory, Canada”
filed on www.SEDAR.com on Feb 23, 2018, and Fireweed News Release
dated January 10th 2018.
2: Fireweed Technical Report titled “NI 43-101
Technical Report Macmillan Pass Project Yukon Territory Canada”
filed on www.SEDAR.com on July 9th 2018, and Fireweed News Release
dated May 23rd, 2018. This Preliminary Economic Analysis includes
an economic analysis of mineral resources that is preliminary in
nature and does not include any mineral reserves. It is equally
emphasized that the mineral resources disclosed within this
Technical Report are not mineral reserves and do not have
demonstrated economic viability.
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