FIREWEED METALS CORP. (“
Fireweed” or the
“
Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly
Fireweed Zinc Ltd.) is pleased to announce the 2023 diamond drill
program has started at Macmillan Pass and provide an operations
update.
Highlights
-
2023 will be Fireweed’s largest ever drill program with goals to
expand all known mineralized zones at Macmillan Pass.
-
Drilling is underway with plans to complete 16,000+ m using five
diamond drill rigs, with opportunity to increase.
-
The focus of the initial phase of drilling is growth at Boundary
Zone building on past successes.
-
Macmillan Pass Camp expansion is progressing on schedule to add
48-persons to its capacity.
-
Commencement of year-round environmental studies to inform future
assessment processes to advance Macmillan Pass towards
production.
CEO StatementBrandon Macdonald,
CEO stated “We are off to a great start and look forward to a
game-changing season ahead. We are on track to complete the largest
ever drill program Fireweed has carried out at Macmillan Pass. The
first drill rig is turning and we are preparing to receive four
more drill rigs once the road to site is opened. It’s busy times
and exciting times; and with a healthy treasury of over $30
million, 2023 is shaping up to be a banner year for Fireweed.”
2023 Diamond Drill ProgramThe
2023 program will utilize five diamond drill-rigs, targeting over
16,000 m of drilling between Boundary, Tom, and Jason zones. The
initial phase of drilling (Phase 1) with the first drill is
currently underway. This phase is focused on stepping out from the
high-grade intersections drilled at Boundary Zone in 2022 such as
holes NB22-023 that intersected 298 m of 4.5% zinc, 1.4% lead, and
30.9 g/t silver including a new stratiform zone of 9.6 m grading
24.5% zinc, 15.1% lead, and 323.2 g/t silver (see Fireweed news
release dated March 2, 2023).
The Phase 1 2023 step-outs will include testing
the potential continuation of the high-grade stratiform
mineralization and massive sulphide mineralization at Boundary West
and Boundary Main. Fireweed has identified an area between Boundary
West and Boundary Main that has geological potential to host a
high-grade feeder zone and is flanked by two of Fireweed’s best
ever drillholes at Boundary Zone, NB22-002 and NB22-023 (see
Fireweed news releases dated November 22, 2022, and March 2, 2023).
The Phase 1 program will provide a first pass drill test of this
potential feeder area that may link Boundary Main and Boundary West
(Long Section I-I', Cross Section H-H’, and Map 2).
Camp Expansion UpdateCamp is
open for the season and ramp up is progressing on schedule with
nearly 50 people on site. Construction is well underway at the new
48-person camp expansion. This all-weather expansion will allow us
to support around 100 people on site to complete the 2023 season
objectives.
This work is an important step to build out
Macmillan Pass camp capacity to the approved capacity of 150 people
which will allow for larger drill programs and simultaneous
environmental baseline work while also enabling extension of the
operating season by several months.
Year-Round Environmental Studies
UnderwayYear-round, field-based environmental baseline
studies are underway to support project planning and impact
assessment activities to inform future assessment processes to
advance Macmillan Pass towards production.
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 over C$30,000,000 and is well-positioned
to carry out the large 2023 exploration program. The Company has
three projects located in Canada:
-
Macmillan Pass Project (Zinc-Lead-Silver):
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 Project (Tungsten): The Company recently
acquired 100% interest in the 37.6 km2 Mactung 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 estimate is
being finalized and will be released shortly.
-
Gayna River Project (Zinc-Lead-Gallium-Germanium):
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.
Qualified Person
StatementTechnical 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 (www.otcmarkets.com) and is DTC eligible
for enhanced electronic clearing and settlement. 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, interpretation of drill
results and projections of mineralization, 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.
Map 1: Macmillan Pass Project and Mactung
Project locations and mineral deposits.
Map 2: Location of 2023 Phase 1 planned
drillholes, cross section H-H’ and long section I-I’.
Long Section I-I’ - Phase 1 of 2023 drill
program targeting an untested potential feeder at Boundary
Zone.
Cross Section H-H’ – Location of the first hole
of the season, NB23-001, stepping out from the high-grade new
stratiform zone in the footwall of the Boundary Main Fault,
high-grade vein and breccia mineralization above the Boundary Main
Fault, and volcaniclastic-hosted mineralization at depth.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/6dde9501-7440-48c2-af0a-391eddde7291
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa4b9212-e906-41be-8eee-5eb94a274110
https://www.globenewswire.com/NewsRoom/AttachmentNg/53885351-7b32-45ec-a103-3596e14a478b
https://www.globenewswire.com/NewsRoom/AttachmentNg/27c3ced8-33d5-4d8d-953a-56533585de40
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