FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF) is pleased to announce a new mineral resource
estimate for its Mactung Project located in Yukon and Northwest
Territories, Canada (Map 1), within the Traditional Territories of
the Kaska Dena Nation and First Nation of Na-Cho Nyäk Dun, and the
Sahtú Settlement Area.
CEO Statement
Brandon Macdonald, CEO, stated “In one year we
have gone from signing an initial Letter of Intent to a Definitive
Asset Purchase Agreement to the publication of new mineral resource
for Mactung. We have taken the historic resource through a process
involving relogging, resampling, and a rigorous, modern estimation
methodology, and confirmed an impressive and world-class tungsten
resource at Mactung*. This not only reaffirms Mactung's unmatched
combination of grade and scale but establishes it as a truly
strategic critical minerals project for the West with the
underground resource alone able to supply much of North America’s
expected demand for decades. Fireweed is looking forward to
collaborating with federal, territorial, and Indigenous governments
to advance Mactung through the permitting and detailed engineering
stages of this unique project.”
Table 1: Mineral Resource
Statement(1,2,3,4)
for the Mactung Project.
Classification |
Cut-off |
Tonnage |
WO3 |
Contained |
|
Grade |
(tonnes) |
Grade |
WO3 |
|
WO3 (%) |
|
(%) |
(mtu5) |
Indicated (underground) |
0.50 |
12,168,000 |
1.05 |
12,789,000 |
Indicated (open pit) |
0.25 |
29,319,000 |
0.59 |
17,367,000 |
Total Indicated (OP+UG) |
0.25/0.50 |
41,487,000 |
0.73 |
30,156,000 |
Inferred(4) (underground) |
0.50 |
2,817,000 |
0.73 |
2,066,000 |
Inferred(4) (open pit) |
0.25 |
9,430,000 |
0.55 |
5,139,000 |
Total
Inferred(4)
(OP+UG) |
0.25/0.50 |
12,247,000 |
0.59 |
7,205,000 |
For table footnotes 1, 2, 3, 4, and 5 see
page 9.
Mineral Resource Estimate
The current Mineral Resource at Mactung ranks it
the largest high-grade tungsten resource in the world and it is a
clear statistical outlier in terms of grade and contained metal*.
It is a tungsten skarn deposit associated with Tombstone-Tungsten
suite granitic intrusions that are more broadly linked to a variety
of gold and tungsten deposits across Yukon-Northwest Territories.
The Mactung deposit is sub-divided into an upper and lower zone
that both occur at surface and extend to depths of approximately
400 m below surface.
A very high-grade portion of the resource was
constrained by underground mining volumes at a 0.5% WO3 cut-off
grade, within the gently to moderately dipping, roughly tabular,
lower zone that is approximately 20-30 m thick, extending for a
kilometre in strike and up to 380 m down-dip.
In the upper zone, a high-grade open pit
resource was constrained by a conceptual pit shell at a 0.25% WO3
cut-off grade.
The Mineral Resource estimate considers and
employs reasonable prospects for eventual economic extraction, is
applied within classification domains that are continuous, and uses
a classification scheme involving a drill spacing that was based on
drill-spacing studies. Additional bulk density and assay data were
collected during an extensive Fireweed campaign of re-sampling
historic drill core in late 2022 and early 2023, and a new
geological interpretation of the deposit has been made. These
factors have resulted in a robust estimate of the Mineral Inventory
at Mactung, providing a solid foundation for future mine
development studies.
Copper and gold by-product
reporting
Copper and gold were estimated as by-product
metals for underground constrained resources only (Table 2). No
metallurgical test work has been conducted to assess the recovery
of copper or gold at Mactung. Based on historical production of
small quantities of gold and of copper concentrate from the
geologically similar Cantung mine†, it has been reasonably assumed
that gravity separation and a copper circuit could be incorporated
into the flowsheet to recover a portion of the gold and copper in
the Current Mineral Resource to satisfy the reasonable prospects of
eventual economic extraction. Fireweed and its consultants are
currently completing metallurgical test programs to validate the
recovery of tungsten and assess the recovery of gold and copper at
Mactung. Grades of copper and gold were considered too low to
include within the Mineral Resource Statement for open-pit
constrained resources.
Table 2: Copper and gold by-product
metals for underground mineral resources subdivided by geological
unit(1,2,3,4)
Unit |
Cut-off WO3
(%) |
Tonnage (tonnes) |
Grade WO3
(%) |
Contained WO3
(mtu5) |
Copper (%) |
Contained Copper (lbs) |
Gold (g/t) |
Contained Gold (troy oz) |
Indicated |
20 |
0.50 |
3,710,000 |
0.83 |
3,076,000 |
0.010 |
834,000 |
0.034 |
4,000 |
21 |
0.50 |
1,845,000 |
1.21 |
2,229,000 |
0.036 |
1,448,000 |
0.060 |
4,000 |
22 |
0.50 |
6,496,000 |
1.13 |
7,366,000 |
0.093 |
13,261,000 |
0.107 |
22,000 |
23 |
0.50 |
55,000 |
1.28 |
70,000 |
0.092 |
111,000 |
0.205 |
0 |
3D |
0.50 |
62,000 |
0.78 |
48,000 |
0.011 |
15,000 |
0.018 |
0 |
Total |
0.50 |
12,168,000 |
1.05 |
12,789,000 |
0.058 |
15,666,000 |
0.078 |
30,000 |
Inferred |
21 |
0.50 |
932,000 |
0.83 |
775,000 |
0.014 |
288,000 |
0.023 |
1000 |
22 |
0.50 |
638,000 |
0.66 |
420,000 |
0.047 |
654,000 |
0.016 |
0 |
23 |
0.50 |
6,000 |
0.84 |
5,000 |
0.108 |
14,000 |
0.068 |
0 |
3D |
0.50 |
1,241,000 |
0.70 |
866,000 |
0.009 |
252,000 |
0.013 |
1000 |
Total |
0.50 |
2,817,000 |
0.73 |
2,066,000 |
0.020 |
1,208,000 |
0.017 |
2,000 |
For table footnotes 1, 2, 3, 4, and 5 see
page 9.
Sensitivity to Cut-Off
Grade
A range of cut-off grades were applied to the estimate within
the mining volumes established for open-pit and underground
resources (Tables 4 and 5).
Table 3: Sensitivity to Underground
Cut-Off Grade (Current Resource Highlighted)
(2,4)
Underground Cut-off Grade
(WO3%) |
Tonnage (tonnes) |
WO3
grade(%) |
Copper grade (%) |
Gold grade (g/t) |
Indicated |
0.40 |
12,885,000 |
1.02 |
0.074 |
0.057 |
0.45 |
12,548,000 |
1.03 |
0.076 |
0.058 |
0.50 |
12,168,000 |
1.05 |
0.078 |
0.058 |
0.55 |
11,702,000 |
1.07 |
0.080 |
0.059 |
0.60 |
10,979,000 |
1.11 |
0.083 |
0.061 |
Inferred |
0.40 |
3,231,000 |
0.70 |
0.016 |
0.019 |
0.45 |
3,062,000 |
0.71 |
0.016 |
0.019 |
0.50 |
2,817,000 |
0.73 |
0.017 |
0.019 |
0.55 |
2,521,000 |
0.76 |
0.018 |
0.020 |
0.60 |
2,042,000 |
0.80 |
0.019 |
0.020 |
For table footnotes 2, and 4 see page
9.
Table 4: Sensitivity to Open-pit Cut-Off
Grade (Current Resource Highlighted)
(2,4)
Open-pit Cutoff Grade
(WO3%) |
Tonnage (tonnes) |
WO3 grade
(%) |
Indicated |
0.15 |
36,452,000 |
0.51 |
0.20 |
32,668,000 |
0.55 |
0.25 |
29,319,000 |
0.59 |
0.30 |
26,207,000 |
0.63 |
0.35 |
23,395,000 |
0.67 |
Inferred |
0.15 |
11,335,000 |
0.49 |
0.20 |
10,143,000 |
0.52 |
0.25 |
9,430,000 |
0.55 |
0.30 |
8,699,000 |
0.57 |
0.35 |
7,539,000 |
0.61 |
For table footnotes 2, and 4 see page
9.
Cut-Off Grade and Prospects for Eventual
Economic Extraction
The cut-off grades of 0.5% WO3 for underground
mining and 0.25% WO3 for open-pit mining were selected based on a
tungsten concentrate price assumption of approximately USD$240/mtu,
supported by updated estimates from trading companies that
specialize in tungsten, and preliminary estimates of operating
costs (Table 5).
Reasonable prospects for eventual economic
extraction of the mineral resources, as required by NI43-101, were
demonstrated by developing underground constraining volumes,
conceptual pit shells using a Lerchs-Grossman algorithm and input
parameters derived from preliminary cost estimates (see Map 2 and
Cross-Sections). Only mineral resources above these cut-offs and
within the mineral resource-limiting underground constraining
volumes and pits are reported; mineralization falling below this
cut-off grade or outside the resource-limiting volumes or pits is
not reported, irrespective of the grade. Potential underground
resources are constrained initially to only the lower zone (2B
unit) and a portion of the upper zone (3D unit) below the pit shell
leaving a crown pillar. The potential open-pit resource was
optimized for only the upper zone (3C, 3D, 3E, 3F, 3G and 3H
units). Gold and copper are considered by-products and were not
utilized in cut-off grades, pit optimizations, underground
constraints, or for establishing reasonable prospects of eventual
economic extraction. Sensitivity to cut-off grade is reported in
Tables 3 and 4 above.
Table 5: WO3
Cut-off Grade Calculation Assumptions
Input Parameters |
Unit |
Value |
Notes |
OP Mining Cost – Resource or Waste |
US$/tonne mined |
3.00 |
|
UG Mining Cost – Resource |
US$/tonne mined |
38.00 |
Incl. maintenance and surface |
Processing Cost |
US$/tonne milled |
32.00 |
|
G&A and Site Services Cost |
US$/tonne milled |
20.00 |
|
WO3 Recovery |
% |
82 |
|
Royalties |
% |
2 |
Assumes buy-down from 4% |
Pit Slopes |
degrees |
50 |
|
WO3 Concentrate Selling Price |
US$/mtu con |
240.00 |
|
Mining dilution |
% |
0 |
|
Mining recovery |
% |
100 |
|
Assumptions used to derive the cut-off grades
and define the resource-limiting pits are estimated in order to
meet the NI43-101 requirement for mineral resource estimates to
demonstrate “reasonable prospects for eventual economic
extraction”.
Updated Technical Report
The details of the updated mineral resource
estimate for Mactung will be provided in a Technical Report
compliant with NI43-101 to be filed on www.sedar.com in the next 45
days.
2023 Mineral Resource Estimate
Methodology
The mineral resource estimate for Mactung was
completed by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd.
using commercial mine-modeling and geostatistical software and
adhering to Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Estimation of Mineral Resources and Mineral Reserves Best
Practice Guidelines (adopted by CIM council November 29, 2019). The
deposit was segregated into multiple estimation domains based on a
revised geological model. The lower zone is hosted by Unit 2B (see
Cross Sections), and this is subdivided into four spatial zones
(20, 21, 22, and 23). The upper zone is hosted by Units 3C, 3D, 3E,
3F, 3G, and 3H (see Cross Sections). Grades of WO3, copper and gold
were estimated using ordinary kriging interpolation of capped
composites in multiple estimation passes. Search ellipse
orientation and anisotropy were based on structural and geological
controls and/or variogram models with first pass major axis search
distances generally 100 m, and subsequent pass distances generally
60 m.
Mineral Resources are classified under the
categories of Measured, Indicated and Inferred according to CIM
Definition Standards for Mineral Resources and Mineral Reserves
(Adopted by CIM council May 19, 2014). Mineral resource
classification for WO3 was based primarily on an analysis of
viability and risk, drillhole spacing and on continuity of
mineralization. Inferred and Indicated resources were defined as
using increasing thresholds of continuity, confidence, and data
density. No Measured resources were defined. Final resource
classification shells were manually constructed using interpreted
solids. Gold and copper are not classified separately and are
reported as by-products based on WO3 classification. A full
description of the modeling methodologies for each deposit will be
included in a Technical Report scheduled for release within 45
days.
Mactung Exploration
Potential
It is estimated that there is the potential for
an Exploration Target at Mactung of between 2.5 and 3.5 Mt at a
grade of between 0.4 and 0.6% WO3 in addition to the current
Mineral Resources disclosed in this news release. The Exploration
Target is within the current geological model, supported by
drilling and surface mapping. The Exploration Target includes
material located beyond the boundaries of the Inferred and
Indicated resource classification but is located within the
boundaries of the open-pit shell and underground volumes used to
constrain the current Mineral Resource.
The Exploration Target is conceptual in nature
and requires additional drilling to test the geological model,
grade continuity, and extent of mineralization. It is uncertain if
additional drilling will validate the geological potential or
fulfill the mining and economic criteria necessary to establish
reasonable prospects of eventual economic extraction to lead to the
classification of the Exploration Target as Mineral Resources.
Data Validation and QA/QC
Fireweed and its consultants conducted extensive
statistical analyses to assess the quality of the pre-Fireweed
legacy drill hole data in preparation for this mineral resource
estimate. The recent re-assaying program has generally shown the
data to be of good quality, but use of historical data still
presents certain risks in mineral resource estimation due to
historical drilling, surveying, sampling, and assaying
methodologies. Data from a selection of assay intervals were
checked from each year of historical drilling against the original
assay certificate or logs, representing 6% of all samples, and was
found to be free of errors with minor exceptions.
Assay standards, blanks and duplicates were
monitored in Fireweed’s resampling program and were found to be
within acceptable levels of precision and accuracy. Surface assay
samples were taken by Garth Kirkham in 2022 and confirm the
presence of tungsten in the locations tested. The presence of
UV-fluorescent scheelite was confirmed visually in outcrop and in
core by the use of a blacklight. A subset of historical collar
locations were surveyed by Fireweed personnel using differential
GPS and historical drillpad locations were further validated
against a Digital Elevation Model derived from a 2022 airborne
LiDAR survey with good accuracy.
Mactung Location &
History
Mactung straddles the Yukon and Northwest
Territories border and is located 13 km north of Fireweed’s
Macmillan Pass Project camp and the government-maintained Macmillan
Pass airstrip (Map 1). It can also be accessed via the North Canol
Road about 230 km from the town of Ross River, Yukon.
Mactung was discovered and staked in 1962 by an
Amax company geologist. Extensive drilling, metallurgical testing,
and multiple historical resource estimates were completed over the
next twenty years. The property changed ownership several times and
was subsequently acquired by North American Tungsten Corporation
(“NATC”) in 1997. In 2007 NATC published updated mineral resources
(see Table 2) and in 2009 published a positive feasibility study
(available at www.sedar.com under the NATC profile). The Yukon
Environmental and Socio-economic Assessment Board (“YESAB”)
Executive Council issued its Referral Report and New Recommendation
for Project Number 2008-0304 for the Mactung Mine Project in June
2014. Following a recommendation to Decision Bodies that the
Project be allowed to proceed to licensing without review, subject
to specific terms and conditions, Decision Documents were issued by
the Yukon Government and Federal Government on September 3, 2014
and August 1, 2014, respectively.
Subsequently, in June 2015, NATC filed for and
was granted creditor protection mainly related to operation of
their Cantung mine located to the south. The Government of
Northwest Territories (“GNWT”) purchased the Mactung Project for
$4.5 million in 2015, and subsequently obtained a Class 4 Mining
Land Use Approval in 2020 for mineral exploration activities in the
Yukon. Fireweed recently signed a definitive Asset Purchase
Agreement for the Mactung Project with the GNWT (see Fireweed news
release dated February 28, 2023 for details).
Mactung Geology &
Mineralization
Mactung is a tungsten skarn deposit located on
the eastern margin of the Selwyn basin in the Canadian Cordillera’s
Tombstone-Tungsten Belt (“TTB”). The mid-Cretaceous TTB spans
Alaska, Yukon, and Northwest Territories, and hosts many other
significant mineral deposits. The Mactung deposit is associated
with Tungsten Suite intrusions that intruded late Precambrian to
Palaeozoic age, variably metamorphosed clastic and interbedded
carbonate rocks of the Selwyn Basin. The tungsten mineralization at
Mactung is comprised mostly of scheelite (CaWO4) and is dominated
by calcic mineral assemblages associated with abundant pyrrhotite
that developed within permeable limestone units of the
Cambrian-Ordovician host rocks near a granite intrusion
contact.
About Tungsten
Tungsten is the hardest metal with the highest
melting point, which makes it an important and often essential
metal for use in the automotive, technology, energy, military, and
manufacturing industries. World tungsten production is dominated by
China and there is currently limited Western tungsten production,
which has led tungsten to be listed as a critical mineral by many
governments, including Canada. The Canadian government has
developed several initiatives to support and advance the
exploration and mining of critical minerals in Canada, including
zinc and tungsten.
Sustainability Context
Fireweed respectfully acknowledges that the
Mactung Project is located within the Traditional Territories of
the Kaska Dena Nation and First Nation of Na-Cho Nyäk Dun, and the
Sahtú Settlement Area. For the benefit of present and future
generations, Fireweed will conduct mineral development activities
in a sustainable manner by working collaboratively with Indigenous
groups and local communities, establishing a respectful and safe
working environment, achieving a high standard of environmental
stewardship, and undertaking studies and implementing measures to
address local interests and issues.
Qualified Person Statement
Jack Milton, Ph.D., P.Geo. (BC), Fireweed’s VP
Geology, and a Qualified Person as defined under Canadian National
Instrument 43-101, approved the technical information in this news
release except for information related to the Mactung mineral
resource estimates. The re-assaying activities at
Mactung carried out by Fireweed were undertaken under the
supervision of Jack Milton.
Garth Kirkham, P.Geo., of Kirkham Geosystems
Ltd. is the Qualified Person, as defined in National Instrument
43-101, is responsible for the Mactung mineral resource estimate
and directly related information as reported herein. He has read
and approved the relevant technical portions of this news release
related to the mineral resource estimates for which he is
responsible.
About Fireweed Metals Corp. (TSXV: FWZ;
OTCQB: FWEDF; FSE:20F): Fireweed 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 a
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
signed a definitive Asset Purchase Agreement and acquired 100%
interest in the 37.6 km2 Mactung Project located adjacent to the
Macmillan Pass Project. New mineral resources for Mactung described
above (41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt
Inferred Resource at 0.59% WO3) make it the world’s largest
high-grade resource of the critical mineral tungsten*. Located in
Canada, it is one of the rare large tungsten resources outside of
China.
-
Gayna River Project (Zinc-Lead-Gallium-Germanium):
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 historical drilling and significant upside potential.
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
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
mineral resource estimates and statements relating to deposits and
exploration targets, interpretation of drill results, future work
plans, world demand and supply of Tungsten, 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 mineral resources and Macmillan Pass mineral 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.
†: The Cantung Mine, 175 km southeast of the
Mactung deposit, operated intermittently from 1962 to 2015 in the
Northwest Territories and occurs in the same geological belt as the
Mactung deposit – both are skarn deposits associated with
Cretaceous age Tungsten Suite intrusions in the Tombstone-Tungsten
Belt. During production, the Cantung Mine was the highest-grade
tungsten operation in the world, and the largest tungsten mine
outside China. See Technical Reports on the Cantung Mine filed by
North American Tungsten on www.SEDAR.com for further details.
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 February 23, 2018, and Fireweed News
Release dated January 10, 2018.
2: Fireweed Technical Report titled “NI 43-101
Technical Report Macmillan Pass Project Yukon Territory Canada”
filed on www.SEDAR.com on July 9, 2018, and Fireweed News Release
dated May 23, 2018. This Technical Report contains a Preliminary
Economic Analysis disclosing 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.
Table Footnotes
(1) |
|
All mineral resources have been
estimated in accordance with Canadian Institute of Mining and
Metallurgy and Petroleum (“CIM”) definitions, as required under
National Instrument 43-101 (“NI43-101”). |
(2) |
|
Mineral resources are reported in
relation to a conceptual pit shell and underground mining volumes
to demonstrate reasonable prospects for eventual economic
extraction, as required under NI43-101; mineralization lying
outside of the pit shell or underground volumes is not reported as
a mineral resource. Note the conceptual pit shell and underground
volumes are used for mineral resource reporting purposes only and
is not indicative of the proposed mining method; future mining
studies may consider underground mining, open pit mining or a
combination of both. Mineral resources are not mineral reserves and
do not have demonstrated economic viability. Mineral resource
estimates do not account for mineability, selectivity, mining loss
and dilution. All figures are rounded to reflect the relative
accuracy of the estimate and therefore numbers may not appear to
add precisely. |
(3) |
|
Open pit (OP) mineral resources
are reported at a cut-off grade of 0.25% WO3. Underground (UG)
mineral resources are reported at a cut-off grade of 0.5% WO3.
Cut-off grades are based on a price of US$240 per mtu of WO3
concentrate and a number of operating cost and recovery assumptions
(see Table 5). |
(4) |
|
Inferred mineral resources are
considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to the measured
and indicated categories through further drilling, or into mineral
reserves, once economic considerations are applied. The Inferred
Mineral Resource in this estimate has a lower level of confidence
than that applied to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of the inferred Mineral Resource could be upgraded to an
Indicated Mineral Resource with continued exploration. |
(5) |
|
A metric tungsten unit (mtu) is
10 kilograms of tungsten trioxide (WO3). |
Contact:Brandon Macdonald, CEOPhone: (604)
646-8361
Email: info@fireweedmetals.com
Map 1 Macmillan Pass Project and Mactung
Project location map, Canada.
Map 2 Mactung drilling map
showing the vertical projection of open-pit Inferred and Indicated
Resources, conceptual pit outline, and location of
cross-sections.
Cross-section 7,017,645 North
showing the extent and continuity of Inferred and Indicated Mineral
Resources constrained by a conceptual open-pit and potential
underground mining shapes. Geological units shown for the upper and
lower zones. See Map 2 for section lines.
Cross-section 441,655 East
showing the extent and continuity of Inferred and Indicated Mineral
Resources constrained by a conceptual open-pit and potential
underground mining shapes. Geological units shown for the upper and
lower zones. See Map 2 for section lines.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/927763bb-9db2-4b0a-8d20-c6ab3ab4577fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5ca89780-d597-47a3-bcd4-3da62b9e0bd9https://www.globenewswire.com/NewsRoom/AttachmentNg/21aa94d0-85ff-4077-8ac2-4852a7a87c48https://www.globenewswire.com/NewsRoom/AttachmentNg/58fe4c85-71fd-4b79-a4eb-6ff309b3d5a6
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