FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF) is pleased to provide an update on the near-term
plans for the Mactung Project, following release of the Resource
Estimate that establishes Mactung as the world’s largest,
high-grade tungsten deposit** (see news release dated June 13,
2023*).
CEO Statement
Brandon Macdonald, CEO, stated “Fireweed’s
recent Resource Statement on Mactung has reaffirmed the project’s
status as one of the world’s preeminent tungsten development
stories. Building on that resource our team now looks to advance
the project to construction readiness through modern metallurgical
studies, value engineering, and by working with Indigenous groups
through the regulatory processes. This coming year will establish
Mactung as not just a great resource but also a credible near-term
supplier for the critical mineral tungsten.”
Preliminary Economic Assessment
The upcoming Preliminary Economic Assessment
(PEA) will establish preliminary project economics using current
pricing and cost data, modern estimation, metallurgical, and
engineering methodologies, and will consider other opportunities
for project optimization. The PEA will build on work commissioned
by North American Tungsten Corporation (NATC) in their 2009
Feasibility Study. The new study is planned to kick-off this
quarter and conclude prior to the end of the year.
Metallurgical Test Program
In 2022 and early 2023, Fireweed conducted a
comprehensive resampling and re-assaying program on historic drill
core, which has provided a larger geochemical dataset to assist
with lithogeochemical domaining and achieving representative sample
variability throughout the deposit.
Fireweed recently initiated a metallurgical test
program with Base Metallurgical Laboratories Ltd. to confirm
results from earlier work by previous owners (NATC), optimize the
flowsheet and evaluate the potential recoverability and payability
of gold and copper. Preliminary tailings test work will also be
included in this work. Results from this program are expected in Q4
2023.
Assessment and Regulatory Processes
The Yukon Environmental and Socio-economic
Assessment Board issued a positive screening report for the Mactung
Project in mid-2014 and recommended it proceed without review,
subject to terms and conditions. The federal and Yukon governments
subsequently varied certain terms and conditions, as documented in
each respective Decision Document, which provided direction to
advance license applications.
Fireweed intends to complete field programs this
summer at Mactung to strengthen the environmental database and
confirm distribution of discontinuous permafrost to validate
geochemical analysis of ore and waste, and to identify and qualify
borrow material for construction. The results of these programs
will inform collaborative working groups discussions with
Indigenous groups to allow Fireweed to develop robust applications
and management plans to mitigate any potential effects arising from
future potential project development.
Grant of Options
The Company announces that it is granting,
pursuant to it’s stock option plan, stock options exercisable into
4,544,000 common shares in the Company to certain directors,
officers, employees, and consultants of the Company. The stock
options are exercisable at C$1.01 per share with a five-year term,
and 20% will vest on each of the following six-month anniversary
dates of the grant, being fully vested after 30 months.
Qualified Person Statement
Technical information in this news release has
been approved by Fireweed Metals Vice President, Studies, Kelly
Bateman, P.Geo. (BC), 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. 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. Recently announced new mineral resources for Mactung (41.5
Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at
0.59% WO3)* 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.
- 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.
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 based on interpretation of drill
results, upside exploration potential, 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
*See Fireweed news release dated June 13, 2023
“Fireweed Metals Announces Mineral Resources for the Mactung
Project: the Largest High-Grade Tungsten Deposit in the World”. The
associated technical report will be filed on www.SEDAR.com
available on or before July 28, 2023. ** References to
relative size and grade of the Mactung 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 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.
Contact:Brandon MacdonaldPhone: (604) 646-8361
Email: info@fireweedmetals.com
Map 1: Macmillan Pass Project
and Mactung Project locations.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/87618a82-6242-45cc-94c5-7b46a7e202ea
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