FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF) In conjunction with Fireweed’s largest ever drill
program at Macmillan Pass, Fireweed will be conducting
reconnaissance prospecting, mapping, and sampling across a series
of gold anomalies on the property.
CEO Statement
Brandon Macdonald, CEO, stated, “The Macmillan
Pass Project is a large and structurally complex package of
sedimentary, intrusive, and volcanic sequences which are ideal
hosts to precious metals with multiple proven high-grade analogues.
We are located within the Selwyn Basin which is home to some of the
most exciting precious metals exploration and development projects
in western Canada. While Fireweed’s primary focus is a large drill
program targeting the impressive zinc, lead, and silver endowment
of the property, the potential for significant gold mineralization
is too great to remain untested.”
The 980 km2 Macmillan Pass and Mactung projects
are located in the prolific Selwyn Basin—host to major precious
metal deposits associated with highly prospective Mayo suite
intrusions in the Tombstone-Tungsten Belt (TTB), including Brewery
Creek, Dublin Gulch, Keno Hill, Fort Knox, and recent gold
discoveries adjacent to Macmillan Pass (Maps 1 and 2). The
causative intrusion for Fireweed’s Mactung tungsten-copper-gold
skarn deposit is a mid-Cretaceous intrusion of the
Tombstone-Tungsten Belt and is the largest high-grade tungsten
deposit in the world** as demonstrated by Fireweed’s recent Mineral
Resource Estimate that includes an estimate of contained by-product
gold (see Fireweed News Release dated June 13, 2023). Six different
Mayo suite intrusions and several swarms of mid-Cretaceous dykes
have been mapped at surface on Fireweed’s claims; in addition,
hornfels metasedimentary rock at surface, magnetic anomalies, and
geochemical anomalies suggest other intrusions are also present in
the near surface.
Planned drilling programs totaling >20,000 m
in the Selwyn basin—and within the Tombstone-Tungsten gold belt in
particular—have begun a new rush of gold exploration on projects
surrounding Fireweed’s claims in 2023. This new wave of gold
exploration has been fueled by the new discoveries by Snowline Gold
Corp. of reduced intrusion-related gold mineralization, 30 to 90 km
away from Fireweed’s Macmillan Pass Project (Map 3). Previous gold
exploration in the eastern Selwyn Basin in 2011-2013 primarily
focused on a different mineralization type, Carlin-style gold,
following gold discoveries to the northwest by ATAC Resources Ltd.
Approximately $6M of early-stage gold exploration occurred on
Fireweed’s Macmillan Pass Project during 2011-2013 by previous
owners and datasets gathered during this work, combined with
Fireweed’s own data, are being leveraged by the Company to generate
targets for gold exploration. The Macmillan Pass Project is the
second largest property in the eastern TTB and is located adjacent
to the Snowline properties.
A three-week reconnaissance exploration program
will be conducted by experienced prospectors and geologists headed
by Jodie Gibson, P.Geo., Yukon Prospectors Association’s Prospector
of the Year in 2020. The team will conduct prospecting, mapping,
and sampling to follow up on prospective areas around intrusions,
geochemical soil anomalies, and geophysical signatures indicative
of potential gold mineralization. While the primary focus of the
2023 season for Fireweed remains firmly on a ~C$20M drill program
focused on step-out drilling of zinc-lead-silver zones at Tom,
Jason, and Boundary, this C$250,000 reconnaissance greenfields gold
program will serve to systematically test gold anomalies and
utilize reduced intrusion-related gold exploration models that were
not the prime focus of the previous wave of Carlin-style gold
prospecting.
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
significant current cash position and is amidst its largest ever
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 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 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
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 Statement
Technical information in this news release has
been approved by VP Geology, Dr. Jack Milton, P.Geo. (BC), a
‘Qualified Person’ as defined under Canadian National Instrument
43-101.
Grant of Stock Options
The Company announces that it is granting,
pursuant to its stock option plan, stock options exercisable into
100,000 common shares in the Company to certain consultants of the
Company. The stock options are exercisable at C$1.11 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.
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 and the potential of the Company’s projects, the
creation of a new gold district and similarities to, and the
potential of, third party 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. Certain forward-looking statements
relate to third parties’ projects and potential thereof and have
been sourced from the public disclosure record of such third
parties and the Company has not independently verified such
statements. 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 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 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 Technical Report includes 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.
Map 1: Macmillan Pass Project and Mactung
Project locations and mineral deposits.
Map 2: Tombstone Gold Belt outlining the area of
mid-Cretaceous Tombstone-Mayo-Tungsten suite intrusions that are
prospective for reduced intrusion related gold systems, with
significant gold prospects, deposits or mines highlighted.
Map 3: Summary map of exploration projects
within the eastern Tombstone-Tungsten Belt.
Maps accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/c67f2466-112c-4147-b25e-ee75d7b505c8https://www.globenewswire.com/NewsRoom/AttachmentNg/d0e2d78f-05c4-44a6-a014-13398fff8267https://www.globenewswire.com/NewsRoom/AttachmentNg/06674578-f3e1-4d40-b63a-13ced992d351
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