FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF; FSE: M0G) is pleased to announce the results of the
2023 geophysical survey on its Gayna Project
(zinc-lead-silver-gallium-germanium) (“Gayna" or “the Project”) in
the Northwest Territories, Canada (Map 1).
Highlights
-
Several drill targets on gravity anomalies have been identified in
reef-margin positions, consistent with Kipushi-style1 massive
sulphide targets.
-
Reef-margin targets are further supported by proximity to known
showings, soil anomalies, and rock sampling.
CEO Statement
Brandon Macdonald, CEO, stated “The results of
our work at the Gayna Project so far show some compelling targets
supported by multiple independent datasets: gravity, soils, and
geological mapping. The anomalies are focused around the margins of
ancient carbonate reefs, further validating the exploration concept
that we are testing here—that Gayna may host high-grade massive
sulphide zinc-lead mineralization. We are very excited to
revitalize mineral exploration in the area and conclusively test
these targets for critical minerals.”
Summary
Fireweed is exploring for zinc and lead
mineralization at the Gayna Project where the geology appears
similar to that of the high grade Kipushi zinc mine in the
Democratic Republic of Congo1. Fireweed is testing the concept that
Gayna may host similar vertically oriented, reef-margin zinc and
lead mineralization, where zinc occurs within very dense rocks. In
2022 and 2023, Fireweed carried out ground-based surveys that took
measurements of the Earth’s gravity field to identify any anomalies
that may relate to dense rocks in the subsurface. Several density
anomalies have been identified that are consistent with the
reef-margin analogue. The targets are further supported by
high-grade zinc and lead from surface rock samples. The comparison
to the Kipushi mine1 is conceptual in nature, and testing by
drilling is required to determine if significant amounts of zinc or
lead occur in the subsurface at Gayna.
Map 1: Gayna Project Location Relative to
Fireweed’s Flagship Macpass and Mactung Projects.
Map 2: Gayna Project
Geology.
2023 Geophysical Survey
Crews completed a 40 line-km, three-week long,
low-impact ground gravity survey at Gayna in 2023. The survey
provided infill coverage of the 2022 grid (see Fireweed news
release dated November 17, 2022); covered targets A, B, C, F, and L
(Maps 3 and 4); and expanded the grid to cover more reef-margin
targets.
Results
Results from the survey have delineated areas of
anomalously high gravity around carbonate reef margins (Map 4,
Cross Sections A-A’ and B-B’). These gravity highs may represent
areas of high subsurface density and coincide with high lead and
zinc values in soils. Geological mapping and the interpretation of
historical drill logs has constrained the location of gravity
anomalies to both reef-margin positions and associated with NW-SE
trending fault structures (Cross Sections A-A’ and B-B’). There is
a close spatial relationship between mineralization around the
discovery “A” showing at Gayna and a gravity anomaly, which
continues to support the exploration model.
Preliminary, unconstrained inversions of the
2022 and 2023 gravity data have delineated 12 targets with strike
lengths of 250 to 1,100 m which are ready to be tested by 2,000 to
3,000 m of diamond drilling. Additional modeling work is underway
to better constrain the targets and identify more subtle
anomalies.
Ground gravity has been a very successful tool
in Fireweed’s exploration of the Boundary Zone area at the Macpass
Project (zinc-lead-silver), Yukon. There, gravity anomalies were
critical for making new discoveries and step-out drill holes that
have successfully intersected sulphide mineralization within 100 to
200 m of surface (see Fireweed news release dated November 10,
2022). Gravity anomalies identified at Gayna may similarly be
associated with potential zinc-lead sulphide bodies relatively
close to surface.
Map 3: Gayna Project Claims and
Historical Drill Collars and Cross Section Locations.
Cross section A–A’: Gravity highs
coincident with both shallowly-buried margins of the reef and with
high magnitude anomalies associated with the “A” and “F”
showings.
Cross section B–B’: gravity high
coincident with shallowly-buried, reef-margin.
Map 4: 2022 and 2023 Ground Gravity
Survey Results.
Gayna Project
(zinc-lead-silver-gallium-germanium)
The Gayna Project is located in the Mackenzie
Mountains, Northwest Territories, (see Map 1) within the Gwich’in
Settlement Area, the Sahtu Settlement Area, and the asserted
territory of the First Nation of Na-Cho Nyäk Dun. The project is in
Canada, approximately 180 km West of Norman Wells, NWT, 180 km
north of Fireweed’s Macpass project, Yukon, and 150 km SW of the
winter road between Fort Good Hope and Norman Wells, NWT. There is
a winter airstrip located on the claims.
The Gayna showings are hosted in dominantly
carbonate sedimentary rocks of Neoproterozoic age within the
Mackenzie Mountains. These carbonate units consist of a succession
of shale-carbonate rocks containing calcimicrobial limestone reefs
formed by stromatolites and possibly early sponges. The reefs are
surrounded by comparatively deeper-water sediments intermixed with
reef-derived talus, with individual reefs several hundred metres to
over 3 km in diameter and hundreds of metres in thickness. This
sharp, near-vertical interface between the reef and the surrounding
sedimentary rocks is being targeted as an environment analogous to
the high-grade Big Zinc Zone at the Kipushi deposit in the
Democratic Republic of Congo1. Mineralization discovered at Gayna
to date occurs in veins and breccias in carbonate rocks similar to
Mississippi-Valley-Type (MVT) mineralization, or Irish-type
zinc-lead mineralization. Sphalerite and minor galena occur as
infill within veins, vugs, and breccias along with
dolomite-calcite-quartz-pyrite. This mineralization is interpreted
as the distal expression of Kipushi-style massive sulphide
mineralization that may be present along the subvertical margins of
the carbonate reefs. This steep reef margin geometry at Gayna was
not tested by historical, sub-vertical drill holes, which targeted
sub-horizontal, shallowly dipping mineralization. The gravity
geophysics work from 2022 shows compelling gravity targets, and the
data generated in the 2023 gravity program will guide future
drilling programs to test these anomalies using inclined
drillholes.
Rio Tinto completed over 28,000 m of exploration
drilling at Gayna in the 1970’s to test targets identified by
prospecting or soil geochemistry, and to test stratiform targets
with a grid drilling approach utilizing vertical holes on a square
grid with an average spacing of 600 m between holes (Map 3). Given
the vertical holes and the wide historic drill grid spacing, these
drill programs left the concept of subvertical bodies of massive
sulphide mineralization untested. The Project was staked by
Fireweed in 2022 to test the new exploration concept that
Kipushi-style, high-grade massive sulphide may be present at
Gayna.
A ground gravity survey, an airborne LiDAR
survey, and an orthophoto survey were carried out in 2022 to
acquire high-quality geophysical data using modern technology and
practices. The results of the 2022 gravity program delineated
several gravity-high anomalies over the inferred position of the
reef-margins. For an overview of results from the 2022 program,
please refer to Fireweed news release dated November 17, 2022.
A limited rock sampling program at known
showings returned samples with high zinc, silver, and lead
concentrations, and also contained elevated concentrations of the
critical minerals gallium (2 to 42 ppm) and germanium (9 to 99 ppm)
(see Fireweed news release dated November 17, 2022). The 2022 rock
sampling returned a specimen with a spectacular zinc grade of
51.2%, as well as another sample grading 73.7% lead. These samples,
while derived from surface boulders, illustrate the potential for
an undiscovered source(s) of massive sulphides with extremely high
grades, comparable to Kipushi, hosted in the same reef-margin
environment. Several extensive, high magnitude lead-zinc soil
anomalies present on the Project are not readily explained by the
results of the historic drilling and show potential for yet
undiscovered high-grade massive sulphide mineralization along the
reef-margins.
Photo 1: Gayna Project ‘A’ showing,
sample. Upper-Host sub-rounded dolostone breccia, matrix infilled
with dolomite, calcite, crystalline red and green sphalerite, and
metallic galena.
Qualified Person Statement
Technical information in this news release has
been approved by Fireweed Metals’ VP Geology, Jack Milton, Ph.D.,
P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian
National Instrument 43-101.
About Fireweed Metals Corp. (TSXV: FWZ;
OTCQB: FWEDF; FSE:M0G): Fireweed Metals is a public
mineral exploration company on the leading edge of Critical
Minerals project development. Fireweed is well-funded, with a
strong current cash position and has just completed its largest
ever exploration program. The Company has three projects located in
Canada:
-
Macpass Project
(zinc-lead-silver): Fireweed owns 100% of
the district-scale 940 km2 Macpass Project in Yukon, Canada, which
is host to one of the largest undeveloped zinc resources in the
world*. The Tom and Jason zinc-lead-silver deposits have current
Mineral Resources2 (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 Assessment3 (PEA). In addition, Boundary Zone, Tom North
and End Zone have significant zinc-lead-silver mineralization
drilled that are 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 owns 100% of the 37.6 km2 Mactung Project, located in the
Yukon and Northwest Territories adjacent to the Macpass 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)4
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 Project
(zinc-lead-gallium-germanium): Fireweed
owns 100% of the 128.75 km2 Gayna Project, located in the Northwest
Territories about 180 km north of the Macpass Project. As outlined
by 28,000 m of historical drilling and recent studies, it is host
to extensive mineralization including critical minerals zinc,
gallium and germanium, as well as lead and silver. The project has
significant upside exploration potential.
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: M0G) 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.sedarplus.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.
Data Verification
Geophysical surveying in 2022 and 2023 was
conducted by a qualified and independent contractor under the
direction of Fireweed Metals.
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
mineralization potential, comparison of the Gayna Project to other
mineral projects or mines, interpretation of geophysical data,
interpretation of drill results, 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 resources and Macpass 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: For details of the geological comparison to
the Kipushi Mine, see Turner, E. C., D. W. Broughton, and T.
Brooks. "Neoproterozoic carbonate lithofacies and ore distribution
at the Kipushi Cu-Zn deposit, Democratic Republic of Congo, and
Gayna River Zn camp, Northwest Territories, Canada." Economic
Geology 113.3 (2018): 779-788. Fireweed cautions that the
presence of gravity anomalies at the Gayna Project described in
this news release or the comparison of the geology of the Gayna
project to the geology of the Kipushi Mine do not guarantee that
massive sulphides, or any other zinc or lead mineralization yet to
be discovered, exists on the Gayna claims. This geological
comparison is conceptual in nature and requires further
exploration. Fireweed makes no assurance that additional
exploration will result in the discovery of any mineralization, the
definition of an Exploration Target, or the definition of a Mineral
Resource on the Gayna Project.
2: For details, see 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 https://www.sedarplus.ca/ on
February 23, 2018, and Fireweed news release dated January 10,
2018.
3: For details, see Fireweed Technical Report
titled “NI 43-101 Technical Report Macmillan Pass Project Yukon
Territory Canada” filed on https://www.sedarplus.ca/ on July 9,
2018, and Fireweed news release dated May 23, 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.
4: For details, 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” and the technical report entitled “NI 43-101 Technical
Report, Mactung Project, Yukon Territory, Canada,” with effective
date July 28, 2023 filed on https://www.sedarplus.ca/
Contact: Brandon MacdonaldPhone: (604)
646-8361Email: info@fireweedmetals.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4546b07f-38ce-4fb4-993e-67b69e5f847c
https://www.globenewswire.com/NewsRoom/AttachmentNg/306ed278-4381-4999-b58a-e8856dcdc575
https://www.globenewswire.com/NewsRoom/AttachmentNg/148fa17c-10cc-410f-ba90-a320662d0b3d
https://www.globenewswire.com/NewsRoom/AttachmentNg/e8f4a7c9-8263-4f1f-9e0d-ac87cdd3e823
https://www.globenewswire.com/NewsRoom/AttachmentNg/527c0350-dd90-41db-ad48-cdf2a9f9da18
https://www.globenewswire.com/NewsRoom/AttachmentNg/60307013-da4e-42d6-bd7d-e3754720c151
https://www.globenewswire.com/NewsRoom/AttachmentNg/740ff122-9b07-4376-835d-90ca440a8813
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