FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ)
announces that as a result of the most recent drill results
discovering new mineralized zones at Boundary, the Company has
expanded the search area with strong discovery potential.
Two distinct systems were drilled at the new
discovery at Boundary West: an upper sequence and a lower sequence
of stratiform zinc mineralization. These stratiform systems are
overprinted by wide intervals of vein-hosted mineralization.
Historic exploration focused only on the upper sequence rock units.
The discovery of zinc mineralization in the lower sequence rocks,
in addition to the surrounding wide intervals of vein
mineralization, greatly expand the search area with strong
discovery potential.
The upper sequence includes a stratiform,
massive-sulphide cap to the system hosted by mid-late Devonian
rocks; and a lower sequence of stratiform zinc mineralization
hosted in Late Ordovician-Early Silurian rocks. The discovery of
Boundary West was originally announced in Fireweed news release
dated 24th September 2020.
Highlights
- 25.6 metres of massive-sulphide
pyrite-sphalerite-galena mineralization were intersected by hole
NB20-004 in a barite rich section that may represent a replaced
barite cap to the system.
- Laminated barite-replacement
zinc-lead mineralization similar in style to Tom and Jason were
intersected in holes NB20-007 and NB20-009.
- Significant widths of stratiform
zinc mineralization have been intersected in NB20-009 within the
same age host rocks as those that host mineralization in the
Howard’s Pass district, representing the first discovery of this
style of mineralization in the Macmillan Pass district.
CEO StatementBrandon Macdonald, CEO,
stated, “Boundary West is open in all directions and even
though we are at the initial stages of discovery, the early
indications of multiple styles of mineralization across wide
intervals point to the potential for a very large deposit at
Boundary Zone. Adding to this potential is what we are learning
from the geology at the new discovery. Historically, exploration in
the district focused on the upper sequence Devonian age rocks where
the Tom and Jason stratiform deposits are situated. This new
discovery clearly demonstrates that the lower sequence
Ordovician-Silurian age rocks are also host to significant
stratiform zinc mineralization. This along with the wide zones of
vein mineralization at Boundary West indicate great potential
throughout the property for additional discoveries in lower
sequence rocks that have seen little exploration effort in the
past.”
Boundary WestThe new discovery at Boundary West
was made by drill testing a large gravity anomaly detected in
August 2020 (see Map 1). Zinc mineralization at Boundary West is
present in two sequences: the upper sequence; and the lower
sequence. Each sequence broadly comprises an interval of stratiform
zinc mineralization overprinted and underlain by an interval of
vein-hosted zinc mineralization (see Table 1 and Cross section
1).
Upper sequenceThe first drillhole into the
gravity anomaly, NB20-004, intersected 25.6 metres of
massive-sulphide mineralization from 130.6 m to 156.2 m, comprising
mostly massive pyrite (>80% vol.) with some sphalerite and minor
galena. Relict patches of black mudstone and mudstone fragments
containing barite pseudomorphed by silica or pyrite are found
within the massive-sulphide. This intersection is in the
stratigraphy above Boundary Zone in rocks that are correlative with
the host rocks to the Tom and Jason deposits. In subsequent
drillholes NB20-007 and NB20-009, laminated
sphalerite-galena-pyrite mineralization (similar in style to Tom
and Jason) and semi-massive sulphides were intersected at the same
stratigraphic interval as the massive-sulphide in NB20-004.
Overprinting and underlying the stratiform interval, wide intervals
of vein hosted pyrite-sphalerite mineralization were intersected:
e.g. NB20-004 intersected 76.8 m of vein hosted and semi-massive
pyrite-sphalerite mineralization below the massive-sulphide from
156.2 to 233.0 m (see Cross Section 1).
Dr. Jack Milton, Fireweed Chief Geologist,
commented, “The upper interval in NB20-004 appears to
represent a massive-sulphide cap to the system and the textures
suggest that this layer may have originally been barite-rich and
has been subsequently replaced by sulphide. There are strong
textural parallels with other sediment-hosted massive-sulphide
systems such as Red Dog, Alaska, and further parallels with the
spatial relationship between the massive-sulphide and the
underlying vein-hosted mineralization. This gives a compelling
reason to step out the drilling next season and attempt to vector
towards more feeder-proximal parts of the system where there is the
potential for higher grade sections of massive-sulphide.”
Lower sequenceStratiform zinc mineralization was
intersected in hole NB20-009 from 160.0 m to 227.8 m (67.8 m
intersected), occurring as fine to medium grains of disseminated
grey sphalerite concentrated along sedimentary laminae in
radiolarian cherty mudstones. Identification of graptolite fossils
that precisely date the rocks from the new discovery west of
Boundary Zone show that stratiform sphalerite mineralization occurs
in the late Ordovician-Early Silurian part of the Road River Group
(Cross Section 1). This demonstrates that stratiform mineralization
in NB20-009 occurs not only in the upper sequence mid to late
Devonian Earn Group rocks that host mineralization at Tom and Jason
but that a second wide mineralized interval occurs in the older,
lower sequence Late Ordovician-Early Silurian rocks.
Dr. Jack Milton commented, “The discovery
of stratiform sphalerite mineralization in these lower sequence
Late Ordovician to Early Silurian rocks at Boundary West is highly
significant as Early Silurian rocks host the large zinc-lead
deposits at Howard’s Pass, 90 km southeast of our property, and
this is the first discovery of stratiform mineralization hosted in
Early Silurian rocks in the Macmillan Pass district. This discovery
shows the existence of multiple pulses of mineralization and a
long-lived hydrothermal system that is hosted by rocks of at least
Upper Ordovician to late Devonian age. The new discovery at
Boundary West demonstrates that not only does the Macmillan Pass
district have potential to contain upper sequence mid-late Devonian
hosted deposits; but also, lower sequence Howard’s Pass style Early
Silurian hosted zinc-lead deposits.”
The lower sequence stratiform interval of zinc
mineralization is overprinted by multiple generations of
sphalerite-pyrite-quartz-galena-siderite veins. The vein
mineralization forms a wide interval, overlapping the stratiform
mineralization and extending 178.2 m below the stratiform styles of
mineralization in NB20-009 from 227.8 m to 406.0 m (see Cross
Section 1 and Fireweed news releases dated September 24th, 2020 and
October 15th, 2020 for details). Hole NB20-004 was terminated
before reaching lower sequence rocks.
The gravity anomaly at Boundary West remains
untested along strike for hundreds of metres in both directions
away from the fence of discovery drill holes.
Assays remain pending for all 2020 drilling at
Boundary Zone and no visual estimates for grade are reported. All
drilled intervals are stated as intersected widths, and true widths
have not been estimated as NB20-004, NB20-007, and NB20-009 are the
first three holes drilled into the exploration target at Boundary
West and the three dimensional geometry of the mineralized zone has
not been defined. Investors are cautioned that textural comparisons
of the mineralization in the Fireweed exploration targets discussed
in this news release to other mineralized systems does not imply an
expectation for similar grades, volumes or potential for eventual
economic extraction.
Qualified Person StatementTechnical information in this news
release has been approved by Gilles Dessureau, P.Geo, Vice
President Exploration and a ‘Qualified Person’ as defined under
Canadian National Instrument 43-101.
About Fireweed Zinc Ltd.
(TSXV: FWZ): Fireweed
Zinc is a public mineral exploration company focused on
zinc-lead-silver and managed by a veteran team of mining industry
professionals. The Company is advancing its district-scale 936 km2
Macmillan Pass Project in Yukon, Canada, which is host to the 100%
owned Tom and Jason zinc-lead-silver deposits with current Mineral
Resources and a PEA economic study (see Fireweed news releases
dated January 10, 2018, and May 23, 2018, respectively, and reports
filed on www.sedar.com for details) as well as the Boundary
Zone, Tom North Zone and End Zone which have significant
zinc-lead-silver mineralization drilled but not yet classified as
mineral resources. The project also includes large blocks of
adjacent claims (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, Stump)
which cover exploration targets in the district where previous and
recent work identified zinc, lead and silver prospects, and
geophysical and geochemical anomalies in prospective host
geology.
Additional information about Fireweed Zinc and
its Macmillan Pass Zinc Project including maps and drill sections
can be found on the Company’s website at
www.FireweedZinc.com and at www.sedar.com.
ON BEHALF OF FIREWEED ZINC
LTD.
“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
StatementsThis news release may contain
“forward-looking” statements and information relating to the
Company and the Macmillan Pass Project that are based on the
beliefs of Company management, as well as assumptions made by and
information currently available to Company management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including but not limited to, without
limitations, exploration and development risks, expenditure and
financing requirements, general economic conditions, changes in
financial markets, the effects of the pandemic, 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, and one-time
events. Additional risks are set out in the Company’s prospectus
dated May 9, 2017, and filed under the Company’s profile on SEDAR
at www.sedar.com. Should any one or more risks or uncertainties
materialize or change, or should any underlying assumptions prove
incorrect, actual results and forward-looking statements may vary
materially from those described herein. The Company does not
undertake to update forward‐looking statements or forward‐looking
information, except as required by law.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ee98aec-7674-4c32-8c72-95065ee82dd8
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe272dba-639e-487b-9ca0-e69b9bf28dae
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