FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce
the first results of the 2022 drill program at their flagship
Macmillan Pass zinc-lead-silver project, located within the
prolific Selwyn Basin zinc district of Yukon, Canada (Map 1).
Highlights
- At Boundary West
Hole NB22-002 intersected high-grade massive sulphides and veins:
124 m of 12.3% zinc, 1.3% lead, and 45.9 g/t silver including 60 m
of 19.0% zinc, 1.6% lead, and 64.7 g/t silver, the best ever
intersection recorded anywhere at Macmillan Pass, in terms of grade
x thickness.
- Step-out hole
NB22-002 successfully extended the Boundary West massive sulphide
mineralization, which remains open in multiple directions,
including towards where geological vectors suggest a feeder zone
may be present in which higher grades and thicknesses may be
found.
- Hole NB22-002
also intersected a new zone of massive sulphide and volcanics over
18.5 m grading 6.15% zinc, 0.39% lead, and 14.3 g/t silver
that remains open to the south.
CEO Statement
Brandon Macdonald, CEO, stated, “The first results from the 2022
program include the best intersection that we have ever had at
Boundary Zone, or anywhere on the property including our Tom and
Jason deposits. Boundary West seems to get higher grade the more we
chase it to depth, and we see great potential for this massive
sulphide zone—it is open along strike on both sides, and at depth,
including in the direction toward the potential feeder structure.
These are exceptional assays to kick off reporting of our 2022
drill results.”
NB22-002
Diamond drill hole NB22-002 intersected a long interval of
high-grade, dense massive sulphide and vein-hosted mineralization
from a downhole depth of around 286 m: 124.49 m of
12.31% zinc, 1.31% lead, and 45.9 g/t silver (Tables 1 and 4,
Cross Section D-D’). The massive sulphides comprise pyrite and
sphalerite with minor galena (Photo 1). This massive sulphide
interval contains higher grade sections, for example, 59.96 m of
19.04% zinc including 18.27 m of 28.1% zinc (Tables 1 and 4). An
interval of lead-silver rich, very-high grade massive sulphide
mineralization grading 25.18% Zn, 9.39% lead, and 166.9 g/t silver
over 4.26 m (Photo 2) occurs downhole of the massive sulphides and
is tentatively interpreted to be a lateral equivalent of the
high-grade lead-silver rich laminated zinc mineralization
intercepted in nearby drillholes (e.g. NB21-002; see Fireweed news
release dated September 16th 2021 for details).
Table 1: NB22-001 and NB22-002 drilling highlights, Boundary
West.
Drill hole |
Interval |
From(m) |
To (m) |
Width(m) |
Zn(%) |
Pb(%) |
Ag(g/t) |
BulkDensity(t/m3) |
Style |
NB22-002 |
primary |
133.23 |
151.75 |
18.52 |
6.15 |
0.39 |
14.3 |
3.77 |
MS, Vo |
NB22-002 |
primary |
285.91 |
410.40 |
124.49 |
12.31 |
1.31 |
45.9 |
3.57 |
MS, V |
NB22-002 |
>including |
317.40 |
377.36 |
59.96 |
19.04 |
1.64 |
64.7 |
4.08 |
MS |
NB22-002 |
>>including |
332.00 |
350.27 |
18.27 |
28.10 |
0.65 |
68.4 |
3.90 |
MS |
NB22-002 |
>and |
388.98 |
393.24 |
4.26 |
25.18 |
9.39 |
166.9 |
3.65 |
MS |
NB22-002 |
>and |
406.97 |
410.40 |
3.43 |
9.57 |
0.55 |
29.3 |
4.11 |
MS |
NB22-001 |
primary |
437.65 |
442.52 |
4.87 |
6.71 |
1.56 |
40.5 |
3.25 |
LS |
MS: Massive Sulphide, Vo: Volcanic, V: Veins, LS: Laminated
Sulphide. Intersected widths reported in this table; true widths
estimated at 60-80% of intersected widths.
The increase in zinc, lead and silver grades towards the east
and with depth at Boundary West suggests that the feeder structure
is located to the east and/or at depth from hole NB22-002, where
the massive sulphide zone remains open. The massive sulphide
mineralization is also open at depth to the west of hole NB21-002
(Map 2). Laminated barite occurs within the massive sulphide
(~366-375 m) and silicified black mudstone occurs around the
margins of the zone.
An apparent offset of approximately 40 m to 50 m relative to
other intersections of the massive sulphide zone reported from
Boundary West to date, coupled with the absence of directly
overlying massive sulphide in an adjacent hole (NB22-007, see Cross
Section D-D’), lead to the interpretation that the massive
sulphides intersected in NB22-002 are separated by a small-scale
fault from the rest of the massive sulphides previously drilled at
Boundary West. Angles of bedding to core axis within and on either
side of the massive sulphides suggest that true thicknesses are
likely to be approximately 60% to 80% of intersected thickness.
Additional drilling is required to determine any potential
extension of the massive sulphide to the east and to more
accurately delineate structure and true thicknesses.
An additional intersection of a new zone of dense massive
sulphide and volcanic-hosted mineralization only 130 m vertically
from surface graded 6.15% zinc, 0.39% lead, and 14.3 g/t silver
over 18.52 m including 7.41 m of 10.15% zinc, 0.73% lead, and 24.3
g/t silver (Tables 1 and 4, Cross Section D-D’). This represents a
new zone of zinc mineralization that opens up the potential for
additional mineralization at Boundary West towards the south.
NB22-001
Diamond drill hole NB22-001 resulted in a successful step-out
intersection of the laminated zinc mineralization at Boundary West
of 4.87 m grading 6.71% zinc, 1.56% lead, and 40.5 g/t silver
(Tables 1 and 4, Cross Section D-D’). NB22-001 also demonstrated
continuity of the massive sulphide zone at Boundary West with a
separate 38.27 m intersection of dense massive pyrite-sphalerite
and minor vein-hosted sphalerite that graded 1.22% zinc, 0.04%
lead, and 14.9 g/t silver (Table 4).
Data verification
The diamond drill core logging and sampling program was carried
out under a rigorous quality assurance / quality control program
using industry best practices. Drill intersections in this release
are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter)
with recoveries typically above 85% unless otherwise noted in the
table of results. After drilling, core was logged for geology,
structure, and geotechnical characteristics, then marked for
sampling and photographed on site. The cores for analyses were
marked for sampling based on geological intervals with individual
samples 1.5 m or less in length. Drill core was cut lengthwise in
half with a core saw; half-core was sent for assays reported in
this news release, and the other half is stored on site for
reference. Bulk density was determined on site for the entire
length of each sample assayed by measurement of mass in air and
mass in water. Sample duplicate bulk density determinations and
in-house bulk density standard determinations were each made at a
rate of 5%. Since 2017, four in-house bulk density standards
(mineralized drill core from the Tom deposit that span a range of
densities) have been used and show an acceptable long-term
precision. Certified standard masses are used to calibrate the
scale balance used for bulk density determinations.
A total of 5% assay standards or blanks and 5% core duplicates
are included in the sample stream as a quality control measure and
are reviewed after analyses are received. Standards and blanks in
2022 drill results to date have been approved as acceptable.
Duplicate data add to the long-term estimates of precision for
assay data on the project and precision for drill results reported
is deemed to be within acceptable levels. Samples were sent to the
Bureau Veritas preparation laboratory in Whitehorse, Yukon, where
the samples were crushed and a 500 g split was sent to the Bureau
Veritas laboratory in Vancouver, B.C to be pulverized to 85%
passing 200 mesh size pulps. Clean crush material was passed
through the crusher and clean silica was pulverized between each
sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion
followed by Inductively Coupled Plasma Mass Spectrometry
(ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples
were also analyzed for multiple elements by lithium borate fusion
and X-ray fluorescence analysis (XRF) finish (BV Code LF725).
Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by
lithium borate fusion with XRF finish (BV Code LF726). Silver is
reported in this news release by method AQ270, and zinc and lead
are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an
independent, international ISO/IEC 17025:2005 accredited
laboratory.
Results in this news release are length and bulk-density
weighted averages as would be used in a Mineral Resource estimate.
Readers are cautioned that in Fireweed news releases prior to 2020,
only length weighted assay averages were reported which may result
in slightly lower (under-reported) average values. Length and
bulk-density weighted averages have been reported as these most
accurately represent the average metal-content of the
intersections.
Qualified Person Statement
Technical information in this news release has been approved by
Dr. Jack Milton, P.Geo., Chief Geologist and 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. The Company has three projects
located in northern Canada:
-
Macmillan Pass Zinc-Lead-Silver Project: Fireweed
owns 100% of the district-scale 940 km2 Macmillan Pass project in
Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver
deposits with current Mineral Resources and a PEA economic study
(see Fireweed news releases dated 10th January 2018, and 23rd May
2018, respectively, and reports filed on www.sedar.com for details)
as well as Boundary Zone (including Boundary Main and Boundary
West), Tom North 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 with known showings and significant upside
exploration potential. A large, four-rig 2022 drill program is now
complete and assays are being reported as they are received and
interpreted.
- Mactung
Tungsten Project: The Company has a binding Letter of
Intent to acquire 100% interest in the 37.6 km2 Mactung Tungsten
Project located adjacent to the Macmillan Pass Project. Mactung
contains historic resources that make it one of the largest and
highest-grade undeveloped tungsten resources in the world. Located
in Canada, it is one of the rare large tungsten resources outside
of China. Due diligence and validation work on historic data as
well as relogging and sampling of historic drill core is underway
and will support a new mineral resource estimate.
- Gayna
River Zinc-Gallium-Germanium Project: 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 critical
minerals mineralization including zinc, gallium and germanium as
well as lead and silver, outlined by 28,000 metres of historic
drilling and significant upside potential. The 2022 field program
of airborne LiDAR topographic surveying, and ground gravity
geophysics was recently completed, and data is being interpreted
toward defining 2023 drill targets.
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. The Company is current in its reporting
and undergoes an annual verification and management certification
process. Investors can find Real-Time quotes and market information
for the Company on www.otcmarkets.com. 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
www.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 may contain “forward-looking”
statements and information relating to the Company and its projects
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 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. There is no assurance that technical interpretations and
projections described in this news release, including but not
limited to how they may relate to a potential high grade feeder
structure at the Boundary West Zone, are correct, and accordingly,
readers are advised not to place undue reliance on such forward
looking statements. 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.
Map 1: Macmillan Pass and Mactung location
map: https://www.globenewswire.com/NewsRoom/AttachmentNg/dc3f57fc-eac1-43e6-a0f9-c17fb02d482e
Map 2: Boundary Zone drilling and location of cross-section
D-D’: https://www.globenewswire.com/NewsRoom/AttachmentNg/fb47e975-12d5-486e-bdfe-880d5a4d28db
Cross-section D-D’ showing preliminary interpretation of the
mineralized zone around NB22-002. Detailed visual mineralization
observations have not yet been disclosed for holes NB22-004 and
NB22-007 as assays are pending for these two
holes: https://www.globenewswire.com/NewsRoom/AttachmentNg/6a3e96b2-e3d4-4012-b0f8-3cc66f68eedf
Photo 1 Scanned images of massive sulphide mineralization core,
NB22-002: 337.1-340.2 m. Images are from within a broader interval
of 18.27 m of 28.1% Zn, 0.65% Pb, and 68.4 g/t
Ag: https://www.globenewswire.com/NewsRoom/AttachmentNg/512bddb4-96e2-452b-ab87-a4456fd9b9bf
Photo 2 Scanned images of massive sulphide core from NB22-002:
388.4 m to 393.6 m visible. Interval 388.98-393.24 m graded 25.18%
Zn, 9.39% Pb, 166.9 g/t
Ag:https://www.globenewswire.com/NewsRoom/AttachmentNg/0a90c883-37f0-4747-add5-afc002042493
Table 2: Summary of drill results from 2022 program
Drill hole |
Zone |
Holelength(m) |
Significantintersections |
Type |
NB22-001 |
BW |
463 |
Disclosed in this release |
Infill & Step-out |
NB22-002 |
BW |
491 |
Disclosed in this release |
Step-out & New Discovery |
NB22-003 |
BW |
64 |
Hole abandoned |
- |
NB22-004 |
BW |
403 |
Moderate zone |
Step-out |
NB22-005 |
BM |
326 |
Weak zones |
Step-out |
NB22-006 |
BM |
375 |
Wide zone |
Step-out |
NB22-007 |
BW |
365 |
Narrow zones |
Step-out |
NB22-008 |
BM |
213 |
Wide zone |
Step-out & New Discovery |
NB22-009 |
BM |
147.5 |
Wide zone |
Infill |
NB22-010 |
BM |
91 |
Wide zone |
Infill |
NB22-011 |
BM |
265.3 |
Wide zone |
Infill & Step-out |
NB22-012 |
BM |
353 |
Wide zone |
Step-out |
NB22-013 |
BM |
125.4 |
Moderate zone |
Infill |
NB22-014 |
BM |
31 |
Hole abandoned |
- |
NB22-015 |
BM |
145 |
Moderate zone |
Infill |
NB22-016 |
BM |
57.4 |
Hole abandoned |
- |
NB22-017 |
BM |
80 |
Wide zone |
Infill |
NB22-018 |
BM |
270 |
Wide zone |
Infill, Step-out & New Discovery |
NB22-019 |
BW |
340 |
Wide zone |
Infill & Step-out |
NB22-020 |
BM |
149 |
Wide zone |
Infill |
NB22-021 |
BM |
112 |
Wide zone |
Infill |
NB22-022 |
BM |
327 |
Wide zone |
Step-out & New Discovery |
NB22-023 |
BM |
367 |
Wide zone |
Step-out & New Discovery |
TS22-001 |
TW |
200 |
Wide zone |
Infill |
TS22-002 |
TE |
170.9 |
Wide zone |
Infill |
TS22-003 |
TW |
125 |
Wide zone |
Infill |
TS22-004 |
TW |
214.2 |
Wide zone |
Infill |
TS22-005 |
TW |
128 |
Wide zone |
Infill |
TS22-006 |
TW |
190.5 |
Wide zone |
Infill |
TS22-007 |
TW |
86 |
Wide zone |
Infill |
TS22-008 |
TW |
61 |
Wide zone |
Infill |
TS22-009 |
TW |
335 |
Wide zone |
Infill |
All assays pending unless otherwise indicated. BM: Boundary
Main; BW: Boundary West; TW: Tom West; TE: Tom East.
Table 3: 2022 drill collar details
Drill hole |
Target |
Length(m) |
Easting |
Northing |
Elevation(m.s.l) |
Azimuth(°) |
Dip(°) |
NB22-001 |
Boundary |
463 |
421861 |
7010461 |
1178 |
030 |
-58 |
NB22-002 |
Boundary |
491 |
421940 |
7010405 |
1164 |
033 |
-57 |
NB22-003 |
Boundary |
64 |
422105 |
7010683 |
1238 |
211 |
-76 |
NB22-004 |
Boundary |
403 |
422105 |
7010683 |
1238 |
211 |
-76 |
NB22-005 |
Boundary |
326 |
422230 |
7010524 |
1193 |
214 |
-50 |
NB22-006 |
Boundary |
375 |
422539 |
7010536 |
1195 |
207 |
-55 |
NB22-007 |
Boundary |
365 |
421940 |
7010405 |
1164 |
036 |
-47 |
NB22-008 |
Boundary |
213 |
422274 |
7010600 |
1217 |
209 |
-68 |
NB22-009 |
Boundary |
147.5 |
422438 |
7010417 |
1165 |
208 |
-50 |
NB22-010 |
Boundary |
91 |
422390 |
7010385 |
1152 |
205 |
-50 |
NB22-011 |
Boundary |
265.3 |
422440 |
7010419 |
1164 |
208 |
-69 |
NB22-012 |
Boundary |
353 |
422342 |
7010620 |
1219 |
201 |
-65 |
NB22-013 |
Boundary |
125.4 |
422390 |
7010386 |
1150 |
205 |
-70 |
NB22-014 |
Boundary |
31 |
422330 |
7010384 |
1146 |
212 |
-50 |
NB22-015 |
Boundary |
145 |
422331 |
7010385 |
1146 |
212 |
-75 |
NB22-016 |
Boundary |
57.4 |
422330 |
7010384 |
1146 |
212 |
-55 |
NB22-017 |
Boundary |
80 |
422331 |
7010385 |
1147 |
212 |
-85 |
NB22-018 |
Boundary |
270 |
422308 |
7010434 |
1166 |
216 |
-58 |
NB22-019 |
Boundary |
340 |
421948 |
7010672 |
1232 |
180 |
-57 |
NB22-020 |
Boundary |
149 |
422308 |
7010435 |
1166 |
216 |
-72 |
NB22-021 |
Boundary |
112 |
422309 |
7010435 |
1167 |
216 |
-82 |
NB22-022 |
Boundary |
327 |
422292 |
7010474 |
1182 |
211 |
-56 |
NB22-023 |
Boundary |
367 |
422292 |
7010474 |
1182 |
211 |
-70 |
TS22-001 |
Tom West |
200 |
441994 |
7003679 |
1545 |
060 |
-80 |
TS22-002 |
Tom East |
170.9 |
442063 |
7004322 |
1677 |
060 |
-90 |
TS22-003 |
Tom West |
125 |
441994 |
7003680 |
1545 |
065 |
-55 |
TS22-004 |
Tom West |
214.2 |
441993 |
7003679 |
1545 |
065 |
-89 |
TS22-005 |
Tom West |
128 |
442046 |
7003767 |
1533 |
063 |
-50 |
TS22-006 |
Tom West |
190.5 |
442044 |
7003582 |
1581 |
049 |
-75 |
TS22-007 |
Tom West |
86 |
441943 |
7003969 |
1538 |
066 |
-80 |
TS22-008 |
Tom West |
61 |
441945 |
7003970 |
1538 |
066 |
-45 |
TS22-009 |
Tom West |
335 |
442043 |
7003581 |
1581 |
049 |
-89 |
Coordinate reference system: UTM Zone 9 NAD83. North reference:
UTM grid north.
Table 4: NB22-001 and NB22-002 full drill results table.
Drill Hole |
Interval |
From(m) |
To (m) |
Width(m) |
Zn(%) |
Pb(%) |
Ag(g/t) |
BulkDensity(t/m3) |
Style |
NB22-001 |
primary |
170.50 |
177.65 |
7.15 |
1.24 |
0.06 |
4.7 |
3.21 |
V |
NB22-001 |
primary |
220.40 |
258.67 |
38.27 |
1.22 |
0.04 |
14.9 |
4.41 |
MS, V |
NB22-001 |
>incl. |
220.40 |
227.06 |
6.66 |
2.74 |
0.07 |
13.4 |
3.64 |
MS, V |
NB22-001 |
>>incl. |
220.40 |
221.97 |
1.57 |
7.29 |
0.10 |
12.8 |
3.27 |
V |
NB22-001 |
>and |
251.13 |
255.12 |
3.99 |
2.06 |
0.04 |
16.8 |
4.76 |
MS |
NB22-001 |
primary |
437.65 |
442.52 |
4.87 |
6.71 |
1.56 |
40.5 |
3.25 |
LS |
NB22-001 |
>incl. |
439.57 |
442.52 |
2.95 |
8.53 |
2.01 |
49.3 |
3.37 |
LS |
NB22-002 |
Entire hole* |
0.00 |
491.00 |
491.00 |
4.01 |
0.43 |
16.0 |
3.10 |
- |
NB22-002 |
low grade* |
0.00 |
133.23 |
133.23 |
0.15 |
0.04 |
1.3 |
2.87 |
- |
NB22-002 |
low grade* |
151.75 |
285.91 |
134.16 |
0.24 |
0.05 |
3.9 |
2.94 |
- |
NB22-002 |
low grade* |
410.40 |
491.00 |
80.60 |
0.14 |
0.08 |
3.9 |
2.84 |
- |
NB22-002 |
primary |
133.23 |
151.75 |
18.52 |
6.15 |
0.39 |
14.3 |
3.77 |
MS, Vo |
NB22-002 |
>incl. |
133.23 |
142.11 |
8.88 |
9.00 |
0.65 |
22.0 |
4.26 |
MS |
NB22-002 |
>>incl. |
134.70 |
142.11 |
7.41 |
10.15 |
0.73 |
24.3 |
4.37 |
MS |
NB22-002 |
primary |
285.91 |
410.40 |
124.49 |
12.31 |
1.31 |
45.9 |
3.57 |
MS, V |
NB22-002 |
>incl. |
308.74 |
410.40 |
101.66 |
14.39 |
1.50 |
52.3 |
3.68 |
MS, V |
NB22-002 |
>>incl. |
308.74 |
377.36 |
68.62 |
17.79 |
1.48 |
60.0 |
3.98 |
MS, V |
NB22-002 |
>>>incl. |
317.40 |
377.36 |
59.96 |
19.04 |
1.64 |
64.7 |
4.08 |
MS |
NB22-002 |
>>>>incl. |
332.00 |
350.27 |
18.27 |
28.10 |
0.65 |
68.4 |
3.90 |
MS |
NB22-002 |
>>>>and |
360.22 |
362.20 |
1.98 |
32.42 |
1.95 |
75.9 |
4.03 |
MS |
NB22-002 |
>>and |
388.98 |
393.24 |
4.26 |
25.18 |
9.39 |
166.9 |
3.65 |
MS |
NB22-002 |
>>and |
406.97 |
410.40 |
3.43 |
9.57 |
0.55 |
29.3 |
4.11 |
MS |
MS: Massive sulphide, Vo: Volcanic, V: Veins, LS: Laminated
Sulphide. Intersected widths reported in this table. True widths
estimated at 60-80% of intersected widths. *The length and bulk
density weighted average grades have been calculated for the entire
hole, including three significant intervals of very low average
grades.
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