FIREWEED METALS CORP. (“
Fireweed” or the
“
Company”) (TSXV: FWZ; OTCQB: FWEDF) is pleased to
announce the filing on www.SEDAR.com of the independent Technical
Report for its Mactung Project (the “
Project”)
that is located in Yukon and Northwest Territories
(“
NWT”), Canada.
CEO Statement
“We are pleased to file our Technical Report on
SEDAR to give the full details of the resource estimate that was
completed to demonstrate that Mactung is the largest high-grade
tungsten deposit in the world,” commented Brandon Macdonald, Chief
Executive Officer. “We are continuing to advance the Mactung
project towards development and this world-class resource will be
the foundation for detailed engineering studies of this unique
critical mineral project.”
Table 1: Mineral Resource
Statement(1,2,3,4) for
the Mactung Project. |
Classification |
Cut-offGradeWO3(%) |
Tonnage(tonnes) |
WO3Grade
(%) |
Contained
WO3(mtu5) |
Indicated (underground) |
0.50 |
12,168,000 |
1.05 |
12,789,000 |
Indicated (open pit) |
0.25 |
29,319,000 |
0.59 |
17,367,000 |
Total Indicated (OP+UG) |
0.25/0.50 |
41,487,000 |
0.73 |
30,156,000 |
Inferred(4) (underground) |
0.50 |
2,817,000 |
0.73 |
2,066,000 |
Inferred(4) (open pit) |
0.25 |
9,430,000 |
0.55 |
5,139,000 |
Total
Inferred(4)
(OP+UG) |
0.25/0.50 |
12,247,000 |
0.59 |
7,205,000 |
(1) |
All mineral resources have been estimated in accordance with
Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”)
definitions, as required under National Instrument 43-101
(“NI43-101”). |
(2) |
Mineral resources are reported in relation to a conceptual pit
shell and underground mining volumes to demonstrate reasonable
prospects for eventual economic extraction, as required under
NI43-101; mineralization lying outside of the pit shell or
underground volumes is not reported as a mineral resource. Note the
conceptual pit shell and underground volumes are used for mineral
resource reporting purposes only and is not indicative of the
proposed mining method; future mining studies may consider
underground mining, open pit mining or a combination of both.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Mineral resource estimates do not
account for mineability, selectivity, mining loss and dilution. All
figures are rounded to reflect the relative accuracy of the
estimate and therefore numbers may not appear to add
precisely. |
(3) |
Open pit (OP) mineral resources are reported at a cut-off grade of
0.25% WO3. Underground (UG) mineral resources are reported at a
cut-off grade of 0.5% WO3.Cut-off grades are based on a price of
US$240 per mtu of WO3concentrate and a number of operating cost and
recovery assumptions. |
(4) |
Inferred mineral resources are considered too speculative
geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves. There is
also no certainty that these inferred mineral resources will be
converted to the measured and indicated categories through further
drilling, or into mineral reserves, once economic considerations
are applied. The Inferred Mineral Resource in this estimate has a
lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of the inferred Mineral
Resource could be upgraded to an Indicated Mineral Resource with
continued exploration. |
(5) |
A metric tungsten unit (mtu) is 10 kilograms of tungsten trioxide
(WO3). |
|
The Technical Report results were previously
disclosed in the Company’s news release dated June 13, 2023 and
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”). The
Qualified Person and author of the report is Garth Kirkham, P.Geo.,
of Kirkham Geosystems Ltd. The report, entitled “NI 43-101
Technical Report, Mactung Project, Yukon Territory, Canada,” with
effective date July 28, 2023 and report date of July 28, 2023, can
be found under Fireweed’s profile at www.sedar.com and on the
Company’s website.
Qualified Person Statement
Garth Kirkham, P.Geo., of Kirkham Geosystems
Ltd. is the Qualified Person, as defined in National Instrument
43-101, and is responsible for the Mactung mineral resource
estimate, the Technical Report entitled “NI 43-101 Technical
Report, Mactung Project, Yukon Territory, Canada,” and directly
related information as reported herein. He has read and approved
the relevant technical portions of this news release related to the
mineral resource estimates for which he is responsible.
Disclosure of other technical information in
this news release, not related to the Mactung Mineral Resource
Estimate, 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:20F): Fireweed Metals is a public
mineral exploration company on the leading edge of Critical
Minerals project development. Fireweed is well-funded, with a
healthy working capital position, 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 Zone, 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
historical drilling and significant upside potential.
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
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
deposits and exploration targets, interpretation of drill results
and projections of mineralization, future work plans, world demand
and supply of tungsten, 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” and
the technical report entitled “NI 43-101 Technical Report, Mactung
Project, Yukon Territory, Canada,” with effective date July 28,
2023 filed on www.SEDAR.com.
** 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.
Contact:Brandon MacdonaldPhone: (604) 646-8361
Email: info@fireweedmetals.com
Fireweed Metals (TSXV:FWZ)
Historical Stock Chart
From Sep 2024 to Oct 2024
Fireweed Metals (TSXV:FWZ)
Historical Stock Chart
From Oct 2023 to Oct 2024