FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ;
OTCQB: FWEDF) is pleased to announce it has completed a geophysical
survey on its Gayna Project (zinc-lead-silver-gallium-germanium)
(“Gayna" or “the Project”), in the Northwest Territories, Canada
(Map 1).
Highlights
-
Exploration is targeting reef margin high-grade massive sulphide
mineralization using a ground gravity geophysical survey.
-
The 2022 geophysical program identified two broad areas with
gravity anomalies consistent with Kipushi-style targets.
-
The 2023 gravity survey aims to expand the gravity coverage to
identify new anomalies, and to refine existing anomalies for future
drill-testing.
CEO Statement
Brandon Macdonald, CEO, stated “We are very
excited to continue work on Gayna; the new interpretations of
historical data combined with our geophysical and geochemical
surveys show that the Project has significant potential to host a
similar style of mineralization to the world-class Kipushi deposit.
With recent surface samples showing high-grade zinc (Zn) and lead
(Pb), the 2023 survey work will allow higher resolution definition
of targets in preparation for future drill testing.”
2023 Geophysical Survey
Crews completed a three-week long, low-impact
ground gravity survey at Gayna. The survey provided infill coverage
of the 2022 grid; covered targets A, B, C, F, and L (Map 4); and
expanded the grid to cover more reef-margin targets.
Map 1: Gayna Project Location Relative to
Fireweed’s Flagship Macpass and Mactung Projects
Map 2: Gayna Project Geology
Map 3: Gayna Project Claims and
Historical Drill Collars
Gayna Project
(zinc-lead-silver-gallium-germanium)
The Gayna prospects 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 three kilometres 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 Zn-Pb 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 that targeted sub-horizontal, shallowly
dipping mineralization. The 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 restaked 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 2022 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)
(locations of the 8 samples shown on Map 4 and assays in Table 1).
The 2022 rock sampling returned a specimen with a spectacular zinc
grade of 51.2%, as well as another sample grading 73.7% lead (Photo
1). 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.
Map 4: 2022 Gayna Project Rock Sample
Locations
Table 1: 2022 Gayna Project Rock Grab
Samples
Sample |
Zn (%) |
Pb (%) |
Ag (ppm) |
Ga (ppm) |
Ge (ppm) |
Target |
Easting |
Northing |
3200018 |
9.7 |
0.1 |
2.9 |
5 |
14 |
A Showing |
419512 |
7203599 |
3200019 |
7.3 |
0.0 |
<0.5 |
3 |
9 |
F Showing |
420506 |
7203716 |
3200020 |
16.8 |
<0.01 |
7.4 |
16 |
62 |
B Showing |
418370 |
7203568 |
3200021 |
33.3 |
0.0 |
6.4 |
6 |
44 |
A Showing |
419481 |
7203535 |
3200022 |
27.7 |
0.0 |
0.9 |
4 |
29 |
A Showing |
419467 |
7203510 |
3200024 |
9.3 |
73.7 |
40.5 |
4 |
88 |
C Showing |
418087 |
7203727 |
3200025 |
51.2 |
0.1 |
1.2 |
42 |
39 |
D Showing |
416623 |
7207019 |
3200026 |
24.6 |
0.0 |
18.4 |
2 |
99 |
G Showing |
421884 |
7201915 |
Coordinate reference system: UTM Zone 9
NAD83
Photo 1: Gayna Project Rock Sample with
Massive Galena-Sphalerite
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:20F): 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 is currently carrying out a large
2023 exploration program. The Company has three projects located in
Canada:
-
Macpass Project
(zinc-lead-silver): Fireweed owns 100% of
the district-scale 940 km2 Macmillan Pass (“Macpass”) 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 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 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 owns 100% interest in the 37.6 km2 Mactung Project located
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 180 km north of
the Macpass 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 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: 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.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.
Rock samples from the 2022 field program 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 lead (>25.0%) and zinc (>24.0%) were analyzed by
lithium borate fusion with XRF finish (BV Code LF726). Samples were
subjected to fire assay for gold, platinum and palladium by fusion
followed by ICP-ES analysis (BV Code FA330), as well as assay for
gallium and germanium by hydrofluoric acid and Aqua Regia digestion
followed by ICP-MS analysis (BV Code GC204). For rock samples,
silver is reported in this news release by method AQ270, zinc and
lead are reported by LF725 or LF726, and gallium and germanium by
GS204.
Bureau Veritas (Vancouver) is an independent,
international ISO/IEC 17025:2005 accredited
laboratory. Laboratory blanks, duplicates, and standards were
analysed as part of routine data QAQC.
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, 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, 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.
2: For details, see https://www.sedarplus.ca/
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 https://www.sedarplus.ca/
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/1715dd79-561c-4419-8264-16f7d060e3a7
https://www.globenewswire.com/NewsRoom/AttachmentNg/fac28f13-d26b-46af-bf80-66736817bb88
https://www.globenewswire.com/NewsRoom/AttachmentNg/a890336e-0f44-4564-8f7b-c51a5481c0ca
https://www.globenewswire.com/NewsRoom/AttachmentNg/74023ff0-182b-4a9f-81ee-a061ff8977d5
https://www.globenewswire.com/NewsRoom/AttachmentNg/889295fc-d657-41d8-981c-2e55a220ebc5
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