Mining
Thursday, December 28th, 2023 5:58 pm EDT
Key Points
- Record-Breaking Achievements in 2023: Fireweed Metals Corp. reflects on a remarkable year marked by numerous accomplishments. CEO Brandon Macdonald highlights the successful drilling program at Macpass, achieving the best-ever drill hole results. The company also emphasized its commitment to economic benefit and respectful engagement with local indigenous communities, contributing to its positive outcomes.
- Project Highlights and Technological Advancements: The Macpass Project saw the completion of the largest-ever program and exploration in Yukon for the year, with significant drilling revealing high-grade massive sulphides and mineralization. Technological innovations, including automated core cutting and scanning, and directional drilling techniques, enhanced operational efficiency. The Mactung Project acquisition, securing the world’s largest high-grade tungsten deposit, was a pivotal achievement with ongoing environmental and engineering studies.
- Sustainability and Corporate Developments: Fireweed prioritized sustainability with the implementation of an environmental management system, comprehensive baseline studies, and achieving net-zero emissions. The company demonstrated excellent safety performance and engaged indigenous communities, with approximately 50% of field program expenditures directed to Indigenous-affiliated businesses. Corporate developments included successful financing, expansion of the management team, and recognition in the Junior Silver Miners Index, expanding institutional shareholder base and liquidity.
Fireweed Metals Corp. has provided a review of its record-setting 2023 accomplishments in building the company and advancing its critical metals projects in northern Canada.
CEO and Chairman Statement
Brandon Macdonald, CEO, stated “2023 has been another extraordinary and record-breaking year for Fireweed. The accomplishments are numerous, from drilling our best-ever drill hole at Macpass to completing the field season safely with zero lost time injuries. We have done this while demonstrating that prioritizing economic benefit for and respectful engagement with local indigenous communities not only requires no compromise for the Company but also helps maximize our own outcomes.”
John Robins, Chairman, stated “We continue to demonstrate the enormous scale of mineralization in the Macpass region of eastern Yukon which is has emerged now as a truly world-class metallogenic district. If it wasn’t enough that we control Macpass, a 940 sq km land package representing over 50 km of strike prospective for zinc-lead-silver deposits, we have now secured the world’s largest high-grade tungsten deposit next-door in Mactung. I am incredibly proud of our team for their tireless work this year at our office, in the field, and the many long days on the road.”
2023 Highlights
Macpass Project
In 2023 Fireweed completed its largest ever program and the biggest exploration program in the Yukon this year. Over 22,500 m were drilled with step out holes to further delineate the Boundary Zone and to expand the large Tom and Jason zinc-lead-silver deposits1,2.
Drill results to date from the 2023 season demonstrated the presence of a high-grade massive sulphides and stratiform mineralization as well as a high-grade feeder system which connects Boundary West and Boundary Main in one single zone, (now simply called Boundary Zone).
Drill results in 2023 included the best hole ever drilled at Macpass, NB23-007 with two intersections: 15 m (true width) of 11.9% Zinc, 2.2% Lead, 81.2 g/t Silver, and 40 m (true width) of 15.1% Zinc, 2.8% Lead, 85.8 g/t Silver.
Assays pending for 26 of 52 holes drilled: 14 remaining holes from Boundary Zone, 10 holes from the Tom deposit and 2 holes from the Jason deposit with results expected to be released in early-2024.
Leveraged emerging technologies to enhance operational efficiency and data interpretation / validation including:
Automated core cutting
Automated core scanning
Directional drilling techniques, in which multiple angled drill holes are initiated at depth from one primary hole, saved an estimated 1,800 m of drilling compared to traditional drilling of multiple new holes from surface, achieving a total equivalent metreage of 24,300 m in 2023.
Constructed all-season camp facilities, increasing operational capacity and extending operating window.
Mactung Project
Finalized acquisition of 100% interest in the 37.6 km2 Mactung Project located in Yukon and Northwest Territories, immediately adjacent to the Macpass Project.
In July 2023, released a Technical Report with an updated mineral resource with a total of 41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO3 3 making it the world’s largest high-grade resource of the Critical Mineral tungsten*. Building on information provided during the Yukon Environmental and Socio-economic assessment process (completed in 2014), Fireweed commenced environmental, metallurgical and other engineering studies to inform applications for major project licenses. Five holes were drilled to collect metallurgical samples in 2023. The results of the metallurgical test work are expected in Q1 2024.
Gayna Project
Reevaluation of the geological model demonstrates the potential for high-grade massive sulphide zones
Soil sampling and geophysical work has linked Gayna’s geological setting and mineralization to be similar to that of a reef-margin deposit like Ivanho’s high-grade Kipushi in DRC, Africa
The 2022 and 2023 geophysical programs have identified several reef-margin gravity anomalies in proximity to known showings, soil anomalies and high grade rock samples, and informed the location of future drill targets.
Sustainability Update
Environmental management system, including policies, environmental protection and management plans, and compliance monitoring, implemented in 2023 by onsite Indigenous environmental monitors.
To inform mine planning, Fireweed commenced multi-year comprehensive environmental baseline studies, including 16 unique aquatic and wildlife studies.
To support 2023 exploration and monitoring activities, approximately 50% of employees were Yukoners, including about 50 Kaska Nation members ranging in age from 18 to 78.
Excellent safety performance during large drill exploration program with five drills and compliance and baseline studies with:
0 Lost Time Injuries across 127,000 hours worked
880 Field-level Risk Assessments
21 All-personnel “Safety Sunday” Meetings
In the past five exploration seasons, about 50% of field program expenditures (supplies, equipment and services) with Indigenous-affiliated businesses.
Achieved net zero emissions for 2021 and 2022 through the purchase of offsets, and installed solar and battery power system for new camp that will be operational in 2024.
Supported community sporting and cultural events and facilitated in-community training programs.
Corporate
Completed a C$16.8 M follow-on financing in September 2023 to support the expansion of our drilling campaign through the continued support from core shareholders.
The highly talented and skilled Fireweed Exploration Team lead by VP Geology, Jack Milton, were recipients of the 2023 H.H. “Spud” Huestis Award from the Association for Mineral Exploration for their application of progressive and innovative prospecting techniques and geoscience technologies leading to the discovery of Boundary West and expansion of significant mineral resources at Macpass.
Achieved inclusion into the Junior Silver Miners Index on December 15, 2023 in recognition that Macpass is not just a zinc resource but also contains a large silver endowment. This inclusion expands our institutional shareholder base and drives a significant increase in trading liquidity
Appointed Patrick “Paddy” Downey as our newest Board member: Patrick has over 40 years of international experience in the resource industry and his experience in engineering, mine-building, and operations helps round out Fireweed’s Board, providing essential expertise as Fireweed’s projects proceed down the path toward development.
Expanded our Management Team:
Andrew Crook, VP Operations: Andrew has over 10 years of experience in successfully leading projects from exploration stage through engineering studies, permitting, and into construction. His skills and experience were instrumental in executing Fireweed’s largest drill program to date, exceeding 22,500 m.
Alex Campbell, VP Corporate Development: Alex’s diverse experience from mining to banking, combined with his passion for the mineral exploration industry, is an advantageous addition to Fireweed’s management team as we continue to maximize shareholder value through exploration, development, and potential strategic transactions.
Qualified Person Statement
Technical information in this news release has been approved by Fireweed Metals CEO, Brandon Macdonald, 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 Corp. is a Canadian mineral development company focused on sustainably exploring and developing critical metal projects and creating value for our shareholders, partners, and stakeholders. Fireweed has three projects located in Canada including the Macpass Project (Zinc-Lead-Silver), Mactung Project (Tungsten), and Gayna Project (Zinc-Lead-Gallium-Germanium). Fireweed is well-funded, with a healthy balance sheet. 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 www.fireweedmetals.com and at www.sedarplus.ca
