Fireweed Commences Gravity Survey at Gayna River Zinc project
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NEWS RELEASE
6th July 2022 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
Fireweed Commences Gravity Survey at Gayna River Zinc project
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to
announce that a ground gravity survey has commenced at its recently acquired Gayna River
project, Northwest Territories.
Highlights
• A ground gravity geophysical survey is targeting high-grade Kipushi-style massive
sulphide mineralization.
• A LiDAR survey will be flown to aid the gravity survey and create a high-resolution
Digital Elevation Model for future work.
• Fireweed has been awarded a government grant to help fund the exploration,
significantly reducing the cost of the program.
CEO Statement
Brandon Macdonald, CEO, stated “Back in 2020 when we made a new discovery at
Boundary West on our flagship Macmillan Pass project, gravity was a key part of defining
the drill target. We are building on the experience that we had in using this exploration tool
by applying it to a new search space at our recently acquired Gayna River property where
we see the potential to make a new discovery of high-grade massive sulphide
mineralization. We are excited to start early-stage work at Gayna River, advancing it in
parallel with our portfolio of Critical Minerals projects.”.
Ground Gravity Survey
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The ground gravity survey will comprise several grids targeting the areas of highest
geological potential. The survey is underway and is being conducted by Aurora
Geosciences. A relatively tight station spacing of 50 m is being used, as the search space
has already been narrowed down by focusing on specific geological targets. The intent is to
use ground gravity to directly detect subsurface density anomalies associated with
potential massive sulphide bodies that may lie within approximately 100-200 m of surface.
LiDAR Survey
A state-of-the-art LiDAR survey will be flown using a fixed wing aircraft this summer. The
survey will gather data to generate a very high-resolution topographic surface that will be
used to assist the gravity survey by allowing the calculation of a high-resolution terrain
correction that is necessary for accurate interpretation of the data in areas of rugged relief
as well as providing a base map for future exploration work.
Government Grant
Fireweed has been awarded a Mining Incentive Program (MIP) grant from the Government
of the Northwest Territories to assist the exploration program. The grant is valued at up to
$132,000, significantly reducing the cost of the exploration program for Fireweed.
Gayna River Geology and Mineralization
The Gayna River project is being explored for a potential Kipushi-style target: high-grade
zinc-rich massive sulphides. The steep to vertical sides of Neoproterozoic carbonate reefs
are being targeted for steeply dipping massive sulphide lenses that may have been missed
by previous exploration efforts using vertical holes in historic drill programs. A focused
geological mapping and modeling program will refine the search space for this geological
environment using high-resolution aerial photographs taken as part of the LiDAR survey, a
compilation of historical geological information in 3D, and boots-on-the-ground geological
mapping and ground truthing. For more details on Gayna River Geology, see Fireweed
News Release dated May 10th 2022, and www.fireweedmetals.com .
Qualified Person Statement
Technical information in this news release has been approved by Jack Milton, P.Geo., Ph.D.,
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 10 th January 2018, and 23 rd May 2018, respectively, and
reports filed on http://www.sedar.com/ for details) as well as the Boundary Zone,
Boundary Zone West, 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 with known showings and significant upside
exploration potential. Plans for 2022 include a large drill program toward expanded
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mineral resources and an updated PEA to include large new zones of mineralization
defined since 2018 including Boundary Zones.
• 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. Plans for 2022 include due diligence and
validation work on historic data in order to support a new mineral resource estimate
followed by a Preliminary Economic Study.
• Gayna River Zinc- Gallium-Germanium Project: Fireweed has 100% of the 128.75 km 2
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 s ignificant upside
potential. Plans for 2022 consist of an airborne LiDAR topography survey, ground
geophysics gravity survey and historic data compilation to define drill targets for 2023.
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
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, titl e 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. Should any one or more risks or uncertainties
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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.
Contact:
Brandon Macdonald
Phone: (604) 646-8361
Map 1: The Gayna River Project, Northwest Territories, Canada.