Fireweed Discovers More Zinc Mineralization at Macmillan Pass, and Completes 7,000 M Drill Program
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NEWS RELEASE
November 10, 2022 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
FIREWEED DISCOVERS MORE ZINC MINERALIZATION AT MACMILLAN PASS,
AND COMPLETES 7,000 M DRILL PROGRAM
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to
announce the completion 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.
Highlights
• Fireweed has completed a 7, 000 m diamond drilling program at Macmillan Pass.
Assays for all holes are pending.
• Step-out drilling has successfully extended the area of known mineralization at
Boundary Zone.
• New discoveries of massive sulphide and laminated stratiform zinc mineralization at
Boundary Zone.
• Sphalerite veins and vein breccias intersected in multiple holes at Boundary Zone.
• Infill drilling around the high -grade feeder zone at the Tom deposit has achieved
significantly improved drilling recovery compared to nearby historic holes.
• 11,000 metres of core have successfully been scanned using state-of-the-art XRF and
hyperspectral sensors.
CEO Statement
Brandon Macdonald, CEO, stated “The 2022 drill program was not only our biggest, but it
was our best. Our drilling consistently yielded wide zones of zinc mineralization at Boundary
Zone, including many potentially very high-grade intervals and new discoveries. The infill
drilling at Tom has produced some spectacular massive sulphide intervals that we
anticipate will grade significantly higher than the grades of the surrounding blocks in the
current mineral resource model due to better recoveries achieved by modern drilling. Our
efficient drill program hit zinc mineralization in every hole, maximizing the value from this
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year’s drilling and going a long way to demonstrate the large size potential of Boundary
Zone. Our new discoveries provide a compelling new addition to the Macmillan Pass project
alongside our Tom and Jason deposits.”.
Cautionary Statement
Fireweed has drilled many intersections in the 2022 program that contain visible sphalerite
and galena, sulphides of zinc and lead, respectively. The apparent abundance of these
minerals based on visual estimates made during core logging are considered material
results of drilling investigations and are being disclosed in this release in a timely way, in
consideration of anticipated delays from the commercial laboratories for final assay results.
Investors are cautioned that visual estimates of the abundance of sphalerite or galena are
preliminary qualitative geological interpretations of anticipated zinc and lead grades that
can only be confirmed once final assays are received. In an effort to not be misleading, and
to not conflate the material results of surveys and investigations regarding the property with
sample, analytical or testing results on the property, visual grade or mineral abundance
estimates have not been quantified but are stated as the relative terms “low”, “moderate”,
“high”, and “very high” in comparison to the average zinc and lead intersections within
mineralized zones at Boundary Zone and Tom in pre-2022 drilling.
Summary of material results from drilling investigations
Boundary Zone
Twenty-three diamond drill holes were collared at Boundary Zone including six holes at
Boundary West and seventeen holes at Boundary Main (Maps 1, and 2).
At Boundary West, several step-out holes have intersected wide zones of massive
sulphides, including a new zone of massive sulphides, leaving Boundary West open to the
south and at depth. A particularly wide (75 m) step-out intersection in hole NB22-002
comprised an apparent greater abundance of galena and sphalerite compared to other
massive sulphide intersections observed to date at Boundary West. The preliminary
geological interpretation is that this intersection is located close to the feeder structure, with
room to step out further towards the feeder to the east and at depth. Infill holes at Boundary
West continue to demonstrate the continuity of the massive sulphide zone first discovered
by Fireweed in 2020 (see Fireweed news release dated September 24th, 2020).
At Boundary Main, two significant new discoveries have been made. A new zone of massive
sulphide was intersected in three holes (NB22-018, NB22-022, NB22-023) with high to very
high visual abundances of sphalerite and galena. This zone was intersected between 70 and
120 m vertically below surface, and based on bedding orientations and intersected
thicknesses, it is interpreted to have a true thickness of approximately 7 to 10 m. Another
new zone of laminated sphalerite-galena mineralization was discovered in one hole (NB22-
008) at Boundary Main. This zone was intersected over 2.65 m with an undetermined true
thickness and comprised a high abundance of sphalerite and moderate abundance of
galena. Both of the new discoveries are stratiform, are open in multiple directions, and are
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located in the same stratigraphy as the Tom and Jason deposits, showing good potential to
form extensive and continuous mineralized zones.
Boundary Main step-outs were longer holes (210 m to 370 m deep) drilled in multiple
directions to test beyond the previous extent of zinc mineralization defined by pre-2022 drill
holes, and successfully extended the mineralized zone. Vein-hosted and disseminated
sphalerite were encountered in wide zones, including short intervals of anticipated high
grades typical of this style of mineralization. Boundary Main remains open for extension in
all directions.
Infill drilling focused on closely spaced short holes that targeted near-surface high-grade
veins and vein-breccias to test the grade continuity of this mineralization style. Based on
high abundance of coarse-grained sphalerite observed visually, many of these infill holes
are anticipated to contain short high grade zinc intersections which can only be confirmed
once assays are received.
Tom Deposits
Eight infill holes were completed at Tom West, targeting feeder proximal mineralization to
test the validity of the current geological resource model and improve drilling recovery in
areas of historic poor drilling recovery (Map 3). All eight holes intersected the mineralized
zone close to where predicted by the geological model and had generally excellent core
recovery, much improved upon nearby historic drill holes. The intersections are anticipated
to have high to very high zinc and lead grades, potentially greater than grades in the block
model of the current Mineral Resource that were estimated using data from nearby historic
holes with low recovery (for details on the current Mineral Resource see Fireweed news
release dated January 10th 2018 and www.sedar.com for the technical reports filed February
23rd 2018 and July 9th 2018).
One infill hole was completed at Tom East to test the geological model, and the hole
confirmed the high sphalerite and galena abundances that are typical for this zone.
Collar details for all 2022 drill holes are provided in Table 2. Assays are pending for all holes
where samples have been submitted.
Table 1: 2022 drilling summary.
Drill hole Zone
Hole
length
(m)
Significant
intersections Type
NB22-001 BW 463 Wide zone Infill & Step-out
NB22-002 BW 491 Wide zone Step-out and 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
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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. BM: Boundary Main; BW: Boundary West; TW: Tom West; TE: Tom East.
Core Scanning
Approximately 11,000 m of core have been scanned using a fully-integrated core scanning
system combining high-resolution digital photography, LiDAR topography, shortwave,
visible, and near infrared hyperspectral imagery, and X-ray fluorescence (XRF)
instrumentation. A combination of current and historic core has been scanned, and the
newly acquired data will be used to inform future development of geometallurgical models
of the deposits.
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. Drilling investigations
described in this release are either HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) or NQ2
size core (50.5 mm) with recoveries typically above 85%. After drilling, core was scanned using
hyperspectral and high-resolution imaging, then logged for geology, structure, and
geotechnical characteristics, marked for sampling and photographed on site. Assays for all holes
are pending.
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Comparison of visual estimates of sphalerite made during core logging in 2018 to 2021 were
compared to received zinc assays to verify the visual observations of sphalerite made in 2022, as
similar core logging practices were implemented in these years with consistency in supervisory
personnel. Fireweed’s 2018-2021 logging programs have consistently successfully identified
either the presence or absence of sphalerite in core, with very few false positives or false
negatives. However, the visual estimation of sphalerite abundance and zinc grade has varied
considerably among logging geologists compared to results from zinc assays.
Spot checks were made with a handheld X-Ray Fluorescence (XRF) instrument during core
logging to determine the presence of lead or zinc if there was doubt in the visual identification of
sphalerite or galena. Routine core scanning with an XRF sensor has further enabled the
verification of sphalerite and galena identification.
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 10 th January 2018, and 23 rd May 2018, respectively, and
reports filed on 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. A large, four- rig 2022 drill program is now complete and assay results are
pending.
• Mactung Tungsten Project: The Company has a binding Letter of Intent to acquire 1 00%
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 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 significant upside
potential. The 2022 field program of airborne LiDAR topographic surveying, and ground
geophysics was recently completed, and data is being interpreted toward defining 2023
drill targets.
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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 Macdonald
Phone: (604) 646-8361
Email: [email protected]
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, w ithout 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. 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.
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Map 1: Location of deposits and advanced prospects within the Macmillan Pass and
Mactung projects.
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Map 2: 2022 Drilling at Boundary Zone, all holes intersected zinc mineralization.