Fireweed Drills 105 m of 8.4% Zinc and 12.1 g/t Silver Including 12.75 m of 24.9% Zinc and 41.7 g/t Silver
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NEWS RELEASE
February 27, 2023 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
Fireweed Drills 105 m of 8.4% Zinc and 12.1 g/t Silver Including 12.75 m of 24.9%
Zinc and 41.7 g/t Silver
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce additional
results from the 2022 drill program at Boundary Zone, Macmillan Pass zinc-lead-silver project,
Yukon, Canada (Map 1).
Highlights
• A high grade and wide intersection of zinc mineralization in NB22-021 for 105 metres (m)
of 8.4% zinc and 12.1 g/t silver starting from surface.
• A new stratiform zone in NB22-018 returned 8 m of 11.5% zinc, 1.7% lead, and 61 g/t
silver.
• All holes completed hit zinc mineralization.
• Results from the last five (5) holes from Boundary Zone and nine (9) holes from the Tom
deposit are pending.
CEO Statement
Brandon Macdonald, CEO, stated “ Boundary Main Zone continues to impress with not only the
wide tenor of mineralization but also with high-grade intervals. Equally important is the discovery
of a new stratiform zone where we expect to see good continuity of mineralization consistent with
similar zones at Tom, Jason and Boundary West. With a large drill campaign planned for the
summer we are looking forward to testing the extents of mineralization in these zones and growing
our already world-class metal endowment.”
Boundary Zone Drilling Results
The following drill results (Tables 1 and 2) are from seven (7) drill holes located at Boundary Zone
(Maps 1 and 2), all within the Boundary Main area. The last results from five ( 5) holes from
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Boundary Main and nine ( 9) holes from the Tom zinc-lead-silver deposit 2022 drill program are
still pending.
Table 1: Boundary Zone 2022 Drill Result Highlights from this News Release.
Drill hole Interval From
(m)
To
(m)
Interval*
(m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
Bulk
Density
(t/m3)
NB22-009
primary 3.50 119.32 115.82 3.57 0.02 5.4 3.238
>including 18.00 36.50 18.50 7.83 0.06 11.9 3.691
NB22-010 primary 29.50 69.20 39.70 5.72 0.05 11.2 3.073
NB22-011
primary 37.00 60.00 23.00 7.61 0.03 10.1 3.179
>including 42.10 52.70 10.60 12.28 0.04 15.2 3.328
primary 237.00 263.00 26.00 6.62 0.28 12.4 3.240
>including 247.50 254.00 6.50 15.98 0.24 20.6 4.024
NB22-013
primary 70.36 119.63 49.27 3.37 0.32 12.0 3.057
>including 70.36 80.51 10.15 10.24 0.03 19.0 2.939
NB22-018
primary 40.67 182.50 141.83 2.87 0.46 12.7 2.982
>including 107.00 115.00 8.00 11.53 1.69 61.0 3.916
NB22-020
primary 4.20 94.90 90.70 4.70 0.03 6.7 2.969
>including 4.20 48.50 44.30 6.71 0.02 7.6 2.997
>>including 4.20 16.70 12.50 11.19 0.04 12.0 3.024
primary 122.20 127.15 4.95 4.98 2.10 37.9 3.082
NB22-021
primary 7.00 112.00 105.00 8.37 0.05 12.1 2.966
>including 7.00 34.80 27.80 13.15 0.04 16.5 3.211
>and 90.48 103.23 12.75 24.87 0.10 41.7 3.159
>>including 96.53 103.23 6.70 34.46 0.13 56.7 3.301
>>>including 99.40 103.23 3.83 39.97 0.18 62.6 3.419
*Intersected thicknesses, not true thicknesses, are stated for all intersections in Table 1. Due to the early
stage of drilling, true thicknesses cannot be accurately stated for these holes. Values in this table may differ
slightly from the text due to rounding.
NB22-018, NB22-020 and NB22-021
These three (3) holes were collared from the same pad, forming a fan of holes that intersected
high grade sphalerite-pyrite vein and breccia mineralization from surface to depths of up to ~100
m in the hangingwall of the Boundary Main Fault (Cross Section F-F’ and Map 2). Hole NB22-021
intersected 105 m of 8.4% zinc, and 12.1 g/t silver including both an intersection from surface
grading 13.2% zinc and 16.5 g/t silver over 27.8 m and an intersection of spectacularly high-grade
zinc mineralization grading 24.9% zinc and 41.7 g/t over 12.75 m including 3.83 m of 40.0% zinc
and 62.6 g/t silver (see Image 1 and Tables 1 and 2). Holes NB22-018 and NB22-020 also
intersected wide intervals of zinc mineralization in the near surface: 141.8 m of 2.9 % zinc, 0.5%
lead, and 12.7 g/t silver, and 90.7 m of 4.7% zinc, and 6.7 g/t silver, respectively.
Holes NB22-018 and NB22-020 penetrated the Boundary Main fault and intersected a new zone
of stratiform zinc mineralization in black carbonaceous mudstones and diamictites comprising
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laminated, semi-massive, and massive sphalerite-pyrite grading 11.5% zinc, 1.7% lead, and 61.0
g/t silver over 8 m in NB22-018 and 5.0% zinc, 2.1% lead, and 37.9 g/t silver over 5 m in NB22 -
020 (see Cross Section F-F’, and Tables 1 and 2). This stratiform zone is interpreted to correlate
stratigraphically with the Tom-Jason deposits. The stratiform zone is correlated spatially to zinc-
lead mineralization in surrounding holes : in several holes to the east, it appears to be less
mineralized and is interpreted as the fringes of the zone; whereas to the west, it appears to be
significantly better mineralized in NB22-022 and NB22-023 and is interpreted to be the direction
towards the feeder.
NB22-009 and NB22-011
These two (2) holes were collared from the same pad and include wide intervals of vein-hosted
mineralization near surface at Boundary Main: NB22-009 returned 115.8 m of 3.6% zinc and 5.4
g/t silver, including 18.5 m of 7.8% zinc and 12.0 g/t silver from a downhole depth of 18 m; NB22-
011 intersected 23 m of 7.6% zinc and 10.1 g/t silver including 10.6 m of 12.3% zinc and 15.2 g/t
silver (see Cross Section G-G’, Map 2 and Tables 1 and 2).
Hole NB22- 011 intersected zinc mineralization in the footwall of the B oundary Main Fault in
volcaniclastic rocks for 26 m grading 6.6% zinc and 12.4 g/t silver including 6.5 m of 16.0% zinc
and 20.6 g/t silver. This intersection represents a 60 m step out from similar mineralization in
holes to the west. Drilling was unable to advance through the fault in hole NB22-009 due to
adverse drilling conditions and the target in the footwall remains untested at this location.
NB22-010 and NB22-013
These two (2) holes were collared from the same pad as infill holes at Boundary Main (see Cross
Section G-G’ and Map 2). Both holes successfully intersected sphalerite vein mineralization in the
hangingwall of the Boundary Main fault. Hole NB22-010 intersected 39.7 m of 5.7% zinc and 11.2
g/t silver, including some higher-grade veins: 4 m of 13.5% zinc, 2.9 m of 12.8% zinc, 3.5 m of
10.1% zinc, and 3.7 m of 11.1% zinc (Table 2). Hole NB22- 013 intersected 49.3 m of 3.4% zinc
and 12.0 g/t silver including 10.2 m of 10.2% zinc and 19.0 g/t silver.
Data verification
The diamond dril l core logging and sampling program was carried out under a rigorous quality
assurance / quality control program using industry best practices. Drill intersections in this release
are HQ3 (split tube) size core (61.1 mm / 2.406-inch diameter) or NQ2 size core (50.5 mm / 1.99-
inch diameter) with recoveries typically above 85% unless otherwise noted in the table of results.
After drilling, core was cleaned, scanned with a core scanning machine, logged for geology,
structure, and geotechnical characteristics, then marked for sampling and photographed on site.
The cores for analyses were marked for sampling based on geological intervals with individual
samples 2 m or less in length. Drill core was cut lengthwise in half with a core saw; half-core was
sent for assays reported in this news release, and the other half is stored on site for reference.
Bulk density was determined on site for the entire length of each sample assayed by
measurement of mass in air and mass in water. Sample duplicate bulk density determinations
and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017,
four (4) in-house bulk density standards (mineralized drill core from the Tom deposit that span a
range of densities) have been used and show an acceptable long-term precision. Certified
standard masses are used to calibrate the scale balance used for bulk density determinations.
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A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream
as a quality control measure and are reviewed after analyses are received. Standards and blanks
in 2022 drill results to date have been approved as acceptable. Duplicate data add to the long-
term estimates of precision for assay data on the project and precision for drill results reported is
deemed to be within acceptable levels. Samples 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, British Columbia 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 Pb
(>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code
LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported
by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC
17025:2005 accredited laboratory.
Results in this news release are length and bulk-density weighted averages as would be used in
a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases prior to
2020, only length weighted assay averages were reported which may result in slightly lower
(under-reported) average values. Length and bulk-density weighted averages have been reported
as these most accurately represent the average metal-content of the intersections.
Qualified Person Statement
Technical information in this news release has been approved by Fireweed Metals Chief
Geologist, Jack Milton, Ph.D., P.Geo. (BC), 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.
Fireweed is well-funded, with a current cash position of C$38,600,000, and is well-positioned to
carry out a large 2023 exploration program. The Company has three projects located in 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. The large 2022 drill program utilizing four drills is complete and assay results
are being announced as they are received and interpreted.
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• 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 resources in the world of the Critical Mineral t ungsten. Located in
Canada, it is one of the rare large tungsten resources outside of China. Due diligence and
validation work on historic data has been completed and a second phase of relogging and
sampling of historic drill core has begun and will support a new mineral resource estimate.
• Gayna River Zinc-Lead-Gallium -Germanium Project: 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 historic drilling and significant upside
potential. Results from the 2022 field program of geochemical sampling, airborne LiDAR
topographic surveying and ground geophysics are now being interpreted toward defining
drill targets.
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 m anagement
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 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 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
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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 operati ons, 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.
Contact:
Brandon Macdonald
Phone: (604) 646-8361
Email: [email protected]
Map 1: Macmillan Pass Project and Mactung Project Locations.
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Map 2: Boundary Zone drilling map with holes in this news release labeled. Green lines refer to
Cross Sections F-F’ and G-G’.
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Image 1: Core from drill hole NB22-021 - 96.2 m to 102.9 m showing very high-grade veins and
breccias with abundant red-brown sphalerite infill, from an interval (96.53 m to 103.2 m) of 6.7 m
grading 34.5% zinc, 0.13% lead, and 56.7 g/t silver. Image is a from a very-high resolution core
scanning photomosaic with core boxes and blocks masked.