Fireweed Drills 12.5 m of 11.17% Zinc including 6.2 m of 15.84% Zinc at Boundary Main
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NEWS RELEASE
January 31, 2023 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
Fireweed Drills 12.5 m of 11.17% Zinc
including 6.2 m of 15.84% Zinc at Boundary Main
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce further
results from the 2022 drill program at Macmillan Pass, Yukon, Canada (Map 1).
Highlights
• At Boundary Main step-out drillhole NB22-006 intersected 12.5 m of 11.17% zinc including
6.2 m of 15.84% zinc.
• A new laminated zone in hole NB22-008 returned 14.55% zinc, 1.50% lead, and 28.8 g/t
silver over 2.65 m.
• Copper-zinc mineralization was intersected in NB22-006 over 10.5 m grading 0.45%
copper and 2.32% zinc.
• Assay results from 24 additional drill holes at Boundary and Tom Zones are pending.
CEO Statement
Brandon Macdonald, CEO, stated “Drilling continues to extend the Boundary Zones with high-
grade step-out drill results, including the discovery of a new stratiform zone. The zones remain
open along trend and to depth for further extension. Many additional 2022 drill results are
pending and we have started planning the biggest drill program in the history of the project for
2023.”
New Boundary Drillholes Results
NB22-008
Laminated sphalerite-galena-barite-pyrite mineralization was intersected in NB22-008 within
only 35 m from surface and occurs within the same late-Devonian stratigraphy that hosts the
Tom and Jason deposits. This zone graded 8.08% zinc, 0.82% lead, and 17.8 g/t silver over
5.58 m, containing a higher grade 2.65 m interval of 14.55% zinc, 1.50% lead and 28.8 g/t silver
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(Table 1). This represents a new discovery of a high-grade laminated zone at Boundary Main
and remains open to the north and west.
Deeper in NB22-008, a broad zone of sphalerite mineralization was intersected, grading 3.32%
zinc over 30.68 m (including higher grade intervals listed in Table 1), representing a ~65 m step-
out down-dip from the historic Cominco hole NB91-25 (Map 2). This zone comprised
replacement of matrix and some clasts by pyrite and red sphalerite in coarse clastic rocks and
breccias cemented by sphalerite-pyrite with minor sphalerite-quartz veins. The textures in this
step out intersection are typical of the zinc mineralization at Boundary Main.
NB22-005
This hole intersected several narrow (2.84 m to 4.7 m wide) intervals of stockwork sphalerite-
siderite veins grading 4.20% to 5.55% zinc (Table 1) within a sequence of coarse volcaniclastic
rocks and conglomerates, typical of mineralization at Boundary Main. These intersections are
30 m to 40 m step-outs up-dip from mineralization in historic Cominco hole NB91-25 (Map 2).
Deeper in NB22-005 an 18.4 m intersection of 2.84% zinc was made in a sequence of black
mudstones and lapillistones of the Road River Group comprising many thin red sphalerite-
quartz-siderite veins and selective replacement of lapilli by red sphalerite. This intersection is a
~45 m step-out from similar mineralization intersected in 2021 Fireweed drillhole NB21-010.
NB22-006
This hole intersected matrix and clast replacement sphalerite mineralization and sphalerite vein
mineralization in several wide intervals typical of the style seen at Boundary Main (Table 1). A
higher-grade portion of one of these intervals graded 11.17% zinc over 12.5 m including 6.22 m
of 15.84% zinc. Hole NB22-006 is a step-out hole, stepping-out 55 m to 70 m away from zinc
mineralization in historic Cominco drillhole NB90-20 (Map 2, Cross Section E-E’).
In hole NB22-006, copper-zinc mineralization was intersected over 10.5 m at 0.45% copper and
2.32% zinc within semi-massive pyrite replacing diamictite clasts and matrix. This intersection is
145 m along strike from the intersection of 1.54% copper and 5.42% zinc over 2.00 m reported
from 2021 drillhole NB21-005 (see Fireweed news release dated November 18, 2021) and it is
unclear whether there is any continuity between these intersections.
Table 1: NB22-005, NB22-006 and NB22-008 drill results.
Drill hole Zone Interval From
(m) To (m) Width*
(m)
Zn
(%)
Pb
(%)
Ag
(g/t)
Cu
(%)
Bulk
Density
(t/m3)
NB22-008 BM primary 40.92 46.50 5.58 8.08 0.82 17.8 0.06 3.02
NB22-008 BM >incl. 40.92 43.57 2.65 14.55 1.50 28.8 0.10 3.32
NB22-008 BM primary 132.47 163.15 30.68 3.32 0.03 7.7 0.01 3.15
NB22-008 BM >incl. 156.00 163.15 7.15 6.18 0.03 9.9 0.01 3.14
NB22-008 BM >>incl. 157.76 160.33 2.57 10.33 0.05 15.0 0.01 3.21
NB22-006 BM primary 132.50 231.50 99.00 2.86 0.02 4.4 0.05 3.19
NB22-006 BM >incl. 132.50 143.00 10.50 2.32 0.05 6.1 0.45 3.26
NB22-006 BM >and 143.00 231.50 88.50 2.93 0.02 4.2 0.01 3.18
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NB22-006 BM >>incl. 146.00 151.00 5.00 8.23 0.04 14.1 0.02 3.59
NB22-006 BM >>>incl. 147.90 150.00 2.10 12.56 0.05 15.3 0.02 3.72
NB22-006 BM >>and 219.00 231.50 12.50 11.17 0.02 11.0 0.01 2.90
NB22-006 BM >>>incl. 219.78 226.00 6.22 15.84 0.04 15.8 0.02 2.98
NB22-006 BM primary 255.87 282.91 27.04 3.45 0.02 5.0 0.01 2.74
NB22-005 BM primary 24.11 26.95 2.84 4.81 0.02 8.8 0.06 2.88
NB22-005 BM primary 93.20 96.19 2.99 4.20 0.01 6.8 0.02 2.88
NB22-005 BM primary 99.30 104.00 4.70 5.55 0.09 14.9 0.02 2.99
NB22-005 BM >incl. 101.20 102.40 1.20 14.41 0.22 32.0 0.03 3.49
NB22-005 BM primary 115.08 118.13 3.05 4.31 0.10 7.4 0.01 2.92
NB22-005 BW primary 267.50 285.90 18.40 2.84 0.04 6.2 0.01 3.00
Zones: BM= Boundary Main; BW= Boundary West.
*Intersected thicknesses, not true thicknesses, are stated for all intersections in Table 1. Most
intersections in Table 1 are vein stockwork or replacement styles of mineralization and have
undetermined true thicknesses. The laminated mineralization in NB22-008, 40.92 m to 46.50 m is
assumed to be stratiform and true thickness is estimated to be approximately 30% to 85% of intersected
thickness, based on bedding angles to core axis in and around the mineralized intersection.
Note – an interval of core in NB22-006 from 232.82 m to 255.87 m and an interval from 57.0 m to 66.87 m
in hole NB22-008 were not assayed as these intervals were lost to a windstorm that up-ended several
core tables, spilling the core on the ground prior to logging and sampling.
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. Drill intersections in this release
are HQ3 (split tube) size core (61.1mm / 2.406-inch diameter) (drill hole NB22-008) and NQ2 size
core (50.5 mm/ 1.99-inch diameter) (drill holes NB22-005 and NB22-006) 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 1.5 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 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.
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, 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
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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 and copper are 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.
Updated Private Placement Information
Further to the Company’s news releases of 21 December 2022 and 30 December 2022
announcing closing of the $35 million private placement and related finders’ fees, the correct
cash finders’ fees totalled $403,346.99.
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-sc ale
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.
• 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 Tungsten. 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 km 2 Gayna River project located 180 kilometres north of the Macmillan Pass
project. It is host to extensive mineralization including Critical Minerals zinc, gallium and
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germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and
significant upside potential. The 2022 field program of geochemical sampling, airborne
LiDAR topographic surveying and ground geophysics is now complete and data is 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 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 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
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.
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Contact:
Brandon Macdonald
Phone: (604) 646-8361
Map 1: Macmillan Pass and Mactung location map.
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Map 2: Boundary Zone drilling map.
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Cross Section E-E’: Results from NB22-006 and historic Cominco hole NB90-20.