Fireweed Drills 298 m of 4.5% Zinc, 1.4% Lead and 30.9 g/t Silver Including a new zone of 24.5% Zinc, 15.1% Lead and 323.2 g/t Silver over 9.6 m
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NEWS RELEASE
March 2, 2023 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
Fireweed Drills 298 m of 4.5% Zinc, 1.4% Lead and 30.9 g/t Silver Including a new
zone of 24.5% Zinc, 15.1% Lead and 323.2 g/t Silver over 9.6 m
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce the final set
of results from the 2022 drill program at Boundary Zone, Macmillan Pass, Yukon, Canada (Map
1). Additional results from 9 holes drilled at the Tom deposit in 2022 are pending.
Highlights
• Multiple wide and high-grade zinc-lead-silver intersections in five different holes including
many near surface intersections.
• Hole NB22-023 intersected 298 m of 4.5% zinc, 1.4% lead, and 30.9 g/t silver including a
new zone of stratiform mineralization grading 24.5% zinc, 15.1% lead, and 323.2 g/t silver
over 9.6 m.
• Hole NB22-022 intersected 226.8 m of 5.7% zinc, 0.6% lead, and 21.6 g/t silver including
an intersection within the new stratiform zone of 9.3 m grading 16.6% zinc, 4.4% lead, and
143.1 g/t silver.
• Hole NB22-017 intersected 60.5 m of 12.0% zinc and 21.9 g/t silver starting within 20 m
from surface, including 6.2 m of 40.1% zinc, and 84.2 g/t silver.
• Hole NB22-012 intersected 174.7 m of 3.0% zinc, and 7.9 g/t silver , including 32.2 m of
6.4% zinc, and 11.2 g/t silver.
CEO Statement
Brandon Macdonald, CEO, stated “ The 2022 Boundary Zone drill results are nothing short of
spectacular. Earlier in the season at Boundary West we drilled the best hole in 72 years of
exploration anywhere at the Macmillan Pass project. The current results are not far behind and
include extremely high-grade intersections within a new stratiform zone that we have now
intersected in just a few holes at Boundary Main. With our biggest ever drill program planned for
2023, we see great potential for Boundary Zone.”
Boundary Zone Drilling Results
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The following are the final drill results from Boundary Zone (Maps 1 and 2), all within the Boundary
Main area. The last results from 9 holes from the Tom zinc-lead-silver deposit 2022 drill program
are still pending.
Table 1: Boundary Zone 2022 drill result highlights from drill holes in this news release. See
Table 2 for full table of results.
Drill hole Interval from
(m) to (m) Interval
(m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
Bulk
Density
(t/m3)
NB22-012
primary 166.15 340.87 174.72 3.04 0.03 7.9 2.972
>including 178.55 210.79 32.24 6.43 0.03 11.2 3.175
>and 327.86 338.00 10.14 8.29 0.07 34.1 3.546
NB22-015 primary 17.90 31.85 13.95 6.83 0.02 10.0 2.938
NB22-017
primary 19.50 79.96 60.46 12.01 0.38 21.9 3.003
>including 40.30 79.96 39.66 16.60 0.55 30.1 3.077
>>including 53.57 74.00 20.43 25.79 0.95 46.4 3.285
>>>including 55.00 61.20 6.20 40.14 0.28 84.2 3.599
NB22-022
primary 33.20 260.00 226.80 5.71 0.60 21.6 3.089
>including 38.67 238.34 199.67 6.25 0.62 23.3 3.083
>>including 38.67 54.50 15.83 14.48 0.11 27.1 3.282
>>>including 49.66 54.50 4.84 21.18 0.10 34.7 3.437
>>and 87.14 97.25 10.11 17.03 0.13 40.3 3.281
>>and 159.21 168.46 9.25 16.63 4.44 143.1 4.359
>>and 210.92 237.31 26.39 10.93 1.10 26.9 3.226
>>>including 228.00 237.31 9.31 17.22 2.11 41.0 3.285
NB22-023
primary 29.65 327.74 298.09 4.45 1.42 30.9 3.075
>including 120.95 326.77 205.82 5.08 2.00 41.8 3.147
>>including 120.95 157.80 36.85 15.05 5.18 127.6 3.063
>>>including 126.37 130.75 4.38 38.29 0.08 103.1 3.353
>>>and 148.20 157.80 9.60 24.45 15.11 323.2 3.993
>>and 291.20 318.34 27.14 7.26 5.56 77.2 4.006
>>>including 298.11 303.15 5.04 10.45 8.42 111.9 4.168
*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 . Numbers in the text may
differ slightly from the table due to rounding.
NB22-012, NB22-022 and NB22-023
These hole s intersected wide zones of high- grade zinc mineralization on both sides of the
Boundary Main Fault (see Cross Section H -H' and Map 2), including many near surface
intersections. Above the fault are zones of vein-hosted sphalerite, including very -high grade
breccias. Below the fault, NB22-022 and NB22-023 intersected the new stratiform zone,
previously reported in NB22-018 and NB22-020 (see Fireweed news release dated February 27th
2023). In NB22-022 and NB22-023 the new zone is very high grade, including significant lead and
silver mineralization in addition to the high-grade zinc.
Hole NB22-023 intersected 298 m of 4.5% zinc, 1.4% lead, and 30.9 g/t silver including a 36.9 m
intersection of 15.1% zinc, 5.2% lead, and 127.6 g/t silver that included very high grade breccia
and veins over 4.4 m grading 38.3% zinc and 103.1 g/t silver and a very high grade new stratiform
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zone of massive sulphide over 9.6 m grading 24.5% zinc, 15.1% lead, and 323.2 g/t silver (Tables
1 and 2). Included near the end of the 298 m interval is a 27.1 m intersection of 7.3% zinc, 5.6%
lead, and 77.2 g/t silver of massive sulphide and vein mineralization hosted in volcaniclastic rocks.
NB22-022 intersected 227 m of 5.7% zinc, 0.6% lead, and 21.6 g/t silver including some high
grade intervals of sphalerite vein and breccia mineralization above the Boundary Main Fault: 15.8
m of 14.5% zinc , and 27.1 g/t silver; 1.4 m of 32.8% zinc, and 29.7 g/t silver; 10.1 m of 17.0%
zinc, and 40.3 g/t silver; and 3.5 m of 10.6% zinc, and 17.2 g/t silver (Tables 1 and 2). In the new
zone of stratiform massive sulphide mineralization, a 9.3 m intersection graded 16.6% zinc, 4.4%
lead, and 143.1 g/t silver (see Image 1). Near the base of the 227 m intersection was a sub-
interval of 26.4 m that graded 10.9% zinc, 1.1% lead, and 26.9 g/t silver within silicified diamictites.
NB22-012 intersected a wide interval of sphalerite vein mineralization largely in the hangingwall
of the Boundary Main Fault of 174.7 m of 3.0% zinc, and 7.9 g/t silver, including: 32 m of 6.4%
zinc, and 11.2 g/t silver; 6.9 m of 5.2% zinc, and 5.1 g/t silver; and 10.1 m of 8.3% zinc, and 34.1
g/t silver.
NB22-017 and NB22-015
These two infill holes were drilled from the same pad to test high grade vein and breccia
mineralization in the hangingwall of the Boundary Main Fault. Hole NB22-017 intersected 60.5 m
of 12.0% zinc, 0.4% lead, and 21.9 g/t silver including a 20.4 m intersection of 25.8% zinc, 1.0%
lead, and 46.4 g/t silver that contained an interval of 6.2 m of 40.1% zinc, 0.3% lead, and 84.2 g/t
silver, demonstrating that this high-grade zinc mineralization is present in the near surface (see
Image 2 and Tables 1 and 2). Hole NB22-015 intersected 14 m of 6.8% zinc, and 10.0 g/t silver
including 2.4 m of 19.7% zinc, and 29.3 g/t silver within 30 m of surface.
Geological interpretation
Dr. Jack Milton, Chief Geologist, Fireweed Metals, remarked “Boundary West and Boundary Main
are separated by a 300 m gap in the drilling at depth. To vector in on high grade feeder zones,
we map out in 3D, increases in: lead mineralization; silicification of the host rocks; abundance of
diamictite rocks; and geochemically anomalous indicators such as copper concentration. At
Boundary we see all of these factors increase towards the gap in the drilling from both sides and
this occurs across an early -formed syn-sedimentary fault that likely served as a conduit for
mineralizing fluids – a potential feeder zone. On one side of this gap at Boundary West we have
our best ever hole and on the other side we have these very high-grade results from the newly
discovered stratiform zone that is in the same position in the stratigraphy as our Tom and Jason
deposits. We see great potential for even higher grades and more metal in the feeder zone, and
we are very excited to test this gap by drilling as part of our large 2023 exploration program.”.
See Long Section I-I’ for a summary of the Boundary Zone mineralization and an interpretation of
the target of a potential feeder zone.
Qualified Person Statement
Technical information in this news release has been approved by Fireweed Metals Chief
Geologist, Jack Milton, Ph.D., P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian
National Instrument 43-101.
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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 approximately C$38,000,000 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 one of the largest
undeveloped zinc resources in the world* where the Tom and Jason zinc -lead-silver
deposits have current Mineral Resources and a PEA economic study (see Fireweed news
releases dated 10th January 2018, and 23 rd May 2018, respectively, and reports filed on
www.sedar.com for details). In addition, Boundary Zone (comprising Boundary Main, and
Boundary West), Tom North (located adjacent to the Tom deposit) and End Zone 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 signed a definitive Asset Purchase
Agreement and acquired 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. An updated mineral resource is planned for Q2 2023, and re-sampling
of historic drill core is continuing and will include assays for previously unreported by -
product metals, such as gold, copper, and bismuth, in addition to tungsten.
• 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
germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and
significant upside potential. The results from the 2022 field program of geochemical
sampling, airborne LiDAR topographic surveying and ground geophysics are now being
interpreted towards 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.
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.
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“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.
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 (61.1 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 st andard 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 standar d 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 receiv ed. 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 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.
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 pr ojections on the date the statements are made.
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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 l imited 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.
Footnote
* References to relative size and grade of the Mactung historic resources and Macmillan Pass resources
in comparison to other tungsten and zinc deposits elsewhere in the world, respectively, are based on
review of the Standard & Poor’s Global Market Intelligence Capital IQ database.
Contact:
Brandon Macdonald
Phone: (604) 646-8361
Email: [email protected]
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Map 1: Macmillan Pass Project and Mactung Project locations.
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Map 2: Boundary Zone drilling map with holes with results in this release labeled. For green
section lines, see Cross Section H-H’ and Long Section I-I’.