Fireweed Intersects 118.0 m of 15.1% Zinc, 2.8% Lead, and 85.8 g/t Silver and also 82.5 m of 11.9% Zinc, 2.2% Lead and 81.2 g/t Silver: Multiple Zones of High-Grade Mineralization In Single Drillhole Multiple wide, high-grade zones of zinc -lead-silver minera lization have been intersected in a
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NEWS RELEASE
August 22, 2023 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
Fireweed Intersects 118.0 m of 15.1% Zinc, 2.8% Lead, and 85.8 g/t Silver and also
82.5 m of 11.9% Zinc, 2.2% Lead and 81.2 g/t Silver: Multiple Zones of High-Grade
Mineralization In Single Drillhole
Multiple wide, high-grade zones of zinc -lead-silver minera lization have been intersected in a
stratiform, laminated to massive sulphide zone at Boundary Zone, part of a n extensive sediment-
hosted massive sulphide system.
NB23-007 intersected an upper zone of 82.5 m (15 m true width) of 11.9%, zinc 2.2% lead and
81.2 g/t silver, including 27.03 m (4.9 m true width) of 26.7% zinc, 4.2% lead, and 165.2 g/t silver.
NB23-007 also intersected a separate, lower zone of 118 m (40 m true width) grading 15.1% zinc,
2.8% lead, and 85.8 g/t silver including 77.07 m (26 m true width) of 18.7% zinc, 3.5% lead, and
101.4 g/t silver.
NB23-004 intersected 33.43 m (22 m true width) of 8.0% zinc, 2.0% lead, and 59.2 g/t silver,
including 13.88 m (9.1 m true width) of 12.6% zinc, 3.7% lead, and 99.4 g/t silver.
Assays are pending for down- dip, step-out intersections of massive sulphide with intersected
thicknesses between 25 m and 140 m, and additional drilling is underway where the zone remains
open at depth.
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF) is pleased to report additional assay results from its 2023
exploration at the Macmillan Pass Project, Yukon, and provide an update from its largest ever drill
program.
CEO Statement
Brandon Macdonald, CEO, stated, “In our largest field season ever, we continue to hit spectacular
grade and widths of mineralization at Boundary Zone. The results from NB23-007 include two
intersections which continue to demonstrate the world- class potential of mineralization at
Boundary Zone. These results show continuity with, and even eclipse NB22-002, formerly
Fireweed’s best-ever drillhole, in terms of grade and length of mineralization.”
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Results from the Boundary Feeder Zone Target
Following up on drilling from 2022 and the initial results of the 2023 program which targeted a gap
in the drilling between two of Fireweed’s best-ever drillholes at Boundary Zone, NB22-002 and
NB22-023 (see Fireweed news releases dated June 22, 2023, November 22, 2022, and March 2,
2023), Fireweed has continued to test the high-grade feeder zone target that is interpreted to
occur as at least one stratiform layer within a sediment hosted massive sulphide system. Both the
initial results from 2023 as well as those from 2022 intersected very wide, high-grade zones and
demonstrate continuity of the mineralized system.
Table 1: Assay result highlights for holes of the 2023 drilling program, Boundary Zone.
Drillhole Interval From
(m) To (m) Interval
Width (m)
Est. True
Width (m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
Bulk
Density
(t/m3)
NB23-004 Primary 267.92 301.35 33.43 22 8.0 2.0 59.2 3.57
NB23-004 Including 267.92 281.8 13.88 9.1 12.6 3.7 99.4 4.29
NB23-004 >including 268.8 277.06 8.26 5.4 14.9 4.5 124.8 4.47
NB23-005 Primary 139.75 165 25.25 22 6.4 0.7 31.9 3.24
NB23-005 >including 150.5 160 9.5 8.3 12.2 1.3 66.9 3.65
NB23-006 Primary 102.2 140.9 38.7 N/A 5.6 0.0 6.7 2.83
NB23-006 >including* 121.36 123.46 2.1 N/A 30.7 0.1 38.8 3.62
NB23-007 Primary 170.7 253.2 82.5 15 11.9 2.2 81.2 3.15
NB23-007 >including 180.89 207.92 27.03 4.9 26.7 4.2 165.2 3.49
NB23-007 Primary 308.9 426.9 118 40 15.1 2.8 85.8 4.04
NB23-007 >including 313.7 325.03 11.33 3.8 15.0 3.7 96.1 4.21
NB23-007 >including 332.3 409.37 77.07 26 18.7 3.5 101.4 4.00
NB23-008 Primary 242.2 286.9 44.7 N/A 6.5 0.2 9.6 3.48
NB23-008 >including 252 268.3 16.3 N/A 10.3 0.2 11.3 3.64
NB23-008 Primary 323.7 359.1 35.4 N/A 5.2 0.1 8.8 3.49
NB23-008 >including 327.5 339 11.5 N/A 10.7 0.2 13.5 3.75
* Denotes intervals with core recovery of less than 85%
Fireweed has successfully intersected pyrite-sphalerite-galena as stratiform massive sulphides,
laminated mineralization, replacement mineralization, veins, and breccias in the 2023 step-outs.
Zinc mineralization has been intersected in every step-out hole that has been completed to depth
at both Boundary Zone and the Tom deposit. Assays have been received for the first eight holes,
with holes NB23-004, NB23-005, NB23-006, NB23-007, and NB23-008 reported in this news
release (Tables 1 and 2, with two minor intervals with assays pending at the end of holes NB23-
006 and NB23-008) along with brief logging summaries for an additional 34 holes that have tested
targets at Tom and Boundary Zone (Table 3).
Hole NB23-007 intersected a lower interval of 118 m grading 15.1% zinc, 2.8% lead, and 85.8 g/t
silver that demonstrates continuity of grade with the exceptional results from NB22-002, as well as
an upper interval comprising 82.5 m of massive sulphide grading 11.9% zinc, 2.2% lead, and
81.2 g/t silver. The upper and lower stratiform massive sulphide zones were intersected at a low
angle to bedding and have estimated true widths of approximately 15 m and 40 m, respectively.
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Hole NB23-004 intersected two intervals of sphalerite and galena mineralization, with a 33.43 m
intersection (22 m true width) correlated with the stratiform layer of mineralization grading 8.0%
zinc, 2.0% lead, and 59.2 g/t silver and a 20.49 m intercept of vein and replacement style sulphides
grading 4.9% zinc.
Hole NB23-006 intersected two zones, a 32.65 m (16 m true width) intercept of laminated sulphides
grading 4.4% zinc and 12.4 g/t silver, and a 38.7 m interval of vein and replacement mineralization
grading 5.6% zinc and 6.7 g/t silver.
Hole NB23-005 intersected a 25.25 m (22 m true width) interval of semi-massive, laminated and
stratiform sulphide containing 6.4% zinc, 0.7% lead, and 31.9 g/t silver including 9.5 m (8.3 m true
width) of 12.2% zinc, 1.3% lead, and 66.9 g/t silver.
Hole NB23-008 intersected a 44.7 m interval of volcanic hosted semi-massive sulphide containing
6.5% zinc and 9.6 g/t silver, including 16.3 m of 10.3% zinc, and 11.3 g/t silver. This hole contained
another interval of 35.4 m of vein-mineralization grading 5.2% zinc, and 8.8 g/t silver, including 11.5
m of 10.7% zinc, and 13.5 g/t silver (see Photo 1).
See Tables 1, 2 and 3, Long Section M-M’, Cross Section K–K’, Cross Section L–L’ and Maps 2
and 3 below for further details.
Step-out drilling at Boundary Zone targeting the massive– stratiform zone has resulted in many
wide inter sections of zinc -lead mineralization with assays pending. The most significant
intersections can be seen on Long Section M-M’ and are listed here:
NB23-011 intersected 45 m of massive, semi-massive and brecciated sulphide.
NB23-012 intersected 48 m of massive to laminated sulphide.
NB23-013 intersected 25 m of massive sulphide.
NB23-016 intersected 70 m of feeder proximal massive sulphide.
NB23-019 intersected 60 m of massive sulphide.
NB23-022 intersected 55 m of massive sulphide.
NB23-028 intersected 140 m of feeder-proximal laminated to massive sulphides.
Thirty-one holes have been drilled at Boundary Zone so far in 2023 and have tested the laminated
stratiform mineralization and massive sulphide zones. The geometry and stratigraphic sequence
intersected in these holes continue to support the idea that the laminated and massive sulphide
mineralization are part of the same geological layer at Boundary Zone, forming an approximately
tabular stratiform zone. Step out drilling down-dip intersected abundant galena, supporting the
presence of the conceptual feeder zone. While this remains a preliminary interpretation of the
available geological data, deep testing provided by NB23-007 supports this model, extending the
depth of mineralization in the massive stratiform layer from surface to at least 400 m , with the
zone becoming higher grade and wider, where it remains open at depth.
Extensive vein, breccia, and replacement mineralization at Boundary Main occurs both above and
below the main stratiform laminated massive sulphide zone. Many wide intervals of vein, breccia
and replacement style sphalerite mineralization have been encountered in 2023 step-out holes
and several infill holes (Table 3).
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2023 Drill Program Drilling Update
The 2023 program remains in full swing with five diamond drill-rigs, targeting ~22,000 m of drilling
mostly focused on Boundary, Tom, and Jason zones (Map 1) with >14,500 m completed thus far.
The drill program will focus on step -out targets at Boundary Zone, Jason, and Tom, as well as
test several exploration targets away from the known zones.
Drill penetration rates in the first 29 holes was between 17– 50% faster than historical
performance. The higher than forecast performance of the drilling has allowed the bulk of the
original planned drilling to be completed earlier than planned providing an opportunity to test
additional targets.
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 healthy working capital position, and is well -positioned to carry
out a large 2023 exploration program. The Company has three projects located in Canada:
Macmillan Pass Project (Zinc -Lead-Silver): 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 1 (11.21 Mt Indicated Resource at 6.59% zinc,
2.48% lead, and 21.33 g/t silver; and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14%
lead, and 38.15 g/t silver) and a Preliminary Economic Assessment 2 (PEA). In addition,
Boundary Zone, Tom North 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.
Mactung Project (Tungsten) : The Company owns 100% interest in the 37.6 km 2
Mactung Project located adjacent to the Macmillan Pass Project. Recently announced
mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO 3 and 12.2 Mt
Inferred Resource at 0.59% WO3)3 make it the world’s largest high-grade resource of the
Critical Mineral tungsten*. Located in Canada, it is one of the rare large tungsten resources
outside of China*.
Gayna River Project (Zinc -Lead-Gallium-Germanium): Fireweed owns 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 historical drilling and significant upside
potential.
Qualified Person Statement
Technical information in this news release has been approved by Fireweed’s VP Geology, Dr.
Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument
43-101.
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed
(OTCQB: FWEDF) trades on the OTCQB Venture Market (www.otcmarkets.com) and is DTC
eligible for enhanced electronic clearing and settlement. In Europe, Fireweed (FSE: 20F) trades
on the Frankfurt Stock Exchange.
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Additional information about Fireweed and its projects can be found on the Company’s website
at FireweedMetals.com and at www.sedarplus.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.
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 NQ2 size core
(50.5 mm/ 1.99-inch diameter) with recoveries typically above 85% unless otherwise noted in the results
tables. After drilling, core was cleaned, logged for geology, structure, and geotechnical characteristics, then
marked for sampling and photographed on site. Certain cores were selected for core scanning. The cores
for analyses were marked for sampling based on geological intervals with individual samples 2 m or less in
length, with 1 m samples within mineralized zones. 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 2023 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 lead (>25.0%) and zinc
(>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. Assay values are
rounded to one decimal place other than in Table 2 and Cross Sections where zinc and lead grades are
reported to two decimal places.
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Results in this news release are length and bulk-density weighted averages as would be used in a Mineral
Resource estimate. Length and bulk -density weighted averages have been reported as these most
accurately represent the average metal-content of the intersections.
True widths for primary intervals are estimated by measuring perpendicular to strike within the short axis of
a stratiform wireframe that has been constructed in 3D around the mineralized intercepts at Boundary Zone
based on assay results, geological logging, stratigraphic correlation, and bedding measurements from
oriented core. The massive sulphide mineralization and laminated mineralization at Boundary Zone are
mostly stratiform (oriented parallel to bedding), therefore the true width, or thickness, of the zone is
estimated perpendicular to both the strike and dip direction of bedding. Vein and breccia mineralization at
Boundary Zone are interpreted to be stockworks and true widths are estimated to be approximately equal
to intersected widths and marked as N/A in the assay tables. True widths are rounded to the nearest metre
for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision
of the estimates. True widths should be regarded as approximate as these are derived from an estimation
that uses a preliminary interpretation of the geological model. True widths for nested intervals (marked as
“Including” in results tables) are estimated using a ratio of included to primary intersected widths to attribute
appropriate portions of the true width of the primary interval to the nested intervals.
Sphalerite and galena have been identified visually by experienced core logging geologists, and licenced
professional geoscientists, confirmed by portable XRF (X-Ray fluorescence). No absolute visual estimates
of mineral abundances or inferen ces of potential zinc or lead grades have been stated for holes without
assay values in this news 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 and projections of mineralization, 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 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.
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Footnotes and References
* References to relative size and grade of the Mactung 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.
1: For details and QP statements, see https://www.sedarplus.ca/ Fireweed Technical Report titled “NI 43 -
101 Technical Report on the Macmillan Pass Zinc -Lead-Silver Project, Watson Lake and Mayo Mining
Districts Yukon Territory, Canada” filed on https://www.sedarplus.ca/ on February 23, 2018, and Fireweed
News Release dated January 10, 2018. .
2: For details and QP statements, see https://www.sedarplus.ca/ Fireweed Technical Report titled “NI 43 -
101 Technical Report Macmillan Pass Project Yukon Territory Canada” filed on https://www.sedarplus.ca/
on July 9, 2018, and Fireweed News Release dated May 23, 2018. This Technical Report includes a
Preliminary Economic Analysis disclosing an economic analysis of mineral resources that is preliminary in
nature and does not include any mineral reserves. It is equally emphasized that the mineral resources
disclosed within this Technical Report are not mineral reserves and do not have demonstrated economic
viability.
3: For details and QP statements, see Fireweed news release dated June 13, 2023 “Fireweed Metals
Announces Mineral Resources for the Mactung Project: the Largest High -Grade Tungsten Deposit in the
World” and the technical report entitled “NI 43 -101 Technical Report, Mactung Project, Yukon Territory,
Canada,” with effective date July 28, 2023 filed on https://www.sedarplus.ca/
Map 1: Macmillan Pass Project and Mactung Project locations.
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Map 2: Location of 2023 Boundary Zone drillholes, cross sections K–K’, L–L’ and long section M–M’ see
below for cross sections.