Fireweed Intersects 31 m True Width of 8.68% Zinc, 3.68% Lead, and 87.4 g/t Silver, Including 15 m True Width of 13.15% Zn, 6.35% Lead, and 139.9 g/t Silver in Boundary Zone Expansion Drill Hole
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NEWS RELEASE
October 30, 2024 TSXV: FWZ
OTCQX: FWEDF
FSE: M0G
Fireweed Intersects 31 m True Width of 8.68% Zinc, 3.68% Lead, and 87.4 g/t
Silver, Including 15 m True Width of 13.15% Zn, 6.35% Lead, and 139.9 g/t Silver
in Boundary Zone Expansion Drill Hole
Vancouver, British Columbia: FIREWEED METALS CORP. (“ Fireweed” or the “ Company”)
(TSXV: FWZ; OTCQX: FWEDF) is pleased to report the results of an additional nine drill holes
from Boundary Zone as part of the 2024 drill campaign at its Macpass Project, Yukon, Canada.
Highlights
• Hole NB24-014 from 311.50 m downhole: 54.58 m of 8.68% zinc, 3.68% lead, and 87.4
g/t silver (31 m true width), including 26.08 m of 13.15% zinc, 6.35% lead, and 139.9 g/t
silver (15 m true width).
• Hole NB24-024 from 383.5 m downhole: step-out intersection of 19.73 m of 9.40% zinc,
1.07% lead, and 49.7g/t silver (15 m true width), including 10.79 m of 13.39% zinc, 1.30
% lead, and 70.0 g/t silver (8.0 m true width)
• Hole NB24-014 from 146.95 m downhole: 106.85 m of 4.61% zinc, 0.52% lead, and
11.88 g/t silver, including 16.32 m of 9.98% zinc, 0.28% lead, and 17.0 g/t silver.
• Significant concentrations of germanium and gallium associated with sphalerite
mineralization (included within the full results in table 1)
CEO Statement
Peter Hemstead, President and CEO, stated, “Boundary zone continues to grow, delivering high-
grade step-out intersections outside of the recently announced Mineral Resource of stratiform
sulphide mineralization, along with notable vein and replacement mineralization. Step-out results
from hole NB24-024 confirm significant extensions of the high-grade Upper Zone towards the
East and down dip. Additionally, infill drilling at the massive sulphide Prime Zone, including hole
NB24-014, has delineated greater thicknesses and higher grades of this zone than those
estimated in our current Mineral Resource. These results show great potential for a material
increase in the high-grade tonnage at Boundary Zone.”
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Summary
The drill holes in this release comprise intervals of vein and replacement style mineralization as
well as massive (>50% sulphides) to stratiform (layer-parallel) sulphides in the central portion of
Boundary zone. Massive sulphide mineralization at Boundary is split into three primary domains
based on location and geochemistry: BZFL (Boundary Zone Fuller Lake), BZUZ (Boundary Zone
Upper Zone) and BZPZ (Boundary Zone Prime Zone). The intersections of massive and stratiform
sulphides in NB24-006, NB24-014, and NB24-021 are from BZPZ and the intercept in NB24-024
correlates to BZUZ, while the broader intercepts in the holes comprise vein and replacement style
mineralization.
Results
Drill holes in this release are located in the central portion of Boundary Zone and were targeting
stratiform to massive sulphides, as well as vein and replacement mineralization with a focus on
expanding mineralized domains and improving confidence in mineralized bodies. All holes in this
release were successful in intersecting vein and replacement style mineralization, with NB24-006,
NB24-014, NB24-021, and NB24-24 intersecting broad (>10 m true width) zones of massive to
stratiform sulphides rich in sphalerite and galena.
Fireweed successfully intersected massive sulphides in both NB24-014 and NB24-024 (Photos 1
and 2) as well as stratiform to semi -massive sulphides, vein, and replacement mineralization in
all holes within this release. Summaries of the intercepts from these holes are as follows:
• Hole NB24-014
o Intersected 54.58 m (estimated true width of 31 m) of BZPZ laminated and massive
sulphides grading 8.68% zinc, 3.68 % lead, and 87.4 g/t silver, including 26.08 m
(est. true width 15 m) of 13.15% zinc, 6.35% lead, and 139.9 g/t silver. This
strategic infill hole was designed to test an area of the resource model where the
BZPZ was interpreted as wedging out against a fault between 2023 drill holes
NB23-037 and NB23 -032. The hole successfully confirmed that the fault wedge
comprises a massive sulphide zone approximately 3.5 metres thicker and
significantly higher grade than estimated within the current Mineral Resource,
interpreted as continuous with the high-grade feeder style mineralization
encountered previously in hole NB23 -037 (see Fireweed News Release January
22, 2024).
o The hole also had a broad near surface interval of breccia and vein mineralization
106.85 m in width grading 4.61% zinc, 0.52% lead, and 11.88 g/t silver, including
16.32 m grading 9.98% zinc, 0.28% lead, and 17.0 g/t silver . This intersection
confirmed the extents of a broad interval of mineralization approximately 150 m
from surface.
• Hole NB24-024
o Intersected a step-out intersection of 19.73 m (estimated true width of 15 m) of
stratiform to semi-massive sulphide grading 9.40% zinc, 1.07% lead, and 49.7 g/t
silver, including 10.79 m (estimated true width of 8.0 m) grading 13.39% zinc,
1.30% lead, and 70.0 g/t silver. This is interpreted as an extension of the Upper
Zone and is situated beyond the limits of the current Mineral Resource, as a 40 m
step-out along strike and 100 m down dip from the nearest Upper Zone
intersections.
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o This hole also intersected another step -out intersection of 23.1 m of 5.00% zinc,
and 9.6 g/t silver from 146.3 m downhole within vein and replacement style
mineralization. This represents a 70 -metre step-out from the closest previously
known mineralization.
• Hole NB24 -006 intersected 71.91 m of stratiform sulphides, vein, and replacement
mineralization grading 2.73% zinc, 0.53% lead, and 14.1 g/t silver, including 9.8 m of
stratiform sulphides (estimated true width 9.8 m) grading 9.34% zinc, 0.5% lead, and
23.4 g/t silver. The hole also intersected an interval from 23.4 m downhole, 39.61 m in
length of vein and replacement mineralization grading 5.42% zinc, and 14.3 g/t silver,
including 6.23 m of 13.66% zinc, 0.10% lead, and 27.9 g/t silver.
• Hole NB24-022 intersected 84.50 m of vein and replacement sulphides grading 2.92%
zinc, 0.14% lead, and 5.7 g/t silver, including 11.70 m of 8.64% zinc, 0.71% lead, and
12.96g/t silver.
• Hole NB24-021 intersected 14.77 m of stratiform sulphide (estimated true width 11 m)
grading 3.40% zinc, 0.36% lead, and 19.6 g/t silver, including 4.15 m (estimated true width
of 3.2 m) grading 7.28% zinc, 0.29% lead, and 22.7 g/t silver. The hole also intercepted
35.40 m of vein and replacement style mineralization grading 3.1% zinc and 4.8 g/t silver,
including 12 m of 6.19% zinc and 6.6 g/t silver; and, 32.74 m of vein and replacement style
mineralization grading 2.26% zinc, 0.56% lead, and 5.2 g/t silver, including 4.45 m grading
6.84% zinc and 8.6 g/t silver.
• Hole NB24-011 intersected 26.81 m of vein and replacement style mineralization grading
2.42% zinc, 0.47% lead, and 11.5 g/t silver, including 6.46 m of 5.51% zinc, 0.65% lead,
and 15 g/t silver.
• Hole NB24-010 was abandoned before reaching its target; however, it still intersected
three intervals of vein and replacement mineralization: 4.65 m grading 3.62% zinc and 6.0
g/t silver; 3.00 m grading 6.82% zinc and 7.6 g/t silver; and, 6.62 m grading 3.19% zinc,
0.22% lead, and 21.6 g/t silver.
See Tables 1 to 3, Cross Sections C–C’, N–N’, U–U’ and Map 2 below for further details.
The holes in this release are step- out and infill holes that tested the vein and breccia
mineralization, laminated stratiform mineralization, and massive sulphide zones in the central
portion of Boundary Zone. No 2024 drill holes were included in the 2024 Mineral Resource
Estimate and represent growth potential above and beyond Fireweed’s current Mineral Resource.
Next Steps
The Company has currently released 17 of 49 holes drilled in 2024. The assay results and
interpretations for the remaining holes will be released as they are received and interpreted by
the company.
Qualified Person Statement
Technical information in this news release has been reviewed and approved by Fireweed Metals
Senior Geologist, Ian Carr, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National
Instrument 43-101. Mr. Carr is not independent of the Company in accordance with NI 43-101.
Fireweed Metals Corp. is an exploration company focused on unlocking value in a new critical
metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a
large and highly prospective 977 km2 land package. The Macpass District includes the Macpass
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zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is
strongly positioned to create meaningful value.
Fireweed trades on the TSX Venture Exchange under the trading symbol “FWZ”, on the OTCQX
Best Market under the symbol “FWEDF”, and on the Frankfurt Stock Exchange under the trading
symbol “M0G”.
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.
“Peter Hemstead”
Interim 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 NQ2 size (50.5
mm/ 1.99-inch diameter) or HQ size (63.5 mm/ 2.50 -inch diameter) core, 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 using light detection and ranging (LiDAR), short-wave infrared
(SWIR), X-ray fluorescence (XRF), and high resolution RGB image capture. 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 assay sample 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 s pan 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 2024 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 (BV) preparation laboratory in Whitehorse,
Yukon, where the samples were crushed and a 500 g split was sent to the BV 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 sa mple. 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). For BV samples, 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 17025:2017 accredited laboratory.
Assay values may appear rounded to one decimal place but are given in full in Table 1, 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 loggi ng, 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 t he 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 with variable shapes and true widths cannot be accurately
estimated, therefore only intersected widths are reported, and true widths are 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.
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 dril l results, targets for exploration, potential extensions of
mineralized zones, 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 rec lamation 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 weat her, 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.
Footnotes and References
*Zinc equivalency is based on a price of US D$1.40/lb Zn, USD$1.10/lb Pb, and USD$25/oz Ag, CAD:USD exchange
rate of 1.32, and a number of operating cost and metallurgical assumptions specific to each deposit or domain2.
1References to relative size, grade, and metal content of the Macpass resources and Mactung resources in comparison
to other tungsten, zinc, gallium, and germanium deposits elsewhere in the world, respectively, are based on review of
the Standard & Poor’s Global Market Intelligence Capital IQ database.
2: For Tom, Jason, End Zone, and Boundary Zone Mineral Resources, see the technical report entitled “Technical
Report for NI 43-101, Macpass Project, Yukon, Canada” with effective date September 4th, 2024 filed on Sedar+ here
Pierre Landry, P.Geo. is independent of Fireweed Metals Corp., and a ‘Qualified Person’ as defined under Canadian
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National Instrument 43-101. Pierre Landry, of SLR, is responsible for the Tom, Jason, End Zone, and Boundary Zone
Mineral Resource Estimates.
3: For Mactung Mineral Resources, see Fireweed ’s 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/. Garth Kirkham,
P.Geo. is independent of Fireweed Metals Corp., and a ‘Qualified Person’ as defined under Canadian National
Instrument 43-101. Garth Kirkham, of Kirkham Geosystems Limited., is responsible for the Mactung Mineral Resource
Estimate.
Contact: Alex Campbell
Phone: +1 (604) 689-7842
Email: [email protected]
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Map 1: Macpass Project and Mactung Project locations
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Map 2: Composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to
surface and proposed pit shell