Fireweed Reports New Mineralization at Macmillan Pass, Update FOR Mactung and Gayna River
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NEWS RELEASE
September 13, 2022 TSXV: FWZ
OTCQB: FWEDF
FSE:20F
FIREWEED REPORTS NEW MINERALIZATION AT MACMILLAN PASS,
UPDATE FOR MACTUNG AND GAYNA RIVER
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”)
(TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to
announce a successful start to the 2022 drill program and an update on the exploration
programs at their flagship Macmillan Pass zinc-lead-silver project, Yukon, Canada, as well
as the newly acquired Mactung tungsten project straddling the Yukon and Northwest
Territories border, and their recently staked Gayna River zinc-lead-gallium-germanium
project in the Northwest Territories.
Highlights
Macmillan Pass
• Discovery of massive sulphide mineralization on the south side of a fault at Boundary
West.
• Discovery of laminated sphalerite-galena-barite mineralization at Boundary Main.
• Significant widths of massive pyrite-sphalerite-galena mineralization have been
intersected in the first two holes at Boundary West.
• Four diamond drilling rigs are currently turning on the property, two at Boundary Zone,
and two at Tom West.
• Nineteen drill holes have been completed to date, totaling 5,234 m.
• Over 8,315 metres of core have successfully been scanned using state-of-the-art XRF
and hyperspectral sensors.
Mactung
• LiDAR was flown successfully over the extent of the property.
• Field crews are mobilizing to conduct a bulk density and resampling program on
historic core.
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• The bulk density and resampling program will validate historic data to support a
mineral resource estimate.
Gayna River
• LiDAR was flown successfully over the extent of the property.
• Field crews have completed detailed mapping and prospecting during an initial site
visit. Rock and soil samples were submitted for geochemical analysis on August 1st.
• Geophysical crews conducted a ground gravity survey over areas of high prospectivity
along the reef margins.
CEO Statement
Brandon Macdonald, CEO, stated “Despite a late start to the season we have so far had
tremendous success. Not only has every hole drilled intersected some degree of zinc
mineralization, but we’ve made several discoveries of new locations for significant
mineralization. Whether on purpose, or sometimes by accident when targeting other zones,
we just can’t stop finding zinc.”
Macmillan Pass
Diamond Drilling
Diamond drilling at Boundary West in holes NB22-001 and NB22-002 (Maps 1 & 2), have
successfully stepped-out the massive sulphide zone across a fault thought previously to
constrain the extent of the mineralized zone, now leaving Boundary West open to the south.
These massive sulphides comprise pyrite-sphalerite-galena similar in style to the Boundary
West mineralization discovered by Fireweed in 2020.
Holes NB22-001 and NB22-002 also successfully intersected wide zones of massive pyrite-
sphalerite-galena mineralization on the other side of the fault. These intersections from
NB22-001 and NB22-002 are 120 m and 30 m laterally, respectively, from the mineralized
intersection of 8.22% zinc, 0.71% lead and 53.6 g/t silver from 316-377 m in hole NB21-002
(see Fireweed news release dated 16th September 2021).
At Boundary Main hole NB22-008 encountered unexpected laminated zinc-lead
mineralization from 41.89-42.89 m in the same stratigraphic interval that hosts the Tom and
Jason zinc-lead-silver deposits, showing potential for additional mineralization further to the
north. Multiple near-surface intercepts of breccia-related and stockwork-veined sphalerite
were encountered across holes within Boundary Main including many wide zones of zinc
mineralization (Table 1).
One hole has been completed at Tom East, TS22-002, confirming the validity of the current
resource model by intersecting the anticipated width and mineralization style of laminated
sphalerite-galena-barite-pyrite mineralization (see Fireweed news releases dated January
10th, 2018, and reports filed on www.sedar.com for details).
Infill drilling is being conducted at Tom West, where TS22-001 and TS22-003 are targeting
closer spaced intercepts within Tom Main near feeder proximal mineralization to test the
validity of the current geological resource model.
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Additional holes are planned at Boundary Zone and Tom West this season, focusing on
step-outs from known areas of mineralization and resource infill drilling.
Collar details are provided in Table 2. Assays are pending for all holes where samples have
been submitted and no visual estimates of grade have been provided. Fireweed is
anticipating significant waits for assay results due to slow sample processing at labs.
Table 1: 2022 drilling summary
Drill hole Length (m) Target Observations
NB22-001 463 Boundary Wide zone encountered.
NB22-002 491 Boundary Wide zone encountered.
NB22-003 64 Boundary Hole abandoned due to drilling conditions.
NB22-004 403 Boundary Moderate zone encountered.
NB22-005 326 Boundary Weak zones encountered.
NB22-006 375 Boundary Wide zone encountered.
NB22-007 365 Boundary Narrow zones encountered.
NB22-008 213 Boundary Wide zone encountered.
NB22-009 141.5 Boundary Wide zone encountered.
NB22-010 91 Boundary Wide zone encountered.
NB22-011 268.3 Boundary Wide zone encountered.
NB22-012 353 Boundary Wide zone encountered.
NB22-013 125.4 Boundary Moderate zone encountered.
NB22-014 31 Boundary Hole abandoned due to drilling conditions.
NB22-015 145 Boundary Moderate zone encountered.
NB22-016 64 Boundary Hole abandoned due to drilling conditions.
NB22-017 81.5 Boundary Wide zone encountered.
NB22-018 180 Boundary Wide zone encountered.
NB22-019* 211* Boundary Wide zone encountered.
NB22-020 149 Boundary Wide zone encountered.
NB22-021 112 Boundary Wide zone encountered.
NB22-022* 0* Boundary Hole in progress
TS22-001 200 Tom West Wide zone encountered.
TS22-002 171.9 Tom East Wide zone encountered.
TS22-003 135 Tom West Wide zone encountered.
TS22-004* 47* Tom West Hole in progress
All assays pending
*Holes currently being drilled
Core Scanning
Core scanning continues on site, and over 8,300 m of core have been scanned using high-
resolution digital photography, LiDAR topography, shortwave, visible, and near infrared
hyperspectral imagery, and X-ray fluorescence (XRF). A combination of current and historic core
has been scanned, and the newly acquired data will be used to inform geometallurgical models
of the deposits that have the potential to deliver value by optimizing the upcoming PEA.
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Mactung
Bulk Density and Resampling
Field crews have mobilized to begin a bulk density and resampling program on-site. Historic
drill core will be measured for bulk density as well as reassayed to provide valuable
information to inform the upcoming resource estimate. However, the need to reassay some
material in order to complete the resource estimate introduces a multi-month delay to the
planned release of the Mactung mineral resource update, which is now expected in early
2023.
Gayna River
Mapping and prospecting
Field crews mapped the area in detail as well as ground truthing known occurrences to gain
a better geological understanding of the lithology, structures, mineralization and alteration
associated with these unusual zinc systems.
Follow-up rock and soil samples were taken to evaluate mineralization at several prospects
across the area and to validate historic soil anomalies. Fireweed has confirmed the
presence of significant zinc-lead mineralization at many of these prospects. These samples
were submitted for geochemical analysis August 1st, 2022.
Photo 1: Gayna River Occurrence C: Massive galena with abundant light-green crystalline
sphalerite within Lower Host unit.
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Ground Gravity Geophysics
A ground gravity geophysics crew have completed several grids over highly prospective
areas at Gayna River, targeting reef margins to identify the accumulation of mineralized
sulphides along these margins, similar to the Kipushi Zn-Cu-Pb-Ag-Ge deposit in central
Africa. Final gravity results are pending, awaiting high resolution terrain corrections from this
season’s LiDAR data acquisition.
Marketing Manager Appointed
Fireweed Metals is pleased to announce the appointment of Mr. Milad Zarrinderakht as
Marketing Manager. Mr. Zarrinderakht has been assisting Fireweed over the last year with
corporate communication and was instrumental in the re-brand from Fireweed Zinc to
Fireweed Metals. In his new role, Mr. Zarrinderakht will be overseeing Fireweed’s marketing
programs for the Company including the development and implementation of strategic
marketing goals and objectives to maximize shareholder value. Mr. Zarrinderakht holds a
Bachelor’s Degree in Engineering from Shiraz University in Iran and a Diploma in Business
Administration and Marketing from the British Columbia Institute of Technology. Mr.
Zarrinderakht has been working in the fields of marketing and communications for over
eight years, and subject to regulatory approval, Fireweed is delighted to have Milad moving
into this new role to better assist us in growing and developing Fireweed Metals.
Qualified Person Statement
Technical information in this news release has been approved by Jack Milton , P.Geo., Chief
Geologist 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.
The Company has three projects located in northern 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 claim s with known showings and significant upside exploration
potential. Plans for 2022 include a large drill program toward expanded mineral resources
and an updated PEA to include large new zones of mineralization defined since 2018
including Boundary Zones.
• 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 tungsten resources in the world. Located in Canada, it is one of the
rare large tungsten resources outside of China. Plans for 2022 include due diligence and
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validation work on historic data in order to support a new mineral resource estimate
followed by a Preliminary Economic Study.
• Gayna River Zinc- 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 critical minerals mineralization including zinc, gallium and germanium as well
as lead and silver, outlined by 28,000 metres of historic drilling and significant upside
potential. Plans for 2022 consist of an airborne LiDAR topography survey, ground
geophysics survey and historic data compilation.
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 www.
FireweedMetals.com and at www.sedar.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.
Cautionary Statements
Forward Looking Statements
This news release may contain “forward- looking” statements and information relating to the
Company and its projects that are based on the beliefs of Company management, as well as
assumptions made by and information currently available to Company managemen t. Such
statements reflect the current risks, uncertainties and assumptions related to certain factors
including but not limited to, without limitations, exploration and development risks, 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, and one -time events. Should any one or more risks or uncertainties
materialize or change, or should any underlying assumptions prove incorrect, actual results and
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forward-looking statements may vary materially from those described herein. The Company does not
undertake to update forward‐looking statements or forward‐looking information, except as required
by law.
Map 1: Location of deposits and advanced prospects within the Macmillan Pass and
Mactung projects.
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Map 2: 2022 Drilling at Boundary Zone, all holes intersected Zn-Pb mineralization.