Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF) In conjunction with Fireweed’s largest ever drill program at Macmillan Pass, Fireweed will be conducting reconnaissance prospecting, mapping, and sampling across a series of gold anomalies on the property.
CEO Statement
Brandon Macdonald, CEO, stated “The Macmillan Pass Project is a large and structurally complex package of sedimentary, intrusive, and volcanic sequences which are ideal hosts to precious metals with multiple proven high-grade analogues. We are located within the Selwyn Basin which is home to some of the most exciting precious metals exploration and development projects in western Canada. While Fireweed’s primary focus is a large drill program targeting the impressive zinc, lead, and silver endowment of the property, the potential for significant gold mineralization is too great to remain untested.”
The 980 km2 Macmillan Pass and Mactung projects are located in the prolific Selwyn Basin—host to major precious metal deposits associated with highly prospective Mayo suite intrusions in the Tombstone-Tungsten Belt (TTB), including Brewery Creek, Dublin Gulch, Keno Hill, Fort Knox, and recent gold discoveries adjacent to Macmillan Pass (Maps 1 and 2). The causative intrusion for Fireweed’s Mactung tungsten-copper-gold skarn deposit is a mid-Cretaceous intrusion of the Tombstone-Tungsten Belt and is the largest high-grade tungsten deposit in the world** as demonstrated by Fireweed’s recent Mineral Resource Estimate that includes an estimate of contained by-product gold (see Fireweed News Release dated June 13, 2023). Six different Mayo suite intrusions and several swarms of mid-Cretaceous dykes have been mapped at surface on Fireweed’s claims; in addition, hornfels metasedimentary rock at surface, magnetic anomalies, and geochemical anomalies suggest other intrusions are also present in the near surface.
Planned drilling programs totaling >20,000 m in the Selwyn basin—and within the Tombstone-Tungsten gold belt in particular—have begun a new rush of gold exploration on projects surrounding Fireweed’s claims in 2023. This new wave of gold exploration has been fueled by the new discoveries by Snowline Gold Corp. (TSXV: SGD) of reduced intrusion-related gold mineralization, 30 to 90 km away from Fireweed’s Macmillan Pass Project (Map 3). Previous gold exploration in the eastern Selwyn Basin in 2011-2013 primarily focused on a different mineralization type, Carlin-style gold, following gold discoveries to the northwest by ATAC Resources Ltd. (TSXV: ATC). Approximately $6M of early-stage gold exploration occurred on Fireweed’s Macmillan Pass Project during 2011-2013 by previous owners and datasets gathered during this work, combined with Fireweed’s own data, are being leveraged by the Company to generate targets for gold exploration. The Macmillan Pass Project is the second largest property in the eastern TTB and is located adjacent to the Snowline properties.
A three-week reconnaissance exploration program will be conducted by experienced prospectors and geologists headed by Jodie Gibson, P.Geo., Yukon Prospectors Association’s Prospector of the Year in 2020. The team will conduct prospecting, mapping, and sampling to follow up on prospective areas around intrusions, geochemical soil anomalies, and geophysical signatures indicative of potential gold mineralization. While the primary focus of the 2023 season for Fireweed remains firmly on a ~C$20M drill program focused on step-out drilling of zinc-lead-silver zones at Tom, Jason, and Boundary, this C$250,000 reconnaissance greenfields gold program will serve to systematically test gold anomalies and utilize reduced intrusion-related gold exploration models that were not the prime focus of the previous wave of Carlin-style gold prospecting.
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 significant current cash position and is amidst its largest ever 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 Resources1 (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 Assessment2 (PEA). In addition, Boundary Main, Boundary West, 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 recently acquired 100% interest in the 37.6 km2 Mactung Project located adjacent to the Macmillan Pass Project. Recently announced mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO3)* 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 has 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 historic drilling and significant upside potential.
Qualified Person Statement
Technical information in this news release has been approved by VP Geology, Dr. Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.
Grant of Stock Options
The Company announces that it is granting, pursuant to its stock option plan, stock options exercisable into 100,000 common shares in the Company to certain consultants of the Company. The stock options are exercisable at C$1.11 per share with a five-year term, and 20% will vest on each of the following six-month anniversary dates of the grant, being fully vested after 30 months.
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.
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
Contact: Brandon Macdonald
Phone: (604) 646-8361
Email: info@fireweedmetals.com
