Fireweed Metals provides year-end review
Fireweed Metals Corp. [TSXV-FWZ; OTCQB-FWEDF; FSE-M0G] provided a review of its record-setting 2023 accomplishments in building the company and advancing its critical metals projects in northern Canada.
Brandon Macdonald, CEO, stated, “2023 has been another extraordinary and record-breaking year for Fireweed. The accomplishments are numerous, from drilling our best-ever drill hole at Macpass to completing the field season safely with zero lost time injuries. We have done this while demonstrating that prioritizing economic benefit for and respectful engagement with local indigenous communities not only requires no compromise for the Company but also helps maximize our own outcomes.”
John Robins, Chairman, stated, “We continue to demonstrate the enormous scale of mineralization in the Macpass region of eastern Yukon which is has emerged now as a truly world-class metallogenic district. If it wasn’t enough that we control Macpass, a 940 km2 land package representing over 50 km of strike prospective for zinc-lead-silver deposits, we have now secured the world’s largest high-grade tungsten deposit next-door in Mactung. I am incredibly proud of our team for their tireless work this year at our office, in the field, and the many long days on the road.”
2023 Highlights: At the Macpass Project, in 2023 Fireweed completed its largest ever program and the biggest exploration program in the Yukon this year. Over 22,500 metres were drilled with step-out holes to further delineate the Boundary Zone and to expand the large Tom and Jason zinc-lead-silver deposits.
Drill results to date from the 2023 season demonstrated the presence of a high-grade massive sulphides and stratiform mineralization as well as a high-grade feeder system which connects Boundary West and Boundary Main in one single zone, (now simply called Boundary Zone).
Drill results in 2023 included the best hole ever drilled at Macpass, NB23-007 with two intersections: 15 metres (true width) of 11.9% zinc, 2.2% lead, 81.2 g/t silver, and 40 metres (true width) of 15.1% zinc, 2.8% lead, 85.8 g/t silver.
Assays pending for 26 of 52 holes drilled: 14 remaining holes from Boundary Zone, 10 holes from the Tom deposit and 2 holes from the Jason deposit with results expected to be released in early-2024.
Leveraged emerging technologies to enhance operational efficiency and data interpretation / validation including: automated core cutting, automated core scanning, directional drilling techniques, in which multiple angled drill holes are initiated at depth from one primary hole, saved an estimated 1,800 metres of drilling compared to traditional drilling of multiple new holes from surface, achieving a total equivalent metreage of 24,300 metres in 2023.
Constructed all-season camp facilities, increasing operational capacity and extending operating window.
Mactung Project: Finalized acquisition of 100% interest in the 37.6 km2 Mactung Project in Yukon and Northwest Territories, immediately adjacent to the Macpass Project.
In July 2023, released a Technical Report with an updated mineral resource with a total of 41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO33 making it the world’s largest high-grade resource of the Critical Mineral tungsten.
Building on information provided during the Yukon Environmental and Socio-economic assessment process (completed in 2014), Fireweed commenced environmental, metallurgical and other engineering studies to inform applications for major project licenses.
Five holes were drilled to collect metallurgical samples in 2023. The results of the metallurgical test work are expected in Q1 2024.
Gayna Project: Reevaluation of the geological model demonstrates the potential for high-grade massive sulphide zones. The 2022 and 2023 geophysical programs have identified several reef-margin gravity anomalies in proximity to known showings, soil anomalies and high grade rock samples, and informed the location of future drill targets.
Sustainability Update: Environmental management system, including policies, environmental protection and management plans, and compliance monitoring, implemented in 2023 by onsite Indigenous environmental monitors.
To inform mine planning, Fireweed commenced multi-year comprehensive environmental baseline studies, including 16 unique aquatic and wildlife studies.
To support 2023 exploration and monitoring activities, approximately 50% of employees were Yukoners, including about 50 Kaska Nation members ranging in age from 18 to 78.
Excellent safety performance during large drill exploration program with five drills and compliance and baseline studies.
In the past five exploration seasons, about 50% of field program expenditures (supplies, equipment and services) with Indigenous-affiliated businesses.
Achieved net zero emissions for 2021 and 2022 through the purchase of offsets, and installed solar and battery power system for new camp that will be operational in 2024. Supported community sporting and cultural events and facilitated in-community training programs.
Completed a C$16.8 M follow-on financing in September 2023 to support expansion of drilling campaign through the continued support from core shareholders.
Fireweed has three projects located in Canada including the Macpass Project (Zinc-Lead-Silver), Mactung Project (Tungsten), and Gayna Project (Zinc-Lead-Gallium-Germanium). Fireweed is well-funded, with a healthy balance sheet.