Fireweed shares advance on Yukon drilling results
Fireweed Metals Corp., [FWZ-TSXV, FWEDF-OTCQB, 20F-FSE] has reported the results of six drill holes from the Tom South and two drill holes from Jason Main deposits as part of the 2024 drill campaign at its MacMillan Pass project in the Yukon.
A step out hole (TS24-002 from 595.52 metres downhole) at Tom South returned 15.12 metres of 10.39% zinc, 18.10% lead and 296.9 g/t silver, including 8.15 metres of 12.76% zinc, 22.44% lead and 361.4 g/t silver.
“The consistent high-grade intercepts at Tom South reinforce that the feeder zone in this area continues to define Tom as one of the most prolific known concentrations of zinc, lead and silver in the Macpass District, with spectacular grades representing intersections comprised almost entirely of sphalerite and galena,’’ said Fireweed President and CEO Peter Hemstead in a press release.
TS24-002 represents the nearest to surface and highest-grade intercept at Tom South to date, with a broad distance of 200 metres remaining open for testing the up-dip projection of the high-grade mineralized panel towards previous historical drilling. The feeder style mineralization intersected at Tom South is one of several localized zones at Tom that have very high silver grades, further enhancing the overall commodity mix of the deposit.
Hole JS24-002 from 326 metres downhole returned 28.02 metres of 7.10% zinc, 1.41% lead and 5.6 g/t silver, including 12.90 metres of 11.30% zinc, 2.74% lead and 10.3 g/t silver.
Fireweed shares advanced on the news, rising 4.4% or $0.06 to $1.42. The shares trade in a 52-week range of $1.55 and 97 cents.
“We believe that Macpass is a district-scale opportunity that we have only scratched the surface of,’’ said Adam Lundin, Chairman of Lundin Mining Corp. [LUN-TSX; LUMI-Sweden], who was recently appointed as a strategic advisor to Fireweed.
The Macmillan Pass zinc-lead-silver project is Fireweed’s flagship asset. It is located in the eastern edge of the Yukon, 350 kilometres northeast of Whitehorse. Macmillan Pass is thought to be one of the world’s leading undeveloped zinc projects.
In early September, 2024, the company released an updated resource estimate for the Tom and Jason deposits, including inaugural estimates for the Boundary and End zone deposits.
According to a NI 43-101 technical report, the Macmillan Pass project hosts an indicated resource 56 million tonnes at 7.27% zinc equivalent (ZnEq) (5.49% zinc, 1.58% lead and 24.2 g/t silver. On top of that is an inferred resource of 48.49 million tonnes at 7.48% ZnEq ( 5.15% zinc, 2.08% lead, and 25.3 g/t silver).
To date, the company has released 25 of 49 holes drilled in 2024. The assay results and interpretations for the remaining holes will be released as they are received, analyzed and confirmed by the company.