Fireweed Zinc to rebrand with new name

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Fireweed Zinc Ltd. [FWZ-TSXV, FWEDF-OTCQB, 20F-FSE] is rebranding and transitioning with a name change to Fireweed Metals Corp. Subject to regulatory approval,  the company will market itself under the new name, but will continue to trade under the same stock symbols.

“Fireweed has quickly grown into much more than a zinc company,’’ said Fireweed CEO Brandon Macdonald. “The purpose of this rebranding and new website is to reflect that we are now a leading critical metals company,” he said. “Our projects host major deposits of zinc and tungsten, each with unique supply dynamics and compelling demand growth,’’ he said.

Fireweed’s flagship Macmillan Pass property is thought to be one of the world’s leading undeveloped zinc projects.  Macmillan Pass is located in the eastern edge of the Yukon, 350 kilometres northeast of Whitehorse.

According to a NI 43-101 technical report, the project hosts an indicated resource in the Tom and Jason zones of 11.21 million tonnes of 9.61% zinc equivalent or 6.59% zinc, 2.48 g/t silver, including 1.63 billion pounds of zinc, 610 million pounds of lead and 7.69 million ounces of silver.

On top of that is an inferred resource of 39.47 million tonnes of 10% of zinc equivalent, including 5.845 zinc, 3.14% lead, 38.15 g/t silver or 5.08 billion pounds of zinc, 2.73 billion pounds of lead and 48.41 million ounces of silver.

A preliminary economic assessment announced in May, 2018, says that material can sustain a mining operation for 18 years, one where average yearly contained metal production would be 85,000 tonnes of zinc, 48,000 tonnes of lead and 2 million ounces of silver.

Fireweed recently agreed to acquire a 100% interest in the Mactung Tungsten Project, which is also located in the Yukon, immediately adjacent to the Macmillan Pass project. Fireweed said Mactung is one of the largest and highest-grade tungsten deposits in the world and one of the few potential sources of scale for this critical metal outside China.

The 37.6-square kilometre property hosts a historic 2007 indicated resource of 33 million tonnes, grading 0.88% WO3 (tungsten trioxide) plus an inferred resource of 11.8 million tonnes, grading 0.78% W03.

Fireweed has said it will undertake validation programs on previous work in order to support the development of a new mineral resource estimate for the project. The company plans to follow this work with a new preliminary economic assessment on the project in 2023 and will also be evaluating synergies with the Macmillan Pass Project for the future.

Fireweed’s other key asset is 100% interest in the Gayna River zinc-gallium-germanium project which is located 180 kilometres north of Macmillan Pass. 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.

On June 21, 2022, Fireweed shares closed at 66 cents and currently trades in a 52-week range of 91 cents and 50 cents.

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