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Fireweed Zinc Announces Macmillan Pass Mineral Resource Estimate

NASDAQ GLOBAL NEWSWIRE | JANUARY 10 2018

VANCOUVER, British Columbia, Jan. 10, 2018 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV:FWZ) is pleased to announce new combined mineral resource estimates in accordance with NI43-101 for the Tom and Jason zones on the Macmillan Pass Project (Yukon, Canada).  The new Base Case updated resource is reported in Table 1.

Table 1: Base Case Mineral Resource Estimate (at NSR cutoff grade of $65 CAD)

Category Tonnes (Mt) ZnEq % Zn % Pb % Ag g/t B lbs Zn B lbs Pb MOz Ag
Indicated 11.21 9.61 6.59 2.48 21.33 1.63 0.61 7.69
Inferred 39.47 10.00 5.84 3.14 38.15 5.08 2.73 48.41

 

Fireweed CEO Brandon Macdonald stated, “These new Mineral Resource Estimates for Tom and Jason represent a substantial increase over the previous 2007 Mineral Resource Estimates. Building on this major milestone, we will now use these Mineral Resource Estimates along with pending new metallurgical test results, toward completion of a Preliminary Economic Assessment in the coming months to assess project economics. Next summer we will execute a larger drill program to expand on these mineral resources and test other targets for new discoveries within our large project area. We have made excellent progress in the short seven months since our IPO and plan an even more aggressive program in 2018 to drive this world-class project forward.”

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Future Plans

Fireweed will next use this new Mineral Resource Estimate in writing a Preliminary Economic Assessment in accordance with NI43-101, to evaluate future mine planning, metallurgy and project economics. Concurrently, interpretation of the results of the drilling, mapping, geochemistry and geophysics work from the 2017 field season are being carried out toward identifying high priority areas for exploration toward future new discoveries. Plans for the 2018 work program will include a larger drill program to further step out from the drilling done to date, drilling of other known zones, and field work toward development of new exploration targets on the large property.

Leon McGarry, P.Geo., Senior Resource Geologist for CSA Global Canada Geosciences Ltd. is independent of Fireweed Zinc Ltd. and a ‘Qualified Person’ as defined under Canadian National Instrument 43‑101. Mr. McGarry is responsible for the Mineral Resource Estimate and directly related information in this news release.  Brandon Macdonald, P.Geo, a 'Qualified Person' as defined under Canadian National Instrument 43‑101, is responsible for the other technical information (information not directly related to the Mineral Resource Estimate) in this news release.

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Fireweed Zinc