Fireweed Exploration Update: 12 Core Drill Holes Completed & Field and Airborne Surveys Continuing
VANCOUVER, July 25, 2019 - Fireweed Zinc Ltd. (“Fireweed” or the “Company”) (TSXV: FWZ) is pleased to provide an update on its exploration program at the Macmillan Pass Zinc Project in Yukon, Canada.
Highlights
- 12 core drill holes completed; seven at the Tom North target, one at the Tom West Zone, one at the Tom East Zone, one at Target R and two at the Jason North target. Drilling now started at Target A.
- Gravity geophysics crews have completed surveying about half of Fertile Corridor between End Zone and Boundary Zone
- Airborne LiDAR topographic surveying is 80% complete
- Geological mapping, sampling, and prospecting are continuing
Drilling
Drilling started at the Tom North target to test a 600m long potential north extension of the large Tom West mineral resource (see Figure 2). Three holes were initially planned but the program was expanded and seven holes have been completed. Positive drill results at Tom North have the potential to extend open pit and underground mine life, and improve Tom economics described in the current Preliminary Economic Assessment (PEA) (see Fireweed news release dated May 23, 2018).
A step-out hole at Tom West has been completed to extend the high-grade feeder mineralization to the south.
A step-out hole was completed at Tom East on the down dip extension of a very high grade 2018 hole which returned 21.1% zinc, 13.5% lead and 243 g/t silver over 16.41 metres (see Fireweed news release dated September 20, 2018 for details).
One hole tested Target R where coincident gravity-magnetic highs and a soil anomaly were detected near the camp access road north of the Tom deposits.
Two holes were completed on the Jason North target located immediately north of the large Jason Main Deposit. This target was defined through re-interpretation of historic data and is marked by coincident soil and geophysics anomalies. Despite its location close to Jason Main, Jason North was never before drilled.
The drill has now moved to test the large coincident gravity-magnetic anomaly at Target A after which it will test Target G (see Map 1). See Fireweed news release dated May 21, 2019 for full details of the 2019 exploration plans.
Samples from the first six core holes have been processed and shipped to the laboratory; additional samples will be shipped this week. Drill results will be published as assays are received and interpreted.
Field Exploration
Gravity geophysical crews have surveyed about half of the Fertile Corridor between End Zone and Boundary Zone (see Map 1). Additional gravity surveying may occur this summer as budget and availability of the crew allow.
Geological field work has been focusing on developing additional drill targets at David, Target G and the Fertile Corridor (see Map 1).
Technical information in this news release has been reviewed and approved by Gilles Dessureau, P.Geo, Vice President, Exploration and a ‘Qualified Person’ as defined under Canadian National Instrument 43‑101.
New Community Liaison Office opened in Ross River
Fireweed is pleased to announce that it has opened an office and hired a Community Liaison Officer in the Kaska community of Ross River, within the traditional territory of the Ross River Dena Council. Ross River is the nearest settlement to the Macmillan Pass project, located about 200km to the southwest. Fireweed believes in the importance of engaging with local communities and First Nations toward building respectful relationships through dialogue and collaborative processes. This new office will provide the Company with a full-time presence in the community to continue to build our relationships with and address any concerns of community officials and individual members of Ross River as well as other nearby First Nations of Liard and Na-Cho Nyäk Dun.
About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its district-scale 544 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes option agreements on large blocks of adjacent claims (MAC, MC, MP, Jerry, BR and NS) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.
Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project can be found on the Company’s website at www.FireweedZinc.com and at www.sedar.com.
ON BEHALF OF Fireweed Zinc Ltd.
“Brandon Macdonald”
CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This news release may contain “forward-looking” statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Additional risks are set out in the Company’s prospectus dated May 9, 2017, and filed under the Company’s profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Footnotes:
- Historic drill results for Tom North reported in this news release are taken from historic reports prepared by previous operators. Neither the Company or the Qualified Person has done sufficient work to verify these results and therefore these results should not be relied upon. The Company is including them for information purposes only to explain the basis for the exploration target and reasons for drilling.
A map associated with this press release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c54b5008-ac56-4f3f-a6c4-f4cf3a4d2763
A figure associated with this press release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33f7600a-47de-4ddd-aecd-94f9a8105e23
Brandon Macdonald
T.604.646.8361