Vancouver, British Columbia: 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)
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.”
Table 2: Mineral Resource Estimate NSR Cutoff Sensitivity (Base Case $65/t CAD)
Notes for Tables 1 & 2:
NSR $/t CAD =
$16.16 * Zn(%) (Zn NSR from Zn concentrate)
+ $16.08 * Pb(%) (Pb NSR from Pb concentrate)
+ $0.05853 *Ag(g/t) - $0.6146 * Zn(%) (Ag NSR from Zn concentrate, only if >0)
+ $0.4470 * Ag(g/t) - $0.3607 * Pb(%) (Ag NSR from Pb concentrate, only if >0)
These new current Mineral Resource Estimates represent a substantial increase over the previous historic 2007 publicly reported Mineral Resource Estimates (see Fireweed news release dated June 1, 2017). The increase is mainly due to:
A supporting Technical Report written in accordance with NI43-101 will be filed on SEDAR (www.sedar.com) and on the Fireweed website (www.FireweedZinc.com) within 45 days.
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.
About Fireweed Zinc Ltd.: Fireweed Zinc is a new public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its Macmillan Pass Project where it has an option to acquire 100% of the Tom-Jason property in Yukon, Canada which is host to the large, advanced Tom and Jason zinc-lead-silver deposits, and an option on the adjacent large MAC claims which cover projected extensions of mineralization from the Jason area and where previous exploration identified zinc, lead and silver geochemical anomalies in critical host geology.
Additional information about Fireweed Zinc and its Macmillan Pass Project, can be found on the Company’s website at www.FireweedZinc.com and on SEDAR at www.sedar.com .
ON BEHALF OF FIREWEED ZINC LTD.
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.
This news release contains “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.