Le Lézard
Classified in: Mining industry, Business
Subjects: ANALYSTS' COMMENTS, CORPORATE OFFICERS

Fireweed Drills 105 m of 8.4% Zinc and 12.1 g/t Silver Including 12.75 m of 24.9% Zinc and 41.7 g/t Silver


VANCOUVER, British Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce additional results from the 2022 drill program at Boundary Zone, Macmillan Pass zinc-lead-silver project, Yukon, Canada (Map 1).

Highlights

CEO Statement

Brandon Macdonald, CEO, stated "Boundary Main Zone continues to impress with not only the wide tenor of mineralization but also with high-grade intervals. Equally important is the discovery of a new stratiform zone where we expect to see good continuity of mineralization consistent with similar zones at Tom, Jason and Boundary West. With a large drill campaign planned for the summer we are looking forward to testing the extents of mineralization in these zones and growing our already world-class metal endowment."

Boundary Zone Drilling Results

The following drill results (Tables 1 and 2) are from seven (7) drill holes located at Boundary Zone (Maps 1 and 2), all within the Boundary Main area. The last results from five (5) holes from Boundary Main and nine (9) holes from the Tom zinc-lead-silver deposit 2022 drill program are still pending.

Table 1: Boundary Zone 2022 Drill Result Highlights from this News Release.

Drill holeIntervalFrom
(m)
To
(m)
Interval*
(m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
Bulk
Density
(t/m
3)
NB22-009
primary3.50119.32115.823.570.025.43.238
>including18.0036.5018.507.830.0611.93.691
NB22-010primary29.5069.2039.705.720.0511.23.073
NB22-011

primary37.0060.0023.007.610.0310.13.179
>including42.1052.7010.6012.280.0415.23.328
primary237.00263.0026.006.620.2812.43.240
>including247.50254.006.5015.980.2420.64.024
NB22-013
primary70.36119.6349.273.370.3212.03.057
>including70.3680.5110.1510.240.0319.02.939
NB22-018
primary40.67182.50141.832.870.4612.72.982
>including107.00115.008.0011.531.6961.03.916
NB22-020
primary4.2094.9090.704.700.036.72.969
>including4.2048.5044.306.710.027.62.997
>>including4.2016.7012.5011.190.0412.03.024
primary122.20127.154.954.982.1037.93.082
NB22-021
primary7.00112.00105.008.370.0512.12.966
>including7.0034.8027.8013.150.0416.53.211
>and90.48103.2312.7524.870.1041.73.159
>>including96.53103.236.7034.460.1356.73.301
>>>including99.40103.233.8339.970.1862.63.419

*Intersected thicknesses, not true thicknesses, are stated for all intersections in Table 1. Due to the early stage of drilling, true thicknesses cannot be accurately stated for these holes. Values in this table may differ slightly from the text due to rounding.

NB22-018, NB22-020 and NB22-021

These three (3) holes were collared from the same pad, forming a fan of holes that intersected high grade sphalerite-pyrite vein and breccia mineralization from surface to depths of up to ~100 m in the hangingwall of the Boundary Main Fault (Cross Section F-F' and Map 2). Hole NB22-021 intersected 105 m of 8.4% zinc, and 12.1 g/t silver including both an intersection from surface grading 13.2% zinc and 16.5 g/t silver over 27.8 m and an intersection of spectacularly high-grade zinc mineralization grading 24.9% zinc and 41.7 g/t over 12.75 m including 3.83 m of 40.0% zinc and 62.6 g/t silver (see Image 1 and Tables 1 and 2). Holes NB22-018 and NB22-020 also intersected wide intervals of zinc mineralization in the near surface: 141.8 m of 2.9% zinc, 0.5% lead, and 12.7 g/t silver, and 90.7 m of 4.7% zinc, and 6.7 g/t silver, respectively.

Holes NB22-018 and NB22-020 penetrated the Boundary Main fault and intersected a new zone of stratiform zinc mineralization in black carbonaceous mudstones and diamictites comprising laminated, semi-massive, and massive sphalerite-pyrite grading 11.5% zinc, 1.7% lead, and 61.0 g/t silver over 8 m in NB22-018 and 5.0% zinc, 2.1% lead, and 37.9 g/t silver over 5 m in NB22-020 (see Cross Section F-F', and Tables 1 and 2). This stratiform zone is interpreted to correlate stratigraphically with the Tom-Jason deposits. The stratiform zone is correlated spatially to zinc-lead mineralization in surrounding holes: in several holes to the east, it appears to be less mineralized and is interpreted as the fringes of the zone; whereas to the west, it appears to be significantly better mineralized in NB22-022 and NB22-023 and is interpreted to be the direction towards the feeder.

NB22-009 and NB22-011

These two (2) holes were collared from the same pad and include wide intervals of vein-hosted mineralization near surface at Boundary Main: NB22-009 returned 115.8 m of 3.6% zinc and 5.4 g/t silver, including 18.5 m of 7.8% zinc and 12.0 g/t silver from a downhole depth of 18 m; NB22-011 intersected 23 m of 7.6% zinc and 10.1 g/t silver including 10.6 m of 12.3% zinc and 15.2 g/t silver (see Cross Section G-G', Map 2 and Tables 1 and 2).

Hole NB22-011 intersected zinc mineralization in the footwall of the Boundary Main Fault in volcaniclastic rocks for 26 m grading 6.6% zinc and 12.4 g/t silver including 6.5 m of 16.0% zinc and 20.6 g/t silver. This intersection represents a 60 m step out from similar mineralization in holes to the west. Drilling was unable to advance through the fault in hole NB22-009 due to adverse drilling conditions and the target in the footwall remains untested at this location.

NB22-010 and NB22-013

These two (2) holes were collared from the same pad as infill holes at Boundary Main (see Cross Section G-G' and Map 2). Both holes successfully intersected sphalerite vein mineralization in the hangingwall of the Boundary Main fault. Hole NB22-010 intersected 39.7 m of 5.7% zinc and 11.2 g/t silver, including some higher-grade veins: 4 m of 13.5% zinc, 2.9 m of 12.8% zinc, 3.5 m of 10.1% zinc, and 3.7 m of 11.1% zinc (Table 2). Hole NB22-013 intersected 49.3 m of 3.4% zinc and 12.0 g/t silver including 10.2 m of 10.2% zinc and 19.0 g/t silver.

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are HQ3 (split tube) size core (61.1 mm / 2.406-inch diameter) or NQ2 size core (50.5 mm / 1.99-inch diameter) with recoveries typically above 85% unless otherwise noted in the table of results. After drilling, core was cleaned, scanned with a core scanning machine, logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. The cores for analyses were marked for sampling based on geological intervals with individual samples 2 m or less in length. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four (4) in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2022 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, British Columbia to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases prior to 2020, only length weighted assay averages were reported which may result in slightly lower (under-reported) average values. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed Metals Chief Geologist, Jack Milton, Ph.D., P.Geo. (BC), and a ?Qualified Person' as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a current cash position of C$38,600,000, and is well-positioned to carry out a large 2023 exploration program. The Company has three projects located in Canada:

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. The Company is current in its reporting, and undergoes an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company's website at FireweedMetals.com and at www.sedar.com.

ON BEHALF OF FIREWEED METALS CORP.

"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

Forward Looking Statements

This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to interpretation of drill results, future work plans, the use of funds, and the potential of the Company's projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, 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, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward?looking statements or beliefs, opinions, projections or other factors, except as required by law.

Contact:
Brandon Macdonald
Phone: (604) 646-8361

Email: [email protected]

Map 1: Macmillan Pass Project and Mactung Project Locations.
https://www.globenewswire.com/NewsRoom/AttachmentNg/95b05549-4728-430e-bfcd-14ff5f00966c

Map 2: Boundary Zone drilling map with holes in this news release labeled. Green lines refer to Cross Sections F-F' and G-G'.
https://www.globenewswire.com/NewsRoom/AttachmentNg/930ac89f-b682-46ca-9acf-e7d683da53f5

Image 1: Core from drill hole NB22-021 - 96.2 m to 102.9 m showing very high-grade veins and breccias with abundant red-brown sphalerite infill, from an interval (96.53 m to 103.2 m) of 6.7 m grading 34.5% zinc, 0.13% lead, and 56.7 g/t silver. Image is a from a very-high resolution core scanning photomosaic with core boxes and blocks masked.
https://www.globenewswire.com/NewsRoom/AttachmentNg/05c9ab24-913b-418d-b183-62e697eca22c

Cross Section F-F': Highlights of new results from holes NB22-018, NB22-020, and NB22-021. For complete results see Table 2. Section line runs through collar of NB22-021 at an azimuth of 202°. For results from NB21-005 see Fireweed news release dated November 18th 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4d5bf589-ab7b-49ca-90f7-752728f60079

Cross Section G-G': Highlights of new results from holes NB22-009, NB22-010, NB22-011 and NB22-013. For complete results see Table 2. Section line runs half-way between NB22-009 and NB22-010 at an azimuth of 209°.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d8f757fc-ce4f-4437-864f-150911f5b9fa

Table 2: Boundary Zone 2022 Full Table of Drill Results from this News Release.

Drill holeIntervalFrom
(m)
To (m)Interval*
(m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
Bulk Density
(t/m
3)
NB22-009
primary3.50119.32115.823.570.025.43.238
>including18.0036.5018.507.830.0611.93.691
>>including34.1836.502.3219.220.0528.54.126
>and69.2070.651.4527.490.1732.03.845
>and92.4594.752.3015.850.0523.53.546
NB22-010
primary29.5069.2039.705.720.0511.23.073
>including32.5036.544.0413.470.1024.73.226
>and41.0043.862.8612.750.1027.93.714
>and55.5059.003.5010.120.0720.53.102
>and65.5069.203.7011.130.1522.53.186
primary88.0091.003.003.231.6629.43.589
NB22-011
primary37.0060.0023.007.610.0310.13.179
>including42.1052.7010.6012.280.0415.23.328
>>including50.5052.702.2029.130.1031.33.642
primary127.00150.523.502.710.6410.02.848
>including131.00134.003.007.442.8133.93.131
primary177.00180.003.006.310.084.22.937
primary237.00263.0026.006.620.2812.43.240
>including247.50254.006.5015.980.2420.64.024
NB22-013
primary25.5831.505.928.110.027.52.753
primary37.5040.503.003.530.014.32.825
primary70.36119.6349.273.370.3212.03.057
>including70.3680.5110.1510.240.0319.02.939
>>including76.0080.514.5116.880.0431.23.196
NB22-018
primary14.0019.505.504.940.012.73.449
primary40.67182.50141.832.870.4612.72.982
>including40.6749.508.837.420.0613.42.822
>and80.0081.501.5031.256.4629.83.844
>and107.00115.008.0011.531.6961.03.916
NB22-020
primary4.2094.9090.704.700.036.72.969
>including4.2048.5044.306.710.027.62.997
>>including4.2016.7012.5011.190.0412.03.024
>and42.3046.103.8011.040.0214.52.641
primary122.20142.4020.202.371.2421.02.947
>including122.20127.154.954.982.1037.93.082
NB22-021
primary7.00112.00105.008.370.0512.12.966
>including7.0034.8027.8013.150.0416.53.211
>>including13.1614.491.3345.200.1466.13.677
>and90.48103.2312.7524.870.1041.73.159
>>including96.53103.236.7034.460.1356.73.301
>>>including99.40103.233.8339.970.1862.63.419

*Intersected thicknesses, not true thicknesses, are stated for all intersections in Table 2. Due to the early stage of drilling, true thicknesses cannot be accurately stated for these holes. Values in this table may differ from the text due to rounding.

Table 3: Summary of Drill Results from 2022 Program.

Drill holeZoneHole
Length (m)
Significant IntersectionsType
NB22-001BW463Reported on Nov 22 2022Infill & Step-out
NB22-002BW491Reported on Nov 22 2022Step-out & New Discovery
NB22-003BW64Hole abandoned-
NB22-004BW403Reported on Feb 15 2022Step-out
NB22-005BM326Reported on Jan 31 2023Step-out
NB22-006BM375Reported on Jan 31 2023Step-out
NB22-007BW365Reported on Feb 15 2022Step-out
NB22-008BM213Reported on Jan 31 2023Step-out & New Discovery
NB22-009BM147.5Reported in this releaseInfill
NB22-010BM91Reported in this releaseInfill
NB22-011BM265.3Reported in this releaseInfill & Step-out
NB22-012BM353Wide zoneStep-out
NB22-013BM125.4Reported in this releaseInfill
NB22-014BM31Hole abandoned-
NB22-015BM145Moderate zoneInfill
NB22-016BM57.4Hole abandoned-
NB22-017BM80Wide zoneInfill
NB22-018BM270Reported in this releaseInfill, Step-out & New Discovery
NB22-019BW340Reported on Feb 15 2022Infill & Step-out
NB22-020BM149Reported in this releaseInfill & Step-out
NB22-021BM112Reported in this releaseInfill
NB22-022BM327Wide zoneStep-out & New Discovery
NB22-023BM367Wide zoneStep-out & New Discovery
TS22-001TW200Wide zoneInfill
TS22-002TE170.9Wide zoneInfill
TS22-003TW125Wide zoneInfill
TS22-004TW214.2Wide zoneInfill
TS22-005TW128Wide zoneInfill
TS22-006TW190.5Wide zoneInfill
TS22-007TW86Wide zoneInfill
TS22-008TW61Wide zoneInfill
TS22-009TW335Wide zoneInfill

All assays pending unless otherwise indicated. BM: Boundary Main; BW: Boundary West; TW: Tom West; TE: Tom East.

Table 4: 2022 Drill Collar Details.

Drill holeTargetLength
(m)
EastingNorthingElevation
(m.s.l)
Azimuth
(°)
Dip
(°)
NB22-001Boundary46342186170104611178030-58
NB22-002Boundary49142194070104051164033-57
NB22-003Boundary6442210570106831238211-76
NB22-004Boundary40342210570106831238211-76
NB22-005Boundary32642223070105241193214-50
NB22-006Boundary37542253970105361195207-55
NB22-007Boundary36542194070104051164036-47
NB22-008Boundary21342227470106001217209-68
NB22-009Boundary147.542243870104171165208-50
NB22-010Boundary9142239070103851152205-50
NB22-011Boundary265.342244070104191164208-69
NB22-012Boundary35342234270106201219201-65
NB22-013Boundary125.442239070103861150205-70
NB22-014Boundary3142233070103841146212-50
NB22-015Boundary14542233170103851146212-75
NB22-016Boundary57.442233070103841146212-55
NB22-017Boundary8042233170103851147212-85
NB22-018Boundary27042230870104341166216-58
NB22-019Boundary34042194870106721232180-57
NB22-020Boundary14942230870104351166216-72
NB22-021Boundary11242230970104351167216-82
NB22-022Boundary32742229270104741182211-56
NB22-023Boundary36742229270104741182211-70
TS22-001Tom West20044199470036791545060-80
TS22-002Tom East170.944206370043221677060-90
TS22-003Tom West12544199470036801545065-55
TS22-004Tom West214.244199370036791545065-89
TS22-005Tom West12844204670037671533063-50
TS22-006Tom West190.544204470035821581049-75
TS22-007Tom West8644194370039691538066-80
TS22-008Tom West6144194570039701538066-45
TS22-009Tom West33544204370035811581049-89

Coordinate reference system: UTM Zone 9 NAD83. North reference: UTM grid north.



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