VANCOUVER, British Columbia, June 25, 2019 (GLOBE NEWSWIRE) — FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ) is pleased to announce that drilling and field work for the 2019 summer campaign has now started on the Macmillan Pass Zinc Project in Yukon, Canada.
- Core drilling has begun on the first target at Tom North (see Map 1)
- Reverse circulation (RC) drilling has begun on Target R
- The gravity surveying crew has arrived to begin work in the Fertile Corridor
- Geological mapping, sampling, and prospecting are underway
See Fireweed news release dated May 21, 2019 for full details of the 2019 exploration plans.
The first target to be core drilled this summer is Tom North, where three of the wide-spaced planned drill holes have now been completed. Samples are now being cut for shipment to the laboratory and an additional (fourth) hole has been added to the Tom North program (see Figure 2) to twin historic hole TS005 (drilled in 1952) to test the reproducibility of the historic results. Fireweed drilling elsewhere at Tom demonstrated that many early historic drill results under-reported grades due to poor core recoveries (see examples in 2017 and 2018 Fireweed drilling news releases). The 2019 Tom North drilling is testing the continuity of mineralization along a 600 m long extension northwards from the large Tom West mineral resource. Positive drill results at Tom North have the potential to extend open pit and underground mine life, and improve economics described in the current Preliminary Economic Assessment (PEA) (see Fireweed news release dated May 23, 2018).
Reverse circulation (RC) drilling has begun at Target R (see Map 1) to test a coincident gravity-magnetic and soil anomaly discovered in 2018. Target R is located 2.5 km north of the Tom West mineral resource. The next target for the RC drill is Jason North, which is a coincident geological-geochemical-geophysical target located just north of the large Jason Main mineral resource.
Gravity survey crews have arrived on site and will begin surveying in the coming days. Gravity surveying is planned along the Fertile Corridor and will extend west from the 2018 survey area (see Map 1). In 2018, gravity surveys identified a number of targets that will be drilled this summer.
Geological mapping, sampling, and prospecting has begun with the aim to advance Fireweed’s understanding of the geological controls on mineralization and further delineate prospective areas on the large 544 km2 property.
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.
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.
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 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.
- 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 plans for additional drilling.