Fireweed Metals (TSXV:FWZ) Provides Update for 2023 Exploration Program and Adds Second Drill Rig

Map 1: Macmillan Pass Project and Mactung Project locations. Source: Fireweed Metals

Fireweed Metals (FWZ:TSXV) has reported on the progress of its 2023 exploration program, including results from its first three drillholes. These exploratory drillings in the area bridging the Boundary Main and Boundary West zones have discovered significant zinc-lead mineralization. The corporation is on track to finish a 1,900 m Phase 1 drill program and has plans to conduct at least an additional 14,000 m of drilling across several step-outs and targets this year.

Brandon Macdonald, CEO of Fireweed Metals, commented in a press release: “The season is off to a thrilling start, with a broad intersection of massive sulphides in a step-out hole at Boundary Zone as part of the first test of our feeder zone target. We are very excited that we have hit zinc-lead mineralization in all our first three holes at Boundary Zone, stepping out from our discoveries in 2022. Progress has gone well on the 2023 exploration campaign with the first rig making very good production and we have capitalized on the relatively early snowmelt to mobilize a second rig ahead of schedule. The imminent completion of our new 48-person, all-weather camp will facilitate exploration in 2023 and beyond.”

Fireweed’s 2023 exploration plan is set to operate five diamond drill-rigs, aiming for over 16,000 m of drilling in the Boundary, Tom, and Jason zones. Over 1,400 m of the anticipated 1,900 m Phase 1 drilling has already been carried out. Phase 2 will extend the drilling by around 14,000 m. Both phases are focused on drilling step-out holes around areas identified to contain significant amounts of zinc-lead-silver mineralization.

Map 2: Location of 2023 Phase 1 planned drillholes, cross section H–H’, J–J’ and long section I–I’. Source: Fireweed Metals

Fireweed’s inaugural phase of the 2023 drilling program targets a gap between its two top-performing drillholes at the Boundary Zone – NB22-002 and NB22-023. The corporation envisages a potential high-grade feeder zone in this area that could connect Boundary West and Boundary Main. The drillholes from 2022 revealed substantial high-grade zones on either side of the Phase 1 target area. Notably, the NB22-023 hole found 298 m of 4.5% zinc, 1.4% lead, and 30.9 g/t silver, including a new 9.6 m stratiform zone grading 24.5% zinc, 15.1% lead, and 323.2 g/t silver. Meanwhile, the NB22-002 hole intersected 124 m at 12.3% zinc, 1.3% lead, and 45.9 g/t silver.

The 2023 step-outs completed thus far have successfully intersected sphalerite and galena mineralization in forms of stratiform massive sulphides, replacement mineralization, veins, and breccias. Hole NB23-003 intersected 73 m of massive sulphide, marking the first intersection of the proposed feeder zone target. The ongoing Phase 1 program will continue to test the mineralized layers and the potential feeder area linking Boundary Main and Boundary West.

The initial three drillholes were completed over 50% faster than previous operations. An early snowmelt this year enabled an extra rig to be mobilized sooner than expected. Drilling began on June 18th, and three more drills will be transported by truck this week, reaching the total of five rigs as planned. The drilling will target significant step-outs at Tom, Jason, Boundary Zone, and further.

Long Section I–I’ – Phase 1 of 2023 drill program showing a wide intersection of massive sulphide within a previously untested potential feeder zone target between Boundary West and Boundary Main. Source: Fireweed Metals

The camp, currently hosting almost 50 people, is functioning smoothly. Construction of a new 48-person camp expansion is well underway, with commissioning and first occupants expected by the end of the month. Alongside the existing camp, the new all-weather facility will support about 100 people on site to fulfill the 2023 season’s objectives. This expansion is a crucial step in reaching the approved capacity of 150 people at the Macmillan Pass camp, enabling larger drill programs and concurrent environmental baseline studies even during colder months.

Highlights from the update include: 

  • A 73 m wide interval of massive sulphide zinc-lead mineralization has been intersected at Boundary Zone and is open along-strike and at depth, validating the feeder zone target, with plans for step-out holes in the interpreted direction towards the feeder.
  • All three of the first drillholes at Boundary Zone have hit zinc-lead mineralization.
  • Results indicate that the Boundary West and Boundary Main zones may be connected parts of a single mineralized system.
  • The second of five drill rigs is now at site and has started drilling at the Tom deposit.
  • Drilling will target step-out holes at Tom, Jason, and Boundary Zone.

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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