20 June 2023
News Release, June 20, 2023
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF) is pleased to provide an update on the near-term plans for the Mactung Project, following release of the Resource Estimate that establishes Mactung as the world’s largest, high-grade tungsten deposit** (see news release dated June 13, 2023*).
CEO Statement
Brandon Macdonald, CEO, stated “Fireweed’s recent Resource Statement on Mactung has reaffirmed the project’s status as one of the world’s preeminent tungsten development stories. Building on that resource our team now looks to advance the project to construction readiness through modern metallurgical studies, value engineering, and by working with Indigenous groups through the regulatory processes. This coming year will establish Mactung as not just a great resource but also a credible near-term supplier for the critical mineral tungsten.”
Preliminary Economic Assessment
The upcoming Preliminary Economic Assessment (PEA) will establish preliminary project economics using current pricing and cost data, modern estimation, metallurgical, and engineering methodologies, and will consider other opportunities for project optimization. The PEA will build on work commissioned by North American Tungsten Corporation (NATC) in their 2009 Feasibility Study. The new study is planned to kick-off this quarter and conclude prior to the end of the year.
Metallurgical Test Program
In 2022 and early 2023, Fireweed conducted a comprehensive resampling and re-assaying program on historic drill core, which has provided a larger geochemical dataset to assist with lithogeochemical domaining and achieving representative sample variability throughout the deposit.
Fireweed recently initiated a metallurgical test program with Base Metallurgical Laboratories Ltd. to confirm results from earlier work by previous owners (NATC), optimize the flowsheet and evaluate the potential recoverability and payability of gold and copper. Preliminary tailings test work will also be included in this work. Results from this program are expected in Q4 2023.
Assessment and Regulatory Processes
The Yukon Environmental and Socio-economic Assessment Board issued a positive screening report for the Mactung Project in mid-2014 and recommended it proceed without review, subject to terms and conditions. The federal and Yukon governments subsequently varied certain terms and conditions, as documented in each respective Decision Document, which provided direction to advance license applications.
Fireweed intends to complete field programs this summer at Mactung to strengthen the environmental database and confirm distribution of discontinuous permafrost to validate geochemical analysis of ore and waste, and to identify and qualify borrow material for construction. The results of these programs will inform collaborative working groups discussions with Indigenous groups to allow Fireweed to develop robust applications and management plans to mitigate any potential effects arising from future potential project development.
Grant of Options
The Company announces that it is granting, pursuant to it’s stock option plan, stock options exercisable into 4,544,000 common shares in the Company to certain directors, officers, employees, and consultants of the Company. The stock options are exercisable at C$1.01 per share with a five-year term, and 20% will vest on each of the following six-month anniversary dates of the grant, being fully vested after 30 months.
Qualified Person Statement
Technical information in this news release has been approved by Fireweed Metals Vice President, Studies, Kelly Bateman, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.