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Resource Investing News Featured Stock

Fireweed Zinc—Advancing Yukon’s Macmillan Pass Zinc-Lead-Silver Project

Overview

Fireweed Zinc Ltd. (TSXV:FWZ) is a Vancouver based resource exploration company focused on advancing its Macmillan Pass zinc-lead-silver project located in Canada’s Yukon Territory.

The Macmillan Pass project hosts two large sedimentary exhalative (SEDEX) deposits—Tom and Jason. SEDEX deposits are responsible for more than half of the world’s zinc production and are also an important source of lead. Global examples of this type of deposit include the Howard’s Pass district (eastern Yukon-NWT), Mt Isa-Century in the McArthur River District (Australia), and Red Dog (Alaska).

The 2007 historical resource completed on the Tom and Jason deposits highlights the impressive size and grade of this project—a scale of which few projects in the Americas can compare. The Macmillan Pass project is an expansive land package that remains largely underexplored. The strategic location of the project in the zinc-rich Selwyn Basin and its expansive footprint in the region gives Fireweed Zinc confidence in the excellent potential for further SEDEX discoveries.

The company commenced a 2,000-meter Phase 1 drill program at Macmillan Pass in July 2017 aimed at producing an updated NI 43-101 compliant resource by the end of 2017 followed by a Preliminary Economic Assessment (PEA) in Q2 2018.

Fireweed Zinc is managed by a seasoned team of mining industry professionals. Executive Chairman John Robins is a professional geologist whose career spans nearly 4 decades. Robins was the Founder and Executive Chairman of Kaminak Gold Corporation which was sold to Goldcorp for $520 million. Robins was the 2008 recipient of the Association for Mineral Exploration British Columbia’s H.H. “Spud” Huestis Award. He sits on the boards of several successful exploration companies. In 2017, Robins’ companies have raised over $100 million.

Investment Highlights

  • Option agreements in place to earn 100 percent interests in the Tom & Jason claims and the MAC claims.
  • Located in the mining-friendly jurisdiction of Yukon, Canada.
  • One of the largest and highest grade zinc-lead-silver projects in the Americas with excellent blue sky potential on a property that remains largely underexplored.
  • Good infrastructure and property access.
  • Preliminary metallurgy in 2012 demonstrated good recoveries and concentrate grades.
  • Drilling program underway for NI 43-101 Resource Estimate in Q4 2017; PEA in Q2 2018.
  • Strong share structure with Management holding large block of shares.
  • Good relations with First Nations in a non-treaty area.

Key Project: Macmillan Pass Zinc-Lead-Silver Project, Yukon

Building on a substantial resource with the potential for further discoveries.

The Macmillan Pass zinc-lead-silver project is located approximately 200 kilometers northeast of the community of Ross River in the Selwyn Basin of Yukon, Canada. Hosting 12 large SEDEX-type deposits, the Selwyn Basin is one of the world’s most recognized basins for this type of deposit. Fireweed Zinc’s Macmillan Pass is nearby to Selwyn Chihong Mining’s Selwyn (Howard’s Pass) Project which contains one of the world’s largest undeveloped zinc deposits.

The 21,939-hectare underexplored land package is easily accessible via a 3-kilometer road from the government maintained North Canol Road of the Robert Campbell Highway or via government airstrip within the property boundary. The project also has a camp already in place (installed in 2011) along with permits and water license. Historic drill core is on site.

The Tom deposit was discovered in 1951 by Hudbay Minerals and the Jason deposit was discovered by the Ogilvie JV in 1974. Hudbay acquired the Jason deposit in 2007, combining the two deposits for the first time into one project. Fireweed Zinc signed option to acquire 100-percent of the Tom and Jason claims from Hudbay in December 2016. In August 2017, Fireweed quadrupled the land area of its Macmillan Pass project with the acquisition of the adjoining MAC claims from Newmont Mining. The MAC claims cover the contiguous northwest extension of the same geology and mineralization trends that host the Tom and Jason deposits.

fireweed-regional-context-and-project-overview

2007 Historical Resource Estimate

Macmillan Pass’ Tom and Jason zinc-lead-silver deposits have a combined 2007 historic resource of:

  • Indicated Resources – 6,428,000 tonnes at 6.33 percent zinc, 5.05 percent lead, 56.55 g/t silver
  • Inferred Resources – 24,549,000 tonnes at 6.71 percent zinc, 3.48 percent lead, 33.86 g/t silver

Preliminary metallurgical studies conducted in 2012 on the Tom deposit yielded recoveries of 83 percent lead and 73 percent silver in the lead concentrate; and 79 percent zinc and 12 percent silver in the zinc concentrate.  Concentrate results included:

fireweed-preliminary-metallurgical-study

Blue Sky Potential on Large Land Package

The Macmillan Pass project represents an excellent opportunity for upside potential. The footprints of the Tom and Jason deposits are quite small compared to the substantial size of the entire land package. Additionally, while approximately 70,000 meters of historical drilling was carried out on the Tom and Jason claim areas since their discovery, a vast majority of the current Macmillan Pass land package (including the newly acquired MAC claims) remains largely unexplored by modern exploration techniques.

Significant potential remains to expand the known mineralization at the Tom and Jason deposits at depth and along trend. Historic exploration activities on the MAC claims were limited to early stage work in the search for gold, however several areas of zinc and lead geochemical anomalies were discovered in stream sediments and soils.

Fireweed Zinc is testing that potential via an exploration campaign aimed at expanding the known mineralization on the Tom and Jason claims, and establishing a NI 43-101 compliant resource estimate. The program also includes aerial and ground reconnaissance over the MAC claims to delineate targets for further exploration. The company expects to complete the resource estimate by the end of 2017, followed by the PEA in Q2 2018.

Management

Fireweed is managed by a veteran group of mining professionals 

John Robins—Executive Chairman and Director

John Robins is a professional geologist with over 35 years of experience mainly as an independent geologist and entrepreneur. Mr. Robins has been involved in many successful exploration ventures and sat on the Boards of several successful exploration companies. Most recently he was Founder, Executive Chairman & Director of Kaminak Gold Corporation which discovered the Coffee Gold Deposits in Yukon and sold the company to Goldcorp for $520 million. In 2008 Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made “a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology.” In 2017 Mr. Robins’ companies (Bluestone Resources, Northern Empire Resources, Fireweed Zinc) have raised over $100 million.

Brandon Macdonald—CEO and Director

Brandon Macdonald is a professional geologist with a diverse experience base including exploration geology worldwide and investment banking. In recent years he has focused his efforts in exploration and development as a principal of and consultant to various junior mining companies. In the past, he was in the City of London where he worked in structuring financings and risk management at Macquarie Bank. In 2007 Mr. Macdonald graduated with an MBA (with Distinction) from Oxford. He completed his B.Sc. in Geology from UBC in 2000. Mr. Macdonald has a long history of mining exploration work in Yukon, including zinc projects, and originally hails from Ross River, near the Macmillan Pass Project site.

George Gorzynski—Executive Vice President and Director

George Gorzynski is co-founder of the Company and a geological engineer with 35 years’ experience in exploration and mining company management. He has strong technical, management and leadership skills, and was a key person in the building and managing of several successful international junior mining and exploration companies. His technical experience ranges from management of large exploration projects in challenging settings to geology field work in isolated locations to oversight of mining operations. Mr. Gorzynski has geological engineering degrees from the University of Toronto (Honours) and University of British Columbia and has worked on a number of zinc projects in British Columbia and Yukon.

Richard Hajdukiewicz—Director

Richard Hajdukiewicz is a co-founder of the Company and has over 35 years’ experience in commodity markets including extensive experience in financing, trading and risk management. He was responsible for the zinc concentrate feeds to Noranda’s zinc smelter at Valleyfield, Quebec as well as marketing of zinc and lead concentrates, in North America. He later headed up and grew Noranda’s global precious metals secondary business which was involved in precious metals concentrates, dore and scrap. During his 25 year plus tenor on Wall Street, Mr. Hajdukiewicz assisted in expanding Goldman Sachs’ metals activities into base metals including zinc and lead. He headed up metals sales and trading activities at several other banks including HSBC and others. He has advised senior managements at many mining and metals companies with the strategic direction of their marketing and risk management strategies for precious and base metals. Mr. Hajdukiewicz graduated from the University of Toronto in Metallurgical Engineering and is currently a consultant to the metals and mining industry.

Adrian Rothwell—Director & Audit Committee Chair

Adrian Rothwell has worked in the mining industry for over 25 years with extensive experience in oversight and corporate governance roles. He is currently President and Chief Executive Officer of Kore Mining Ltd, a private mining venture with gold projects in the western United States. Most recently, he was the Director, Strategy at Goldcorp Inc., and previously acted as Chief Financial Officer for many companies listed on the TSX Venture Exchange. Mr. Rothwell is a Chartered Professional Accountant (CPA, CA) in British Columbia and a designated Chartered Accountant in Australia & New Zealand. He articled at PricewaterhouseCoopers LLP in Australia and Canada and holds a BA in Economics from Macquarie University.

Dan Rogness—Director

Dan Rogness has worked in the mining industry for over 25 years and is experienced in treasury, finance, financial reporting, corporate development, forecasting, cash management, hedging and foreign exchange. Dan is currently consulting for various mining companies and was the Assistant Treasurer and officer at Teck Resources (formerly Teck Corporation and Teck Cominco Ltd.) from 1985-2012. Mr. Rogness is a Chartered Professional Accountant (CPA, CA) in British Columbia and holds a B. Com (Honours) in Accounting and Management Information Systems.

Han-Ying (Jessie) Lin—Chief Financial Officer

Jessie Lin has over ten years of professional experience in the areas of accounting, financial and regulatory reporting mainly in the mining industry. She earned her CGA designation in 2011 and has a Bachelor of Applied Science degree with a Minor in Commerce from the University of British Columbia.

Jeffrey Dare—Corporate Secretary

Jeffrey Dare has over nine years of professional experience with respect to managing external reporting and corporate compliance for TSX Venture Exchange listed issuers. He currently serves as the Corporate Secretary and advisor for a number of junior companies. Mr. Dare works closely with external partners and service providers in the areas of legal, compliance, transfer agency, audit, banking and insurance. Mr. Dare holds a BA from Simon Fraser University.

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