Silver

Fireweed Metals

Fireweed Metals

TSXV:FWZ

Critical Metals for Present and Future Generations

​Company Highlights

  • Fireweed Metals Corp. explores and develops critical metals projects through progressive leadership, innovation and collaboration.
  • Three critical metals projects in northern Canada: MacMillan Pass, Mactung and Gayna River
  • Flagship project Macmillan Pass (Yukon) is 100 percent owned and one of the world’s largest undeveloped zinc-lead-silver resources.
  • Mactung Project (Yukon/NWT) is one of the world’s largest and highest-grade undeveloped tungsten deposits located adjacent to the Macmillan Pass Project.
  • The Gayna River Project (NWT) is host to an extensive zinc-lead-silver (-gallium-germanium) mineralization.
  • Fireweed has started its 2022 diamond drill program at Macmillan Pass, completing 19 drill holes totaling 5,234 meters as of September 2022.
  • 2022 initial exploration program at the Gayna River project confirmed presence of massive sulphide mineralization with eight grab samples graded better than 7 percent zinc, including one at 51 percent zinc; one of these samples also graded 74 percent lead
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Overview

Fireweed Metals Corp. (TSXV:FWZ) is a Canadian mining exploration and development company focused on advancing the Macmillan Pass, Mactung and Gayna River Projects located in the Yukon and Northwest Territories, Canada.

Fireweed Metals aims to sustainably explore and develop critical minerals assets to support the transition to a low-carbon economy, in a way that reflects the company’s core value of respect, for both its people and the environment. The company values and promotes meaningful and trusting relationships with its employees and local communities, resulting in successful partnerships with and benefits for First Nations communities and shareholders.

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Overview

Fireweed Metals Corp. (TSXV:FWZ) is a Canadian mining exploration and development company focused on advancing the Macmillan Pass, Mactung and Gayna River Projects located in the Yukon and Northwest Territories, Canada.

Fireweed Metals aims to sustainably explore and develop critical minerals assets to support the transition to a low-carbon economy, in a way that reflects the company’s core value of respect, for both its people and the environment. The company values and promotes meaningful and trusting relationships with its employees and local communities, resulting in successful partnerships with and benefits for First Nations communities and shareholders.

Company Highlights

  • Fireweed Metals Corp. explores and develops critical metals projects through progressive leadership, innovation and collaboration.
  • Three critical metals projects in northern Canada: MacMillan Pass, Mactung and Gayna River
  • Flagship project Macmillan Pass (Yukon) is 100 percent owned and one of the world’s largest undeveloped zinc-lead-silver resources.
  • Mactung Project (Yukon/NWT) is one of the world’s largest and highest-grade undeveloped tungsten deposits located adjacent to the Macmillan Pass Project.
  • The Gayna River Project (NWT) is host to an extensive zinc-lead-silver (-gallium-germanium) mineralization.
  • Fireweed has started its 2022 diamond drill program at Macmillan Pass, completing 19 drill holes totaling 5,234 meters as of September 2022.
  • 2022 initial exploration program at the Gayna River project confirmed presence of massive sulphide mineralization with eight grab samples graded better than 7 percent zinc, including one at 51 percent zinc; one of these samples also graded 74 percent lead

Key Projects

Macmillan Pass Zinc-Lead-Silver Project, Yukon

Macmillan Pass

Overview

The large Macmillan Pass property encompasses 940 sq km of contiguous mineral claims located 200 km northeast of the settlement of Ross River in the eastern Yukon Territory of Canada. It lies within the traditional territories of the Kaska Dena and First Nation of Na-Cho Nyäk Dun. It is host to the large Tom and Jason shale-hosted zinc-lead-silver deposits as well as the Boundary Zone, Boundary West Zone, Tom North Zone and End Zone, which have significant mineralization drilled but not yet classified as mineral resources. The property also includes large blocks of 100 percent-owned adjacent claims (Mac, MC, MP, Jerry, BR , NS, Oro, Sol, Ben and Stump), 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. The company has a 70-person camp near the Tom deposit which is accessible via the North Canol Road from the community of Ross River and via a local airstrip.

The Tom and Jason deposits are located in the Selwyn Basin and hosted in Devonian-age Lower Earn Group sedimentary rocks. Zinc-lead-silver sulphide-barite mineralization typically occurs in thick stratiform lenses and extends for as much as 1,200 meters along strike and 450+ meters down dip. The Boundary zones are different and consist of veins, stockworks, disseminations and replacement sulphide mineralization as well as multiple horizons of stratiform mineralization in Devonian-age Lower Earn Group and Silurian-age Road River Group sedimentary rocks respectively. The main economic sulphide minerals are sphalerite and galena.

Tom-Jason Mineral Resource Report

Based on the 2017 drill results along with the historic core re-sampling results and compilation of historic data, the company announced updated NI43-101 mineral resources for the Tom and Jason deposits on January 10, 2018 which were substantially larger than historically reported resources. The updated base case resources were as follows:

Mineral Resource

Additional mineralization subsequently drilled and being drilled at Boundary Zone, Boundary West Zone, Tom North Zone and End Zone as well as step-out drill holes at Tom and Jason will be considered in a future updated mineral resource estimate for the property.

Tom-Jason Preliminary Economic Assessment Report

On May 23, 2018, the company announced positive results of an independent NI43-101 preliminary economic assessment (PEA) for the Tom and Jason deposits prepared by JDS Energy and Mining, Inc. with work on tailings and water by Knight Piesold Consulting, both of Vancouver, Canada, utilizing the 2018 mineral resources of Table 1.

Production and Economic Highlights:

  • Long mine life and large-scale production
  • 18-year mine life with 32.7 Mt of mineralization mined at 4,900 tonne-per-day average processing rate
  • 1.54 Mt of zinc, 0.88 Mt of lead, and 37 Moz of silver in concentrate shipped
  • Average yearly contained-metal production of 85 kt zinc, 48 kt lead and 2 Moz silver
  • Robust economics using metals prices of $1.21/lb zinc, $0.98/lb lead, and $16.80/oz silver
  • Pre-Tax NPV at 8 percent of $779 million and IRR of 32 percent
  • After-Tax NPV at 8 percent of $448 million and IRR of 24 percent
  • Manageable CAPEX and rapid payback
  • Pre-production CAPEX of $404 million; CAPEX includes a total of $100 million for upgrading to a production-suitable access road to the property. On March 3, 2020, the company announced that the Yukon Government and the Ross River Dena Council First Nation had reached an agreement in principle on $71 million in road upgrades which, in part, included upgrading of the property access road
  • Payback period of four years.
  • Starter-pits on Tom West and Jason Main zones reduce up-front capital
  • Significant upside
  • Numerous opportunities for significant economic improvement
  • Known zones remain open for expansion, including into high-grade areas
  • Highly prospective and large land package with untested exploration targets.
  • Not included in this PEA study are the Boundary Zone, Boundary West Zone, Tom North Zone and End Zone, as well as new step-out holes at Tom and Jason which have significant zinc-lead-silver mineralization drilled after the PEA study was completed, but not yet classified as mineral resources.

Macmillan Pass 2022 Exploration

Macmillan Exploration Targets

Fireweed Metals’ 2022 drill program is underway at Macmillan Pass. As of September 2022, the diamond drill program has resulted in the discovery of massive sulphide mineralization on the south side of a fault at Boundary West and laminated sphalerite-galena-barite mineralization at Boundary Main. The company intersected significant widths of massive pyrite-sphalerite-galena mineralization in the first two holes at Boundary West. Fireweed scanned more than 8,315 meters of core and completed 19 drill holes totaling 5,234 meters.

Blue Sky Potential on Large Land Package

The large 940 sq km Macmillan Pass property covers numerous other prospects and anomalies indicating many additional exploration targets with strong blue-sky potential for new discoveries. The currently known deposits occupy but small footprints on the large property. Many of these exploration targets occur along the “Fertile Corridor” which is a long-lived fault corridor that acted as a plumbing system for mineralization.

Mactung Tungsten Project

Mactung Tungsten

In 2022, Fireweed Metals announced its acquisition of the 37.6 sq km Mactung Project in Yukon and Northwest Territories, Canada under terms of a binding letter of intent purchase agreement. The Mactung property is located immediately adjacent to its Macmillan Pass zinc-lead-silver property. Mactung is one of the largest and highest-grade tungsten deposits in the world. It is an advanced stage project with extensive historic drilling, engineering, metallurgy, geotechnical and environmental baseline data collected by previous operators as well as a Class 4 Land Use Permit. The property lies within the traditional territories of the Kaska Dena and First Nation of Na-Cho Nyäk Dun, and the Sahtú Settlement Area.

Tungsten skarn mineralization at Mactung is mostly scheelite (CaWO4) and is dominated by calcic mineral assemblages associated with abundant pyrrhotite that developed within permeable limestone units of the Cambrian-Ordovician host rocks near the contract with a Cretaceous-age granite intrusion. Historic work by previous operators included 38,000 meters of drilling and at least 1,200 meters of underground lateral workings. Plans for 2022 include updating the historic 2007 indicated resources totaling 33 million tonnes grading 0.88 percent WO3 (tungsten trioxide) plus historic inferred resources of 11.8 million tonnes grading 0.78 percent WO3.

Gayna River Zinc Project

Gayna River Zinc Project

Gayna River property location map.

The Gayna River Zinc project located 180 kilometers north of the Macmillan Pass property in Northwest Territories, Canada, lies within the Sahtú Settlement Area, the Gwich’in Settlement Area, and the asserted territory of the First Nation of Na-Cho Nyäk Dun.

The property is host to extensive critical minerals including zinc, gallium and germanium as well as lead and silver. Mineralization occurs as veins and breccias in carbonate rocks similar to Mississippi-Valley-Type (MVT) mineralization, or Irish-type zinc-lead mineralization. Sphalerite and minor galena occur as infill within veins, vugs and breccias along with dolomite-calcite-quartz-pyrite. Historic grab samples contain elevated concentrations of the critical metals gallium (up to 68 ppm) and germanium (up to 15.6 ppm). An extensive area of mineralization was outlined by 28,000 meters of wide-spaced, historic drilling but recent studies indicate potential for high-grade, massive sulphide targets not recognized by previous operators. The 2022 field program at Gayna River includes a ground gravity survey (now completed) and an airborne LiDAR topographic survey (pending) to define targets for drilling in 2023.

Fireweed Metals' 2022 initial exploration program at the Gayna River project confirmed the following:

  • High-grade rock samples with the presence of massive sulphide mineralization that also contains elevated gallium and germanium (all eight grab samples graded better than 7 percent zinc, including one at 51 percent zinc; one of these samples also graded 74 percent lead).
  • Soil samples confirmed the presence of a strong, 4 km x 1 km, historical zinc and lead soil anomaly (all 10 samples returned over 4,000 ppm lead including one sample containing 27.5 percent lead and 176 g/t silver).
  • Results from a 52.7 line-km ground gravity survey have highlighted multiple potential drill targets.
  • Completion of a LiDAR topographic survey over the entire 128.75 km 2 property has generated accurate location data for future drilling and other exploration work.

Board of Directors

John Robins - Executive Chairman

John Robins is a professional geologist with over 35 years of experience mainly as an independent geologist and entrepreneur. 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 and director of Kaminak Gold Corporation, which discovered the Coffee Gold Deposits in Yukon and sold the company to Goldcorp for $520 million. In 2008, 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 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.”

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 on 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, Macdonald graduated with an MBA (with Distinction) from Oxford. He completed his B.Sc. in Geology from UBC in 2000. Macdonald has a long history of mining exploration work in Yukon, including zinc projects, he sits on the board of directors of the Yukon Chamber of Mines, and originally hails from Ross River, near the Macmillan Pass Project site.

Adrian Rothwell - Director and Audit Committee Chair

Adrian Rothwell has worked in the mining industry for over 25 years with extensive experience in oversight and corporate governance roles. Rothwell is currently president, CEO and director of Angold Resources Ltd. Previously he was the director, strategy at Goldcorp Inc., and acted as chief financial officer for many companies listed on the TSXV. Rothwell is a chartered professional accountant (CPA, CA) in British Columbia and a designated chartered accountant in Australia and New Zealand. He articled at PricewaterhouseCoopers LLP in Australia and Canada and holds a BA in Economics from Macquarie University.

George Gorzynski - Executive Vice President and Director

George Gorzynski is co-founder of the company and a geological engineer with 35 years of 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. 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.

Peter Hemstead - Director

Peter Hemstead has over 25 years of finance experience and has a proven track record of providing strong financial leadership. He has extensive experience in financial management, corporate finance, project finance, treasury, commercial banking, marketing/sales, financial risk management, insurance, and tax planning. Hemstead is a chartered professional accountant with an Honours Economics degree from Western University. He is the chief financial officer of Bluestone Resources Inc. since 2017, where he is a key executive in financing and moving the Cerro Blanco gold project toward production. He previously held a senior financial executive role for 10 years with Capstone Mining Corp., leading the financial team through the successful expansion from a development stage mining company to an intermediate copper producer.

Marcus Chalk - Director

Marcus Chalk has over 25 years’ experience as a leading strategic and capital markets advisor in the global metals and mining industry. Prior to founding GenCap Mining Advisory in May 2020, he spent the past 14 years leading the Vancouver mining investment banking team at Scotiabank. Prior to that, he was at Macquarie North America (Toronto and Vancouver) and CIBC Wood Gundy (Toronto, Sydney and Vancouver). He holds an Honours Business Administration and a BA in Economics from Western University and is a CFA charterholder.

Peter Hairsine - Director

Peter Hairsine is an asset development specialist with more than 20 years of experience in mining and resources and a representative of Fireweed's large shareholder, Ibaera Capital. He has a Bachelor of Engineering (Mechanical) and a Bachelor of Commerce from the University of Western Australia. He is a former project study manager and manager of business development for Fortescue Metals, and study manager at WorleyParsons. Hairsine is currently a partner in Ibaera Capital, a private equity fund that specializes in future facing minerals investment. He is part of Ibaera's Investment Committee, serves on the boards of two privately held companies and is currently the investment manager for all of Ibaera's assets.

Jill Donaldson - Director

Jill Donaldson is a senior corporate and securities lawyer with extensive experience working with boards in mergers and acquisitions, capital markets, strategic planning and implementation, governance and stakeholder relations, and compliance and risk management. Donaldson holds her ICD.D designation from the Institute of Corporate Directors and is a director of Prospera Credit Union, where she sits as chair of its Governance and Nominations Committee and member of its Business Transformation Committee. She is a director of Canuck Place Children's' Hospice, and was a director of Great Bear Royalties Corp., chairing its Special Committee with respect to its recent acquisition by Royal Gold. As an independent director, Donaldson brings significant governance and transactional experience as well as risk management experience, a strategic mindset and financial acumen.

Management Team

George Gorzynski - Executive Vice President and Director

George Gorzynski is co-founder of the company and a geological engineer with 35 years of 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. 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.

James Scott - Senior Vice President Projects

James Scott is a professional geologist with over eighteen years’ experience in mineral exploration and development, having worked with leading mining companies, junior exploration companies, and provincial and federal government surveys. Scott brings diverse experience in geology, studies, engineering, innovation, project management, and leadership in the advancement of projects from exploration through to acquisition and early development. For eight years, Scott was the technical lead on Kaminak’s Coffee Project leading up to and following acquisition by Goldcorp Inc. for $520 million. Previously, he led the resource definition program for Richfield’s Blackwater Davidson project which led to its acquisition the following year by New Gold Inc. for $550 million. Scott holds an M.Sc. from the University of Alberta and a B.Sc. from Carleton University.

Pamela O’Hara - Vice President, Sustainability

Pamela O’Hara is a registered professional biologist with a unique blend of professional experience plus academic training. She has extensive and proven experience in acquiring approvals for complex mining and transportation infrastructure projects and understands the complex environmental and regulatory landscape. In the Yukon in recent years, she has been involved in the preparation of the Goldcorp/Coffee Mine (Yukon) YESAB project proposal and completed mine closure assessments for Yukon Energy, Mines and Resources. From 2005 to 2012, she was VP of environment & community affairs for Yukon Zinc/Wolverine Mine (Yukon), overseeing the successful implementation of the socio-economic participation agreement with Kaska First Nations and obtaining project approvals for mine construction and operation. O’Hara believes that authentic, mutually respectful connections among people, as well as working towards shared common goals, are essential to achieving a sustainable future.

Jack Milton - Chief Geologist

Jack Milton has a passion for testing new ideas and technology in the exploration environment and brings experience from grassroots exploration, resource expansion, and developing advanced-stage projects. Milton has expertise in sedimentary rock hosted base metal deposits, and the geology of the northern Canadian Cordillera, with multiple publications in international, peer-reviewed journals. In 2015, he completed a Ph.D. in Geological Science at the Mineral Deposit Research Unit, University of British Columbia focusing on the Redstone Copperbelt. Prior to this, he completed an M.Sc. in Mining Geology, and a B.Sc. (Hons.) in Applied Geology at the Camborne School of Mines, University of Exeter. He is a fellow of the Geological Society of London and a Professional Geologist (BC).

Cindy Chiang - Chief Financial Officer

CIndy Chiang is a chartered professional accountant with experience in both public practice and industry since she became a chartered accountant in 2009. During her time in public practice at KPMG, Chiang led audit engagement teams domestically and abroad, and is knowledgeable of Canadian and US accounting standards as well as IFRS. In industry, Chiang dealt with financial accounting and internal controls matters.

Jeffrey Dare - Corporate Secretary

Jeffrey Dare is a compliance professional with over 14 years of experience advising companies on internal / external reporting and during this time has built an extensive network within the areas of legal, banking, audit, insurance and transfer agency. He has also assisted in raising upwards of $220 million in equity capital for growth companies. Dare holds several senior officer positions with a number of TSXV and CSE listed issuers.

*Disclaimer: This profile is sponsored by Fireweed Metals ( TSXV:FWZ ). This profile provides information which was sourced by the Investing News Network (INN) and approved by Fireweed Metals in order to help investors learn more about the company. Fireweed Metals is a client of INN. The company's campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Fireweed Metals and seek advice from a qualified investment advisor.

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