Fireweed Provides Year-End Review of 2022 Accomplishments

Fireweed Metals CORP. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to provide a review of its exceptional 2022 accomplishments in building the Company and advancing its Critical Minerals projects in northern Canada.

2022 Highlights
Corporate:

$49 million raised - $13 million raised in May and $35 million raised in December (see Fireweed news releases dated 27 May 2022 and 21 December 2022, and Updated Private Placement Information note below for details)
Lundin Family and Associates became the largest shareholders in the Company (17.85%) while other major shareholders maintained or increased their shareholdings.
Fireweed welcomed two new directors to the Board, Peter Hairsine and Jill Donaldson, who add significant major project development experience, and governance and legal strength, respectively, to an already strong Board.
In June 2022, the Company changed its name to Fireweed Metals Corp. from Fireweed Zinc Ltd. to reflect its growth into a leading Critical Minerals project development company with multi-commodity exposure beyond zinc.

Macmillan Pass Project:

Largest drill program in the history of the Company completed with four drills mainly at Boundary Zones and some drilling at the Tom Deposit. All drill holes intersected mineralization, with several new zones discovered.
First assays from the 2022 drilling at Boundary West Zone returned the best ever intersection at Macmillan Pass: 124 metres grading 12.3% Zinc, 1.3% Lead, and 45.9 g/t Silver including 60 metres of 19.0% Zinc, 1.6% Lead, and 64.7 g/t Silver (see Fireweed news release dated 22 November 2022 for details and QP statement). All zones remain open for extension. Additional drill results are pending.
Positive initial metallurgy results were received for Boundary Zone with flotation tests returning up to 97% zinc recovery into high grade concentrates (see Fireweed news release dated 1 November 2022 for details)
Fireweed is pleased to announce receipt of a new three-year Class 3 Land Use Approval for the Boundary Zones area (see below for details).

New Projects:

Mactung Project: Fireweed signed a binding letter of intent to acquire 100% interest in the 37.6 km ² Mactung Tungsten Project, located immediately adjacent to the Macmillan Pass property. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped resources in the world of the Critical Mineral Tungsten, and one of the rare large tungsten resources outside of China (see Fireweed news release dated 7 June 2022 for details). Due diligence and validation work on historic data as well as relogging and sampling of historic drill core has been completed and will support a new mineral resource estimate.
Gayna River Project: Fireweed acquired 100% of the 128.75 km ² Gayna River project located 180 kilometres north of the Macmillan Pass property. It is host to extensive mineralization including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. Results from the 2022 initial exploration program included high grade rock samples, confirmation of a strong historic 4 km x 1 km zinc and lead soil anomaly, completion of a LiDAR topographic survey, and results from a 52.7 line-kilometre gravity survey which highlighted potential drill targets (see Fireweed news releases dated 10 May 2022 and 17 November 2022 for details).

CEO Statement

Brandon Macdonald, CEO, stated "These are extraordinary times for Fireweed Metals. 2022 has been a banner year and with a large financing in place, 2023 will be even bigger. The list of accomplishments in 2022 is exceptional and includes the biggest drill program in the history of the Company, the best hole ever drilled on the property, acquisition of one of the largest and highest-grade tungsten deposits in the world as well as a second large zinc project, closing of two major financings, and, most significantly, we welcomed the Lundin Family as a cornerstone shareholder. Credit for all of this belongs with the Fireweed team, the finest I have had the pleasure of working with and a standout in the junior mining world. We look forward to 2023 which will see our biggest ever work program to advance the Macmillan Pass Project."

New Class 3 Land Use Approval for Boundary Zones Area

Fireweed is pleased to announce that it has received a three-year Class 3 Quartz Mining Land Use Approval from the Yukon Government for the Nidd Property located within its Macmillan Pass Project in the southeast Yukon. Under this Approval, Fireweed can conduct helicopter-supported exploration activities, including up to 150 diamond drill holes totaling 60,000 metres, to further define and extend mineralization within the Boundary and Boundary West zones as well as nearby areas. (The Company operates in the Tom and Jason area under a previously granted Class 4 Land Use Approval (valid until 2028) and elsewhere on the property under Class 1 Approval(s) which may be renewed annually as required.)

Updated Private Placement Information

Further to the Company's news release of 21 December 2022 announcing closing of the $35 million private placement, the Company has accepted subscriptions for an additional 350,000 common shares at $0.74 per share (the "Additional Subscriptions"), which a brokerage firm inadvertently omitted to submit. The Company has received TSX Venture Exchange approval to close on these Additional Subscriptions and agreed to pay related finders' fees totaling $5,540 and 21,000 finders' warrants exercisable for 12 months from the date of issuance at $0.80 per share. With the inclusion of these Additional Subscriptions, the Company private placement was for aggregate gross proceeds of $35,398,720 consisting of: (a) 32,063,027 shares ("Shares") of the Company at a price of CAD$0.74 per Share (updated); (b) 4,672,818 flow-through common shares of the Company at a price of CAD$0.88 per share ("Flow-Through Shares"); (c) 6,300,000 flow-through common shares of the Company at a price of CAD$1.20 per share through a charitable donation arrangement ("Premium Flow-Through Shares").

Qualified Person Statement

Technical information in this news release has been approved by George Gorzynski, P.Eng., Director and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:

Macmillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district-scale 940 km ² Macmillan Pass project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated 10 ^th January 2018, and 23 ^rd May 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Boundary Zone West, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential. The large 2022 drill program utilizing four drills is now complete and assay results are being announced as they are received and interpreted.
Mactung Tungsten Project: The Company has a binding Letter of Intent to acquire 100% interest in the 37.6 km ² Mactung Tungsten Project located adjacent to the Macmillan Pass Project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped resources in the world of the Critical Mineral Tungsten. Located in Canada, it is one of the rare large tungsten resources outside of China. Due diligence and validation work on historic data as well as relogging and sampling of historic drill core has been completed and will support a new mineral resource estimate.
Gayna River Zinc-Lead-Gallium-Germanium Project: Fireweed has 100% of the 128.75 km ² Gayna River project located 180 kilometres north of the Macmillan Pass project. It is host to extensive mineralization including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. The 2022 field program of geochemical sampling, airborne LiDAR topographic surveying and ground geophysics is now complete and data is being interpreted toward defining drill targets.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. The Company is current in its reporting, and undergoes an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company's website at FireweedMetals.com and at www.sedar.com.

ON BEHALF OF Fireweed Metals CORP.

" Brandon Macdonald "

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.

Cautionary Statements

Forward Looking Statements

This news release contains "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to interpretation of drill results, future work plans, the use of funds, and the potential of the Company's projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operati ons, 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, uncertainties involved in the interpretation of drilling results and geological tests, and one-time events. The Company assumes no obligation to update forward ‐ looking statements or beliefs, opinions, projections or other factors, except as required by law.

Contact:
Brandon Macdonald
Phone: (604) 646-8361

News Provided by GlobeNewswire via QuoteMedia

Fireweed Metals TSXV:FWZ Base Metals Investing

FWZ:CA

Fireweed Engages ICP Securities Inc. for Automated Market Making Services

Fireweed Metals CORP. (" Fireweed " or the " Company ") (TSXV: FWZ; OTCQX: FWEDF; FSE: M0G) is pleased to announce that it has engaged the services of ICP Securities Inc. (" ICP ") to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will receive a fee of C$7,500 plus applicable taxes per month, payable monthly in advance. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

OTC Markets Group Welcomes Fireweed Metals Corp. to OTCQX

OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Fireweed Metals Corp. (TSX-V: FWZ; OTCQX: FWEDF; FSE: M0G), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Fireweed Metals Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Fireweed Metals Corp. begins trading today on OTCQX under the symbol "FWEDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Vertex Minerals Limited Placement and Convertible Loan to Further Advance Reward

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that firm commitments have been received for a placement and convertible loan financing to raise up to $2.1M at $0.16 per share1 before costs (Capital Raising).

HIGHLIGHTS:

- Firm commitments have been received for a strategic placement to an existing investor to raise $1.10M (before costs) at an issue price of $0.16 per share (Placement).

- Placement proceeds will be further augmented by loan funding of $0.98M, under a convertible facility agreed with institutional / sophisticated investors (Loan). Subject to shareholder approval Loan funds will be converted to fully paid ordinary shares at an issue price of $0.16 per share.

- Proceeds are intended to be applied towards the acquisition of an Ore Sorter and the associated conveyance equipment, purchase of an Underground Drill Rig and working capital.

Vertex's Executive Chairman, Roger Jackson commented: "We are very pleased to have the support of a strategic investor in this placement along with some of our very supportive existing shareholders backing the convertible loan. The funds will be used to acquire a laser Ore Sorter which will be integrated into the Gekko gravity gold plant along with an underground drill rig.

The drill will be focussed on the high-grade targets below and along strike of the high-grade gold resource at Reward. We wish to build our gold inventory from within our Reward mine. We are on track with the plant refurbishment and preparations to move the Reward mine into production in January 2025" Placement Details.

The Placement will comprise the issue of up to 6,900,000 new fully paid ordinary shares at an issue price of $0.16 per share. Subject to shareholder approval, the placement participant will also receive three (3) free attaching options for every five (5) shares. The options will be on the same terms a existing VTXOA options, which have an exercise price of 25c per share and an expiry date of 17/07/2026 (VTXOA Options).

Loan Details

Loan funds are expected to be $976,000 and the Company intends to seek approval for conversion of the Loan at the Company's 2024 AGM, to be held on 29 November 2024. Upon approval by shareholders, loan funds will be automatically converted into fully paid ordinary shares at a conversion price of $0.16 per share, with two (2) free attaching VTXOA Options for every five (5) shares issued on conversion. If not converted, Loan funds will accrue interest at 10% per annum and fall due for repayment on maturity 12 months after receipt.

Shareholder Meetings

The Company expects shortly to despatch a notice of meeting for a General Meeting to be held on or around 8 November 2024 to seek ratification of recent share issues as well as approval for the second tranche of shares under the Company's placement announced on 21 August 2024 and associated issues of options.

Separately, the Company expects to hold its 2024 Annual General Meeting on 29 November 2024, at which it is intended that business will include the seeking of shareholder approval to approve the conversion of the Loan as well as associated option issues.

CPS Capital Group (CPS) acted as lead manager to the Capital Raising.

- CPS and/or its Nominees will receive a management fee of 2% of the total gross proceeds of the Placement and Loan financing for managing the Capital Raising.

- CPS will receive a placing fee of 4%, plus GST. By negotiation CPS may be liable to pay a placing fee to parties, of up to 4%, plus GST for funds raised in the Capital Raising.

- Subject to Shareholder Approval, CPS and/or its Nominees will receive 1,500,000 VTXOA Options to be issued at $0.00001 per option.

- CPS will receive a one-off completion fee of $20,000 plus GST upon completion of the Placement.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/784UZHT1

About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less

Falco Announces Extension of Its Senior Debts

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") is pleased to announce that the Corporation has entered into binding agreements (i) with Osisko Gold Royalties Ltd (" Osisko ") in order to extend the maturity date of the Corporation's existing convertible secured senior loan (the " Osisko Loan ") from December 31, 2024 to December 31, 2025; and (ii) with Glencore Canada Corporation (" Glencore ") in order to extend the maturity date of the Corporation's existing senior secured convertible debenture (the " Glencore Debenture ") from December 31, 2024 to December 31, 2025.

Luc Lessard, President and Chief Executive Officer of the Corporation commented: " The concurrent extensions of the Corporation's senior debts demonstrate the strong relationship and long-standing support of Osisko and Glencore to Falco and the development of the Horne 5 Project. Such extensions provide the Corporation with additional flexibility to pursue the permitting and development of this project".

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Ramp Metals Announces Receipt of Exploration Permit and Commencement of 2024/25 Gold Exploration Campaign

Ramp Metals Inc. (TSXV: RAMP) ("Ramp Metals" or the "Company") is pleased to announce the receipt of necessary permits to continue exploration at the Company's Rottenstone SW project. The Company will focus on its Ranger target where 73.55 gt Au over 7.5m was discovered. Mobilization of the field crew for the mapping and sampling program will occur on October 7, 2024.

"The Ramp Metals team hit a world class gold intercept after only one exploration season on site. Historically, the Rottenstone SW property has not been explored in detail. Saskatchewan is very underexplored in general, which shows the potential for a new gold district. The team will use the data from this mapping and sampling program to help prioritize areas for drill targeting," commented Jordan Black, CEO and Director of Ramp Metals Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Red Metal Resources Announces Grant of Stock Options

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") announces the grant of stock options pursuant to the Company's stock option plan to directors, officers, management company employees, and consultants of the Company to purchase up to an aggregate of 1,200,000 common shares at an exercise price of $0.12 per common share. Pursuant to the terms of the option agreements, 1,200,000 options will vest immediately and will expire two years from the date of grant.

The common shares issuable upon the exercise of the options granted to directors and officers will not be subject to a customary hold period, as permitted by prospectus exemption 2.24 of NI 45-106 in regard to the issuance of the options.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Canadian Critical Minerals Receives Offer to Purchase Interest in Thierry Mine Project

Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") hereby reports that QC Copper and Gold (TSXV: QCCU) (QCCUF) ("QC Copper") has made an offer to purchase all the outstanding shares of Cuprum Corp. ("Cuprum") in an all-share deal (the "Acquisition"). Cuprum is a private company (formerly Pickle Lake Minerals Inc.) which owns 100% of the Thierry Mine project ("Thierry"). CCMI currently owns 29.9% of Cuprum and is the second largest shareholder. QC Copper currently owns 7.7% of Cuprum. Following the proposed transaction, CCMI's ownership of QC Copper would be 10.4%. This Acquisition, if completed, will establish QC Copper as one of the largest resource developers in Canada, with two multi-billion pound copper deposits in Quebec and Ontario.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Vertex Minerals Limited Acquires Drill Rig to Advance Exploration, at the High-Grade Reward Gold Mine, Below the Existing Resource

Sydney, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to report the acquisition of a Boart Longyear LM90 underground drill rig, in line with its stated strategy to advance exploration drill works at the high-grade Reward gold mine.

HIGHLIGHTS

- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource

- The Vertex team are planning diamond drill programs for the following:

o Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resource

o Fosters Exploration Target, and the South Star prospect area

- Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the 'Reward mid depths' as it is located just 80m to ~200m below the Amalgamated Adit. Refer to figure 1*

- Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target

- The LM90 has several advantages well-suited to Vertex's requirements, including:

o The ability to work on surface and underground

o Safe, Semi-automated, with a rod-handler system which allows for less manual handling

o Allows greater flexibility in drilling over a number of resource and exploration areas

o LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs

- Vertex acquiring its own rig has many advantages

o Per-metre drill costs will be significantly less than hiring an external drill contractor

o More control and accuracy over precision of drilling.

o Works well with Job sharing

o Reduces pressure on Mining crew to have drill cuddy availability

o The LM90 rig will be accounted for as an asset on the Vertex balance sheet

Executive Chairman, Roger Jackson, commented: "The acquisition of the LM90 was completed on attractive commercial terms, and followed an extensive review process by the field operations team to acquire a rig that was fit-for-purpose to advance our broader exploration strategy. This is an important development for Vertex and we're excited to get started with targeted drill works that have the potential to unlock significant value from the project. Our analysis has shown that it is significantly cheaper, safer and more practical to drill the Reward mine from underground, which is exactly what the LM 90 allows us to do. With an extensive framework of priority drill targets already set out, we look forward to advancing exploration and building on what is already an exciting resource at the Reward mine."

LONGYEAR LM90 UNDERGROUND DRILL RIG - KEY FEATURES

The LM90 has several attributes which will provide flexibility for on-site drilling operations, where Vertex will be able to maintain drill sites with the Company's own underground mining crew. The deployment of the LM90 also means Vertex does not have to pay stand-down time or mobilisation fees, and its drillers can be assigned to other jobs.

1. REVERSIBLE FEED CYLINDER

The feed cylinder is reversible which increases up-hole drilling capacity.

2. SEMI-AUTOMATED ROD HANDLING

Semi-automated rod handler (optional) makes handling of rods safer and easier.

3. HIGH TORQUE BREAKOUT

Automated high torque breakout device breaks most rod joints automatically.

4. FAIL SAFE ROD CLAMP

Hydraulic open and spring close rod clamp resultsin failsafe operation.

5. LOAD SENSING HYDRAULICS

Load sensing hydraulics maximize efficiency and reduce heat.

6. PROPORTIONAL CONTROLS

Proportional controls and lock levers provide optimum control of rpm and feed.

7. DIRECT COUPLED FEED FRAME

Direct coupled feed frame resultsin lower maintenance and smoother feed transmission

Combined Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End stands at 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8DG26OB8

About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less

Fireweed Provides Year-End Review of 2022 Accomplishments

Latest News

Latest Press Releases

Related News

TOP STOCKS