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TSXV: FWZ,OTC:FWEDF
OTCQX: FWEDF
FSE: M0G
Fireweed Metals CORP. (" Fireweed " or the Company ") (TSXV: FWZ,OTC:FWEDF) (OTCQX: FWEDF) is pleased to announce the signing of a Contribution Agreement with Natural Resources Canada (NRCan) to support planning for infrastructure improvements in the existing North Canol corridor, the key overland access route to Fireweed's critical mineral projects at Macmillan Pass near the Yukon and Northwest Territories border.
Signing this agreement marks Fireweed's successful completion of NRCan's due diligence process for the Critical Minerals Infrastructure Fund (CMIF) contribution announced December 13, 2024 . The Agreement provides $12.9M of funding for Fireweed to advance planning for regional road and transmission line infrastructure improvements proposed as the "Planning for North Canol Infrastructure Improvement" (PNCII) project.
Ian Gibbs , President and Chief Executive Officer, commented: "Concluding this agreement reflects the Government of Canada's recognition that the critical minerals district at Macmillan Pass is of national importance. Our management team is well equipped and highly motivated to lead planning efforts for the proposed infrastructure improvements. We look forward to working collaboratively with federal, territorial, and Indigenous governments to shape North Canol corridor upgrades in ways that respect the land and create opportunities for communities."
A Critical Minerals District at Macmillan Pass
Macmillan Pass is a critical minerals district (the "Macpass District"), with two immediately-adjacent, best-in-class critical mineral projects being advanced by Fireweed. The Mactung Project ("Mactung") is the world's largest, high-grade tungsten deposit 1,3 , with contained tungsten metal within Mineral Resources equivalent to decades' worth of North America's anticipated tungsten demand. The Macpass Project ("Macpass") is a district-scale collection of high-grade zinc deposits, forming one of the largest undeveloped zinc resources globally, while also containing the world's largest known accumulation of germanium and gallium as by-product metals 1,2 .
Fireweed's Mactung tungsten project specifically is a mature, near-term critical minerals development opportunity, strongly aligned with the Canadian Critical Mineral Strategy and the US-Canada Joint Action Plan on Critical Minerals. Tungsten's unique properties make it indispensable for numerous industrial applications in aerospace, construction and defense, yet there has been no primary tungsten production in North America since 2015. Today, China accounts for over 80% 4 of global primary production and has recently introduced multiple measures to restrict tungsten exports. Foreign dependence for tungsten causes acute supply chain vulnerabilities to North America's industrial base and threatens its economic well-being.
On December 13, 2024 , the Company announced that it was awarded US$15.8M ( ~C$22.5 M ) from the U.S. Department of Defense under Title III of the Defense Production Act of 1950 ("DPA Title III"). Supported by the DPA Title III award, Fireweed is currently advancing the Mactung project to a Final Investment Decision by way of preparing a new Feasibility Study and seeking mine production licenses. Fireweed's vision for Mactung is to become the preferred and primary supplier of tungsten concentrate to the North American tungsten midstream.
Addressing Regional Infrastructure Limitations
The North Canol corridor (Yukon Highway 6) is an infrastructure constraint for developing mineral assets at Macmillan Pass, including Mactung. The road's current condition poses challenges to future mine construction feasibility and concentrate haulage during operations, limiting access to regional transportation hubs. Additionally, the absence of power transmission infrastructure in the area prevents potential mining operations from accessing future clean energy sources.
As part of the Contribution Agreement signed with NRCan, Fireweed will lead preliminary road and transmission line engineering designs within the existing road right-of-way, prepare and submit required environmental/ socio-economic assessments and work toward multi-party agreements with federal, territorial, and Indigenous governments that enable the following future improvements:
- Upgrades to approximately 250 kilometres of existing roads from Ross River to Fireweed's Mactung Project;
- Upgrades to an existing transmission line from 25 kV to 138 kV between Faro and Ross River ; and
- Construction of a new 138 kV transmission line from Ross River to Macmillan Pass.
Funding sources for PNCII construction have yet to be determined but will likely involve 'stacking' a range of new and existing funding sources, potentially including previously announced Yukon Resource Gateway funding.
Qualified Person Statement
Technical information in this news release has been reviewed and approved by Fireweed Metals VP Geology, Dr. Jack Milton P.Geo . (BC), a 'Qualified Person' as defined under Canadian National Instrument 43-101 ("NI 43-101"). Dr. Milton is not independent of the Company in accordance with NI 43-101.
About Fireweed
Fireweed is focused on unlocking value in a new critical metals district located in Northern Canada . Fireweed is 100% owner of the Macpass District, a large and highly prospective 985 km 2 land package. The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.
Fireweed trades on the TSX Venture Exchange under the trading symbol " FWZ ", on the OTCQX Best Market under the trading symbol " FWEDF ", and on the Frankfurt Stock Exchange under the trading symbol " M0G ".
Additional information about Fireweed and its projects can be found on the Company's website at FireweedMetals.com and at www.sedarplus.com
ON BEHALF OF Fireweed Metals CORP.
" Ian Gibbs "
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, targets for exploration, potential extensions of mineralized zones, metal demand, potential funding sources, 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 operations, 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 laboratory 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.
Footnotes and References
| 1 References to relative size, grade, and metal content of the Mactung resources and Macpass resources in comparison to other tungsten, zinc, gallium, and germanium deposits elsewhere in the world, respectively, are based on review of the Standard & Poor's Global Market Intelligence Capital IQ database. |
| 2 For Tom, Jason, End Zone, and Boundary Zone Mineral Resources, see the technical report filed on https://www.sedarplus.ca/ October 18, 2024, entitled "Technical Report for NI 43-101, Macpass Project, Yukon, Canada". The effective date of the Mineral Resource is September 4, 2024. SLR Managing Principal Resource Geologist, Pierre Landry, P.Geo. (BC) is a 'Qualified Person' as defined under NI 43-101. Mr. Landry is considered to be "independent" of the Company for purposes of NI 43-101. Mr. Landry, of SLR, is responsible for the Macpass Mineral Resource Estimate. |
| 3 For Mactung Mineral Resources, see Fireweed news release dated June 13, 2023 "Fireweed Metals Announces Mineral Resources for the Mactung Project: the Largest High-Grade Tungsten Deposit in the World" and the technical report entitled "NI 43-101 Technical Report, Mactung Project, Yukon Territory, Canada," with effective date July 28, 2023 filed on https://www.sedarplus.ca/. Garth Kirkham, P.Geo. is considered independent of the Company, and a 'Qualified Person' as defined under NI 43-101. Garth Kirkham, of Kirkham Geosystems Limited., is responsible for the Mactung Mineral Resource Estimate. |
| 4 Content and data sourced from Bloomberg |
SOURCE Fireweed Metals Corp.
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