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Fireweed Updates Macpass Resource Estimate, Adding Boundary Zone to Yukon Zinc Project
Fireweed said the update has boosted Macpass' contained zinc equivalent by about 300 percent in the indicated category.
Fireweed Metals (TSXV:FWZ,OTCQX:FWEDF) announced an updated resource estimate for its Yukon-based Macmillan Pass (Macpass) project, making substantial additions to the asset's zinc holdings.
In a Wednesday (September 4) release, the company shared updated resource estimates for the project's Tom and Jason deposits, as well as maiden resource estimates for the Boundary Zone and End Zone deposits.
The entire Macpass resource estimate now encompasses 56 million metric tons at 7.27 percent zinc equivalent in the indicated category, and 48.48 million metric tons at 7.48 percent zinc equivalent in the inferred category.
"The team has increased the contained zinc equivalent metal in the Indicated Resources category by approximately 300% and more than doubled the overall tonnage. The addition of Boundary Zone now positions Macpass as one of the world’s largest undeveloped primary zinc districts," said Peter Hemstead, Fireweed's interim CEO.
According to the company, the deposits included in the Macpass resource estimate are "stratiform, strata-bound sediment hosted zinc-lead-silver deposits," and were historically described as SEDEX deposits. Now this deposit type is referred to as sediment-hosted massive sulfide deposits, or clastic-dominated deposits.
Dr. Jack Milton, vice president of geology, noted that the updated Macpass resource estimate comes after six years of exploration, including 43,000 meters of drilling at Tom, Jason and End Zone, plus the new Boundary Zone.
“We have more than doubled the tonnage from our previously reported resource, increased the contained zinc metal by 83%, and added open-pit and underground mining volume constraints for reporting,” he said, adding that Macpass could also be enhanced by the potential for by-product output of critical minerals gallium and germanium.
Moving forward, the company plans to continue its exploration at Macpass with the largest drill program so far. Launched on June 5, it's set to encompass 14,000 meters of drilling, including 8,000 meters of step-out holes at Tom, Jason and Boundary. A further 6,000 meters will be allocated to testing new targets at the property.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics. When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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