Base Metals

Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to provide new diamond drilling results from the last two holes at Boundary West and a synopsis of its 2021 exploration results and work program on the Macmillan Pass Zinc-Lead-Silver Project in Yukon, Canada.

Highlights – New Drill Results

  • Step-out hole NB21-009 at Boundary West intersected 14.0% zinc, 0.2% lead, and 57 g/t silver over 3.05 metres within a broader stratiform zone grading 4.9% zinc, 0.7% lead, and 34 g/t silver over 21.6 metres.
  • Several narrow (0.85 to 2.0 m) intervals of high-grade (>10% Zn) vein mineralization were intersected in a broader interval of vein mineralization grading 3.5% zinc over 28.3 m in hole NB21-009.
  • Hole NB21-010 extends mineralization to a strike length of over 400 metres at Boundary West.

Highlights for 2021 Exploration Program

  • In 2021 drilling at Boundary West intersected multiple wide zones of high-grade mineralization including stratiform layers, massive sulphides, veins, stockworks and replacements.
  • Drilling highlights in step out holes included 8.22% zinc and 53 g/t silver over 60.68 metres, and 7.71% zinc and 32 g/t silver over 46.96 metres.
  • A new discovery assayed 23.77% zinc, 3.44% lead and 75.7g/t silver over 10.42 metres in stratiform mineralization similar in style to the Tom and Jason deposits.
  • A step-out drill intersection at Boundary Zone returned the first significant copper result of 1.54% copper and 5.42% zinc over 2.00 metres
  • Infill drilling at Tom East intersected 11.7 metres of 6.9% zinc, 5.0% lead and 48.7 g/t silver
  • All zones remain open for extension
  • Ground gravity geophysics, airborne VTEM geophysics, geological mapping and geochemical sampling were carried out and successfully identified several additional targets for drilling

CEO Statement
After reviewing these results, Fireweed CEO Brandon Macdonald stated "2021 was another globally challenging year but through diligent work by our talented team and strict health protocols, we had another very successful year at Macmillan Pass. The 2021 work was highlighted by new discoveries and excellent results especially at Boundary West. The 2021 drill program continued to grow Boundary and Boundary West Zones. We continued to intersect wide high-grade zones over a large area and in multiple rock formations with a variety of mineralization types – massive sulphides, veins, stockworks, and another new zone of laminated, stratiform mineralization similar in style to our large Tom and Jason deposits. All zones remain open for extension building on what is already one of the largest undeveloped zinc resources in the world at just Tom and Jason.

I want to personally thank our talented and hard-working team for all their great work in 2021, our First Nations partners for their support, guidance and valuable contributions, and our shareholders for their trust and support during a challenging year. We all look forward to another year of major accomplishments in the field in 2022 which will lead to an updated mineral resource to include Boundary zones and an updated PEA economic study next year."

Boundary West New Drilling Results
These last two holes from the 2021 drill program extended Boundary West stratiform and vein mineralization eastward. Hole NB21-009 was drilled at Boundary West and was collared to the north of the Boundary Zone Fault. In the hangingwall of this fault, narrow intervals of high-grade sphalerite veins were intersected within chert pebble conglomerates and mudstones of the late Devonian Earn Group, such as 2 m of 17.17% zinc (Table 1). Within the footwall section of the fault, an interval of stratiform mineralization was intersected grading 4.89% zinc, 0.67% lead, and 34.0 g/t silver over 21.6 m, comprising laminated, stratiform sphalerite-pyrite mineralization (Photo 1), containing an interval of semi-massive sphalerite-pyrite grading 13.99% zinc, 0.23% lead, and 56.9 g/t silver over 3.05 m (Table 1). This stratiform zone has been correlated with the high-grade laminated zone discovered in 2021 at Boundary West. Below the stratiform zone, several intervals of semi-massive pyrite-sphalerite were intersected within a barite-rich interval with pseudomorphs of pyrite or silica after barite. These semi-massive sulphide zones are correlated laterally to the zone of massive sulphide at Boundary West. Pervasive silicification was noted within and surrounding the massive sulphide, semi-massive sulphide and laminated mineralization at Boundary West, forming an alteration halo above and below the mineralization.

Table 1: Diamond Drilling Results, Boundary West

Hole From (m) To (m) Interval* (m) Zn (%) Pb (%) Ag (g/t) Bulk Density (t/m3) Style
NB21-009 31.60 35.35 3.75 3.10 0.03 6.3 2.340 Vein-hosted
NB21-009 41.50 44.72 3.22 3.29 0.03 5.7 3.004 Vein-hosted
NB21-009 73.60 74.83 1.23 3.02 0.01 1.4 3.571 Vein-hosted
NB21-009 121.60 122.50 0.90 3.97 0.01 11.9 3.078 Vein-hosted
NB21-009 140.98 169.30 28.32 3.54 0.01 5.6 2.834 Vein-hosted
>including 140.98 142.06 1.08 12.64 0.01 13.9 2.874 Vein-hosted
>and 151.49 152.27 0.78 11.15 0.03 18.8 2.748 Vein-hosted
>and 157.60 159.60 2.00 17.17 0.04 28.4 3.249 Vein-hosted
>and 161.60 162.45 0.85 16.52 0.02 24.1 3.227 Vein-hosted
>and 168.30 169.30 1.00 9.74 0.02 11.4 2.799 Vein-hosted
NB21-009 189.10 189.99 0.89 1.72 11.08 43.1 3.472 Vein-hosted
NB21-009 228.00 249.60 21.60 4.89 0.67 34.0 3.135 Stratiform zone
>including 234.31 235.60 1.29 6.68 5.20 81.6 3.551 Stratiform zone
>and 246.55 249.60 3.05 13.99 0.23 56.9 3.832 Stratiform zone
NB21-009 295.00 298.00 3.00 2.13 0.44 13.9 3.221 Semi-massive sulphide
NB21-009 306.14 308.71 2.57 6.75 0.42 33.5 4.426 Semi-massive sulphide
NB21-009 438.55 439.97 1.42 7.18 0.17 12.3 4.093 Semi-massive sulphide
NB21-010 83.40 96.00 12.60 0.12 1.37 20.9 3.222 Semi-massive sulphide
NB21-010 138.28 142.40 4.12 1.97 1.37 18.1 3.189 Vein-hosted
NB21-010 158.00 166.75 8.75 1.65 0.43 12.9 3.291 Volcanic equivalent

*Intersected width. True widths of stratiform, semi-massive sulphide and volcanic-equivalent styles are interpreted to be 60-70% of intersected widths. Vein-hosted mineralization is considered to be a stockwork with a true width equal to the intersected width.

Photo 1: Illustrating laminated high-grade mineralization from the stratiform zone: grey sphalerite and brassy pyrite within black mudstone cut by pink sphalerite veinlets. From NB21-009, 241.5 m depth, scale bar 20 mm is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/1f0bc63b-b4f9-4dad-a9fa-ccce114561f3

Hole NB21-010 intersected lead-rich mineralization in silicified diamictites that correlate laterally to the massive sulphide zone at Boundary West, confirming the presence of this barium-rich stratigraphic interval for a strike length of over 400 metres across Boundary West. Whilst NB21-010 extended the footprint of Boundary West, the potential stratigraphic and structural link between zinc mineralization at Boundary West and Boundary Zone remains an untested yet geologically plausible target.

2021 Drilling and Exploration Highlights
In 2021 a total of 13 diamond drill holes (3,850 metres) were drilled at the Macmillan Pass Project. A synopsis of the exploration target at Boundary Zone and Boundary West is given here along with selected 2021 drilling highlights (see Table 2 and complete results relating to 2021 drilling can be found in Fireweed News Releases dated 17 th August 2021, 16 th September 2021, 18 th November 2021, 23 rd November 2021, and 12 th January 2022):

Boundary Zone and Boundary West Summary

The zinc mineralization in the Boundary area has a significant areal footprint, extending over 1,500 metres strike length and a breadth of over 800 metres. Two distinct mineralization centers have been defined by 15 holes at Boundary West and 16 holes at Boundary Zone.

Boundary Zone is at least 350 m along strike, has been drilled at least 300 m down-dip, is approximately 185 to 250 m true thickness, and occurs from surface beneath a thin blanket of till, approximately 5-10 m thick. Intersections that cut through the complete thickness of Boundary Zone are over 200 metres in length and range in grade from 2.35% to 4.51% zinc and contain many shorter high-grade intervals (Cross Section A-A'). In 2021, step-out hole NB21-005 successfully extended zinc mineralization to depth and also intersected a 2 m interval of 1.54% copper and 5.42% zinc – the first occurrence of significant grade copper mineralization at Boundary Zone. Zinc mineralization at Boundary Zone typically takes the form of sphalerite or sphalerite-pyrite veins, vein-breccias, or replacements within coarse clastic rocks. The exploration target at Boundary Zone remains open in all directions.

Boundary West is over 400 m along strike, extends from 20 m below surface to over 300 m down-dip. Boundary West contains multiple stratiform layers that form discrete zones of zinc mineralization, including a laminated zone, a massive sulphide zone, a volcanic-hosted zone, and a "Howard's Pass"-style zone. In addition to the stratiform zones there is a stockwork of sphalerite-pyrite veins. The high-grade laminated zone was discovered in 2021, with an intersection in NB21-002 returning 23.77% zinc, 3.44% lead, 75.7 g/t silver over 10.42 m and is similar in texture and mineralogy to the Tom and Jason deposits. The massive sulphide zone comprises massive sphalerite-pyrite, was intersected multiple times in the 2021 drill program and ranges in grade on section B-B' from approximately 4.8% to 6.5% zinc near surface to 8.2% to 10.4% zinc at depth, with a true width of approximately 22 to 27 metres. The volcanic-hosted zone was intersected in 2021 hole NB21-008 grading 5.4% zinc over 73.4 m and shows rapid lateral thickness changes (Cross Section C-C', Table 2). The Howard's Pass style mineralization was intersected in 2020 hole NB20-009 but was not targeted in the 2021 drill program (for more details see Fireweed News Release dated 25 th February 2021). Boundary West is open in all directions, with a general trend of increasing grade with depth and other geological indications of getting closer to the feeder with depth, where higher grades may be anticipated.

The Boundary Zone-Boundary West area contains many geological features that provide a highly prospective environment for a significant size sediment hosted zinc system, including:

  • Abundant diamictite, multiple eruptions of alkalic mafic volcaniclastic rocks, rapid lateral thickness and facies changes that all point to active extension throughout the deposition of the host rock sequence.
  • Highly varied styles of zinc mineralization and overprinting textural relationships that show evidence for multiple episodes of zinc mineralization.
  • Stratiform mineralization hosted at several different stratigraphic levels throughout a late Ordovician through to late Devonian sequence of rocks within barite rich intervals, carbonate-altered mafic volcaniclastic rocks and within brittle-vein stockworks that demonstrate a wide variety of reactive host rocks and lithological-structural traps for zinc.
  • The location of Boundary Zone along the "fertile corridor" (Map 1) adjacent to a major crustal structure, the Hess Fault, within a region of synsedimentary faulting that provide a prospective structural setting for zinc mineralization.
Table 2: 2021 Boundary West drilling highlights.
Drill Hole

From (m)

To (m)

Intersection (m) 1

Zinc (%)

Lead (%)

Silver (g/t)

Bulk Density (t/m 3 )

Mineralization Style

NB21-001 116.05 129.50 13.45 2.63 0.26 13.2 2.88 L
including 116.05 118.71 2.66 9.28 0.28 29.6 2.99 L
including 116.05 116.95 0.90 19.35 0.29 42.8 3.35 SM
NB21-001 187.25 234.21 46.96 7.71 0.70 32.1 3.52 L
including 187.25 188.92 1.67 30.95 7.60 77.8 3.70 L
including 187.25 188.15 0.90 46.50 11.54 117.3 4.13 L
including 193.77 215.35 21.58 10.11 0.64 44.0 4.05 MS
NB21-002 87.10 127.34 40.24 4.57 0.02 7.9 2.87 V



including 87.10 100.50 13.40 9.99 0.06 17.4 3.03
including 88.21 91.57 3.36 22.20 0.11 28.4 3.39
NB21-002 175.01 208.00 32.99 9.91 1.64 39.6 3.08 L



including 175.01 185.43 10.42 23.77 3.44 75.7 3.57
including 179.00 183.58 4.58 36.14 5.25 100.7 3.70
NB21-002 316.39 377.07 60.68 8.22 0.71 53.6 3.86 MS,SM





including 316.39 356.47 40.08 10.36 0.94 66.7 4.15
including 335.21 342.21 7.00 13.77 1.28 96.0 4.43
including 335.21 337.30 2.09 18.72 2.69 136.1 4.53
NB21-006 39.20 51.43 12.23 †( 60%) 11.14 0.40 38.8 3.05 L, V
including 44.20 48.07 3.87 †( 47%) 16.66 0.20 44.4 3.02 L, V
NB21-008 56.07 58.96 2.89 6.09 0.65 39.2 3.45 L, SM
NB21-008 186.67 260.02 73.35 5.41 0.19 10.5 3.50 V, MS
including 194.61 196.80 2.19 9.85 0.13 17.0 4.04 SM
NB21-008 204.00 220.09 16.09 10.39 0.16 15.7 3.55 V, R
NB21-008 252.28 260.02 7.74 10.89 0.71 24.8 4.04 MS
NB21-009* 228.00 249.6 21.6 4.89 0.67 34.0 3.13 L
Including* 246.55 249.6 3.05 13.99 0.23 56.9 3.83 L


Table 3: 2021 Boundary Zone drilling highlights.
Drill Hole From (m) To (m) Interval (m) 1 Zinc (%) Lead (%) Copper (%) Silver (g/t) Bulk Density (t/m 3 ) Style
NB21-005 65.00 67.00 2.00 †( 70%) 5.42 0.04 1.54 5.7 2.77 V
NB21-005 109.95 313.00 203.05 2.35 0.01 0.01 4.6 2.86 V, R, SM
including 147.85 161.75 13.90 3.67 0.02 0.01 6.0 3.08 SM, V
including 180.25 214.70 34.45 4.61 0.01 0.01 8.9 2.93 SM, V
including 237.60 240.73 3.13 6.24 0.02 0.01 7.2 2.99 R
including 254.25 266.07 11.82 5.60 0.02 0.01 12.5 2.91 R, V
including 274.46 313.00 38.54 †( 59%) 3.47 0.01 0.01 4.3 2.74 SM, V

Mineralization Style: MS= massive sulphide; SM= semi massive sulphide; V= vein; R= replacement; L= laminated/stratiform
†Low recovery zone, core recovery indicated in parentheses.
*New drill results reported in this news release. See Table 1 for detailed results.

Tom East 2021 Drilling
Tom East is one of the highest grade zones discovered on the property to date with current Mineral Resources of 0.81 Mt at 8.74% Zinc, 8.62% Lead, and 110.0 g/t Silver Indicated in addition to 1.68 Mt at 9.86% Zinc, 12.86% Lead and 170.0 g/t Silver Inferred (see Fireweed news release dated 10 th January 2018, and reports filed on www.sedar.com for details). Results from an infill hole drilled in 2021 are in Table 4 and a second hole tested the limits of the zone (see Figure 5 & Table 5). These infill results provide information that will inform geological modelling for a new resource calculation and guide further exploration. Tom East is open for expansion at depth.

Table 4: 2021 Tom East Zone Drill Results
Drill Hole From (m) To
(m)
Interval (m) Estimated True Width (m) 1 Zinc (%) Lead (%) Silver (g/t) Bulk Density (t/m 3 )
TS21-001 145.21 183.20 37.99 11.70 6.92 5.03 48.7 3.20
Including 145.21 153.20 7.99 2.46 10.41 11.58 149.9 3.45
Including 150.20 152.20 2.00 0.62 12.61 15.01 219.6 4.27
Including 151.20 152.20 1.00 0.31 18.34 16.68 256.9 4.12

Field Work
Field work in 2021 consisted of geophysical surveying, geological mapping, and geochemical sampling mainly at and west of the Boundary area, and successfully identified several additional targets for drilling (see Figure 1). A total of 91 line kilometres of ground gravity surveys and 1,305 line kilometres of airborne magnetic-electromagnetic (VTEM) were carried out in the Boundary area and beyond. A cutting edge muon downhole geophysics survey was attempted but crews were unable to deploy the muon detectors down the holes. Currently, interpretation of results from the 2021 mapping, geochemistry and geophysics work are being carried out toward planning of the 2022 work program.

Future Plans
On December 8, 2021, Fireweed announced closing of a C$5.18 million financing toward an active 2022 exploration program. The financing was completed well before the next field season to allow the Company to secure drillers and contractors who are expected to be in short supply again next season. Final plans for the 2022 exploration program will be announced when the interpretation of 2021 field work is completed and budgets are approved. The main goal of the 2022 program will be to complete sufficient work to update the NI43-101 mineral resource to include Boundary zones and other results collected since 2018, and then update the PEA economic study next year.

Notes on sampling, assaying, and data aggregation:

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) with recoveries typically above 85% unless otherwise noted in the tables of results. After drilling, core was logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. The cores for analyses were marked for sampling based on geological intervals with individual samples 1.5 m or less in length. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2021 drill results have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases prior to 2020, only length weighted assay averages were reported which may result in slightly lower (under-reported) average values. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

Qualified Person Statement
Technical information in this news release has been approved by Jack Milton, P.Geo., Ph.D., Chief Geologist and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.

Oro Property Option Exercised
Fireweed is pleased to announce that it has exercised its option on the Oro Property covering the western extension of the Fertile Corridor and exploration targets west of Boundary Zone (see Fireweed news release dated 23 rd November 2020 for details). With this exercise, Fireweed is now 100% owner of all claims comprising the 940 km2 Macmillan Pass Project.

About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF ): Fireweed Zinc is a public mineral exploration company managed by a highly experienced team of mining industry professionals. The Company is advancing its 100% owned, 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 (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.

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. Companies are current in their reporting and undergo 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 Zinc and its Macmillan Pass Project including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .

ON BEHALF OF Fireweed Zinc LTD.

" 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
This news release may contain "forward-looking" statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, 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, and one-time events. Additional risks are set out in the Company's prospectus dated May 9, 2017, and filed under the Company's profile on SEDAR at www.sedar.com . Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Footnotes:

  1. Estimation of true widths of intervals in the drill results tables is based on current geological interpretation of historic and recent drilling data. At Boundary Zone and Boundary West, true widths of semi-massive, replacement and stratiform/laminated mineralization are estimated to be 30 to 80% of intersected interval widths noted in this news release. Vein-hosted mineralization is interpreted to be stockwork style with true widths equal to intersection widths.

Figure 1: Location of Macmillan Pass deposits and exploration targets.

https://www.globenewswire.com/NewsRoom/AttachmentNg/ed972db5-13df-4553-bff2-4756add93af6

Figure 2: Boundary area 2021 drilling map and location of cross sections A-A' (Figure 3) and C-C' (Figure 4).

https://www.globenewswire.com/NewsRoom/AttachmentNg/2a9b80f9-b860-4f27-b9fc-bd0a56b0545f

Figure 3, Cross Section A-A': Boundary Zone geology and drill assay results

https://www.globenewswire.com/NewsRoom/AttachmentNg/85c646d4-4675-4abf-8917-982c5440ea7c

Figure 4, Cross Section C-C': Boundary West geology and drill assay results.

https://www.globenewswire.com/NewsRoom/AttachmentNg/67f2b596-b072-4103-a793-90a36745866d

Figure 5: Tom East Zone 2021 drill hole location map.

https://www.globenewswire.com/NewsRoom/AttachmentNg/44b1b68b-101e-411e-9d05-b1230d305d48

Table 5: 2021 Drill Hole Results And Observations

Drill Hole Length (m) Zone Target Results and Observations
NB21-001 277.0 Boundary West BZW down-dip extension Results reported 17 th August 2021.
NB21-002 439.0 Boundary West BZW down-dip extension Results reported 16 th September 2021.
NB21-003 189.0 Boundary West BZW step-out to west Results reported 23 rd November 2021.
NB21-004 382.7 Boundary West BZW step-out to west Results reported 23 rd November 2021.
TS21-001 402.7 Tom East Tom East infill Results reported 12 th January 2022.
TS21-002 46.0 Tom East Tom East step-out Hole ended early due to drilling problems and redrilled as TS21-003.
TS21-003 401.5 Tom East Tom East step-out No mineralization encountered.
NB21-005 481.7 Boundary Main BZ down-dip extension Results reported 18 th November 2021.
NB21-006 157.2 Boundary West BZW step-out to east Results reported 23 rd November 2021.
NB21-007 106.7 Boundary West BZW step-out to east Results reported 23 rd November 2021.
NB21-008 325.8 Boundary West BZW step-out to east Results reported 23 rd November 2021.
NB21-009 445.6 Boundary West BZW down-dip extension Results reported in this release.
NB21-010 190.5 Boundary West BZW step-out Results reported in this release.

Table 6: 2021 Drill Collar Details

Drill Hole Length (m) Zone Easting* Northing* Elevation (m) Dip (°) Grid Azimuth (°)
NB21-001 277.0 Boundary West 422052 7010614 1217 -65 211
NB21-002 439.0 Boundary West 422053 7010614 1218 -75 212
NB21-003 189.0 Boundary West 421932 7010644 1226 -50 204
NB21-004 382.7 Boundary West 421932 7010644 1226 -75 204
TS21-001 402.7 Tom East 442064 7004322 1679 -82 060
TS21-002 46.0 Tom East 442197 7004428 1688 -89 236
TS21-003 401.5 Tom East 442197 7004431 1688 -89 236
NB21-005 481.7 Boundary Main 422397 7010550 1203 -75 211
NB21-006 157.2 Boundary West 422093 7010516 1189 -50 211
NB21-007 106.7 Boundary West 422094 7010518 1189 -70 211
NB21-008 325.8 Boundary West 422094 7010518 1189 -75 211
NB21-009 445.6 Boundary West 422128 7010632 1223 -68 211
NB21-010 190.5 Boundary West 422199 7010400 1159 -75 211

*UTM Zone 9 NAD83. Final RTK GPS surveyed.

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


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Fireweed Zinc

Fireweed Zinc

Overview

Fireweed Zinc Ltd. (TSXV:FWZ,OTCQB:FWEDF) is a Canadian mining, exploration and development company focused on advancing its Macmillan Pass zincleadsilver project in Yukon, Canada. Fireweed Zinc's Macmillan Pass project is a district-scale play that has significant upside potential. Fireweed Zinc intends to expand upon historic work and utilize modern exploration methods to make new discoveries.

The property is strategically located in the zinc-rich Selwyn Basin, which is known to host large sedimentary exhalative (SEDEX) deposits. SEDEX deposits are responsible for more than half of the world's zinc production and are an important source of lead. Global examples of this type of deposit include the Howard's Pass district (eastern Yukon and Northwest Territories), Mt Isa-Century in the McArthur River district (Australia) and Red Dog (Alaska). Fireweed Zinc has two large SEDEX deposits—Tom and Jason – and the company is confident that it can make additional SEDEX discoveries.

In addition to its exploration potential, the Macmillan Pass project also has a 2018 resource estimate. The resource was developed using a historic resource from 2007 as well as results from a 2,000-meter drill program. The resource highlighted an indicated resource of 11.2 million tonnes grading 9.6 percent zinc equivalent and an inferred resource of 39.5 million tonnes grading 10 percent zinc equivalent.

Following the release of the resource, Fireweed Zinc released the results of a preliminary economic assessment (PEA) for the project in May 2018. The PEA outlined an 18-year mine life with 32.7 million tonnes of mineralization being mined at a processing rate of 4,900 tonnes-per-day. The report also highlighted an after-tax NVP (eight percent) of $448 million and an IRR of 24 percent.

Since releasing the PEA, Fireweed Zinc has continued its exploration efforts at Macmillan Pass with the aim of expanding the resource estimate and further improving the PEA. To this aim, Fireweed Zinc has completed a drill program on a number of prospective targets to test for new deposits, primarily on or near the Tom North, Tom East, Jason North and End Zone targets. The company also completed various geophysical, geochemical and geological mapping surveys as part of its field exploration program. Through this exploration work, Fireweed Zinc was able to identify ways to improve project economics and mine life.

Fireweed Zinc is managed by a seasoned team of mining industry professionals. Executive Chairman John Robins is a professional geologist whose career spans nearly four decades. Robins was the Founder and Executive Chairman of Kaminak Gold Corporation which was sold to Goldcorp., now Newmont Goldcorp (TSX:NGT,NYSE:NEM), for $520 million. He 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 raised over $100 million.

Company Highlights

  • Option agreements in place to earn 100 percent interest in the Tom and Jason and 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 blue-sky potential.
  • Good infrastructure and property access.
  • Preliminary metallurgy in 2012 demonstrated good recoveries and concentrate grades.
  • 2018 resource estimate highlighted an indicated resource of 11.2 million tonnes at 9.6 percent zinc equivalent and an inferred resource of 39.5 million tonnes at 10 percent zinc equivalent
  • PEA included an after-tax NVP (eight percent) of $448 million, an IRR of 24 percent and an 18-year mine life.
  • 2019 exploration program is currently underway at Macmillan Pass.
  • Strong share structure with management holding large block of shares.
  • Good relations with First Nations in a non-treaty area.

Key Projects

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

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 deposit.

The 21,939-hectare underexplored land package is easily accessible via a three-kilometer road from the government-maintained North Canol Road off 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 licenses. A 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 joint venture in 1974. Hudbay acquired the Jason deposit in 2007, combining the two deposits for the first time into one project. Fireweed Zinc signed an option agreement to acquire 100-percent of the Tom and Jason claims from Hudbay in December 2016.

In August 2017, Fireweed Zinc 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 Zinc again added to the size of the Macmillan Pass project with its acquisition of the Nidd property from a subsidiary of Teck Resources (TSX:TECK.A or TECK.B,NYSE:TECK). With this acquisition, Fireweed Zinc has consolidated the Macmillan Pass zinc district and now controls 544 square kilometers of highly-prospective zinc claims.

2018 Resource Estimate

In January 2018, Fireweed Zinc announced its mineral resource estimate for the Macmillan Pass project. The resource included the resource estimate already completed on the Tom and Jason zones on the property. An NSR cut-off grade of $65 was used to calculate the numbers in the table below.

“These new mineral resource estimates for Tom and Jason represent a substantial increase over the previous 2007 mineral resource estimates," said Fireweed Zinc CEO Brandon Macdonald. “Building on this major milestone, we will now use these mineral resource estimates along with pending new metallurgical test results, toward completion of a preliminary economic assessment in the coming months to assess project economics. Next summer we plan to execute a larger drill program to expand on these mineral resources and test other targets for new discoveries within our large project area."

PEA

In May 2018, Fireweed Zinc announced that they had completed a PEA for the Macmillan Pass project. The following numbers were calculated using a base case $1.21 per pound zinc, $0.98 per pound lead and $16.80 per ounce silver. Highlights include:

  • An 18-year mine life with 32.7 million tons of mineralization mined at 4,900 tonne-per-day processing rate.
  • 54 million tonnes of zinc, 0.88 million tonnes of lead and 37 million tonnes of silver concentrate shipped.
  • Average yearly contained-metal production of 85 kilotons zinc, 48 kilotons lead and 2 million ounces silver.
  • Pre-tax NPV at eight percent of $779 million and IRR of 32 percent.
  • After-tax NPV at eight percent of $448 million and IRR of 24 percent.
  • Payback period of four years.
  • Pre-production CAPEX of $404 million.

The PEA also highlighted numerous opportunities for economic improvements and that there is room for expanding the resource.

“This first NI 43-101-compliant PEA on the Macmillan Pass project represents a significant step for the company as we progress the project towards production. Project economics in the PEA demonstrate that Macmillan Pass is not just viable at the zinc, lead and silver prices levels contemplated in the study, but highly robust," said Macdonald. “With consideration of the exploration upside not just at the known zones, but also within the broader land package, the project is steadily shaping up to be a premiere district-scale zinc mining camp in the mining-friendly Yukon Territory."

Blue Sky Potential on Large Land Package

The Macmillan Pass project represents an 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 MAC and Nidd claims) remain 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. The program also includes aerial and ground reconnaissance over the MAC claims to delineate targets for further exploration.

In July 2018, the company began its 10,000-meter drill program. Highlights from the program include 16.41 meters grading 21.1 percent zinc, 13.5 lead and 243 g/t silver and 10.16 meters grading 8.11 percent zinc, 6.31 percent lead and 82 g/t silver at the Tom East. The company also intersected 12.73 meters grading 12.61 percent zinc, 16.40 percent lead and 221 g/t silver and 12.41 meters grading 7.99 percent zinc, 13.26 percent lead and 166 g/t silver at Tom West. Finally, at End Zone on the MAC property, Fireweed Zinc intersected 8.6 meters grading 4.56 percent zinc, 17.34 percent lead and 145 g/t silver and 11.08 meters grading 4.78 percent zinc, 10.17 percent lead and 87 g/t silver.

In June 2019, Fireweed Zinc commenced its 2019 exploration program. The program is expected to consist of at least 2,000 meters of core drilling and 1,000 meters of RC drilling on a number of prospective targets to test for new deposits. Drilling is expected to primarily be focused on the Tom North, Tom East, Jason North and End Zone areas. The company also intends to continue its field exploration plans to complete geophysical, geochemical and geological mapping surveys.

The following month, Fireweed Zinc announced that it completed 12 holes on the property, seven of which were drilled at Tom North, in addition to one at Tom West, one at Target R and two at Jason North. The company expanded its drill program at Tom North due to the positive results, which offer Fireweed Zinc the potential to extend open-pit and underground mine life. Highlights from Tom North include nine meters grading 6.36 percent zinc and 0.65 percent lead and 7.30 meters grading 6.19 percent zinc and 0.51 percent lead. Fireweed Zinc believes that these results successfully prove that the Tom North target has near-surface mineralization that can be mined using an open-pit, improving the current PEA economics.

Fireweed Zinc also completed an initial preconcentration test that utilized a state-of-the-art x-ray fluorescence ore sorting technology on samples from the Boundary zone, which is an advanced exploration target located 15 kilometers northwest of the Jason deposit. Through the pre-concentration tests, Fireweed Zinc was able to demonstrate that the feed grade found at the Boundary zone could be upgraded from 2.5 percent zinc to five percent zinc. The company was also able to achieve recovery rates ranging from 80 percent to 85 percent. Importantly, this all can be done at a low cost to Fireweed Zinc, improving the economics for the project.

Following the impressive ore sorting results, Fireweed Zinc drilled at the Boundary zone. The first hole of 2019 intersected 250 meters (true width) grading 3.44 percent zinc, which included high-grade intersections of 23.31 meters grading 16.35 percent zinc, 11.85 meters grading 9.18 percent zinc, 4.45 percent lead and 71.6 g/t silver and 1.01 meters grading 47.70 percent zinc. Another hole drilled at the Boundary zone intersected 230 meters grading 4.14 percent that contained a near-surface higher-grade section of 100 meters grading 7.94 percent zinc. These results confirmed that the Boundary zone has the potential to be mined in a low-strip open-pit and can be upgraded through low-cost ore sorting technology.

Management Team

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 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, 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) 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.

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. He is currently President and Chief Executive Officer of Kore Mining Ltd., a private mining venture with gold projects in the western US. Most recently, he was the Director, Strategy at Goldcorp Inc., and previously acted as Chief Financial Officer for many companies listed on the TSXV. Mr. 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. 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.

Peter Hemstead —Director

Mr. Hemstead has over 20 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. Mr. Hemstead is a Chartered Professional Accountant with an Honours Economics degree from the University of Western Ontario. He is currently the Chief Financial Officer of Bluestone Resources Inc. where he is a key executive in financing and moving the Cerro Blanco gold project toward production. He is also a Director and Chair of the Audit Committee at Fiore Gold Ltd., a growth oriented gold producer and explorer with the producing Pan Mine as well as a suite of exploration projects in Nevada. 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 producer. His expertise and experience will be a great benefit to Fireweed as the Company advances its Macmillan Pass Project toward production.

Gilles Dessureau—V.P. Exploration

Mr. Dessureau is a Professional Geologist with over 15 years of exploration and development experience in the Western Cordillera including Yukon and British Columbia along with other locations throughout North America including Nevada, Ontario and Quebec. Mr. Dessureau is the Owner and Principle Geologist of Solidus Geological Services and has been providing geological and project management services to a number of clients including Golden Predator Mining Corp., Columbus Gold Corp., Colorado Resources Ltd., BMC Minerals, among others since 2007. Mr. Dessureau was instrumental in advancing the Wolverine polymetallic VMS deposit, located in the Yukon, through pre-feasibility and into commercial production beginning in 2010, and was involved with advancing Golden Predator's Brewery Creek and 3 Aces deposits. Mr. Dessureau graduated with a Master's degree from Laurentian University in Sudbury following a Bachelor's degree in Geology from St. Mary's University in Halifax. He is a Professional Geologist registered with Engineers and Geoscientists British Columbia (EGBC).

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. He 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 to 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.

Neil MacRae—Investor Relation Manager

Mr. MacRae attended the University of Calgary and started his career in 1994, spending 10 years as a commodity trader and concentrate marketer for Mitsui & Co. (Canada) Ltd. Over the next 14 years, he then moved into investor relations roles with such companies as First Majestic, NovaGold Resources, and Santacruz Silver Mining as well as a role at Farallon Mining which operated the Campo Morado zinc mine in Mexico which was taken over by Nyrstar in 2011.

Cindy Chiang — Chief Financial Officer

Ms. 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, Cindy led audit engagement team. Ms. Chiang is a Chartered Professional Accountant (CPA) with experience in both public practice and industry since she became a Chartered Accountant in 2009. During her time in public practice at KPMG, Cindy led audit engagement teams domestically and abroad, and is knowledgeable of Canadian and US accounting standards as well as IFRS. In industry, Cindy dealt with financial accounting and internal controls matters. Since May 2021, Ms. Chiang has been the Financial Controller for Fireweed and in recent months has transitioned into her new role as Chief Financial Officer.


Jeffrey Dare—Corporate Secretary

Jeffrey Dare has over nine years of professional experience with respect to managing external reporting and corporate compliance for TSXV-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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