Aerial view of the Macmillan Pass Project. — Photo courtesy Fireweed Zinc Ltd. VANCOUVER, British Columbia, Sept. 12, 2017 (GLOBE NEWSWIRE) -- FIRE
Aerial view of the Macmillan Pass Project. — Photo courtesy Fireweed Zinc Ltd.
VANCOUVER, British Columbia, Sept. 12, 2017 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSX-V:FWZ) is pleased to announce the first drill results from its 2017 verification and step out drill program on the Macmillan Pass Project in Yukon, Canada.
Highlights
- Hole TS17-03 intersected 10.20% Zinc, 6.28% Lead and 87.7 g/t Silver over 24.4 meters (TW) including 19.20% Zinc, 13.95% Lead and 379.8 g/t Silver over 3.6 meters. These exceptional intersections confirm the very high grades in the near surface portion of the Tom West Zone
- Hole TS17-05 intersected 6.35% Zinc, 3.15% Lead and 34.2 g/t Silver over 27.7 meters (TW) including 7.55% Zinc, 5.99% Lead and 87.0 g/t Silver over 10.5 meters (TW)
All holes confirmed previously established mineralization grades and widths, with some providing notably better results:
- TS17-02 / TS17-03 showed much higher silver levels than nearby historic drill results
- TS17-05 returned much higher assays generally than the nearby low grade historic hole drilled in 1951 indicating the Tom West Zone is open for expansion to the north
Additional drilling has been completed and results are pending from both the Tom and Jason areas.
These first holes of the Phase 1 drill program were infill holes in the Tom West Zone drilled to verify historic results from drilling carried out between 1951 and 1992. The current drilling confirmed some of the historic results (drill holes TS17-01 and TS17-04) but in other holes returned better results:
- TS17-02/03 returned much higher silver values than historic holes in that area.
- TS17-05 was drilled 50 meters below an original 1951 drill hole at the north end of the Tom West Zone and returned much higher assays across a similar width compared to the reported results (1.19% zinc, 0.73% lead and 4.89g/t silver over 27 meters) from 1951 drill hole TS001. This result opens the Tom West Zone for potential expansion to the north.
“We are excited to see these results not just confirm the historic grades, but also exceed them significantly in places,” said CEO Brandon Macdonald. “These results also demonstrate the very high-grade nature of near surface areas of the Tom West Zone. We look forward to integrating these results into an updated NI43-101 compliant mineral resource later this year which will include not just these and other holes drilled this year, but also include the 11 holes drilled in 2011 after the last mineral resource was published in 2007.”
Verification drilling in key locations has been completed now at both the Tom and Jason sites with most assays still pending. Re-sampling of select historic drill core has also been completed. These satisfy the inputs needed to write an updated NI43-101 compliant mineral resource report for the Tom and Jason zones which is expected to be completed by year end. Additional drilling of step out holes to expand on historic drill results as well as holes for metallurgical test work is continuing. Assay results for the additional verification, step out and metallurgical drill holes from this summer’s drilling will be published as they are received and interpreted. After publication of the updated NI43-101 compliant mineral resource report, Fireweed plans to undertake a NI43-101 compliant Preliminary Economic Assessment to evaluate project economics.
Exploration field work is also being carried out including surface mapping and geochemical sampling in the search for new discoveries in the Tom and Jason deposit areas. Airborne LiDAR surveying is also scheduled to be flown to produce an accurate topographic map of the property and to aid in the mapping of geologic features.
Fireweed Zinc is a new public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. This summer the Company is advancing its Macmillan Pass Project where it has an option to acquire 100% of the Tom-Jason property in Yukon, Canada which is host to the large, advanced Tom and Jason zinc-lead-silver deposits, and an option on the adjacent large MAC claims which cover projected extensions of mineralization from the Jason area and where previous exploration identified zinc, lead and silver geochemical anomalies in critical host geology.
Additional information about Fireweed and its Macmillan Pass Project, can be found on the Company’s website at www.FireweedZinc.com and on SEDAR at www.sedar.com.
