Fireweed Zinc adds experienced capital markets advisor to board as it advances Yukon project
Chalk has more than 25 years' experience as a capital markets advisor in the global metals and mining industry
Company
CVE:FWZ
Fireweed Metals Corp is a Canadian mining exploration and development company focused on developing critical metals mines. Currently, Fireweed is advancing the Macmillan Pass Project which is host to the Tom, Jason, Boundary Zone & End Zone zinc-lead-silver deposits. Located in the Yukon Territory, Canada, the property is accessible via gravel road and by air via the Macmillan Pass Airstrip located on the property. Management’s vision is to create value for our shareholders by building Fireweed into a leading critical metals mine development company through the advancement and development of multiple projects including the Macmillan Pass Project. The company has an exceptional veteran management team with a strong track record of successful exploration, development, financing and operation.
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Chalk has more than 25 years' experience as a capital markets advisor in the global metals and mining industry
The explorer said the first core drill will arrive on site next week, with a second drill to arrive shortly afterwards
"With exercise of these property options under favourable terms, Fireweed will now own 100% of the entire district and its great potential for new discoveries," said CEO Brandon Macdonald
The offering, announced on July 15, 2020, will provide Fireweed with capital to fund the 2020 work program primarily focused on drilling in the Boundary Zone at Macmillan Pass but also for the exploration of new target areas
The private placement will fund a drill program in the Boundary zone at the group's huge Macmillan Pass property in the Yukon
Gross proceeds of C$3,502,900 will be used for exploration and development of the area in the Macmillan Pass project
The company boasts a huge land package of over 544 square kilometres at its flagship Macmillan Pass property
The property spans a 544 square kilometre district and is already known to host three large zinc deposits
In turn, Fireweed accepted the resignation of Richard Hajdukiewicz, a founder of the company, from the board
Brandon Macdonald, Fireweed’s CEO commented: “The financing will allow the Company’s highly skilled technical team to continue advancing our Macmillan Pass Project which is one of the largest undeveloped zinc projects in the world”
Fireweed said the offering will now consist of up to over 3.3 million shares at C$0.30 each with a full four-year warrant, exercisable at C$0.60 per share
The firm will issue up to nearly 2.33 million shares at C$0.30 each, with a full four-year warrant exercisable at C$0.60 each
The Yukon government and the Ross River Dena Council First Nation has reached an agreement in principle
Last year's drilling at Boundary hit wide zones of potential open pit mineralization and assays included 100 m of 7.94% zinc from surface
The new permit allows for a larger work program with up to a 150-person camp and larger and more extensive exploration programs, the firm said
The company said highlights of the results from the Boundary Zone included a final 2019 drill hole which intersected 4.14% zinc over a true width of 230 metres
The zone has the potential to be mined as an open pit with low strip ratio and low cost ore sorting technology could be used
The Vancouver-based explorer is drilling the Tom North and Tom East zone at the base metals project
Fireweed completed a total of nearly 2,400 metres of drilling in the 16-hole program
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