Fireweed Metals Corp (TSX-V:FWZ, OTCQB:FWEDF) has released an update on the near-term plans for its Mactung project on the heels of a resource estimate that established it as the world’s largest high-grade tungsten deposit.
“Fireweed’s recent resource statement on Mactung has reaffirmed the project’s status as one of the world’s preeminent tungsten development stories,” CEO Brandon Macdonald said in a statement.
“Building on that resource our team now looks to advance the project to construction readiness through modern metallurgical studies, value engineering, and by working with Indigenous groups through the regulatory processes. This coming year will establish Mactung as not just a great resource but also a credible near-term supplier for the critical mineral tungsten.”
A preliminary economic assessment (PEA) is expected to kick off this quarter in order to establish preliminary project economics using current pricing and cost data, modern estimation, plus metallurgical and engineering methodologies, the company said.
The PEA will build on work commissioned by North American Tungsten Corporation (NATC) in a 2009 feasibility study. The new study is expected to conclude by the end of 2023.
Fireweed also recently initiated a metallurgical test program to confirm results from earlier work by (NATC) and evaluate the potential recoverability and payability of gold and copper, the company said. Preliminary tailings test work will be included, and results from the program are expected in the fourth quarter of 2023.
This summer, Fireweed plans to complete field programs at Mactung to strengthen the environmental database and confirm the distribution of discontinuous permafrost to validate geochemical analysis of ore and waste, as well as to identify and qualify borrow material for construction.
Results from these programs will be used to inform collaborative discussions with Indigenous groups intended to allow the company to develop robust applications while mitigating potential effects arising from future potential project development.
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