Shares in Fireweed Zinc Ltd (CVE:FWZ) nudged higher as it unveiled more encouraging drill results from its Macmillan Pass project in the Yukon, Canada.
The project plays host to the 100% owned Tom and Jason zinc-lead-silver deposits with recently announced mineral resources and a PEA (preliminary economic) study.
Highlight intercepts were 12.61% zinc, 16.40% lead and 221 g/t (grams per ton) silver over 12.73 meters (true width) from one hole.
Another hole showed 9.65% zinc, 8.21% lead and 80 g/t silver over 29.14 meters (true width).
Additional drilling has been completed and assays are pending from the Tom West, Tom East and End Zone areas, the company said.
"The Tom West Zone hosts the largest tonnage in our mineral resource and it continues to produce excellent drill results," said Brandon Macdonald, CEO.
"We are especially pleased with results from drill holes TS18-005 and TS18-008 which tested areas where historic drilling reported lower grade results due to low core recoveries but where modern drilling technology resulted in excellent core recoveries and showed those parts of the zone to be much higher grade than historically reported."
As reported in May this, the PEA for Macmillan Pass showed a long mine life of 18 years, which showed net present value (NPV) of C$779mln, using an 8% discount rate, with an internal rate of return of 32%.
Fireweed Zinc shares added 0.87% to stand at $1.16.