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Fireweed Zinc says zinc project consolidation at Yukon’s Macmillan Pass among 2018 highlights

Last updated: 14:49 02 Jan 2019 GMT, First published: 14:35 02 Jan 2019 GMT

The chemical symbol for zinc
The company cited the biggest undeveloped zinc and lead resource in the world held by a junior company

Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) said highlights for 2018 included the consolidation of the Macmillan Pass zinc project in the Yukon territory of Canada through the purchase and options on several blocks of adjacent claims.

The Vancouver-based mining company said Wednesday in a press release that it expanded its land position to 544 square kilometers (210 square miles).

READ: Fireweed Zinc consolidates position in the Macmillan Pass district with Nidd acquisition

In May, Fireweed published a preliminary economic assessment that included an internal rate of return of 24%. Fireweed closed a C$12.5 million financing in 2018.

Fireweed reported in January 2018 11.2 million tons at 9.6% zinc equivalent indicated plus 39.5 million tons at 10% zinc equivalent inferred for the combined Tom and Jason deposits.

"It has been another busy year of great accomplishments for Fireweed,” CEO Brandon Macdonald said in a statement. “In January, we published new Mineral Resources that establish Tom and Jason as the largest undeveloped zinc and lead resource in the world held by a junior company.”

The company said drilling in 2018 confirmed and expanded on past results with a number of holes intersecting notably higher grades than projected. One hole intersected 12.61% zinc, 16.40% lead and 221 grams of silver per ton over a true width of 12.73 meters.

Shares of Fireweed fetched C$0.87 in Monday’s Canadian trading. They climbed US$0.05 to $0.63 on the OTC Markets.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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