Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) (FRA:20F) has said the first hole into the Boundary Zone West area, discovered last year, at its Macmillan Pass project in Yukon, showed impressive grade and width potential.
The hole was a 360 metre (m) step-out hole, 15 road kilometres west of the group's Tom-Jason deposits at its huge project.
At a vertical depth of 90m, the hole hit an intersection of 76.5m of 4.22% zinc, 0.34% lead and 25.6 grams per ton (g/t) silver. This intercept included 24.1m of 6.46% zinc, 0.77% lead and 47.5 g/t silver.
READ: Fireweed Zinc intersects high-grade zinc at its Macmillan Pass Project in the Yukon
"This first hole into Boundary West has shown the impressive grade and width potential of the upper sequence. The massive pyrite-sphalerite-galena present in this upper interval demonstrate not just healthy zinc grades, but intriguing silver levels," said CEO Brandon Macdonald.
Fireweed said it was now awaiting assays from other holes at Boundary Zone West, including those that also intersected the lower sequence.
The company has a huge land package of 946 square kilometres (sq km) at its flagship Macmillan Pass property, which is host to the Tom, Jason, Boundary Zone and End Zone zinc-lead-silver deposits.
Tom and Jason already boast a combined resource of 11.21 million tonnes (Mt) of higher confidence indicated resources at 9.61% zinc equivalent (ZnEq) and 6.59% zinc, 2.48% lead, 21.33 (g/t) silver, and there is potential to expand this further.
The Boundary zone, Tom North zone and End zone have significant zinc-lead-silver mineralization drilled but are not yet classified as mineral resources.
Shares in Toronto zipped up over 13% to C$1.04 each.
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Contact the author at giles@proactiveinvestors.com