Fireweed Zinc (FWZ.V) continues to release exploration updates on a regular basis as it’s still receiving assay results from its 2018 drill program at Macmillan Pass from the lab. In a recent exploration update, released late October, Fireweed announced the assay results from two additional holes while a third hole struck out after intersecting a fault zone instead of the Tom West mineralized horizon. More drilling will be required to figure out if the mineralization continues beyond this fault on the northwestern side of the project.
That being said, the two exploration holes that did return mineralization encountered (once again) high-grade zinc-lead mineralization with 10.16 meters of 14.42% ZnPb (consisting of 8.11% zinc and 6.31% lead) as well as 82 g/t silver at Tom East, while a second, shallower hole drilled at Tom West encountered 13.47 meters of 12.91% ZnPb (9.18% zinc and 3.73% lead) and 12 g/t silver. Both widths represent the estimated true widths of the mineralization. Both holes contain excellent base metal values, and according to CEO Macdonald, the zinc and lead grades are actually higher than the grades reported in historic drilling thanks to better core recoveries. More assay results were released shortly thereafter in November, and the company continued to pull excellent results out of the ground:
Those holes from the Tom West zone all contain mineralization with a ZnPb content of in excess of 10%, while the silver results are really good as well.
And Fireweed Zinc has been drilling all over the place and the assay results of the very first hole on the End zone was released last week. The drill bit intersected almost 22% ZnPb and almost 5 ounces of silver per tonne of rock over an estimated true width of 8.6 meters, including an even higher grade interval of 32% ZnPb and 7 oz/t silver over a true width of 3.03 meters.
This hole was drilled in the middle of the End Zone, and it was mainly meant to confirm the historic drill results. The End Zone was discovered in the late-70’s, but surprisingly none of the previous owners of the project really followed up on the discovery. Fireweed is now doing so, and with success. It will be interesting to see if/when Fireweed Zinc is planning to do more resource-oriented drilling at the End zone, but it’s pretty clear there are a few million tonnes of high-grade material around.
Fireweed Zinc has now also increased its land position by securing what appears to be the Western extension to the Macmillan Pass project. It acquired the 7,400 hectare Nidd property where previous owner Teck Resources (TECK) has encountered numerous high-grade lead and zinc intervals in the 35 holes it has drilled on the property. Fireweed is issuing 1.5 million shares to secure full ownership of the property, and will issue a 1% NSR. Teck will also have a Right of First Refusal (‘ROFR’) on buying the potential concentrate production from the Nidd property.
Go to Fireweed’s website
The author has a long position in Fireweed Zinc. Please read the disclaimer
