Fireweed Begins Field Work at Macmillan Pass and appoints new CFO
VANCOUVER, British Columbia, June 05, 2018 (GLOBE NEWSWIRE) — FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV:FWZ) is pleased to announce that field crews have been mobilized and field work has begun on the Macmillan Pass Zinc Project in Yukon, Canada, and that the Company has appointed a new CFO.
Macmillan Pass Project Work Program
Field work has begun on the Macmillan Pass zinc-lead-silver project. Building on the success of its first exploration season last year followed by a new Mineral Resource report and a PEA economic study, Fireweed plans to complete an $8 million exploration program on the project in 2018. The planned work and main goals of 2018 work program are as follows.
A large 10,000 meter drill program carried out by three drills is planned to begin in the coming weeks with three main goals:
- Expand known zones through step out drill holes to build tonnage beyond the already substantial Mineral Resources (see Fireweed news release dated January 10, 2018 for details); all zones remain open for expansion
- Upgrade priority zones to Measured and Indicated categories to de-risk key parts of the Mineral Resources
- Drill new exploration targets toward discovery of entirely new deposits on the large land package
Details and sections for some of these drill targets are illustrated in the current Company presentation at www.FireweedZinc.com.
Exploration for New Discoveries
Over the past year Fireweed acquired control of almost the entire Macmillan Pass Zinc District, a 470 square kilometer land package. This is also the first time in more than 25 years that any large scale exploration program has been carried out in the district. Utilizing state of the art exploration techniques, Fireweed will carry out a major exploration program in search of new deposits over this large land package with drills readily available to test any new discoveries this year.
The 2018 field exploration work is being driven by modern exploration concepts and will utilize extensive geological mapping, prospecting, geochemical surveys (stream sediment, soil and rock sampling surveys), ground gravity surveys, and topographic surveys (airborne Light Detection and Ranging (LiDAR) and ground Differential GPS (DGPS) surveys). In all, a crew of about 45 persons (including drillers) will be in camp to carry out the large work programs.
Baseline environmental work is continuing and expanding on the project including water sampling and monitoring, drill site and road reclamation, environmental fuel tank installations, and health and safety improvements to the camp and project living infrastructure. This work has the aim of upgrading environmental and living standards on the project site, and to accelerate permitting toward potential future mine production.
Field work (geological mapping, geochemical sampling and test geophysics) as well as environmental water sampling and other permitting related surveys have begun. Drills are expected to arrive on the property in the coming weeks once the access road has been opened for traffic pending small post-winter road repairs.
Brandon Macdonald, CEO, stated, “Fireweed has made extraordinary progress since its IPO one year ago culminating in the recently published PEA economic study and with a healthy treasury to fund this aggressive exploration program, we are now taking the next big steps toward expanding and upgrading Mineral Resources and making new discoveries.”
Technical information in this news release has been reviewed and approved by Brandon Macdonald, P.Geo., CEO and a ‘Qualified Person’ as defined under Canadian National Instrument 43‑101.
Fireweed is pleased to announce the appointment of Eddy Yu, CPA, CMA as the new Chief Financial Officer (“CFO”) of the Company to replace Hang-Ying (Jessie) Lin who has left for personal reasons and resigned as CFO. Mr. Yu is a Chartered Professional Accountant (CMA) with over 20 years of experience in business and financial management. Prior to joining Fireweed, Eddy has provided financial management and reporting services to many publicly-traded companies and to private companies intending to list on the TSX Venture Exchange. As a seasoned financial manager, he has had years of proven success in helping businesses improve their performance through sound strategic planning and effective management execution.
George Gorzynski, Executive Vice President, stated “We would like to thank Jessie for her excellent work with the Company through its initial phases and wish her all the best for the future. We are very glad to welcome Eddy to our team. His experience and knowledge will be valuable as we continue to grow Fireweed as a premier zinc exploration and development company.”
About Fireweed Zinc Ltd. (TSXV:FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its large 470 km2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with recently announced new Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018 and May 23, 2018 for details). The project also includes option agreements on large blocks of adjacent claims (MAC, MC, MP, Jerry, BR and NS) which cover projected extensions of mineralization from the Jason area and areas where previous exploration identified zinc, lead and silver geochemical anomalies in critical host geology.
ON BEHALF OF FIREWEED ZINC LTD.
CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain “forward-looking” statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Additional risks are set out in the Company’s prospectus dated May 9, 2017 and filed under the Company’s profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/855c093a-b525-4144-96ef-ff94b22550b2