Fireweed Zinc Announces Results of Annual and Special Meeting of Shareholders and Depository Trust Company Eligibility in USA - Investing News Network

Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to provide the results of its Annual and Special Meeting of Shareholders which was held on May 25, 2022, and to announce Fireweed shares are now eligible for electronic clearing and settlement with the Depository Trust Company ("DTC") for trading in the USA.
Annual and Special Meeting
At the Annual and Special Meeting of shareholders, 25,038,453 shares were voted and the Company received majority shareholder approval for the following:

Details of the matters approved at the meeting are set out in the Company's Information Circular dated April 19, 2022 and available under the Company's profile on SEDAR at www.sedar.com .
Depository Trust Company Eligibility in USA
The Company is pleased to announce that Fireweed shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the USA. DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. Securities which are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." The Company believes that being DTC eligible will simplify and make trading in its common shares on the OTCQB Venture Market more accessible to the US investment community with accelerated settlement periods and expected reduction in costs for investors and brokers.
DTC eligibility compliments Fireweed's OTCQB ^® Venture Market (the "OTCQB") listing (OTCQB: FWEDF) in the USA. The OTCQB, operated by the OTC Markets Group in New York, is the premiere marketplace for early stage and developing U.S. and international companies, and is recognized by the United States Securities and Exchange Commission ("SEC") as an established public market providing public information for analysis and value of securities.
About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F ): Fireweed Zinc is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.
Additional information about Fireweed Zinc and its projects can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .
ON BEHALF OF Fireweed Zinc LTD.
" Brandon Macdonald "
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.
Cautionary Statements
Forward Looking Statements
This news release may contain "forward-looking" statements and information relating to the Company including its DTC eligibility 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.
Contact:
Brandon Macdonald
Phone: (604) 646-8361

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Fireweed Zinc Ltd. (TSXV:FWZ,OTCQB:FWEDF) is a Canadian mining, exploration and development company focused on advancing its Macmillan Pass zinc–lead–silver project in Yukon, Canada. Fireweed Zinc's Macmillan Pass project is a district-scale play that has significant upside potential. Fireweed Zinc intends to expand upon historic work and utilize modern exploration methods to make new discoveries.
The property is strategically located in the zinc-rich Selwyn Basin, which is known to host large sedimentary exhalative (SEDEX) deposits. SEDEX deposits are responsible for more than half of the world's zinc production and are an important source of lead. Global examples of this type of deposit include the Howard's Pass district (eastern Yukon and Northwest Territories), Mt Isa-Century in the McArthur River district (Australia) and Red Dog (Alaska).
Fireweed Zinc has two large SEDEX deposits —Tom and Jason — and the company is confident that it can make additional SEDEX discoveries. In May 2022, it acquired the Gayna River Zinc Project by way of staking, covering over 128 square kilometers of mineral claims in the Northwest Territories. The area includes 28,000 meters of historic drilling by Rio Tinto and allows Fireweed Zinc to increase its claims at an affordable rate in a proven area.
In addition to its exploration potential, the Macmillan Pass project also has a 2018 resource estimate. The resource was developed using a historic resource from 2007 as well as results from a 2,000-meter drill program. The resource highlighted an indicated resource of 11.2 million tonnes grading 9.6 percent zinc equivalent and an inferred resource of 39.5 million tonnes grading 10 percent zinc equivalent.
Following the release of the resource, Fireweed Zinc released the results of a preliminary economic assessment (PEA) for the project in May 2018. The PEA outlined an 18-year mine life with 32.7 million tonnes of mineralization being mined at a processing rate of 4,900 tonnes-per-day. The report also highlighted an after-tax NVP (eight percent) of $448 million and an IRR of 24 percent.
Since releasing the PEA, Fireweed Zinc has continued its exploration efforts at Macmillan Pass with the aim of expanding the resource estimate and further improving the PEA. To this aim, Fireweed Zinc has completed a drill program on a number of prospective targets to test for new deposits, primarily on or near the Tom North, Tom East, Jason North and End Zone targets. The company also completed various geophysical, geochemical and geological mapping surveys as part of its field exploration program. Through this exploration work, Fireweed Zinc was able to identify ways to improve project economics and mine life.

The Macmillan Pass zinc-lead-silver project is located approximately 200 kilometers northeast of the community of Ross River in the Selwyn Basin of Yukon, Canada. Hosting 12 large SEDEX-type deposits, the Selwyn Basin is one of the world's most recognized basins for this type of deposit. Fireweed Zinc's Macmillan Pass is nearby to Selwyn Chihong Mining's Selwyn (Howard's Pass) project which contains one of the world's largest undeveloped zinc deposits.
The 21,939-hectare underexplored land package is easily accessible via a three-kilometer road from the government-maintained North Canol Road off the Robert Campbell Highway or via government airstrip within the property boundary. The project also has a camp already in place (installed in 2011) along with permits and water licenses. A historic drill core is on site.
The Tom deposit was discovered in 1951 by Hudbay Minerals and the Jason deposit was discovered by the Ogilvie joint venture in 1974. Hudbay acquired the Jason deposit in 2007, combining the two deposits for the first time into one project. Fireweed Zinc signed an option agreement to acquire 100-percent of the Tom and Jason claims from Hudbay in December 2016.
In August 2017, Fireweed Zinc quadrupled the land area of its Macmillan Pass project with the acquisition of the adjoining MAC claims from Newmont Mining. The MAC claims cover the contiguous northwest extension of the same geology and mineralization trends that host the Tom and Jason deposits.
Fireweed Zinc again added to the size of the Macmillan Pass project with its acquisition of the Nidd property from a subsidiary of Teck Resources (TSX:TECK.A or TECK.B,NYSE:TECK). With this acquisition, Fireweed Zinc has consolidated the Macmillan Pass zinc district and now controls 544 square kilometers of highly-prospective zinc claims.
2018 Resource Estimate
In January 2018, Fireweed Zinc announced its mineral resource estimate for the Macmillan Pass project. The resource included the resource estimate already completed on the Tom and Jason zones on the property. An NSR cut-off grade of $65 was used to calculate the numbers in the table below.
“These new mineral resource estimates for Tom and Jason represent a substantial increase over the previous 2007 mineral resource estimates," said Fireweed Zinc CEO Brandon Macdonald. “Building on this major milestone, we will now use these mineral resource estimates along with pending new metallurgical test results, toward completion of a preliminary economic assessment in the coming months to assess project economics. Next summer we plan to execute a larger drill program to expand on these mineral resources and test other targets for new discoveries within our large project area."
PEA
In May 2018, Fireweed Zinc announced that they had completed a PEA for the Macmillan Pass project. The following numbers were calculated using a base case $1.21 per pound zinc, $0.98 per pound lead and $16.80 per ounce silver. Highlights include:
The PEA also highlighted numerous opportunities for economic improvements and that there is room for expanding the resource.
“This first NI 43-101-compliant PEA on the Macmillan Pass project represents a significant step for the company as we progress the project towards production. Project economics in the PEA demonstrate that Macmillan Pass is not just viable at the zinc, lead and silver prices levels contemplated in the study, but highly robust," said Macdonald. “With consideration of the exploration upside not just at the known zones, but also within the broader land package, the project is steadily shaping up to be a premiere district-scale zinc mining camp in the mining-friendly Yukon Territory."
Blue Sky Potential on Large Land Package
The Macmillan Pass project represents an opportunity for upside potential. The footprints of the Tom and Jason deposits are quite small compared to the substantial size of the entire land package. Additionally, while approximately 70,000 meters of historical drilling was carried out on the Tom and Jason claim areas since their discovery, a vast majority of the current Macmillan Pass land package (including the MAC and Nidd claims) remain largely unexplored by modern exploration techniques.
Significant potential remains to expand the known mineralization at the Tom and Jason deposits at depth and along trend. Historic exploration activities on the MAC claims were limited to early-stage work in the search for gold, however, several areas of zinc and lead geochemical anomalies were discovered in stream sediments and soils.
Fireweed Zinc is testing that potential via an exploration campaign aimed at expanding the known mineralization on the Tom and Jason claims. The program also includes aerial and ground reconnaissance over the MAC claims to delineate targets for further exploration.
In July 2018, the company began its 10,000-meter drill program. Highlights from the program include 16.41 meters grading 21.1 percent zinc, 13.5 lead and 243 g/t silver and 10.16 meters grading 8.11 percent zinc, 6.31 percent lead and 82 g/t silver at the Tom East. The company also intersected 12.73 meters grading 12.61 percent zinc, 16.40 percent lead and 221 g/t silver and 12.41 meters grading 7.99 percent zinc, 13.26 percent lead and 166 g/t silver at Tom West. Finally, at End Zone on the MAC property, Fireweed Zinc intersected 8.6 meters grading 4.56 percent zinc, 17.34 percent lead and 145 g/t silver and 11.08 meters grading 4.78 percent zinc, 10.17 percent lead and 87 g/t silver.
In June 2019, Fireweed Zinc commenced its 2019 exploration program. The program is expected to consist of at least 2,000 meters of core drilling and 1,000 meters of RC drilling on a number of prospective targets to test for new deposits. Drilling is expected to primarily be focused on the Tom North, Tom East, Jason North and End Zone areas. The company also intends to continue its field exploration plans to complete geophysical, geochemical and geological mapping surveys.
Fireweed Zinc also completed an initial preconcentration test that utilized a state-of-the-art x-ray fluorescence ore sorting technology on samples from the Boundary zone, which is an advanced exploration target located 15 kilometers northwest of the Jason deposit. Through the pre-concentration tests, Fireweed Zinc was able to demonstrate that the feed grade found at the Boundary zone could be upgraded from 2.5 percent zinc to five percent zinc. The company was also able to achieve recovery rates ranging from 80 percent to 85 percent. Importantly, this all can be done at a low cost to Fireweed Zinc, improving the economics for the project.
Following the impressive ore sorting results, Fireweed Zinc drilled at the Boundary zone. The first hole of 2019 intersected 250 meters (true width) grading 3.44 percent zinc, which included high-grade intersections of 23.31 meters grading 16.35 percent zinc, 11.85 meters grading 9.18 percent zinc, 4.45 percent lead and 71.6 g/t silver and 1.01 meters grading 47.70 percent zinc. Another hole drilled at the Boundary zone intersected 230 meters grading 4.14 percent that contained a near-surface higher-grade section of 100 meters grading 7.94 percent zinc. These results confirmed that the Boundary zone has the potential to be mined in a low-strip open-pit and can be upgraded through low-cost ore sorting technology.
John Robins is a professional geologist with over 35 years of experience mainly as an independent geologist and entrepreneur. Mr. Robins has been involved in many successful exploration ventures and sat on the boards of several successful exploration companies. Most recently he was Founder, Executive Chairman and Director of Kaminak Gold Corporation which discovered the Coffee gold deposits in Yukon and sold the company to Goldcorp for $520 million. In 2008, Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud" Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made “a significant contribution to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology." In 2017, Mr. Robins' companies (Bluestone Resources, Northern Empire Resources, Fireweed Zinc) raised over $100 million.
Brandon Macdonald is a professional geologist with a diverse experience base including exploration geology worldwide and investment banking. In recent years he has focused his efforts in exploration and development as a principal of and consultant to various junior mining companies. In the past, he was in the City of London where he worked in structuring financings and risk management at Macquarie Bank. In 2007 Mr. Macdonald graduated with an MBA (with Distinction) from Oxford. He completed his B.Sc. in Geology from UBC in 2000. Mr. Macdonald has a long history of mining exploration work in Yukon, including zinc projects, and originally hails from Ross River, near the Macmillan Pass Project site.
Adrian Rothwell has worked in the mining industry for over 25 years with extensive experience in oversight and corporate governance roles. He is currently President and Chief Executive Officer of Kore Mining Ltd., a private mining venture with gold projects in the western US. Most recently, he was the Director, Strategy at Goldcorp Inc., and previously acted as Chief Financial Officer for many companies listed on the TSXV. Mr. Rothwell is a Chartered Professional Accountant (CPA, CA) in British Columbia and a designated Chartered Accountant in Australia and New Zealand. He articled at PricewaterhouseCoopers LLP in Australia and Canada and holds a BA in Economics from Macquarie University.
George Gorzynski is co-founder of the company and a geological engineer with 35 years of experience in exploration and mining company management. He has strong technical, management and leadership skills, and was a key person in the building and managing of several successful international junior mining and exploration companies. His technical experience ranges from management of large exploration projects in challenging settings to geology field work in isolated locations to oversight of mining operations. Mr. Gorzynski has geological engineering degrees from the University of Toronto (Honours) and University of British Columbia and has worked on a number of zinc projects in British Columbia and Yukon.
Mr. Hemstead has over 20 years of finance experience and has a proven track record of providing strong financial leadership. He has extensive experience in financial management, corporate finance, project finance, treasury, commercial banking, marketing/sales, financial risk management, insurance, and tax planning. Mr. Hemstead is a Chartered Professional Accountant with an Honours Economics degree from the University of Western Ontario. He is currently the Chief Financial Officer of Bluestone Resources Inc. where he is a key executive in financing and moving the Cerro Blanco gold project toward production. He is also a Director and Chair of the Audit Committee at Fiore Gold Ltd., a growth oriented gold producer and explorer with the producing Pan Mine as well as a suite of exploration projects in Nevada. He previously held a senior financial executive role for 10 years with Capstone Mining Corp., leading the financial team through the successful expansion from a development stage mining company to an intermediate producer. His expertise and experience will be a great benefit to Fireweed as the Company advances its Macmillan Pass Project toward production.
Mr. Dessureau is a Professional Geologist with over 15 years of exploration and development experience in the Western Cordillera including Yukon and British Columbia along with other locations throughout North America including Nevada, Ontario and Quebec. Mr. Dessureau is the Owner and Principle Geologist of Solidus Geological Services and has been providing geological and project management services to a number of clients including Golden Predator Mining Corp., Columbus Gold Corp., Colorado Resources Ltd., BMC Minerals, among others since 2007. Mr. Dessureau was instrumental in advancing the Wolverine polymetallic VMS deposit, located in the Yukon, through pre-feasibility and into commercial production beginning in 2010, and was involved with advancing Golden Predator's Brewery Creek and 3 Aces deposits. Mr. Dessureau graduated with a Master's degree from Laurentian University in Sudbury following a Bachelor's degree in Geology from St. Mary's University in Halifax. He is a Professional Geologist registered with Engineers and Geoscientists British Columbia (EGBC).
Dan Rogness has worked in the mining industry for over 25 years and is experienced in treasury, finance, financial reporting, corporate development, forecasting, cash management, hedging and foreign exchange. He is currently consulting for various mining companies and was the Assistant Treasurer and officer at Teck Resources (formerly Teck Corporation and Teck Cominco Ltd.) from 1985 to 2012. Mr. Rogness is a Chartered Professional Accountant (CPA, CA) in British Columbia and holds a B. Com (Honours) in Accounting and Management Information Systems.
Mr. MacRae attended the University of Calgary and started his career in 1994, spending 10 years as a commodity trader and concentrate marketer for Mitsui & Co. (Canada) Ltd. Over the next 14 years, he then moved into investor relations roles with such companies as First Majestic, NovaGold Resources, and Santacruz Silver Mining as well as a role at Farallon Mining which operated the Campo Morado zinc mine in Mexico which was taken over by Nyrstar in 2011.
Ms. Chiang is a Chartered Professional Accountant with experience in both public practice and industry since she became a Chartered Accountant in 2009. During her time in public practice at KPMG, Cindy led audit engagement team. Ms. Chiang is a Chartered Professional Accountant (CPA) with experience in both public practice and industry since she became a Chartered Accountant in 2009. During her time in public practice at KPMG, Cindy led audit engagement teams domestically and abroad, and is knowledgeable of Canadian and US accounting standards as well as IFRS. In industry, Cindy dealt with financial accounting and internal controls matters. Since May 2021, Ms. Chiang has been the Financial Controller for Fireweed and in recent months has transitioned into her new role as Chief Financial Officer.
Jeffrey Dare has over nine years of professional experience with respect to managing external reporting and corporate compliance for TSXV-listed issuers. He currently serves as the Corporate Secretary and advisor for a number of junior companies. Mr. Dare works closely with external partners and service providers in the areas of legal, compliance, transfer agency, audit, banking and insurance. Mr. Dare holds a BA from Simon Fraser University.
Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to announce the signing of a binding Letter of Intent (LOI) for the acquisition of 100% interest in the Mactung Tungsten Project located in Yukon and Northwest Territories, Canada, immediately adjacent to its Macmillan Pass Zinc-Lead-Silver Project.
Highlights
Executive Statements
Fireweed CEO Brandon Macdonald commented, "While Macmillan Pass continues to be our flagship project, the recent staking of Gayna River and the addition of Mactung turns Fireweed into one of the leading critical mineral exploration companies. We now have not only one of the largest undeveloped zinc resources in the world at our Macmillan Pass Project, but also one of the world's largest and highest-grade undeveloped tungsten projects at the advanced stage Mactung Project. With both zinc and tungsten being designated as critical minerals by Canada, the US, and the EU, Fireweed is positioned to leverage the transition to a sustainable green economy. We are excited to be advancing both projects under the Fireweed umbrella to not just maximize value for Fireweed shareholders, but to also create increased opportunities for local Indigenous groups and the people of both Yukon and Northwest Territories."
Mactung Project Overview
Mactung is one of the largest and highest-grade tungsten deposits in the world. It is an advanced stage project with extensive drilling, engineering, metallurgy, geotechnical, and environmental baseline data collected by previous owners that supported a Feasibility study in 2009 ² . Skarn mineralization is developed in carbonate rocks near the contact with a granite intrusion. Historic 2007 indicated resources ¹ totaled 33.0 million tonnes grading 0.88% WO ₃ (tungsten trioxide) plus historic inferred resources of 11.8 million tonnes grading 0.78% WO ₃ . The 37.6 km ² property is located adjacent to Fireweed's Macmillan Pass Property (Figure 1) and accessed by the same road providing potential for future project synergies.
Mactung Deposit Location & History
The Mactung Property adjoins Fireweed's Macmillan Pass Property and straddles the boundary between the Yukon and Northwest Territories. The Mactung tungsten deposit is located 13 km north of the Tom deposit (Figure 1). The Mactung Property can be reached by an access road that joins the North Canol Highway 230 km from Ross River, or by the government-maintained Macmillan Pass airstrip near the Tom deposit.
Mactung was discovered and staked in 1962 by an Amax geologist. Extensive drilling, metallurgical testing, and multiple historical resource estimates were completed over the next twenty years. The property changed ownership several times and was subsequently acquired by the North American Tungsten Corporation (NATC) in 1997. In 2007 NATC published updated mineral resources (see below) and in 2009 published a positive feasibility study (available at www.sedar.com under the NATC profile). The Yukon Environmental and Socio-economic Assessment Board issued a positive screening report for the Mactung Project in June 2014 and recommended it proceed to licensing without review, subject to terms and conditions, which were subsequently adopted and supplemented by the Yukon Government in its September 2014 Decision Document. However, in June 2015 NATC filed for and was granted creditor protection mainly related to operation of their Cantung mine located further south. The GNWT purchased the Mactung Project for $4.5 million in the fall of 2015, and subsequently obtained a Class 4 Mining Land Use Approval in 2020. Fireweed Zinc has now signed a binding LOI for acquisition of the Mactung Project with the GNWT (see details below).
Sustainability Context
Fireweed respectfully acknowledges that the Mactung Project is located within the traditional territories of the Kaska Dena and First Nation of Na-Cho Nyäk Dun, and the Sahtú Settlement Area. For the benefit of present and future generations, Fireweed will conduct mineral development activities in a sustainable manner by working collaboratively with Indigenous groups and local communities, establishing a respectful and safe working environment, achieving a high standard of environmental stewardship, and undertaking studies and implementing measures to address local interests and issues.
Mactung Geology & Mineralization
Mactung is a tungsten skarn deposit located on the eastern margin of the Selwyn basin in the Canadian Cordillera's Tombstone-Tungsten Belt (TTB). The mid-Cretaceous TTB spans Alaska, Yukon, and NWT, and hosts many other significant mineral deposits. The Mactung deposit is associated with Tungsten suite intrusions that intruded late Precambrian to Palaeozoic, variably metamorphosed clastic and interbedded carbonate rocks of the Selwyn basin. The tungsten mineralization at Mactung is comprised mostly of scheelite (CaWO ₄ ) and is dominated by calcic mineral assemblages associated with abundant pyrrhotite that developed within permeable limestone units of the Cambrian-Ordovician host rocks. Although the previous feasibility study considered only underground development, the vast majority of tungsten mineralization at Mactung can be found within 200 m from surface.
Mactung Historic Drilling and Historic Estimates
Geological mapping and surface sample programs were conducted in the early and mid-1960's, with drilling beginning in 1968. To date, approximately 38,000 m of drilling in 312 holes have been completed on the property, in addition to multiple historic resource estimates. An adit was opened in 1973 to enable underground exploration and bulk sampling; at least 1,200 metres of lateral underground development has occurred, including bulk samples of 270 tonnes in 1973, 3.5 tonnes in 1979, 650 tonnes in 1983, and 79 tonnes in 2005, enabling extensive metallurgical test work ² .
Table 1*. Most recent historic mineral resource and mineral reserve estimates from reports on www.sedar.com under NATC profile. (See Cautionary and Background Statements regarding Historic Minerals Resources below.)
Mactung Future Plans
Following final due diligence work and signing of the definitive asset purchase agreement with GNWT, Fireweed will undertake validation programs on previous work in order to support the development of a new mineral resource estimate for the project. Fireweed plans to follow this work with a new PEA on the project in 2023 and will also be evaluating synergies with the Macmillan Pass Project for the future.
About Tungsten
Tungsten is the hardest metal with the highest melting point which makes it an important and often essential metal for use in the automotive, technology, energy, military and manufacturing industries. World tungsten production is dominated by China and there is currently little Western tungsten production which has led tungsten to be listed as a critical mineral by many governments, including Canada. The Canadian government has developed several initiatives to support and advance the exploration and mining of critical metals in Canada, including zinc and tungsten.
Terms of the Mactung Acquisition Agreement
Fireweed and the GNWT have signed a binding Letter of Intent (LOI) under which the GNWT will sell the Mactung Project to Fireweed for a total purchase price of C$15,000,000 staged as follows:
The final definitive agreement is targeted before the end of 2022, after which ownership of the project assets will be transferred to Fireweed. Mactung carries an existing NSR Royalty of 4% which is held by a third party, 2% of which can be purchased at any time for $2.5M. This binding LOI does not include responsibility for any assets or liabilities related to the defunct Cantung mine located further south; this LOI is solely related to the Mactung Project (Fig. 1).
Qualified Person Statement
Technical information in this news release has been approved by Brandon Macdonald, P.Geo., and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.
About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F ): Fireweed Zinc is a public mineral exploration company on the leading edge of critical minerals project development. The Company has three projects located in northern Canada:
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange .
Additional information about Fireweed Zinc and its projects, including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .
ON BEHALF OF Fireweed Zinc LTD.
" Brandon Macdonald "
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.
Cautionary Statements
Forward Looking Statements
This news release may contain "forward-looking" statements and information relating to the Company and the Macmillan Pass, Mactung and Gayna River Projects 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.
Cautionary and Background Statements regarding Historic Estimates
A 2007 Technical Report ¹ on the Mactung Tungsten Deposit prepared by Wardrop for the NATC reported an Indicated Mineral Resource of 33,029 kt grading 0.88% WO ₃ and an Inferred Mineral Resource of 11,857 kt grading 0.78% WO ₃ . The following assumptions were made during the calculation of this historical Mineral Resource: 1.) CIM definitions (December 2005) were followed for the classification of the mineral resources, 2.) Kriging interpolation estimates were reported at a block cut-off of 0.5% WO ₃ , which are based on assays capped at unique levels for each zone, 4.) Blocks were modeled as 10 m x 10 m, with a minimum vertical thickness of 4.5 m. Grades were diluted accordingly, if required, as modeled mineralized envelopes range in thickness from 1 m to over 50 m. Average thickness of the mineralized lenses is approximately 18 m, 5.) Tonnage was estimated by multiplying the block's respective volume by the specific gravity ("SG"). The SG was based on densities established by an underground bulk sample taken from the 2B zone as well as data used in previous studies. Wardrop did not review any data or calculations related to the SG determination.
A 2009 Amended Technical Report ² on the Mactung Property produced by Wardrop for NATC reported a probable mineral reserve estimate of 10,790 kt grading 1.1869% WO ₃ . The following assumptions were made during the calculation of this historical mineral reserve estimate: 1.) Mineral reserves reported follow the NI 43-101 definition of "the economically mineable part of a measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study", 2.) A mining cut-off grade of 0.616% WO ₃ was calculated based on underground operating cost estimates obtained from Wardrop's October 2007 Internal Economic Update, 3.) Calculation of the underground mineral reserves was limited in extent to mining the measured and indicated mineral resources located within the Yukon, 4.) A combination of Long-hole (LH) Stoping and Mechanized Cut-and-Fill (MCF) mining techniques will be used. LH stoping is the primary mining method and only regions where the mineralization is less than 12 m thick or dips steeply, will be mined with MCF, 5.) For the LH stoping method, reserves were calculated using a total recovery factor of 73.2% and 12% dilution, grading 0.1% WO ₃ . For the MCF method, reserves were calculated at a total recovery factor of 83.5% and 9% dilution, grading 0.1% WO ₃ , 6.) A 3-D block model was designed with 10 m x 10 m x 10 m blocks, using the following parameters: northing, easting and elevation coordinates, zone identification, resource category, WO ₃ percentage, and zone percentage (percentage of the block that lies within the zone), 7.) Probable mineral reserves were calculated by Wardrop using Gemcom Surpac ^TM Version 6.02 software.
The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimates in this news release as current mineral resources or mineral reserves. The Company has not verified these historical resources and is not treating the historical estimates as current mineral resources or mineral reserves. While these estimates were prepared in accordance with National Instrument 43-101 and the "Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves Definition Guidelines" in effect at the time, there is no assurance that they are in accordance with current standards and these resource estimates should not be regarded as consistent with current standards or unduly relied upon as such. Fireweed includes these historical estimates in this news release for information purposes as they represent relevant material historical data which have previously been publicly disclosed and are accessible online. To the Company's knowledge, the 2007 technical report is the most recent mineral resource estimate available for the Mactung deposits and the 2009 preliminary economic study is the most recent economic study. Further and updated work is needed to validate the drill hole database, associated assay results, economics and other pertinent information. Fireweed plans to prepare updated NI 43-101 compliant mineral resource estimate and preliminary economic studies and reports for the Mactung deposits in the coming year.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c43ea6df-3077-4fa8-b351-08a8889be547
References
¹ Scott Wilson Roscoe Postle Associates Inc., 2007. Technical Report on the Mactung Tungsten Deposit, Macmillan Pass, Yukon. Prepared for North American Tungsten Corporation Limited by P.A. Lacroix and R.B. Cook.
² Wardrop Engineering Inc., 2009. Amended Technical Report on the Mactung Property – Yukon, Canada. Prepared for North American Tungsten Corporation Limited.
³ Northwest Territories Geological Survey, 2018. NWT Open File 2018-02. Geology of the Mactung tungsten skarn and area-Review and 2016 field observations. Report by B.J. Fischer, E. Martel, and H. Falck.
⁴ Elongo, V., Lecumberri-Sanchez, P., Legros, H., Falck, H., Adlakha, E., & Roy-Garand, A., 2020. Paragenetic constraints on the Cantung, Mactung and Lened tungsten skarn deposits, Canada: Implications for grade distribution. Ore Geology Reviews, 125, 103677.
Contact:
Brandon Macdonald
Phone: (604) 646-8361

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Fireweed Zinc LTD. (" Fireweed " or the " Company ") (TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) is pleased to announce closing of the second and final tranche of the non-brokered private placement (the " Offering ") first announced March 17, 2022. The second tranche consisted of 2,885,715 Common Shares at a price of CAD$0.70 per share and 100,000 flow-through common shares at a price of CAD$0.99 per share for gross proceeds of $2,119,000. In total the financing comprised two tranches totaling 8,472,159 Common Shares at a price of CAD$0.70 per share and 7,300,000 Flow-Through Shares at a price of CAD$0.99 per share for total gross proceeds of CAD$13,157,511.
Highlights
Fireweed CEO Brandon Macdonald stated, "We are grateful that in these turbulent times we have supportive shareholders that allow us to raise capital on shareholder-friendly terms. It is a testament to the quality of our Macmillan Pass Project and the capability of the Fireweed team that not only did support for this financing never waiver but also that we were able to significantly upsize. Now with nearly $20M in the bank we set ourselves to the task of executing our biggest ever drill program and demonstrating exactly how unmatched Macmillan Pass is among undeveloped zinc assets."
The total Offering consisted of 8,472,159 Common Shares at a price of CAD$0.70 per share and 7,300,000 Flow-Through Shares at a price of CAD$0.99 per share for total gross proceeds of CAD$13,157,511. The second and final tranche consisted of 2,885,715 Common Shares at a price of CAD$0.70 per share and 100,000 flow-through common shares at a price of CAD$0.99 per share for gross proceeds of $2,119,000. Teck purchased 4,285,714 Common Shares of the Company and Ibaera Capital purchased 3,571,429 Common Shares. The Offering also includes a large individual US shareholder who invested $3.5 million to significantly increase his position.
The proceeds from the Offering will be used for exploration and development of the Company's Macmillan Pass Project in Yukon, Canada, and for general working capital purposes. The gross proceeds from the issuance of all Flow-Through Shares will be used to incur Canadian Exploration Expenses (" CEE ") and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), which will be renounced to the purchasers of Flow-Through Shares with an effective date no later than December 31, 2022 in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares. The Company will pay finders fees in compliance with the policies of the TSX Venture Exchange and applicable securities legislation, to arm's length finders in connection with subscriptions from subscribers introduced by them, totaling $108,840, and 153,000 warrants exercisable for 12 months from the date of issuance to acquire common shares of the Company at an exercise price of $0.70 per share.
Insiders of the Company acquired an aggregate of 115,000 Common Shares in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days from completion of the Offering, as the nature of the related party transaction is relatively immaterial, and was not necessary to complete the Offering, and can generally be considered reasonable in the circumstances.
This Offering remains subject to final approval of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.
About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a veteran team of mining industry professionals. The Company has two projects located in northern Canada:
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange .
Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .
ON BEHALF OF Fireweed Zinc LTD.
" Brandon Macdonald "
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.
Cautionary Statements
Offering Disclosure Statements
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward Looking Statements
This news release may contain "forward-looking" statements and information relating to the Company and its projects 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 effects of the pandemic, 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. 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.
Contact:
Brandon Macdonald
(604) 646-8361

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Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to announce the acquisition of the Gayna River Zinc project located in Northwest Territories, Canada. The Gayna River project contains the Critical Metals Zinc, Gallium, and Germanium in addition to Lead and Silver.
Highlights
Executive Statements
Fireweed CEO Brandon Macdonald commented, "The acquisition of the Gayna River project by staking is a low-cost way for Fireweed to expand our portfolio of Critical Metals projects and add some exciting exploration potential. While our focus remains on our flagship Macmillan Pass project, we are keen to explore Gayna River where we see the potential for high-grade massive sulphide mineralization. I see a similar story unfolding at Gayna River as MacPass, where Fireweed can build upon historic exploration and use modern scientific understanding of deposit genesis to unlock a potentially world-class district."
Fireweed Chief Geologist Dr. Jack Milton added, "We are excited to put the exploration methods we have honed so successfully at Macmillan Pass to use in a whole new search space at Gayna River. Leveraging our experience with gravity surveys, muon-tomography, and cutting-edge inversions, we can enable exploration for what has been previously difficult to find – the high-grade centers of large zinc systems. With this new technology we expect to target high-grade massive sulphides with better precision and at relatively low-cost, enabling a new wave of zinc exploration and revitalizing activity at this well-renowned zinc district."
Upcoming Webinar
Tune in May 10th at 10 AM PST for Fireweed Zinc's live webinar as CEO Brandon Macdonald revisits the company's success since the start and details of what have been achieved through the years and where they are now. Fireweed's Chief Geologist, Dr. Jack Milton, outlines the company's 2021 successes, shares how Fireweed plans to build on them in 2022–2023, and provides exciting details about the exploration potential at Gayna River. The webinar registration is available at this URL:
https://6ix.com/event/revisiting-exploration-success-at-macmillan-pass-and-looking-to-the-future/
A recording of the webinar will be made available at the same URL within a week.
Gayna River Project Location and History
The Gayna River Project is located in the Mackenzie Mountains, Northwest Territories, (see Map 1) within the Gwich'in Settlement Area, the Sahtu Settlement Area, and the asserted territory of the First Nation of Na-Cho Nyäk Dun. The project is in Canada, approximately 180 km West of Norman Wells, NWT, 180 km north of the Macmillan Pass project, Yukon, and 150 km SW of the winter road between Fort Good Hope and Norman Wells, NWT. Abundant zinc-lead-silver mineralization was discovered at Gayna River in the 1970s and Rio Tinto drilled over 28,000 m in the late 1970s resulting in a large tonnage exploration target.
Rio Tinto allowed the claims to lapse believing there was low potential for a high-grade deposit at Gayna River. A recent shift in thinking behind the geological model for Gayna River shows potential for high-grade massive sulphide zones within areas that were not tested by Rio Tinto. Fireweed has acquired 100% of the Gayna River project at very-low cost by staking an area of 12,875 hectares (128.75 square kilometers) covering all the historic showings and anomalies.
Gayna River Geology and Exploration Potential
Mineralization at Gayna River occurs in veins and breccias in carbonate rocks similar to Mississippi-Valley-Type (MVT) mineralization, or Irish-type Zn-Pb mineralization. Sphalerite and minor galena occur as infill within veins, vugs, and breccias along with dolomite-calcite-quartz-pyrite. Historic grab samples contain elevated concentrations of the critical metals gallium (up to 68 ppm) and germanium (up to 15.6 ppm).
The geological environment of Gayna River is very similar to host-rocks at the high-grade Kipushi Zn-Cu-Pb-Ag-Ge mine in southern Africa. At both locations, zinc mineralization is located around large Neoproterozoic carbonate reefs – geology that is unique to only these two locations worldwide. At Kipushi, high-grade lenses of massive sulphides are located around the margins and tops of the carbonate reefs including the "Big Zinc" zone. Using Kipushi as an exploration analogue, Fireweed sees the potential for massive sulphide mineralization at Gayna River in similar reef-margin and reef-top positions that remain largely untested by historic drilling which was done on a wide-spaced grid drilling approach. The extensive zinc mineralization discovered to date on the Gayna River project is thought to represent a large zinc system that may have higher-grade centers of massive sulphide.
Fireweed cautions that although a geological comparison to the Kipushi mine has been made, the comparison is conceptual in nature, and it is uncertain if further exploration at Gayna River will result in the definition of Mineral Resources or Mineral Reserves.
Historic approaches to exploration at Gayna River relied on grid-drilling due to the typically irregular shapes of mineralized zones, sharp contacts, lack of obvious alteration, and no reliable geophysical response to the mineralization. Fireweed anticipates that modern gravity surveys and the deployment of borehole muon detectors around the favourable geological environment of the reef-tops and margins may enable the detection of density anomalies related to massive sulphide zones. This emerging muon technology has opened a search space to explore for targets that were not previously detectable by any efficient means.
Gayna River Historical Drilling and Historical Estimates
Over 28,000 metres of historic drilling at Gayna River produced historic estimates outlining the potential for large near-surface tonnages of medium zinc+lead grades over 28.5 square kilometers, demonstrating the large size potential of the hydrothermal system at Gayna River. The historic drilling intersected many zinc-rich intervals, such as 21.3 m of 8.14% zinc (hole RT-75-07), and 12.2 m of 6.65% zinc including 6.1 m of 11.25% zinc (hole RT-76-A20).
By the end of 1977, a total of 25,159 m of diamond drilling had been completed at Gayna River and formed the basis of two historical estimates. Publicly available assessment reports ^1-3 , a published paper ⁴ , and an M.Sc. thesis ⁵ describe a 1977 estimate made by Rio Tinto within "Gayna River Project Report – 1977, for Rio Tinto Canadian Exploration Ltd." by R.S. Hewton (1978) of several individual areas that combine for a total of 2,436,798 tonnes of 4.58% zinc and 0.52% Pb in what was originally termed a "reserve" but does not meet the definition of a Mineral Reserve as defined in current CIM Definition Standards on Mineral Resources and Mineral Reserves. According to current standards this estimate more closely resembles an Inferred Resource; however Fireweed emphasizes that a Qualified Person has not done the necessary validation work to classify this estimate as current Mineral Resources or Mineral Reserves. It is uncertain whether the validation work or further exploration would result in the verification of this estimate as a Mineral Resource or Mineral Reserve, and Fireweed is not treating the historical estimate as current Mineral Resources or Mineral Reserves. The following assumptions were made during the calculation of this historical estimate: 1) a 2% combined Zn+Pb cutoff grade was used with a minimum width of 2.5 m (8'), 2) Values of less than 0.05% Pb were reduced to 0% Pb, 3) no allowance was made for factors that may reduce grade such as dilution or recovery, 4) the area of influence for each hole was considered as half-way to any hole containing more than 1% Zn+Pb over 2.5 m (8'), and 15 m (50') towards lower grade holes, or in directions without drillholes, 5) thickness over the area of influence was assumed to be equal to the width of an intersection where grade exceeds 2% Zn+Pb, 6) a tonnage factor of 10.5 cubic feet per ton was used (3.05 tonne/m ³ ), 7) For each area estimated, holes above 40 feet x % (Zn+Pb) over a minimum of 8' at a 2% cutoff, or holes above 60 feet% Zn+Pb regardless of grade were considered for the estimate, along with all intervening holes, regardless of grade, 8) mineralization in adjacent holes was correlated and included in the calculations only if in a roughly equivalent stratigraphic position. Work needed to upgrade or verify the historical estimates as current mineral resources includes but is not limited to: check assay validation of historical assay values; validation of drilling data; validation of geological modeling; field validation of drill collar coordinates; inspection of drill core; a geological site visit by a Qualified Person; and re-estimation using modern best practices.
The second historical estimate was more conceptual in nature and more closely resembles an Exploration Target as defined by NI-43-101 but was not originally represented as a range of tonnage and grade. Publicly available assessment reports ^1-3 , a published paper ⁴ , and an M.Sc. thesis ⁵ describe a 1977 estimate made by Rio Tinto within "Gayna River Project Report – 1977, for Rio Tinto Canadian Exploration Ltd." by R.S. Hewton (1978) of potential for an Exploration Target of approximately 51 million tonnes of 5% combined zinc and lead. This estimate may be more conservatively represented as an Exploration Target of 30 to 50 Mt of 4.0 to 4.5% zinc and 0.0 to 0.5% lead. This potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. Fireweed has not performed the work necessary to validate the historic Exploration Target and Fireweed is not treating the historical estimate as current Mineral Resources or current Mineral Reserves. The historic disclosed potential quantity was determined on the basis of the results from grid drilling 2000' centres over an area of 28.5 square kilometres, and focused grid drilling around the best holes at 200' centres – both grid drill programs resulted in approximately 13% of drillholes with intersections better than 40 feet x % with a 2% (Zn+Pb) cut-off grade and minimum width of 2.5 m (8'). Using the average thickness of mineralization of 4.54 m (14.9') and the average grade of 4.58% zinc and 0.52% lead it was then estimated that a thickness of 4.54 m of 5% combined zinc and lead was present throughout 13% of the 28.5 square kilometres drilled in order to define the potential quantity and grade of the Exploration Target. The estimate gave no consideration to potential continuity or amenability to mining.
Fireweed considers the historical estimates relevant as they demonstrate the large size potential of the hydrothermal system present at Gayna River and followed accepted practice at the time but does not consider the estimates to be reliable determinations of potential tonnage as the estimation methodology does not conform to the modern Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines.
Qualified Person Statement
Technical information in this news release has been approved by Jack Milton, P.Geo., Ph.D., Chief Geologist and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.
About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF ): Fireweed Zinc is a public mineral exploration company managed by a highly experienced team of mining industry professionals. The Company is advancing its 100% owned, district-scale 940 km ² Macmillan Pass Project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated 10 ^th January 2018, and 23 ^rd May 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Boundary Zone West, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, and Stump) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange .
Additional information about Fireweed Zinc and its Macmillan Pass Project including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .
ON BEHALF OF Fireweed Zinc LTD.
" Brandon Macdonald "
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.
Cautionary Statements
This news release may contain "forward-looking" statements and information relating to the Company and the Macmillan Pass and Gayna River Projects 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.
The historic drilling and rock assay data referred to in this news release have not been independently validated but are considered broadly reliable as the data are derived from publicly available assessment reports authored by Professional Engineers or Professional Geologists.
References
¹ 2001, Downie, C.C., Geological Report for the Gayna River Property. NWT Assessment Report 084410.
² 2004, Sharp, R.J., Geological Report for the Gayna River Property. NWT Assessment Report 084713.
³ 2008, Wallace, B., Atherton, C., & Sharp, R.J., Geological Report for the Gayna River Property. NWT Assessment Report 085334.
NWT Assessment Reports available at https://app.nwtgeoscience.ca/SearchHome.aspx
⁴ 1982, Hewton, R.S., Gayna River: a Proterozoic Mississippi Valley-type zinc-lead deposit. Precambrian Sulphide Deposits, HS Robinson Memorial Volume: Geological Association of Canada, Special Paper , 25 , pp.667-700.
⁵ 1979, Hardy, J.L. Stratigraphy, Brecciation, and Mineralization, Gayna River, Northwest Territories, M.Sc. thesis, University of Toronto.
Map 1 – Location of the Gayna River claims, Northwest Territories, and Macmillan Pass claims, Yukon, Canada is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6dc5c753-aa19-4853-a054-28435125ab90
Contact:
Brandon Macdonald
Phone: (604) 646-8361

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Fireweed Zinc LTD. (" Fireweed " or the " Company ") (TSXV: FWZ; OTCQB: FWEDF; FSE: 20F) is pleased to provide an update on the previously announced non-brokered private placement (the " Offering "). The second and final tranche will consist of 2,885,715 Common Shares at a price of CAD$0.70 per share and 100,000 flow-through common shares at a price of CAD$0.99 per share (" Flow-Through Shares ") for proceeds of $2,119,000.
These remaining orders will be closed once filings are approved to allow a subscriber to exceed 10% ownership of the company. This is expected to take at least another week, possibly longer, however all subscription paperwork is in and the order book is closed. The modest upsize over the last announcement was done to accommodate a few existing shareholders. The total Offering, including both tranches, will be 8,472,159 Common Shares and 7,300,000 Flow-Through Shares for total proceeds of $13,157,511.
The proceeds from the Offering will be used for exploration and development of the Company's Macmillan Pass Project in Yukon, Canada, and for general working capital purposes. The gross proceeds from the issuance of all Flow-Through Shares will be used to incur Canadian Exploration Expenses (" CEE ") and will qualify as "flow-through mining expenditures" under the Income Tax Act (Canada), which will be renounced to the purchasers of Flow-Through Shares with an effective date no later than December 31, 2022 in an aggregate amount no less than the proceeds raised from the issue of the Flow-Through Shares.
Closing of the Offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing. The Company may pay finder's fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.
About Fireweed Zinc Ltd. (TSXV: FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc-lead-silver and managed by a veteran team of mining industry professionals. The Company is advancing its district-scale 940 km ² Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, and Stump) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange .
Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .
ON BEHALF OF Fireweed Zinc LTD.
" Brandon Macdonald "
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.
Cautionary Statements
Offering Disclosure Statements
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward Looking Statements
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. There is no assurance the Company will be able to complete the Offering on the terms as outlined above, or at all. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Contact:
Brandon Macdonald
Phone: (604) 646-8361

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Metallum Resources Inc. (TSXV: MZN) (OTCQB: MTLLF is developing a high-grade zinccopper project in Ontario. BTV chats with President & CEO, Kerem Usenmez to learn more.

Metallum Resources Inc.(TSXV: MZN) (OTCQB: MTLLF)
https://www.metallumzinc.com/
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127151

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Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") has received notification of Rio Tinto Mining and Exploration Limited's ("Rio Tinto") intention to terminate the previously announced Earn-In and Joint Venture Agreement (the "Earn-In Agreement") (see the Company's news release dated April 27, 2020). Termination will be effective June 28, 2022.
Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to Midnight Sun, along with all samples and data collected while Rio Tinto acted as the project operator.
Al Fabbro, President & CEO commented, "While Rio Tinto were not satisfied with the results generated by their work on our properties, I do not share their feelings. From the outset of this Agreement, Rio Tinto made it clear to me they were looking for a 'Rio sized deposit.' Falling short of their parameters does not mean we don't have the makings of an economic orebody on our hands. They have generated excellent databases of geochemical and geophysical information that tell me the Solwezi Licences are very much still alive and warranting further work."
2021 WORK PROGRAM
Midnight Sun has received the 2021 Solwezi exploration report from Rio Tinto. All of the work in this field season was focused on license 12124-HQ-LEL and total expenditures for the 2021 program were approximately USD $2.95 million.
The work consisted of 5,968 meters ("m") of drilling divided into: 2,483 m of diamond drilling ("DD") over 8 holes, 1,050 m of Reverse Circulation drilling ("RC") and 2,682 m of air core drilling ("AC"). There were also 668 new soil samples taken and 1,200 AC samples from Mitu reanalyzed.
A total of five target areas were examined: Gameno, Likoko, Sanda, Mawemba and Dumbwa.
Gameno
There were three DD holes at Gameno totalling 1,300 m. The program was designed to test a Cu-Bi anomaly that was upgraded by two AC holes in 2020 that returned 18 m of 0.21% Cu and 14 m of 0.23% Cu. The three best intercepts were 2.1 m of 0.68% Cu from 360 m, 1.5 m of 0.79% Cu from 188.5 m, and 1.42 m of 8.3% Cu from 164 m.
No further work is recommended due to lack of strike continuity and thickness. It is also the most populous part of the licenses, running into the town of Solwezi, which hampers further exploration and potential development.
Likoka
Two DD holes, totalling 461 m tested the Mitu extension to the southeast over a moderate copper soil anomaly coincident with a strong Versatile Time Domain Electromagnetic ("VTEM") anomaly and an audiomagnetotelluric ("AMT") conductor. Neither diamond drill hole intersected Cu mineralisation, indicating further geological and structural modelling of the Mitu Trend is required to understand the controls of mineralisation and the fluid focusing mechanism along this target area.
Sanda
Two DD holes totalling 499 m tested a weak soil geochemical anomaly and a large VTEM anomaly similar to Mitu. Weak mineralisation was encountered in each hole.
Mawemba
One diamond drill hole was completed to test a Cu in soil anomaly on the north-west edge of a large mafic intrusive body. This diamond drill hole intercepted 20 m of 0.19% Cu from 27.3 m.
At Mawemba NE, 18 air core holes were drilled across three fences, testing a Cu in soil anomaly and along a linear magnetic anomaly. The strongest result was 1 m of 1.13% Cu from 26 m, terminating in mineralization.
Dumbwa
Rio Tinto performed a full review of the diamond drilling previously performed by Midnight Sun on the area to get an understanding of the geology and mineralisation of the area. A 200 m x 200 m infill soil geochemical grid confirmed the continuity of the anomaly and seven reverse circulation holes were drilled.
NEXT STEPS
Midnight Sun engaged an independent Copperbelt expert, Dr. Simon Dorling, to review the data generated by Rio Tinto's work and prepare recommendations for Midnight Sun's 2022 work program.
QUALITY ASSURANCE/QUALITY CONTROL
All samples collected by Rio Tinto including soil samples and all drilling were sent to ALS Global Ndola facility for preparation and on turn ALS Vancouver for analysis. The prepared samples was provisionally analysed by ALS certified pXRF at Ndola and in turn by ICP-AES/MS method in Vancouver. One duplicate sample and one certified standard sample were inserted by Rio Tinto in every 20 samples analysed for quality control/quality assurance purposes.
Qualified Person: Richard Mazur, P.Geo., a Director of the Company anda Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro
President & CEO
For Further Information Contact:
Al Fabbro
President & CEO
Tel: +1 604 351 8850
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 NEW RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127225

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TSXV:AUC)(OTCQB:AUCCF)(Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce that it will be exhibiting at the annual 2022 Prospectors & Development Association of Canada Convention (PDAC), the world's premier mineral exploration & mining event. We invite all our shareholders and conference delegates to visit us at booth # 3352. The in-person event will be held at the Metro Toronto Convention Centre (MTCC) from Monday, June 13 to Wednesday, June 15, 2022
We welcome all stakeholders to come visit our senior team members who are attending PDAC from Portugal and BC and discuss one on one Goldplay's plans for 2022 and beyond.
About Goldplay Mining
Goldplay Mining is a Canadian public company listed on TSXV and in US on OTCQB. Goldplay holds large district scale gold, and copper-gold projects located in BC's Golden Triangle and southwestern BC with potential for world class mineral discoveries. The Company also holds several brownfield gold, and copper-gold projects located in Portugal with near term mining potential.
On behalf of the Board of Directors
"Catalin Kilofliski"
President, CEO & Director
For further information please contact:
Goldplay Mining Inc.
Mr. Catalin Kilofliski, President & CEO
Suite 650 – 1021 West Hastings Street
Vancouver, BC V6E 0C3
T: (604) 655-1420
E: catalin@goldplaymining.ca
www.goldplaymining.ca
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.
SOURCE:Goldplay Mining Inc.
News Provided by ACCESSWIRE via QuoteMedia

Metal Energy Corp. (" Metal Energy " or the " Company ") (TSXV: MERG) is pleased to announce that it will be featured at Ore Day which will be broadcast today June 10 th at 9 am ET at www.Oreday.com
Ore Day is a conference hosted by the Ore Group of Companies who focus on gold, copper, nickel, and uranium development projects.
Ore Day will also feature keynote talks and interview with industry experts, including:
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's expectations regarding future operations and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the application of the proceeds of the Offering as anticipated by management and the inability to obtain the necessary TSX Venture Exchange approval to complete the Offering. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to close the Offering, that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, TSX Venture Exchange approval, for the Offering.
Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com
Neither 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.
SOURCE Metal Energy

View original content: http://www.newswire.ca/en/releases/archive/June2022/10/c3605.html
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Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce the appointment of Doris Meyer as a director. The number of directors of the Company is now restored to three by this appointment
Doris Meyer is the Corporate Secretary of the Company. She gained her early experience in the mining industry as Vice President Finance of Queenstake Resources Ltd. from 1985 to 2003. Ms. Meyer launched her private company Golden Oak in October 1996 with Queenstake as her first client. Since that time, Golden Oak has provided publicly traded mineral exploration companies with administrative, financial reporting and corporate compliance services. Ms. Meyer is also Corporate Secretary and Director for a number of publicly listed exploration companies trading on the TSX-V. Ms. Meyer is a past member of the Institute of Chartered Professional Accountants of British Columbia. Ms. Meyer has been the Corporate Secretary of the Company since 2008.
Azarga Metals Corp.
"Gordon Tainton"
Gordon Tainton,
President and CEO
For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
SOURCE:Azarga Metals Corp.
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(TheNewswire)
June 9 2022 TheNewswire – Vancouver, BC Interra Copper Corp. (CSE:IMCX) (CNSX:IMCX.CN) (OTC:IMIMF) (FRA:3MX) (" Interra " or the " Company ") is pleased to announce that it has signed a "definitive option agreement" with Christopher O. Naas and T. Greg Hawkins, both Directors of the Company, (the "Property Holders") to acquire a 100% of the Chuck Creek Property (the "Property"). The Property Holders hold a 100% interest in the Property, located in central British Columbia, approximately 30 kilometers east of Clearwater. On closing, Interra shall have paid to the Property Holders, CDN$ 30,000 plus 35,000 Interra shares and granted a 1% Net Smelter Return (NSR), with a 0.5% buy back option.
The Chuck Creek Property covers 33.57 sq. kilometers (8,293 acres) and is situated in central British Columbia. The property is located within the Eagle Bay Assemblage of rocks and is surrounded on all sides by Taseko Mines' Yellowhead property, which hosts a copper-gold volcanogenic massive sulphide deposit. The large undeveloped Yellowhead deposit has proven and probable reserves of 817 million tonnes grading 0.29% copper equivalent. ( https://www.tasekomines.com/properties/yellowhead ).
"The Chuck Creek claims have yielded significant multi-ounce gold silt samples in the past. Interra aims to discover the source of this mineralization, and conduct work this year on the project with compelling location, proximity to major deposits, and year-round access, minutes from a major highway" stated CEO Jason Nickel.
The Chuck Creek Property was first staked by the Property Holders in 2002 and is one of the largest unexplained alluvial gold stream geochemical anomalies in the province. Historical silt samples concentrates have returned up to 58,600 ppb Au and soil samples panned to concentrates have returned up to 78,600 ppb Au. Location maps are shown below.

Click Image To View Full Size
ON BEHALF OF Interra Copper CORP.
Jason Nickel, P.Eng.
Chief Executive Officer
Telephone: +1-604-754-7986
Email: CEO@interracopper.com
INVESTOR RELATIONS:

Email: invest@interracopper.com
Telephone: +1-604-588-2110
Website: https://interracopper.com
ABOUT Interra Copper CORP.

Interra is a junior exploration and development company focused on creating shareholder value through the advancements of its current assets that include the Thane Property in north-central British Columbia. Utilizing its heavily experienced management team, Interra continues to source and evaluate assets to further generate shareholder value.
The Thane Property covers approximately 206 km 2 (50,904 acres) and is located in the Quesnel Terrane geological belt of north-central British Columbia, midway between the previously-operated open pit Kemess Mine and the current open pit Mount Milligan mine, both two copper-gold porphyry deposits. The Thane Property includes several highly prospective mineralized areas identified to date, including the ‘Cathedral Area' on which the Company's exploration is currently focused.
Forward-Looking Statements: This press release contains "forward ‐ looking information or statements" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the Consolidation, the receipt of any required regulatory approvals thereto, the cancellation of stock options, and exploration plans on the Thane Property. All statements in this release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties, and assumptions. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not undertake to update forward ‐ looking statements or forward ‐ looking information, except as required by law.
Copyright (c) 2022 TheNewswire – All rights reserved.
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