Fireweed Announces Macmillan Pass Mineral Resource Estimate w/ Substantial Increase in Size
10 Gennaio 2018 - 6:08PM
InvestorsHub NewsWire
Fireweed Announces Macmillan
Pass Mineral Resource Estimate with Substantial Increase in Size:
11.2Mt at 9.6% ZnEq Indicated plus 39.5Mt at 10.0% ZnEq
Inferred
Vancouver, British
Columbia -- January
10, 2018 -- InvestorsHub NewsWire -- FIREWEED ZINC LTD. (“Fireweed”
or the “Company”) (TSXV:
FWZ) is pleased to announce new combined mineral resource
estimates in accordance with NI43-101 for the Tom and Jason zones
on the Macmillan Pass Project (Yukon, Canada). The new Base
Case updated resource is reported in Table 1.
Table 1: Base Case Mineral
Resource Estimate (at NSR cutoff grade of $65 CAD)
Category |
Tonnes (Mt) |
ZnEq % |
Zn
% |
Pb
% |
Ag
g/t |
B
lbs Zn |
B
lbs Pb |
MOz Ag |
Indicated |
11.21 |
9.61 |
6.59 |
2.48 |
21.33 |
1.63 |
0.61 |
7.69 |
Inferred |
39.47 |
10.00 |
5.84 |
3.14 |
38.15 |
5.08 |
2.73 |
48.41 |
Fireweed CEO Brandon Macdonald
stated, “These new Mineral Resource Estimates for Tom and Jason
represent a substantial increase over the previous 2007 Mineral
Resource Estimates. 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 will execute a larger drill
program to expand on these mineral resources and test other targets
for new discoveries within our large project area. We have made
excellent progress in the short seven months since our IPO and plan
an even more aggressive program in 2018 to drive this world-class
project forward.”
Table 2: Mineral Resource
Estimate NSR Cutoff Sensitivity (Base Case $65/t
CAD)
NSR Cut Off (CAD$) |
Tonnes (Mt) |
ZnEq % |
Zn
% |
Pb
% |
Ag
g/t |
B
lbs Zn |
B
lbs Pb |
MOz Ag |
Indicated |
|
|
|
|
|
|
|
|
45 |
11.43 |
9.49 |
6.52 |
2.44 |
20.96 |
1.64 |
0.61 |
7.70 |
65 |
11.21 |
9.61 |
6.59 |
2.48 |
21.33 |
1.63 |
0.61 |
7.69 |
85 |
10.30 |
10.04 |
6.81 |
2.65 |
22.92 |
1.55 |
0.60 |
7.59 |
105 |
7.63 |
11.48 |
7.49 |
3.22 |
29.77 |
1.26 |
0.54 |
7.30 |
Inferred |
|
|
|
|
|
|
|
|
45 |
43.14 |
9.44 |
5.55 |
2.95 |
35.45 |
5.28 |
2.80 |
49.17 |
65 |
39.47 |
10.00 |
5.84 |
3.14 |
38.15 |
5.08 |
2.73 |
48.41 |
85 |
33.18 |
11.01 |
6.26 |
3.56 |
43.99 |
4.58 |
2.61 |
46.92 |
105 |
24.48 |
12.83 |
6.82 |
4.50 |
56.34 |
3.68 |
2.43 |
44.34 |
Notes for Tables 1 &
2:
- The Mineral Resource Estimates
in this disclosure were estimated by CSA Global Canada Geosciences
Ltd. (“CSA Global”), an international independent mining industry
consultancy.
- The effective date of this
Mineral Resource Estimate is January 9, 2017 and includes all drill
results to the end of 2017.
- Mineral Resources are not
Mineral Reserves and do not have demonstrated economic viability
but are required to have reasonable prospects for eventual economic
extraction.
- The NSR values were calculated
using estimated metallurgical recoveries, assumed metal prices,
transportation costs and smelter terms including payable factors,
treatment charges and refining charges. No penalties were included.
Metal price assumptions were: US$1.17/lb Zn, US$0.99/lb Pb, and
US$16.95/oz Ag and an exchange rate of US$0.77 = $1 CAD. Metal
recovery assumptions were: 79% Zn, 82% Pb and 85% Ag (12% to Zn
concentrate and 73% to Pb concentrate). Based on these assumptions
the formula for the NSR on each block was calculated
as:
NSR $/t CAD =
$16.16 * Zn(%)
(Zn NSR from Zn concentrate)
+ $16.08 * Pb(%)
(Pb NSR from Pb concentrate)
+ $0.05853 *Ag(g/t) - $0.6146 *
Zn(%) (Ag NSR from Zn concentrate, only if >0)
+ $0.4470 * Ag(g/t) - $0.3607 *
Pb(%) (Ag NSR from Pb concentrate, only if >0)
- The
Zinc Equivalent (ZnEq) calculation was performed as: ZnEq = NSR /
CAD$16.16
- The
Mineral Resource Estimates in this news release were estimated
using current Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) standards, definitions and guidelines. CSA
Global estimated the resources by
Ordinary Kriging.
- The
Tom and Jason database was reviewed in its entirety and
has 6,986 samples assayed for zinc, 7,031 for lead
and 5,888 for silver. Samples are collected from 249 exploration drill
holes plus 219 assays from 2017 re-sampled and re-assayed
historical drill core. There are also 3,271
samples with measured bulk density data in the database. Bulk
densities have also been calculated for a further 1,518 samples
from complete assay data consisting of values for Pb, Zn, Ba and Fe
based on a regression of assay data and measured bulk
densities. CSA
Global are
satisfied that the historical drillhole data are of sufficient
quality to support a mineral resource
estimate.
- Quality Assurance/Quality
Control (“QA/QC”) protocols were carried out in 2011 and 2017 to
assess the quality of the drilling assay results and the confidence
that can be placed in the assay data. The QA/QC data available for Tom and Jason
demonstrate the analytical data are of sufficient quality to be
used in estimating mineral resources.
- Nine
mineral domains were modeled from drill holes spaced at 30 m to 100
m. Within each domain, assays were regularized to 1 m intervals.
Zinc and lead grades were capped at values of between 20 % and 50 %
depending on the resource domain. Silver grades were capped
at 600 g/t. Geostatistical analysis identified grade
continuity ranges of between 70 m and 120 m within the plane of
each domain. Metal grades and bulk density values were interpolated
into rotated block models with dimensions of 15m in the along
strike and down dip directions and 3 m in the across strike
direction.
- Indicated Resources are defined
in areas that are less than 40m from the nearest drill hole and
within 50m of samples with assigned density values collected from
drill holes completed after 1980. Inferred Resources are defined
within 100 m of a drill hole, and in areas of greater geological
complexity or poor core recovery.
These new current Mineral Resource
Estimates represent a substantial increase over the previous
historic 2007 publicly reported Mineral Resource Estimates (see
Fireweed news release dated June 1, 2017). The increase is
mainly due to:
- Results from an additional 25 drill
holes (11 by Hudbay Minerals in 2011 and 14 by Fireweed in 2017
(see Fireweed news release dated December 27, 2017 for details)), a
number of which cut wider and/or higher grade intersections than
predicted by historic drill results, and others which were
step-outs that expand on previous drilling
- More accurate survey coordinates for
historic drill holes than were available for the 2007 report
- New bulk
density determinations obtained during the 2017 field season that,
when coupled with both new and historical assay data, allowed
better estimates of rock bulk density than were available
for the 2007 report
A supporting Technical Report
written in accordance with NI43-101 will be filed on SEDAR
(www.sedar.com) and on the Fireweed website (www.FireweedZinc.com) within 45 days.
Future Plans
Fireweed will next use this new
Mineral Resource Estimate in writing a Preliminary Economic
Assessment in accordance with NI43-101, to evaluate future mine
planning, metallurgy and project economics. Concurrently,
interpretation of the results of the drilling, mapping,
geochemistry and geophysics work from the 2017 field season are
being carried out toward identifying high priority areas for
exploration toward future new discoveries. Plans for the 2018 work
program will include a larger drill program to further step out
from the drilling done to date, drilling of other known zones, and
field work toward development of new exploration targets on the
large property.
Leon McGarry, P.Geo., Senior
Resource Geologist for CSA Global Canada Geosciences Ltd. is
independent of Fireweed Zinc Ltd. and a ‘Qualified Person’ as
defined under Canadian National Instrument 43101. Mr. McGarry is
responsible for the Mineral Resource Estimate and directly related
information in this news release. Brandon Macdonald, P.Geo, a
‘Qualified Person’ as defined under Canadian National Instrument
43101, is responsible for the other technical information
(information not directly related to the Mineral Resource Estimate)
in this news release.
About Fireweed Zinc Ltd.:
Fireweed
Zinc is a new public mineral exploration company focused on zinc
and managed by a veteran team of mining industry professionals. The
Company is advancing its Macmillan Pass Project where it has an
option to acquire 100% of the Tom-Jason property in Yukon, Canada
which is host to the large, advanced Tom and Jason zinc-lead-silver
deposits, and an option on the adjacent large MAC claims which
cover projected extensions of mineralization from the Jason area
and where previous exploration identified zinc, lead and silver
geochemical anomalies in critical host geology.
Additional information about
Fireweed Zinc and its Macmillan Pass Project, can be found on the
Company’s website at www.FireweedZinc.com and on SEDAR 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.
Forward-Looking
Statements
This news release contains
“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 forwardlooking
statements or forwardlooking
information, except as required by law.
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