Fireweed Metals (TSXV:FWZ,OTCQX:FWEDF) announced an updated resource estimate for its Yukon-based Macmillan Pass (Macpass) project, making substantial additions to the asset's zinc holdings.
In a Wednesday (September 4) release, the company shared updated resource estimates for the project's Tom and Jason deposits, as well as maiden resource estimates for the Boundary Zone and End Zone deposits.
The entire Macpass resource estimate now encompasses 56 million metric tons (MT) in 7.27 percent zinc equivalent in the indicated category, and 48.48 MT at 7.48 percent zinc equivalent in the inferred category.
"The team has increased the contained zinc equivalent metal in the Indicated Resources category by approximately 300% and more than doubled the overall tonnage. The addition of Boundary Zone now positions Macpass as one of the world’s largest undeveloped primary zinc districts," said Peter Hemstead, Fireweed's interim CEO.
According to the company, the deposits included in the Macpass resource estimate are "stratiform, strata-bound sediment hosted zinc-lead-silver deposits," and were historically described as SEDEX deposits. Now this deposit type is referred to as sediment-hosted massive sulfide deposits, or clastic-dominated deposits
Dr. Jack Milton, vice president of geology, noted that the updated Macpass resource estimate comes after six years of exploration, including 43,000 meters of drilling at Tom, Jason and the End Zone, plus the newly discovered Boundary Zone.
“We have more than doubled the tonnage from our previously reported resource, increased the contained zinc metal by 83%, and added open-pit and underground mining volume constraints for reporting,” he said, adding that Macpass could also be enhanced by the potential for by-product output of critical minerals gallium and germanium.
Moving forward, the company plans to continue its exploration at Macpass with the largest drill program so far. Launched on June 5, it's set to encompass 14,000 meters of drilling, including 8,000 meters of step-out holes at Tom, Jason and Boundary.
A further 6,000 meters will be allocated to testing new targets at the property.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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