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Fireweed Zinc completes three drill holes at prospective zinc targets in Yukon, updates summer exploration program

The company is planning around 3,000 metres of drilling to include step-out targets with strong upside potential at Tom North, Tom East and Jason North

yukon
View of the Jason target facing East

Fireweed Zinc Ltd (CVE:FWZ) announced Tuesday that drilling and exploration work has begun at the company’s Macmillan Pass project in Yukon, Canada.

The junior exploration company said it had completed three core drilling holes on the Tom North target, with a fourth hole added to test the repeatability of historic results on a previous drill hole.

The company is planning 2,000 metres of core drilling and 1000 metres of RC (reverse circulation) drilling, to include step-out targets with strong upside potential at Tom North, Tom East and Jason North.

READ: Fireweed Zinc kicks off 2019 exploration program at Macmillan Pass, Yukon

According to Vancouver-based Fireweed, many historic drill results on the Tom North target under-reported grades due to poor core recoveries, leading the company to believe that actual grades on the property could be much higher.

Six shallow holes drilled at Tom North in the 1950s  and a further hole in 1978 returned assays up to 5.1% zinc and 1.8% lead over 19.9 metres. Mapping and 2018 exploration data suggest that Tom North may be an extension of Tom West, which is separated by a fault.

Drilling at Tom North during the summer 2019 exploration program is designed to test the continuity of mineralization along a 600 metre extension to the north of the previously defined Tom West mineral resource.

Positive drill results could extent open pit and underground mine life and improve current economics outlined in the Preliminary Economic Assessment on the property, Fireweed said in a statement.

Field exploration plans

The company also said that it had kicked off RC drilling at Target R to test a magnetic and soil anomaly discovered last year. Subsequent drilling is expected to take place at Jason North, just north of the Jason Main mineral resource.

In addition to drilling, field exploration crews have arrived onsite to begin a gravity survey along the Fertile Corridor to the west of the 2018 survey area, which identified a handful of prospective targets being drilled as part of 2019’s program.

Fireweed told shareholders it is hoping to advance its understanding of the geological controls on mineralization and further delineate prospective areas on the 544-square kilometre property.

Shares of Fireweed rose 1.7% in Toronto at C$0.59 by Tuesday's halfway mark.

--Updates share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Fireweed Zinc Ltd

Price: 0.55 CAD

TSX-V:FWZ
Market: TSX-V
Market Cap: $20.74 m
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