Fireweed Zinc Acquires Mactung Tungsten Project Expands Critical Minerals Portfolio.

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Algemeen advies 10/06/2022 06:26
Vancouver, British Columbia: 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
• Mactung is one of the largest and highest-grade tungsten deposits in the world and one of the few
potential sources of scale for this critical metal outside of China.
• Approximately 38,000 m of historic drilling1 outlined a large, high-grade tungsten resource and
produced a positive historic feasibility study 2
.
• Mactung is located within the traditional territories of the Kaska Dena and First Nation of Na-Cho
Nyäk Dun, and the Sahtú Settlement Area.
• Fireweed hold a right to a 100% interest in the Mactung project through a binding LOI with the
Government of the Northwest Territories (“GNWT”).
• The Mactung deposit is 13 kilometres north of Fireweed’s Tom deposit and is also accessible by
the North Canol Highway providing potential for future synergies.
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 highestgrade 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 20092. Skarn mineralization is developed
in carbonate rocks near the contact with a granite intrusion. Historic 2007 indicated resources1 totaled 33.0
million tonnes grading 0.88% WO3 (tungsten trioxide) plus historic inferred resources of 11.8 million
tonnes grading 0.78% WO3. The 37.6 km2 property is located adjacent to Fireweed’s Macmillan Pass
Property (Figure 1) and accessed by the same road providing potential for future project synergies.
Page 2 of 7
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 (CaWO4) 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 work2.

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