The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - May 7, 2024
Macpass is an emerging district-scale zinc project consisting of several large zinc-lead-silver occurrences, including the Tom, Jason, Boundary, and End zones, as well as other high-potential targets along a highly prospective mineralization corridor.
Fireweed Metals Corp. May 3 announced an abrupt change of management with the replacement of its former CEO and director, Brandon Macdonald, for Peter Hemstead, who has been appointed as the interim president and CEO.
"On behalf of the board, I would like to thank Brandon for the role he has played in helping build Fireweed into one of Canada's leading base-metal exploration companies," said Chairman John Robins. "We are now at an important inflection point to further unlock the district-scale metallogenic potential of the Macpass district."
Under Macdonald's leadership, Fireweed has elevated the overlooked Macpass project in eastern Yukon to a district-scale opportunity, acquired the nearby Mactung tungsten mine project, and picked up the highly prospective Gayna zinc-lead-silver-gallium-germanium project in Northwest Territories.
Macpass currently hosts 11.2 million metric tons of indicated resource averaging 6.59% (1.63 billion pounds) zinc, 2.48% (620 million lb) lead, and 21.33 grams per metric ton (7.7 million ounces) silver; plus 39.5 million metric tons of inferred resource averaging 5.84% (5.08 billion lb) zinc, 3.14% (2.73 billion lb) lead, and 38.15 g/t (48.4 million oz) silver in two deposits, Tom and Jason.
Further, this calculation has yet to include the incredible work done on the Boundary target, something Macdonald was instrumental in seeing move forward.
Since acquiring the Mactung project from the Northwest Territories government in 2022, Fireweed quickly turned out a resource calculation that ranks it among the largest high-grade tungsten resources in the world.
Hosting 41.5 million metric tons of indicated underground and open pit resource averaging 0.73% (665 million pounds) tungsten trioxide and 12.3 million metric tons of inferred underground and open pit resource averaging 0.59% (158.7 million lb) tungsten trioxide, Mactung could also be bolstered by a healthy amount of copper and gold as byproduct that would aid in the economics of mining the tungsten.
As for Gayna, which lies in the Mackenzie Mountains about 180 kilometers (112 miles) north of MacPass, the company has begun to explore the abundant zinc-lead-silver mineralization identified by Rio Tinto during the 1970s, along with the potential for critical minerals gallium and germanium.
With an abundance of highly prospective targets at the later stages of development, as a "first gig CEO," as Macdonald put it, his efforts to create a legendary district will be remembered.
In addition to Macdonald's departure, changes to management also include the appointment of Adam Lundin of the Lundin Group as strategic advisor; Paul Harbridge, president and CEO of Faraday Copper Corp., as an independent director; and the nomination of Jamie Beck, CEO of Filo Mining Corp., as an independent director.
"With the backing of the Lundin family as our largest shareholder and the expertise and network of the Lundin Group, we are now positioned to advance this district through its next phase of growth," said Robins. "We appreciate Peter stepping up and leading the company in the interim."
Former Fireweed Metals CEO Brandon Macdonald taking a selfie at Macmillan Pass in Yukon, Canada.
Fireweed's new management team and directors bring decades of success both within and outside of the Lundin Group.
Hemstead brings 25 years of mining management and finance experience to his role as Fireweed's interim top executive. He is currently the president, CEO, and chair of Bluestone Resources Inc., a role he assumed after Jack Lundin stepped down in 2022. Hemstead served as Bluestone's CFO for roughly six years before transitioning to the top executive position. Before his tenure at Bluestone, Hemstead spent 10 years in a senior financial executive role at Capstone Mining Corp. (now Capstone Copper Corp.), leading the finance team through the successful expansion from an exploration and development-stage mining company to an intermediate copper producer with multiple operations, including the Minto mine in the Yukon.
Harbridge is a geologist who brings more than 25 years of experience in mineral exploration and mine development experience to the Fireweed board. Prior to his current executive role at Faraday Copper, Harbridge was president and CEO of GT Gold and led the company to a successful C$456 million (US$334 million) acquisition by Newmont Mining Corp. in 2021. Before that, Harbridge was senior vice president of exploration at Goldcorp Inc. from 2016 until its acquisition by Newmont in 2019. Additionally, Harbridge successfully led the exploration team at Randgold Resources Ltd., which resulted in the discovery of five major gold deposits.
Beck has more than 15 years of international project management and corporate development experience in the mining industry. He was appointed as CEO and director of Filo Mining after serving as president in 2019. Prior to that, Beck served as vice president of corporate development and projects for Filo and Josemaria Resources Inc. (formerly NGEx Resources Inc.). Before his time at Filo, Beck worked in corporate development with Lundin Mining, with a focus on project development, corporate strategy, acquisitions, divestments, and joint ventures. Joining the Lundin Group of companies in 2009, Beck has worked with many mining companies in the group.
"We believe Macpass is a district-scale opportunity that we have only scratched the surface of," said Adam Lundin. "We look forward to supporting Fireweed's exploration team as they continue to uncover the full potential of this district, define its true scale and take the company to the next stage of growth we envision."
Currently chair of Lundin Mining, Lundin holds many years of experience in capital markets and public company management across the natural resource sector. His background includes oil and gas, mining technology, investment advisory, international finance, and executive management.
Previously, Lundin served as president, CEO, and director of Josemaria Resources from 2019 to 2022, as well as president and CEO of Filo from 2017 to 2019, and now serves as chairman of the board.
Lundin remains on the board of Lucara Diamond Corp., Josemaria Resources, and the Lundin Foundation.
"I also welcome Paul Harbidge, who has advanced a global portfolio of high-quality exploration assets as Senior Vice President of Exploration at Goldcorp and as president of GT Gold, and Jamie Beck, who has been a key part of the Vicuña District's growth and success," said Lundin.
In response to the company's new direction, Macdonald made his own statement on LinkedIn: "After nearly eight years, my time at Fireweed is over. I am beyond proud of the work the team has accomplished: taking an unloved and almost forgotten project and through good science and hard work establishing it as one of the world's greatest zinc districts while finding the time along the way to secure the largest high-grade tungsten resource in the west. I want to thank my fellow founders who gave me my first CEO gig, all the shareholders who invested their capital, and especially the team - you guys are the best team I've ever worked with, and you will forever have my love and respect. I look forward to some time off!"
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