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A year of change and growth for Fireweed

Mining Explorers 2024 - January 15, 2025

Fueled by a successful 2023 season, Fireweed Metals Corp. expanded its exploration efforts, formed strategic collaborations, and achieved several milestones, culminating in another transformative year for the Macmillan Pass (Macpass) project in Yukon, Canada. With significant resource growth and notable sustainability initiatives, this zinc-lead-silver explorer has positioned itself for another promising year ahead.

As 2024 began, Fireweed Metals initiated plans to undertake its largest regional exploration program ever at its 977-square-kilometer (377-square-mile) Macpass project, an ambitious campaign that included an initial 14,000-meter drill program, comprehensive geophysical surveys, and targeted exploration of both advanced deposits and new greenfield targets.

Deploying four drill rigs across Macpass, Fireweed Metals focused on its primary deposits Tom, Jason, and Boundary. Of the initial 14,000 meters planned, 8,000 were allocated for these targets, while the remaining 6,000 meters targeted previously underexplored areas to uncover additional resource potential.

This extensive program included both step-out drilling to expand existing resource boundaries and infill drilling to improve resource confidence, while also testing new areas identified during geophysical surveys.

The step-out drilling at Boundary Zone proved to be particularly impactful, extending high-grade zinc, lead, and silver mineralization beyond previously established boundaries. This was exemplified in the first hole received for the season – 92.15 meters averaging 8.61% zinc, 2.60% lead, and 42.7 grams per metric ton silver from hole NB24-001, with some intervals showing even higher grades.

As Fireweed approached the end of its 2024 exploration season, drilling surpassed the original 14,000-meter target, ultimately reaching over 17,000 meters across 49 holes.

The additional drilling at Boundary Zone yielded promising results, including high-grade intersections of zinc, lead, and silver, and revealed significant concentrations of germanium and gallium, suggesting the potential for critical byproducts.

Notable results included 54.58 meters averaging 8.68% zinc, 3.68% lead, and 87.4 g/t silver, with other intervals showing even higher grades.

These findings not only extended mineralization beyond existing boundaries but also unveiled new areas of high-grade potential, setting the stage for further growth at Macmillan Pass.

Change of leadership

Peter Hemstead

Amid the successes of the 2024 exploration season, Fireweed Metals saw its former CEO and director, Brandon Macdonald, step down – a significant shift in leadership. In his place, Peter Hemstead took on the CEO position, guiding the company forward.

Having played a foundational role in shaping Fireweed's trajectory, Macdonald guided the Macmillan Pass project from a nearly forgotten opportunity to a district-scale zinc powerhouse, which included the acquisitions of the Mactung and Gayna River projects.

Fireweed Chairman John Robins acknowledged Macdonald's contributions, expressing gratitude for his tireless efforts in establishing Fireweed as a prominent player in Canada's base-metal exploration landscape.

"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," he said.

In the wake of this transition, Fireweed strengthened its leadership with the expertise and backing of the Lundin Group – a mining-focused investment group based out of Vancouver, British Columbia – which had become the company's largest shareholder. This included Adam Lundin joining as a strategic advisor, along with the addition of Paul Harbridge and Jamie Beck as independent directors.

First Nation collaboration

Underlining its focus on practical advancements that bring environmental and community benefits, Fireweed Metals, in partnership with Dena Nezziddi Development Corporation (DNDC) and Solvest Inc., introduced a renewable energy system to Macpass.

This initiative led to the installation of a 70-kilowatt (kW) solar power array, complemented by a 144-kilowatt-hour (kWh) battery system, aimed at significantly reducing the reliance on diesel generators at the exploration camp.

This renewable setup is projected to reduce diesel fuel consumption by approximately 24,000 liters per season – cutting emissions by over 80%.

In addition to the environmental advantages, this renewable power initiative is set to benefit the local economy significantly. Tu-Lidlini Petroleum LP (TLP), an energy subsidiary of DNDC, has entered into a five-year lease for renewable power equipment, marking its first venture into renewable energy.

This project reflects a step toward diversifying TLP's energy portfolio, while also fostering economic growth within the Kaska Nation's traditional territories.

"DNDC and TLP are excited to be developing projects in the renewable energy field," said Tu-Lidlini LP General Manager Cynthia Dick. "While allowing renewable energy to complement our existing energy business it also provides us an opportunity to work on reducing our footprint in our territory which we all need to strive towards."

Tripled zinc resource

Fireweed Metals Corp.

As exploration continued through 2024, Fireweed Metals identified a possible prospective corridor of mineralization running through its Macpass project.

In early September, Fireweed Metals announced a substantially updated mineral resource estimate for Macmillan Pass, highlighting the impressive perseverance made over nearly five decades, reflecting a remarkable 300% increase in zinc-equivalent indicated resources.

Based on 124,632 meters of drilling from 544 holes completed between 1952 and 2023 – including both historical (pre-2017) and recent (2017-2023) work – Fireweed Metals released inaugural resource estimates for the Boundary and End Zone deposits, alongside updated figures for the Tom and Jason deposits.

Together, the four primary deposits at Macpass now host 56 million metric tons of indicated resource averaging 5.49% zinc (6.78 billion lb), 1.58% lead (1.95 billion lb), and 24.2 grams per metric ton silver (43.54 million oz); plus 48.49 million metric tons of inferred resource averaging 5.15% zinc (5.5 billion lb), 2.08% lead (2.23 billion lb), and 25.3 g/t silver (39.42 million oz).

"The delivery of the updated mineral resource estimate for the Macpass project marks another key milestone in demonstrating the exploration potential of the Macpass district," said Fireweed Metals President and CEO Peter Hemstead. "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."

 

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