Strong zinc results at Fireweed’s Macpass in Yukon point to resource upgrade for Tom target

High-grade zinc results from drilling at Fireweed Metals’ (TSXV: FWZ; US-OTC: FWEDF) Macpass project in eastern Yukon bring potential for significantly growing resources at the Tom target. Shares rose.

Highlight hole TS24-002 at Tom South cut 15.1 metres grading 10.39% zinc, 18.1% lead and 296.9 grams silver per tonne from 595.5 metres depth, including 8.1 metres at 12.76% zinc, 22.44% lead and 361.4 grams silver, the company reported Thursday.

Hole TS24-001 returned 18.1 metres at 9.02% zinc, 7.46% lead and 148.3 grams silver from 732.6 metres downhole, including 8.3 metres grading 16.18% zinc, 13.52% lead and 278.8 grams silver.

“The consistent high-grade intercepts at Tom South reinforce that the feeder zone in this area continues to define Tom as one of the most prolific known concentrations of zinc, lead, and silver in the Macpass district,” Fireweed CEO and president Peter Hemstead said in a release.

Hole TS24-002 represents the highest-grade and closest-to-surface intercept at Tom South yet, he said. Tom has spectacular grades and the intersections are almost entirely of sphalerite and galena, he added.

Resource, drilling tailwinds

The intercepts add to an eventful fall at the Macpass zinc-lead-silver project, where one month ago drill results returned higher grades and thicknesses at the Boundary zone than estimated in Fireweed’s resource update released in September. That resource focused on Macpass’ Tom, Jason, Boundary and End zones, and bumped indicated tonnes and contained zinc more than four times over a 2018 preliminary economic assessment. Macpass might host one of the world’s largest undeveloped zinc deposits.

Fireweed shares gained 2.9% to $1.40 apiece on Thursday morning in Toronto, valuing the company at $253.1 million. Its shares traded in a 52-week period of 97¢ to $1.55.

TS24-002, with its zinc grade twice as high as the 5.49% grade estimated for the zones in the September resource update, could help upgrade inferred material to the indicated category and extend mineralization further up-dip, Fireweed said.

That intercept also lies about 145 metres below historical drilling at Tom West, which could make it easier to access mineralization in an underground mine scenario.

Another noteworthy hole reported Thursday, JS24-002 at Jason Main, cut 28 metres at 7.1% zinc, 1.41% lead and 5.6 grams silver from 326 metres depth, including 12.9 metres at 11.3% zinc, 2.74% lead and 10.3 grams silver.

That hole marks a step out that’s down dip from previous drilling, showing continuity beyond the current resource.

Those results are from 25 of 49 holes drilled this year at Macpass, the company’s largest project, sitting on the border of the Northwest Territories. Fireweed’s adjacent Mactung project hosts 41.5 million indicated tonnes at 0.73% tungsten trioxide (WO₃) and 12.2 million inferred tonnes at 0.59% WO₃, according to a 2023 resource estimate. It stands out as the world’s largest high-grade tungsten resource.