Haywood raises Fireweed Metals’ target price on high-grade results from Macmillan Pass

Fireweed Metals (TSXV: FWZ; US-OTC: FWEDF) has reported additional assay results from its 2023 exploration at the Macmillan Pass project in the Yukon, as part of its largest drill program to date.

The company says multiple wide, high-grade zones of zinc-lead-silver mineralization have been intersected in a stratiform, laminated to massive sulphide zone at Boundary zone, part of an extensive sediment-hosted massive sulphide system.

One of the drill holes, NB23-007, intersected an upper zone of 82.5 metres with 11.9% zinc, 2.2% lead, and 81.2 grams silver per tonne, including a section of 27 metres with 26.7% zinc, 4.2% lead, and 165.2 grams silver. The same hole also cut a separate lower zone of 118 metres with 15.1% zinc, 2.8% lead, and 85.8 grams silver, including a section of 77 metres with 18.7% zinc, 3.5% lead, and 101.4 grams silver.

Another hole, NB23-004, cut 33.4 metres with 8% zinc, 2% lead, and 59.2 grams silver, including a section of 13.9 metres with 12.6% zinc, 3.7% lead, and 99.4 grams silver.

Fireweed CEO Brandon Macdonald said the results demonstrate the world-class potential of mineralization at Boundary zone and show continuity with Fireweed’s best-ever drillhole in terms of grade and length of mineralization.

Assays are still pending for down-dip step-out intersections of massive sulphide with intersected thicknesses between 25 metres and 140 metres, and additional drilling is underway where the zone remains open at depth.

In a research note on Thursday, Haywood Capital Markets analyst Pierre Vaillancourt said the Boundary zone results could represent a turning point for the project. 

“There remains to be a lot of work ahead to delineate a resource, but results to date provide encouragement for more success.  As a result, we are raising our target to $2.25 from $1.50,” he said.

Haywood maintains a “buy” rating for Fireweed shares, which traded at $1.70 apiece in Toronto on Thursday morning, valuing the company at $230.8 million. Its shares traded in a 52-week window of 51¢ and $1.77.