Aclara Resources raises $25m for Carina project in Brazil
Chilean conglomerate CAP, which has invested $80 million in the company's Penco project, will become a new shareholder.
Fireweed Metals (TSXV: FWZ) announced Tuesday the start of diamond drilling at its flagship Macmillan Pass zinc-lead-silver project in Canada’s Yukon Territory. Over 16,000 metres of drilling has been planned using five rigs, representing the largest ever drill program carried out by the company.
The goal of the drill program is to expand all known mineralized zones at Macmillan Pass, beginning with the Boundary zone, which was initially explored by Cominco between the late 1970s and early 1990s. In 2020, Fireweed first made its significant zinc discovery at Boundary West, about 350 metres west of previously known mineralization.
The first phase of drilling will specifically target the high-grade stratiform mineralization and massive sulphide mineralization at Boundary West and Boundary Main. Between them, Fireweed has identified an area that has geological potential to host a high-grade feeder zone, flanked by two of Fireweed’s best ever drill holes at Boundary zone.
The Phase 1 program will provide a first pass drill test of this potential feeder area that may link Boundary Main and Boundary West, the company said. The latter phase of drilling will also target the Tom and Jason zones.
“We are off to a great start and look forward to a game-changing season ahead. We are on track to complete the largest ever drill program Fireweed has carried out at Macmillan Pass. The first drill rig is turning and we are preparing to receive four more drill rigs once the road to site is opened,” CEO Brandon Macdonald said in a news release.
According to Fireweed, the 100% owned Macmillan Pass project is currently host to one of the largest undeveloped zinc resources in the world. The Tom and Jason deposits alone have an indicated mineral resource of 11.21 million tonnes at 6.59% zinc, 2.48% lead and 21.33 g/t silver, plus inferred resources of 39.47 million tonnes at 5.84% zinc, 3.14% lead and 38.15 g/t silver.
The Boundary Main, Boundary West, Tom North and End Zone have significant zinc-lead-silver mineralization drilled, but not yet classified as mineral resources.
Shares of Fireweed Metals rose 3.8% by market close Tuesday, with a market capitalization of C$112.14 million ($83.7m).
