Ivanhoe cuts copper forecast on DRC power woes, while Friedland touts new discoveries
The Toronto-based company lowered the copper guidance to 425,000–450,000 tonnes, from 440,000–490,000 tonnes.
Drill results from Fireweed Metals’ (TSXV: FWZ) Macpass project, which could hold one of the world’s largest undeveloped zinc deposits, expand an area outside of a resource update last month with high-grade step-out intersections, the company reported Wednesday. The Boundary target was given an initial resource in the Sept. 5 update.
Out of nine holes reported at Boundary, highlight hole NB24-014 returned 54.6 metres grading 8.68% zinc, 3.68% lead, and 87.4 grams silver per tonne from 311.5 metres depth, including 26.1 metres at 13.15% zinc, 6.35% lead, and 139.9 grams silver.
Hole NB24-014 also cut 106.8 metres at 4.61% zinc, 0.52% lead, and 11.9 grams silver from 146.9 metres depth, including 16.3 metres at 9.98% zinc, 0.28% lead, and 17 grams silver.
“Infill drilling at the massive sulphide Prime zone, including hole NB24-014, has delineated greater thicknesses and higher grades of this zone than those estimated in our current mineral resource,” interim CEO Peter Hemstead said in a release. “These results show great potential for a material increase in the high-grade tonnage at Boundary.”
The results follow a successful summer of exploration at Macpass. Drill results late last month extended mineralization at Boundary by 45 metres, and the resource update in early September more than quadrupled the indicated tonnage and contained zinc at Macpass from a 2018 preliminary economic assessment.
The update estimates Boundary holds 3.6 million lb. of zinc, the most contained zinc of the four Macpass targets and what Fireweed’s chief geologist Jack Milton has called the one of the most globally significant zinc discoveries in the last 15 years.
Another highlight was step-out hole NB24-024, which returned 19.7 metres grading 9.4% zinc, 1.07% lead, and 49.7 grams silver from 383.5 metres depth, including 10.8 metres at 13.39% zinc, 1.3% lead, and 70 grams silver.
Fireweed has released results for 17 of 49 holes drilled this year, with assays pending for the remainder.
Macpass, near the border with the Northwest Territories, hosts 56 million indicated tonnes grading 5.49% zinc, 1.58% lead and 24.2 grams silver per tonne, according to the September resource update. Contained metals are 6.7 billion lb. zinc, 1.9 billion lb. lead and 43.5 million oz. silver.
The Boundary target hosts 34.3 million indicated tonnes grading 4.86% zinc, 0.55% lead and 21.6 grams silver for 6.7 million lb. zinc, 412 million lb. lead and 43.5 million oz. silver. Inferred resources total 17.4 million tonnes at 3.48% zinc, 0.23% lead and 9.5 grams silver for 1.3 million lb. zinc, 87 million lb. lead and 5.3 million oz. silver.
The project is located about 200 km from Ross River and within the traditional territories of the Kaska Dena Nation and the First Nation of Na-cho Nyäk Dun.
Fireweed shares were fell 2.1% to C$1.40 apiece on Wednesday morning in Toronto, valuing the company at C$258.5 million. Its shares traded in a 52-week range of C$0.92 to C$1.55.
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