Fireweed Metals Corp.: Unlocking the Potential of Critical Minerals in Canada
Fireweed Metals Corp., a Vancouver-based mining company, is making significant strides in the critical minerals sector. Recently, the company announced that it has been awarded substantial funding from both the U.S. Department of Defense and the Government of Canada to support its critical minerals projects at Macmillan Pass, Yukon Territory.
Projects and Funding
Fireweed has been awarded US$15.8 million (~C$22.5 million) from the U.S. Department of Defense to advance its 100%-owned Mactung tungsten project toward a final investment decision. Additionally, the company will receive up to C$12.9 million from the Government of Canada, pending final due diligence, to lead planning for road and power infrastructure supporting its critical mineral assets at Macmillan Pass.
Macmillan Pass Project
The Macmillan Pass project is an emerging critical minerals district, with two immediately adjacent, best-in-class critical mineral projects being advanced by Fireweed. The project includes the Macpass Project, a district-scale collection of high-grade zinc deposits, and the Mactung Project, the world's largest, high-grade tungsten deposit.
Macpass Project
The Macpass Project is located in eastern Yukon, approximately 200 km from Ross River, near the Northwest Territories border. The project is host to several large zinc-lead-silver deposits within the 940 km2 property and is accessible via the North Canol Road and by air via the Macmillan Pass aerodrome. With the new addition of the Boundary Zone to the Tom and Jason deposits in the 2024 Mineral Resource Estimate, Macpass is positioned as one of the world’s largest undeveloped primary zinc districts. Combined with additional upside potential from by-product strategic elements gallium and germanium, Macpass has the potential to provide an important source of critical minerals.
Gayna Project
The Gayna Project is located approximately 180 km west of Norman Wells, NWT, and 180 km north of Fireweed’s Macpass Project (Yukon). The project is situated within the Sahtu Settlement Area, the Gwich’in Settlement Area, and the asserted territory of the First Nation of Na-Cho Nyäk Dun. Recent studies by Fireweed indicate the potential for high-grade massive sulphide targets. Ground gravity, airborne LiDAR, and orthophoto surveys led to several gravity-high anomalies located over the inferred position of carbonate rocks along reef margins. Collected rock samples have high zinc, silver, and lead concentrations, along with elevated concentrations of gallium and germanium, illustrating the potential for an undiscovered source(s) of high-grade massive sulphides along the margins of the reef areas.
Management and Leadership
Peter Hemstead, Interim President and CEO, commented on the significance of the funding, stating that it underscores the critical importance and strategic value of Fireweed's mineral assets at Macmillan Pass. Hemstead emphasized the company's commitment to responsible development, ensuring that projects move forward in a way that respects rights-holders, provides benefits to communities, and demonstrates responsible critical mineral development.
Conclusion
Fireweed Metals Corp. is poised to play a significant role in the development of critical minerals in Canada. With substantial funding from both the U.S. and Canadian governments, the company is well-positioned to advance its projects at Macmillan Pass, Macpass, and Gayna, and contribute to the growth of the critical minerals sector.
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