Fireweed Zinc Ltd. (TSXV:FWZ) is pleased to announce filing of the Tom and Jason Mineral Resource Report on www.SEDAR.com . This report titled “NI 43-101 Technical Report on the Macmillan Pass Zinc-Lead-Silver Project, Watson Lake & Mayo Mining Districts, Yukon Territory, Canada” and dated February 24, 2018 (the “Report”) details and supports the Mineral Resource estimates announced by the Company in a news release dated January 10, 2018. The Report was authored by Qualified Persons Dennis Arne, P.Geo., and Leon McGarry, P.Geo., of CSA Global Canada Geosciences Ltd. The report is available on www.SEDAR.com and on the Company’s website, www.FireweedZinc.com .

Tom and Jason Mineral Resources

The Base Case new combined mineral resource estimates in accordance with NI43-101 reported for the Tom and Jason zones on the Macmillan Pass Project (Yukon, Canada) at January 10, 2018 are in Table 1:

Table 1: Base Case Mineral Resource Estimate (at NSR cutoff grade of $65 CAD)*

Category Tonnes (Mt) ZnEq % Zn % Pb % Ag g/t B lbs Zn B lbs Pb MOz Ag
Indicated 11.21 9.61 6.59 2.48 21.33 1.63 0.61 7.69
Inferred 39.47 10.00 5.84 3.14 38.15 5.08 2.73 48.41

These new Mineral Resource Estimates for Tom and Jason represent a substantial increase over the previous Mineral Resource Estimates (see Fireweed news release dated June 1, 2017). Further details, supporting data, mineral resources at other cut-off grades and additional information are in the Report.

Future Plans

Fireweed is now using this new Mineral Resource Estimate model toward producing a Preliminary Economic Assessment report (“PEA”) in accordance with NI43-101, to evaluate future mine planning, metallurgy and project economics. It is anticipated that the PEA will be ready for publication in Q2/2018. Concurrently, interpretation of the results of the drilling, mapping, geochemistry and geophysics work from the 2017 field season is continuing toward identifying high priority areas for exploration toward future new discoveries. Plans for the 2018 work program will include a larger drill program toward expansion and upgrading of the Mineral Resources, drilling of targets for new discoveries, and field work toward the identification of new exploration targets on the large property.

*Notes for Tables 1 & 2:

  1. The Mineral Resource Estimates in this disclosure were estimated by CSA Global Canada Geosciences Ltd. (“CSA Global”), an international independent mining industry consultancy.
  2. The effective date of this Mineral Resource Estimate is January 10, 2018 and includes all drill results to the end of 2017.
  3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability but are required to have reasonable prospects for eventual economic extraction.
  4. The NSR values were calculated using estimated metallurgical recoveries, assumed metal prices, transportation costs and smelter terms including payable factors, treatment charges and refining charges. No penalties were included. Metal price assumptions were: US$1.17/lb Zn, US$0.99/lb Pb, and US$16.95/oz Ag and an exchange rate of US$0.77 = $1 CAD. Metal recovery assumptions were: 79% Zn, 82% Pb and 85% Ag (12% to Zn concentrate and 73% to Pb concentrate). Based on these assumptions the formula for the NSR on each block was calculated as:

NSR $/t CAD =
$16.16 * Zn(%) (Zn NSR from Zn concentrate)
+ $16.08 * Pb(%) (Pb NSR from Pb concentrate)
+ $0.05853 *Ag(g/t) – $0.6146 * Zn(%) (Ag NSR from Zn concentrate, only if >0)
+ $0.4470 * Ag(g/t) – $0.3607 * Pb(%) (Ag NSR from Pb concentrate, only if >0)

  1. The Zinc Equivalent (ZnEq) calculation was performed as: ZnEq = NSR / CAD$16.16
  2. The Mineral Resource Estimates in this news release were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards, definitions and guidelines.  CSA Global estimated the resources by Ordinary Kriging.
  3. The Tom and Jason database was reviewed in its entirety and has 6,986 samples assayed for zinc, 7,031 for lead and 5,888 for silver. Samples are collected from 249 exploration drill holes plus 219 assays from 2017 re-s