Business
Fireweed Metals Announces Near-Term Plans for Mactung Project
Initiating a Preliminary Economic Assessment (PEA) to validate Project economics and evaluate opportunities to add value. Conducting metallurgical test program
About this update from Fireweed Metals Corp.
[{"type":"text","content":" Initiating a Preliminary Economic Assessment (PEA) to validate Project economics and evaluate opportunities to add value. Conducting metallurgical test program to validate and optimize tungsten recovery and assess the recoveries of by-products gold and copper. An environmental and socioeconomic assessment for the Project was completed in 2014, allowing for licensing processes to proceed. Planning additional environmental studies and field investigation programs in 2023 to bolster understanding of key project components. VANCOUVER, British Columbia, June 20, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF) is pleased to provide an update on the near-term plans for the Mactung Project, following release of the Resource Estimate that establishes Mactung as the world’s largest, high-grade tungsten deposit** (see news release dated June 13, 2023*). CEO Statement Brandon Macdonald, CEO, stated “Fireweed’s recent Resource Statement on Mactung has reaffirmed the project’s status as one of the world’s preeminent tungsten development stories. Building on that resource our team now looks to advance the project to construction readiness through modern metallurgical studies, value engineering, and by working with Indigenous groups through the regulatory processes. This coming year will establish Mactung as not just a great resource but also a credible near-term supplier for the critical mineral tungsten.” Preliminary Economic Assessment The upcoming Preliminary Economic Assessment (PEA) will establish preliminary project economics using current pricing and cost data, modern estimation, metallurgical, and engineering methodologies, and will consider other opportunities for project optimization. The PEA will build on work commissioned by North American Tungsten Corporation (NATC) in their 2009 Feasibility Study. The new study is planned to kick-off this quarter and conclude prior to the end of the year. Metallurgical Test Program In 2022 and early 2023, Fireweed conducted a comprehensive resampling and re-assaying program on historic drill core, which has provided a larger geochemical dataset to assist with lithogeochemical domaining and achieving representative sample variability throughout the deposit. Fireweed recently initiated a metallurgical test program with Base Metallurgical Labor...