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Fireweed Metals Announces Signing of Definitive Agreement on Mactung Project
VANCOUVER, British Columbia, Feb. 28, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Z
About this update from Fireweed Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 28, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce the signing of the definitive Asset Purchase Agreement for the acquisition of 100% interest in the Mactung Tungsten Project (“Mactung” or “the Project”) located in Yukon and Northwest Territories, Canada. Fireweed also announces appointment of a new Corporate Secretary and a small stock option grant to staff (see details below). Highlights Fireweed signed the definitive Asset Purchase Agreement to acquire the Mactung Tungsten Project Mactung is one of the largest and highest-grade tungsten deposits in the world and one of the few potential sources of scale for this critical metal outside of China* Approximately 38,000 metres of historic drilling1 outlined a large, high-grade tungsten resource and produced a positive historic feasibility study2 Fireweed is targeting a Q2 2023 Resource Update on the Project and is doing work to include by-product metals, such as gold, copper, and bismuth, in addition to tungsten Mactung is located within the traditional territories of the Kaska Dena and First Nation of Na-Cho Nyäk Dun, and the Sahtú Settlement Area Mactung is located 13 kilometres north of Fireweed’s Tom zinc-lead-silver deposit and is also accessible by the North Canol Road, providing potential for future project synergies After closing of the Agreement about April 5, 2023, Fireweed will hold a 100% interest in Mactung CEO Statement Brandon Macdonald, CEO, stated “Last year we announced a binding Letter of Intent to acquire Mactung to a very positive reception, so we are now especially pleased to have signed the final Asset Purchase Agreement. This acquisition positions Fireweed as not just a leading global tungsten player, but a leading Critical Minerals explorer and developer when considered in combination with our Macmillan Pass Project, one of the world’s largest undeveloped zinc resources*, and our Gayna River zinc-lead-gallium-germanium project.” Mactung Project Overview Mactung is one of the largest and highest-grade tungsten deposits in the world*. It is an advanced stage exploration project with extensive drilling, engineering, metallurgy, geotechnical, and environmental and socioeconomic baseline data collected by previous owners...