Fireweed Intersects 63.54 m of 6.08% Zinc, 0.89 % Lead, and 10.7 g/t Silver, Including 5.13 m of 30.63% Zinc, 7.83% Lead, and 40.3 g/t Silver at Boundary Zone Step Out Drill hole

Photo 2

VANCOUVER, British Columbia, Dec. 12, 2024 (GLOBE NEWSWIRE) — Fireweed Metals Corp. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQX: FWEDF) is pleased to report the results of 15 drill holes from Boundary Zone and 9 exploration drill holes as part of the 2024 drill campaign at its Macpass Project (“Macpass”), Yukon, Canada.

Highlights

• Hole NB24-015 from 29.81 metres (“m”) downhole: 63.54 m of 6.08% zinc (“Zn”), 0.89% lead (“Pb”), and 10.7 g/t silver (“Ag”), including 2.75 m of 12.71% Zn, 0.31% Pb, and 24.8 g/t Ag; and 5.13 m of 30.63% Zn, 7.83% Pb, 40.3 g/t Ag (3.9 m true width).
• Hole NB24-013 from 21.98 m downhole: 65.92 m of 5.09% Zn, 0.42% Pb, and 15.3 g/t Ag, including 38.88 m of 6.58% Zn, 0.49% Pb, and 18.9 g/t Ag, also including 6.18 m of 18.91% Zn, 0.07% Pb, and 37.3 g/t Ag; and including 2.53 m of 27.03% Zn, 4.57% Pb, and 34.7 g/t Ag (1.9 m true width).
• Significant concentrations of germanium and gallium are associated with sphalerite mineralization (included within the full results in Table 1).

CEO Statement

Peter Hemstead, President and CEO, stated, “These intercepts on the extreme eastern margin of Boundary Zone continue to push the extents of this already exceptional deposit with successful intersections of zinc mineralization in every completed hole, and stepping out up to 200 m along strike from the currently defined resource. On the west side of Boundary Zone, the successful intersection of mineralization in rocks interpreted to be the same age as those of the Howard’s Pass project to the south indicates that there is still significant untapped exploration potential in this area of the property. The final holes for the 2024 campaign have ended another successful season at Macpass providing several opportunities for further exploration in 2025 and beyond.”

Summary

The drill holes in this news release primarily comprise intervals of stratiform to massive zinc, lead, silver sulphide mineralization (in the form of sphalerite and galena) and vein, replacement, and breccia style mineralization from the eastern Boundary Zone area. One drillhole on the extreme western side, completed late in the season, contained vein, breccia, and replacement mineralization. The eastern intercepts focused on definition and expansion, increasing the thickness and confidence within the mineral resource, while stepping out up to 200 m along strike from the constrained resource margins. NB24-028 on the western extent of Boundary Zone was a successful follow-up of a 2020 drillhole intersecting mineralization interpreted to be within the same stratigraphy that hosts the Howard’s Pass project ~60 km south of Macpass. Holes NB24-028 and NB24-032 were drilled in PQ diameter to facilitate muon sensor deployment.

Results

Holes NB24-013 and NB24-015 were successful in intercepting narrow expressions of the stratiform to massive sulphide mineralization associated with the Boundary Zone Prime Zone. The remaining holes (NB24-016, 017, 018, 019, 026, 027, 029, 030, 031, 032) completed on the eastern extent were successful in intercepting various packages of replacement, vein, and breccia style zinc mineralization extending up to 200 m beyond the limits of the 2024 mineral resource estimate (“MRE”)¹.

On the west side of Boundary zone, NB24-028 intercepted vein, breccia, and massive sulphide mineralization within stratigraphy interpreted to be the Duo Lake formation—this same stratigraphy is the host unit for mineralization at Howard’s Pass.  

Summaries of the intercepts from these holes discussed above are as follows:

• NB24-015
  • Intersected 63.54 m of vein, breccia, and stratiform to massive sulphide mineralization grading 6.08% Zn, 0.89% Pb, and 10.7 g/t Ag, including 2.75 m of 12.71% Zn, 0.31% Pb, and 24.8 g/t Ag; and 5.13 m of 30.63% Zn, 7.83% Pb, 40.3 g/t Ag (3.9 m true width)
  • Intersected 105.84 m of vein, breccia, and replacement sulphide mineralization grading 3.06% Zn, 1.21% Pb, and 21.7 g/t Ag, including 5.30 m of 5.51% Zn, 0.20% Pb, and 9.7 g/t Ag; and 8.19 m of 5.56% Zn, 4.00% Pb, and 49.5 g/t Ag; and 28.56 m grading 6.02% Zn, 1.69% Pb, and 36.6 g/t Ag, including 7.87 m of 10.53% Zn, 3.91% Pb, and 72.1 g/t Ag
• NB24-013
  • Intersected 65.92 m of vein, breccia, and stratiform to massive sulphide mineralization grading 5.09% Zn, 0.42% Pb, and 15.3 g/t Ag, including 38.88 m of 6.58% Zn, 0.49% Pb, and 18.9 g/t Ag, and including 6.18 m of 18.91% Zn, 0.07% Pb, and 37.3 g/t Ag; and also including 2.53 m of 27.03% Zn, 4.57% Pb, and 34.7 g/t Ag (1.9 m true width)
  • Intersected 74.49 m of semi-massive and replacement sulphide mineralization grading 2.11% Zn, 1.72% Pb, and 26.7 g/t Ag, including 14.46 m of 3.62% Zn, 6.03% Pb, and 81.9 g/t Ag
• NB24-020
  • Intersected 45.64 m of vein, breccia, and replacement mineralization grading 3.04% Zn, 0.01% Pb, and 3.6 g/t Ag, including 5.28 m of 9.37% Zn, 0.03% Pb, and 8.9 g/t Ag
  • Intersected 8.23 m of vein and replacement mineralization grading 3.71% Zn, 0.01% Pb, and 5.4 g/t Ag
  • Intersected 20.01 m of vein mineralization grading 7.03% Zn, 0.03% Pb, and 9.2 g/t Ag, including 9.21 m of 12.56% Zn, 0.05% Pb, and 16.1 g/t Ag
  • Intersected 8.64 m of vein and replacement mineralization grading 1.67% Zn, 0.16% Pb, and 7.6 g/t Ag
  • Intersected 3.90 m of vein, breccia, and replacement mineralization grading 2.41% Zn, 2.10% Pb, and 27.9 g/t Ag
• NB24-018
  • Intersected 34.10 m of vein and replacement mineralization grading 1.71% Zn, 0.02% Pb, and 3.6 g/t Ag
  • Intersected 79.63 m of vein and breccia mineralization grading 2.35% Zn, 1.09% Pb, and 18.4 g/t Ag, including 5.06 m of 6.17% Zn, 3.37% Pb, and 53.7% Ag; and 3.68 m of 11.09% Zn, 3.18% Pb, and 53.7 g/t Ag
• NB24-027
  • Intersected 45.45 m of vein, breccia, and replacement mineralization grading 3.18% Zn, 0.02% Pb, and 5.8 g/t Ag, including 10.07 m of 6.13% Zn, 0.03% Pb, and 9.5 g/t Ag
  • Intersected 10.00 m of replacement mineralization grading 7.81% Zn, 0.01% Pb, and 5.2 g/t Ag
  • Intersected 4.00 m of vein and breccia mineralization grading 7.36% Zn, 0.02% Pb, and 28.6 g/t Ag
• NB24-031
  • Intersected 2.23 m of vein and replacement mineralization grading 7.01% Zn, 0.14% Pb, and 18.5 g/t Ag
  • Intersected 1.33 m of vein and replacement mineralization grading 10.76% Zn, 27.4 g/t Ag
  • Intersected 49.00 m of vein and replacement mineralization grading 3.08% Zn, 0.01% Pb, and 3.8 g/t Ag
• NB24-026
  • Intersected 24.00 m of vein, replacement, and breccia mineralization grading 4.31% Zn, 0.03% Pb, and 7.4 g/t Ag, including 12.69 m of 5.72% Zn, 0.03% Pb, and 9.3 g/t Ag
  • Intersected 14.03 m of vein and breccia mineralization grading 3.42% Zn, 0.28% Pb, and 9.5 g/t Ag
  • Intersected 3.25 m of vein mineralization grading 10.90% Zn, 0.17% Pb, and 25.4 g/t Ag
• NB24-029
  • Intersected 19.14 m of vein, replacement and breccia mineralization grading 6.74% Zn, 0.10% Pb, and 18.2 g/t Ag, including 9.55 m of 9.57% Zn, 0.10 % Pb, and 23.7 g/t Ag, also including 4.43 m of 12.56% Zn, 0.09% Pb, and 29.1 g/t Ag
• NB24-028
  • Intersected 37.75 m of vein and breccia mineralization grading 3.03% Zn, 0.07% Pb, and 8.2 g/t Ag, including 15.46 m of 4.48% Zn, 0.09% Pb, and 11.8 g/t Ag
  • Intersected 4.19 m of vein mineralization grading 3.89% Zn, 0.06% Pb, and 7.1 g/t Ag
  • Intersected 13.95 m of vein mineralization grading 2.09% Zn, 0.05% Pb, 5.1 g/t Ag

• NB24-017
  • Intersected 46.50 m of vein and breccia mineralization grading 4.08% Zn, 0.13% Pb, and 11.0 g/t Ag, including 11.60 m of 10.99% Zn, 0.06% Pb, and 25.7 g/t Ag, including 7.10 m of 13.04% Zn, 0.05% Pb, and 31.0 g/t Ag
  • Intersected 2.79 m of vein and breccia mineralization grading 8.05% Zn, 0.03% Pb, and 4.1 g/t Ag
• NB24-019
  • Intersected 3.00 m of sulphide mineralization within a fault zone grading 4.40% Zn 0.05% Pb, and 8.7 g/t Ag
  • Intersected 5.83 m of vein, replacement and breccia mineralization grading 2.14% Zn, 2.33% Pb, and 31.4 g/t Ag
  • Intersected 11.70 m of vein and replacement mineralization grading 1.76% Zn, 0.51% Pb, and 10.0 g/t Ag
  • Intersected 3.53 m of vein, replacement and breccia mineralization grading 4.31% Zn, 0.35% Pb, and 11.1 g/t Ag
• NB24-030
  • Intersected 7.00 m of vein, replacement and breccia mineralization grading 4.54% Zn, 0.05% Pb, and 9.1 g/t Ag
  • Intersected 3.41 m of vein, replacement and breccia mineralization grading 3.50% Zn, 0.02% Pb, and 5.2 g/t Ag
  • Intersected 6.70 m of vein mineralization grading 4.55% Zn, 0.01% Pb, and 4.4 g/t Ag
  • Intersected 4.50 m of vein and replacement mineralization grading 3.55% Zn, 0.01% Pb, and 2.8 g/t Ag
• NB23-032
  • Intersected 7.10 m of vein, replacement and breccia mineralization grading 2.95% Zn, 0.02% Pb, and 4.3 g/t Ag
  • Intersected 15.47 m of vein, replacement and breccia mineralization grading 3.88% Zn, 0.02% Pb, and 6.7 g/t Ag
  • Intersected 27.18 m of vein, replacement and breccia mineralization grading 2.86% Zn, 0.01% Pb, and 3.7 g/t Ag
• NB24-016
  • Intersected 0.99 m of vein and replacement mineralization grading 16.23% Zn, 1.38% Pb, and 35.7 g/t Ag

See Tables 1 and 2, Cross Sections O–O’, P–P’, V–V’, W–W’, X–X’, and Y–Y’, Long Section M–‍M’ and Maps 2, 3, and 4 below for further details.

The holes in this release are step out holes testing vein, breccia, replacement, and stratiform to massive sulphides at Boundary Zone. Seven holes (NB24-019, NB24-020, NB24-026, NB24-027, NB24-028, NB24-030, and NB24-032 contain mineralized intercepts that are entirely outside of the 2024 MRE¹ and represent growth potential outside of Fireweed’s current resource.

Exploration holes drilled during 2024 not associated with defined mineral deposits (Tom, Jason, Boundary Zone, and End Zone) are included within Table 2: 2024 Drilling Summary.

Next Steps

To date, the Company has released all 49 holes drilled in 2024. An updated public drill hole database is expected to be released in Q1 2025.

Qualified Person Statement

Technical information in this news release has been reviewed and approved by Fireweed Metals’ Senior Geologist, Ian Carr, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101 (“NI 43-101“). Mr. Carr is not independent of the Company in accordance with NI 43-101.

About Fireweed

Fireweed is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 977 km² land package. The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Fireweed trades on the TSX Venture Exchange under the trading symbol “FWZ”, on the OTCQX Best Market under the trading symbol “FWEDF”, and on the Frankfurt Stock Exchange under the trading symbol “M0G”.

Additional information about Fireweed and its projects can be found on the Company’s website at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF FIREWEED METALS CORP.

“Peter Hemstead”

CEO & Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Data Verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are NQ2 size (50.5 mm/ 1.99-inch diameter), HQ size (63.500 mm/ 2.500-inch diameter), and PQ size (85 mm/ 3.375-inch diameter), with recoveries typically above 85% unless otherwise noted in the results tables. After drilling, core was cleaned, logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. Certain cores were selected for core scanning using light detection and ranging (LiDAR), short-wave infrared (SWIR), X-ray fluorescence (XRF), and high resolution RGB image capture. The cores for analyses were marked for sampling based on geological intervals with individual samples two metres or less in length, with one metre samples within mineralized zones. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each assay sample by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2024 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas (BV) preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the BV laboratory in Vancouver, B.C to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit lead (>25.0%) and zinc (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). For BV samples, silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2017 accredited laboratory.

Assay values may appear rounded to one decimal place but are given in full in Table 1, and Cross Sections where zinc and lead grades are reported to two decimal places.

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

True widths for primary intervals are estimated by measuring perpendicular to strike within the short axis of a stratiform wireframe that has been constructed in 3D around the mineralized intercepts at Boundary Zone based on assay results, geological logging, stratigraphic correlation, and bedding measurements from oriented core. The massive sulphide mineralization and laminated mineralization at Boundary Zone are stratiform (oriented parallel to bedding), therefore the true width, or thickness, of the zone is estimated perpendicular to both the strike and dip direction of bedding. True widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model. True widths for nested intervals (marked as “Including” in results tables) are estimated using a ratio of included to primary intersected widths to attribute appropriate portions of the true width of the primary interval to the nested intervals.

Cautionary Statements

Forward Looking Statements

This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to interpretation of drill results, targets for exploration, potential extensions of mineralized zones, and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

Footnotes and References

¹: For Tom, Jason, End Zone, and Boundary Zone Mineral Resources, see the technical report entitled “Technical Report for NI 43-101, Macpass Project, Yukon, Canada” with effective date September 4^th, 2024 filed on Sedar+ here Pierre Landry, P.Geo. is independent of Fireweed Metals Corp., and a ‘Qualified Person’ as defined under Canadian National Instrument 43-101. Pierre Landry, of SLR, is responsible for the Tom, Jason, End Zone, and Boundary Zone Mineral Resource Estimates.

Contact: Alex Campbell
Phone: +1 (604) 689-7842
Email: info@fireweedmetals.com

Map 1: Macpass Project and Mactung Project locations

Map 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c881db2-83ca-4805-ac21-d6d3bc3ddb41

Map 2: Boundary Zone composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to surface

Map 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4414bb83-a43e-4b27-ac8c-54f79d61e1e8

Figure 1: Cross section O to O’, NB24-013 and NB24-015

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3da5814a-3cef-411c-ab33-77c6fabdf8a3

Figure 2: Cross section P to P’, NB24-017, NB24-018, and NB24-019

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b38a237e-2031-4e6a-8f72-4e58ef99b4fb

Figure 3: Cross section V to V’, NB24-027, NB24-029, NB24-031 and NB24-032

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/022163bb-6bf5-4cc6-ad95-4c5569de21fc

Figure 4: Cross section W to W’, NB24-016, NB24-026 and NB24-030

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3387fcc8-5ddf-49ad-ac1d-8849391d5a13

Figure 5: Cross section X to X’, NB24-020

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ede05558-1070-4f28-8ab5-de85c6f51234

Figure 6: Cross section Y to Y’, NB24-020

Figure 6 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fbb09281-fe11-4cb0-b22c-d95398d14b89

Figure 7: Boundary long section M to M’ showing 2024 resource projected to the section, 2024 and previous drilling

Figure 7 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f7bc63d-7f27-4a62-af27-dde37237b86f

Photo 1: Stratiform to semi-massive sulphides in NB24-015 from 87.8 to 93.6 m

Photo 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07ea2319-9a66-46c2-bc99-6a668f40f739

Photo 2: Vein and breccia mineralization interpreted within the same stratigraphy as the Howard’s Pass deposit in NB24-028 at 281 m

Photo 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/93b94a71-3c76-4d50-a5b3-020c581b18aa

Table 1: NB24-013, NB24-015, NB24-016, NB24-017, NB24-018, NB24-019, NB24-20, NB24-026, NB24-027, NB24-028, NB24-029, NB24-030, NB24-031, and NB24-032 drill results

^† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 1.41% zinc) intersections of continuous higher-grade material (>1.41% zinc) are listed as Primary and Included intervals and represent mineralized material.
^‡ See “Data Verification” for a description of true width calculations
* Denotes intercepts with recovery below 85%

Table 2: 2024 Drilling Summary

Table 3: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.