Fireweed Zinc Secures World-Class Tungsten Project in Northern Canada

Fireweed Zinc Ltd. has entered into a $15 million deal to acquire the Mactung tungsten project adjacent to its flagship Macmillan Pass zinc-lead-silver project in Yukon Territory, northern Canada.

The Mactung project is one of the world's largest tungsten deposits with a 2007 indicated resource of 33.0 million tonnes grading 0.88% WO3 (tungsten trioxide) plus a historical inferred resource of 11.8 million tonnes grading 0.78% WO3. Vancouver-based Fireweed holds a 100% interest in the Mactung project through a binding Letter of Intent (LOI) with the GNWT.

Fireweed Zinc CEO Brandon Macdonald said in a statement, "While Macmillan Pass remains our flagship project, the recent Gayna River delineation and the addition of the Mactung tungsten mine make us one of the leading key mineral exploration companies."

"We now have one of the world's largest undeveloped zinc resources not only at our Macmillan Pass project, but also one of the world's largest and highest-grade undeveloped tungsten projects at our advanced-stage Mactung project. With both zinc and tungsten designated as key minerals by Canada, the United States and the European Union, Fireweed is poised to capitalize on the transition to a sustainable green economy."

Mactung is located within the traditional territories of Kaska Dena, Na-Cho Nyäk Dun and Sahtú Settlement, and Fireweed told investors that it will "conduct mineral development activities in a sustainable manner by working with Aboriginal groups and local communities."

The Mactung property has approximately 38,000 meters of drilling on the property that has outlined a large high grade tungsten resource with a positive historical feasibility study. Fireweed purchased the property for a total purchase price of $15 million, with $1.5 million upfront and an additional $3.5 million payable within 18 months of finalization of the agreement.

Fireweed Zinc is a Canadian mining exploration and development company focused on advancing the Macmillan Pass project in the Yukon Territory, northern Canada. The company's vision is to establish itself as a leading base metals development and production company, creating value for shareholders

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