By Cory Fireweed Zinc – Announces Macmillan Pass Mineral Resource Estimate with Substantial Increase in Size: 11.2Mt at 9.6% ZnEq Indicated plus 39.5Mt at 10.0% ZnEq Inferred
Fireweed Zinc is a Company I introduced to everyone at the tail-end of November. The Company has a tight share structure with only 23.5million shares outstanding and cash int he bank to continue toward a PEA. This updated 43-101 comes on the back of some nice drill results that were released in December.
I will be having the CEO Brandon Macdonald on the show tomorrow to further outline the improvements in this resource.
Vancouver, British Columbia: FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ) is pleased to announce new combined mineral resource estimates in accordance with NI43-101 for the Tom and Jason zones on the Macmillan Pass Project (Yukon, Canada). The new Base Case updated resource is reported in Table 1.
Table 1: Base Case Mineral Resource Estimate (at NSR cutoff grade of $65 CAD)
B lbs Zn
B lbs Pb
Fireweed CEO Brandon Macdonald stated, “These new Mineral Resource Estimates for Tom and Jason represent a substantial increase over the previous 2007 Mineral Resource Estimates. Building on this major milestone, we will now use these Mineral Resource Estimates along with pending new metallurgical test results, toward completion of a Preliminary Economic Assessment in the coming months to assess project economics. Next summer we will execute a larger drill program to expand on these mineral resources and test other targets for new discoveries within our large project area. We have made excellent progress in the short seven months since our IPO and plan an even more aggressive program in 2018 to drive this world-class project forward.”
Table 2: Mineral Resource Estimate NSR Cutoff Sensitivity (Base Case $65/t CAD)
NSR Cut Off ($)
B lbs Zn
B lbs Pb
Notes for Tables 1 & 2:
The Mineral Resource Estimates in this disclosure were estimated by CSA Global Canada Geosciences Ltd. (“CSA Global”), an international independent mining industry consultancy.
The effective date of this Mineral Resource Estimate is January 9, 2017 and includes all drill results to the end of 2017.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability but are required to have reasonable prospects for eventual economic extraction.
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 …read more
Source:: The Korelin Economics Report