FIREWEED METALS CORP. (“
Fireweed” or the
“
Company”) (TSXV: FWZ; OTCQX: FWEDF; FSE: M0G)
announces the appointment of Peter Hemstead, Director of Fireweed,
as Interim President and Chief Executive Officer, replacing Brandon
Macdonald, effective immediately.
The Company also announces the appointment of
Adam Lundin as Strategic Advisor, the appointment of Paul Harbidge
as independent Director, and the intention to nominate Jamie Beck
for election to the Board at the Company’s upcoming annual general
meeting of shareholders.
Chair Statement
John Robins, Chair, stated, “On behalf of the
Board, I would like to thank Brandon for the role he has played in
helping build Fireweed into one of Canada’s leading base-metal
exploration companies. We are now at an important inflection point
to further unlock the district-scale metallogenic potential of the
Macpass district. With the backing of the Lundin family as our
largest shareholder and the expertise and network of the Lundin
Group, we are now positioned to advance this district through its
next phase of growth. We appreciate Peter stepping up and leading
the Company in the interim.”
Adam Lundin Statement
Adam Lundin stated, “We believe Macpass is a
district-scale opportunity that we have only scratched the surface
of. We look forward to supporting Fireweed’s exploration team as
they continue to uncover the full potential of this district,
define its true scale and take the Company to the next stage of
growth we envision. I also welcome Paul Harbidge, who has advanced
a global portfolio of high-quality exploration assets as Senior
Vice President of Exploration at Goldcorp and as president of GT
Gold, and Jamie Beck, who has been a key part of the Vicuña
District’s growth and success.”
Appointments/ Nominations
Peter Hemstead, Interim President and CEO
Mr. Hemstead has over 25 years of management and
finance experience in the mining industry. He was appointed as
President, CEO and Chair of the Board of Bluestone Resources Inc.
after serving as the CFO of Bluestone since 2016. Prior to that,
Mr. Hemstead spent 10 years in a senior financial executive role at
Capstone Mining Corp. (now Capstone Copper Corp.), leading the
finance team through the successful expansion from an exploration
and development stage mining company to an intermediate copper
producer with multiple operations, including within the Yukon
Territory. Mr. Hemstead is a Chartered Professional Accountant with
an Honours Bachelor Degree in Economics from the University of
Western Ontario.
Adam Lundin, Strategic Advisor
Mr. Lundin has many years of experience in
capital markets and public company management across the natural
resources sector. His background includes oil & gas and mining
technology, investment advisory, international finance, and
executive management. He began his career working for several
Lundin Group mining companies in various countries before moving
into finance where he specialized in institutional equity sales,
ultimately becoming co-head of the London office for an
international securities firm. He is currently Chair of Lundin
Mining. Previously, Mr. Lundin served as the former President, CEO
and a Director of Josemaria Resources Inc. from 2019 until 2022.
Mr. Lundin was also President and CEO of Filo from 2017 to 2019,
and now serves as the Chair of the Board. He also currently serves
on the Board of Lucara Diamond Corp., NGEx Minerals Ltd., and the
Lundin Foundation. Mr. Lundin studied Mining Technology and
Marketing Management at the British Columbia Institute of
Technology.
Paul Harbidge, Independent Director
Mr. Harbidge is a geologist with more than 25
years of experience in mining exploration and development with a
proven track record of discovering world class gold deposits. Mr.
Harbidge is President, CEO and director of Faraday Copper Corp. Mr.
Harbidge was previously the President and CEO of GT Gold and led
the company to a CDN$456 million acquisition by Newmont Mining
Corp. in May 2021. Prior to this Mr. Harbidge was the Senior Vice
President of Exploration at the multinational gold mining company
Goldcorp Inc. from 2016 until its acquisition by Newmont Mining
Corp. in April 2019. Prior to that, Mr. Harbidge successfully led
the exploration team at Randgold Resources Ltd., resulting in five
major gold discoveries including the +5Moz Gounkoto deposit in the
Loulo area of Mali and the +4Moz Massawa deposit in Senegal. Mr.
Harbidge is also a director of the gold exploration company Japan
Gold Corp. is a technical advisor to Kalo Gold in Fiji and Gemdale
Gold in Finland. He has a First-class Honours Degree in Geology
from Kingston University, London (UK) and a Masters of Science in
Mineral Exploration and Mining Geology from Leicester University
(UK).
Jamie Beck, Independent Director Nominee
Mr. Beck has more than 15 years of international
project management and corporate development experience in the
mining industry. He was appointed as CEO and director of Filo
Mining Corp. after serving as the President of the Company since
2019. Prior to that, Mr. Beck served as Vice President, Corporate
Development and Projects of Filo and Josemaria Resources Inc.
(formerly NGEx Resources Inc.). Before joining Filo, Mr. Beck
worked in corporate development with Lundin Mining, with a focus on
project development, corporate strategy, acquisitions, divestments,
and joint ventures. Mr. Beck joined the Lundin Group of Companies
in 2009 and has worked with many of the mining companies in the
group. He is a registered Professional Engineer in the province of
Ontario, holds a Bachelor of Applied Science from Queen's
University and an MBA from the University of British Columbia.
About Fireweed Metals Corp. (TSXV: FWZ;
OTCQX: FWEDF; FSE:M0G): Fireweed Metals is a public
mineral exploration company on the leading edge of Critical
Minerals project development. Fireweed is well-funded, with a
healthy balance sheet, and has three projects located in
Canada:
-
Macpass Project
(Zinc-Lead-Silver): Fireweed owns 100% of
the district-scale 940 km2 Macmillan Pass (“Macpass”) Project in
Yukon, Canada, which is host to one of Earth’s largest undeveloped
resources of zinc*, a Critical Mineral. The Tom and Jason
zinc-lead-silver deposits have current Mineral Resources1 (11.21 Mt
Indicated Resource at 6.59% zinc, 2.48% lead, and 21.33 g/t silver;
and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15
g/t silver) and a Preliminary Economic Assessment2 (PEA). In
addition, Boundary Zone, Tom North, Tom South, and End Zone have
significant zinc-lead-silver mineralization drilled but not yet
classified as mineral resources. The Project also includes large
blocks of adjacent claims with known showings and significant
upside exploration potential.
-
Mactung Project (Tungsten): The
Company owns 100% interest in the 37.6 km2 Mactung Project located
adjacent to the Macpass Project. Recently announced Mineral
Resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO3 and
12.2 Mt Inferred Resource at 0.59% WO3)3 make it the world’s
largest high-grade resource of the Critical Mineral tungsten*.
Located in Canada, it is one of the rare large tungsten resources
outside of China*.
-
Gayna Project
(Zinc-Lead-Gallium-Germanium): Fireweed
owns 100% of the 128.75 km2 Gayna Project located 180 km north of
the Macpass Project. It is host to extensive mineralization
including Critical Minerals zinc, gallium and germanium as well as
lead and silver, outlined by 28,000 m of historical drilling. A
recent reevaluation of the geology supported by recent ground
gravity geophysics results, soil surveys, and high grade rock
samples, indicate drill targets with potential for high-grade
Kipushi-style massive sulphide mineralization.
In Canada, Fireweed (TSXV: FWZ) trades on the
TSX Venture Exchange. In the USA, Fireweed (OTCQX: FWEDF) trades on
the OTCQX Best Market (www.otcmarkets.com) and is DTC eligible for
enhanced electronic clearing and settlement. In Europe, Fireweed
(FSE: M0G) trades on the Frankfurt Stock Exchange.
Additional information about Fireweed and its
projects can be found on the Company’s website at
FireweedMetals.com and at www.sedarplus.ca.
Qualified Person Statement
Technical information in this news release has
been reviewed and approved by Fireweed’s VP Geology, Jack Milton,
P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian
National Instrument 43-101.
ON BEHALF OF FIREWEED METALS
CORP.
“John Robins”Chairman of the
Board of Directors
Contact: Alex Campbell, VP Corporate Development
& CommunicationsPhone: (604) 646-8360Email:
info@fireweedmetals.com
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.
Cautionary Statements
Forward-Looking Statements
This news release contains “forward-looking”
statements and information (“forward-looking statements”),
including statements with respect to building Fireweed into one of
Canada’s leading base-metal exploration companies, being at an
important inflection point to further unlock the district-scale
metallogenic potential of the Macpass district, being positioned to
advance this district through its next phase of growth, the belief
that Macpass is a district-scale opportunity that the Company has
only scratched the surface of, the Lundin Group supporting
Fireweed’s exploration team as they continue to uncover the full
potential of this district, define its true scale and take the
Company to the next stage of growth, the election of Jamie Beck to
the Board at the Company’s upcoming annual general meeting of
shareholders and the estimated mineral resources. All statements,
other than statements of historical facts, included herein,
including, without limitation, statements relating to
interpretation of drill results, future work plans, the use of
funds, 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
* References to relative size and grade of the
Mactung resources and Macpass resources in comparison to other
tungsten and zinc deposits elsewhere in the world, respectively,
are based on review of the Standard & Poor’s Global Market
Intelligence Capital IQ database.
1: For details, see https://www.sedarplus.ca/
Fireweed Technical Report titled “NI 43-101 Technical Report on the
Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo
Mining Districts Yukon Territory, Canada” filed on
https://www.sedarplus.ca/ on February 23, 2018, and Fireweed News
Release dated January 10, 2018. Leon McGarry, P.Geo., Senior
Resource Geologist for CSA Global Canada Geosciences Ltd. is
independent of Fireweed Metals Corp. and a ‘Qualified Person’ as
defined under Canadian National Instrument 43-101. Mr. McGarry is
responsible for the Macpass Mineral Resource Estimate.
2: For details, see https://www.sedarplus.ca/
Fireweed Technical Report titled “NI 43-101 Technical Report
Macmillan Pass Project Yukon Territory Canada” filed on
https://www.sedarplus.ca/ on July 9, 2018, and Fireweed News
Release dated May 23, 2018. This Technical Report includes a
Preliminary Economic Analysis (PEA) disclosing an economic analysis
of mineral resources that is preliminary in nature and does not
include any mineral reserves. It is equally emphasized that the
mineral resources disclosed within this Technical Report are not
mineral reserves and do not have demonstrated economic
viability. Michael Makarenko, P.Eng., Project Manager for JDS
Energy and Mining, Inc., is independent of Fireweed Metals Corp.
and a ‘Qualified Person’ as defined under Canadian National
Instrument 43-101. Mr. Makarenko is responsible for the PEA
results.
3: For details, see Fireweed news release dated
June 13, 2023 “Fireweed Metals Announces Mineral Resources for the
Mactung Project: the Largest High-Grade Tungsten Deposit in the
World” and the technical report entitled “NI 43-101 Technical
Report, Mactung Project, Yukon Territory, Canada,” with effective
date July 28, 2023 filed on https://www.sedarplus.ca/. Garth
Kirkham, P.Geo. is independent of Fireweed Metals Corp., and a
‘Qualified Person’ as defined under Canadian National Instrument
43-101. Garth Kirkham, of Kirkham Geosystems Limited., is
responsible for the Mactung Mineral Resource Estimate.