Fireweed Zinc Ltd (CVE:FWZ) told investors on Thursday that positive drill results at the company’s Tom West property indicate that the open pit and underground mine life could be extended at the zinc project, improving current economics outlined in the preliminary economic assessment.
The explorer expanded its summer drilling program at Tom North to seven holes, of which five are completed.
Tom North is part of the company’s Macmillan Pass project in Yukon, Canada. Fireweed is planning 2,000 metres of core drilling and 1,000 metres of RC (reverse circulation) drilling, to include step-out targets with strong upside potential at Tom North, Tom East and Jason North.
READ: Fireweed Zinc completes three drill holes at prospective zinc targets in Yukon, updates summer exploration program
After drilling the remaining two planned Tom North holes, the core drill will move to test another target where anomalies were detected in an earlier exploration program.
Six shallow holes drilled at Tom North in the 1950s and a further hole in 1978 returned assays up to 5.1% zinc and 1.8% lead over 19.9 metres. Mapping and 2018 exploration data suggest that Tom North may be an extension of Tom West, which is separated by a fault.
Drilling at Tom North during the summer 2019 exploration program is designed to test the continuity of mineralization along a 600 metre extension to the north of the previously defined Tom West mineral resource.
Fireweed is also conducting RC drilling on the property, completing 17 holes on six targets mainly within what is known as the Fertile Corridor west of a previously defined area on the project. Samples were submitted to a third-party laboratory.
Field exploration is also ongoing at Macmillan Pass, with crews on the property beginning work at the David and Target G areas to finalize plans to drill zinc-lead-silver mineralization found in 2018.
The junior company also said that it granted 250,000 stock options to Fireweed employees and consultants exercisable at C$0.65 for a five-year period. Directors and senior officers chose not to be granted any additional options at this time, the company said in a statement.
Contact Angela at firstname.lastname@example.org
Follow her on Twitter @AHarmantas