The private placement will fund a drill program in the Boundary zone at its huge Macmillan Pass property in the Yukon, where the company drilled 100 metres of 7.94% zinc from surface including 6.4 metres of 42.88% zinc in 2019.
The Vancouver-based firm is planning to further test the high grade and extensions of the zone as it starts to design a potential open pit deposit at Boundary and explore new targets on the property.
The private placing comprises three parts, including the issue of 2.97 million shares at C$0.53 each with a half two-year warrant exercisable at C$0.80 each.
Fireweed will also issue 3.23 million flow-through common shares at C$0.65 a throw and 1.6 million flow-through company shares at C$0.76 per share via a donation arrangement known as charity flow-through shares with a half two-year warrant exercisable at C$0.80 per share.
The 544 square kilometre Macmillan Pass asset already hosts the Tom and Jason zinc-lead-silver deposits, which have resources and a PEA economic study. The property is also home to the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but are not yet classified as mineral resources.
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