Fireweed Zinc Ltd (CVE:FWZ) (OTCMKTS:FWEDF) updated investors on exploration Thursday at its district-scale Macmillan Pass project in the Yukon, where early results from a ground gravity survey show a potential extension to the Boundary Zone.
The project is host to the Tom, Jason, Boundary Zone and End Zone zinc-lead-silver deposits. Tom and Jason already boast a combined resource of 11.21 million tonnes (Mt) of indicated resources at 9.61% zinc equivalent (ZnEq).
READ: Fireweed Zinc begins drill program at its Macmillan Pass zinc-lead-silver project in Yukon, Canada
Fireweed believes the Boundary Zone is potentially a large 'feeder' system to nearby mineralization similar to the Tom and Jason deposits. Two drill holes have been completed there, while another two are currently being drilled.
"The broad gravity anomaly extending from Boundary Zone into untested ground presents an intriguing opportunity for expansion of an already large zone there," said CEO Brandon Macdonald.
"We are looking forward now to the drilling planned in that area and finding out if Boundary Zone extends well to the west."
The company boss added that, thanks to the recent financing, the addition of a further third reverse circulation drilling, or RC drill rig to the program would allow some drilling at Tom and Jason that was previously unplanned.
This rig will be mobilized this week, the firm added.
Fireweed also noted on Thursday that it plans to drill the 240 Mile Target later this season, marked by a large gravity anomaly that may indicate buried mineralization between the Tom and Jason deposits.
Shares advanced 5.63% to C$0.75 each in Toronto.
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