Fireweed Metals Corp V.FWZ

One of the largest highest grade tungsten deposits in world!

[Oldschool2022]

Mactung is one of the largest and highest-grade tungsten deposits in the world. It is an advanced stage project with extensive drilling, engineering, metallurgy, geotechnical, and environmental baseline data collected by previous owners that supported a Feasibility Study in 2009. Skarn mineralization is developed in carbonate rocks near the contact with a granite intrusion. Historic 2007 indicated resources1 totaled 33.0 million tonnes grading 0.88% WO3 (tungsten trioxide) plus historic inferred resources of 11.8 million tonnes grading 0.78% WO3. The 37.6 km2 property is located adjacent to Fireweed’s Macmillan Pass Property and accessed by the same road providing potential for future project synergies.

The Mactung Property adjoins Fireweed’s Macmillan Pass Property and straddles the boundary between the Yukon and Northwest Territories . The Mactung tungsten deposit is located 13 km north of the Tom deposit (Figure 1). The Mactung Property can be reached by an access road that joins the North Canol Highway 230 km from Ross River, or by the government-maintained Macmillan Pass airstrip near the Tom deposit.

Mactung was discovered and staked in 1962 by an Amax geologist. Extensive drilling, metallurgical testing, and multiple historical resource estimates were completed over the next twenty years. The property changed ownership several times and was subsequently acquired by the North American Tungsten Corporation (NATC) in 1997. In 2007 NATC published updated mineral resources (see below) and in 2009 published a positive feasibility study (available at www.sedar.com under the NATC profile). The Yukon Environmental and Socio-economic Assessment Board issued a positive screening report for the Mactung Project in June 2014 and recommended it proceed to licensing without review, subject to terms and conditions, which were subsequently adopted and supplemented by the Yukon Government in its September 2014 Decision Document. However, in June 2015 NATC filed for and was granted creditor protection mainly related to operation of their Cantung mine located further south. The GNWT purchased the Mactung Project for $4.5 million in the fall of 2015, and subsequently obtained a Class 4 Mining Land Use Approval in 2020. Fireweed has now signed a binding LOI for acquisition of the Mactung Project with the GNWT