The company drilled 2,357m in 16 diamond drill holes at the near-surface Tom North exploration target with highlights including 22.5m grading 6.13% zinc and 0.95% lead. The results confirmed the target has potential to be mined in an openpit, which the company believes will improve overall preliminary assessment (PEA) economics of the project.
"With these positive first drill assays now in, we look forward to release of drill results from other zones tested this summer to expand on our current resources, which are already among the largest undeveloped zinc resources in the world," said CEO Brandon Macdonald.
The Tom North exploration target has mineralisation demonstrated over a strike length of at least 500m, a true thickness between 6 and 23m with an average of 12m, with the down-dip extent tested to 190m. The mineralisation is stratiform and comprises laminated fine-grained sphalerite-galena-pyrite-barite.
The current PEA includes a three-year openpit mine life at Tom West within an overall 18-year mine life.
Shares in Fireweed Zinc (TSXV:FWZ) are trading at C53¢, valuing the company at $20 million.