Fireweed Details 2020 Exploration Targets and Announces Online Townhall

VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) -- FIREWEED ZINC LTD. (“Fireweed”) (TSXV: FWZ) is pleased to provide details of exploration targets for the 2020 program at the Macmillan Pass Zinc Project in Yukon, Canada and announces stock option grants. The Company will hold an online townhall presentation with CEO Brandon Macdonald and Dr. Jack Milton on Tuesday, June 16^th at 9 am PDT (12 pm EDT) to provide details on the upcoming exploration plans and targets and will be available for questions; see below for access details.

Highlights

• Multiple high-priority early-stage targets have been identified (see attached map) and will be investigated this summer in preparation for potential drilling
• Many of these targets have never been drilled
• The goals of the 2020 field program are to develop new high-potential drill targets beyond the known large zinc deposits while conserving capital

CEO Statement
Brandon Macdonald, CEO, stated, “Our Macmillan Pass property is host to one of the largest undeveloped zinc resources in the world but it also covers an enormous under-explored 544 km² district where our geological team has identified many other exploration targets. This year, in addition to continued work on Tom, Jason and Boundary Zone, our geologists will be investigating some of these new early-stage targets in preparation for potential drilling. The district is known to host those three large zinc deposits with exciting evidence of potentially more. How many more might there be? We hope to start answering that question this summer.”

Exploration targets:

240 Mile Target
The 240 Mile target is located at mile 240 on the North Canol Highway, directly between the Tom and Jason deposits. Rocks occur at surface that correlate to those just above the mudstone sequence that hosts the Tom deposit, based on lithological mapping informed by a conductivity model derived from airborne VTEM geophysics data. Coincident with this favourable stratigraphy is an approximately 850 m x 300 m gravity high anomaly. Quaternary till and colluvium cover depths are estimated to be shallow, between 1 and 7 metres, based on passive seismic surveys and detailed surficial geological mapping. The thin and relatively uniform overburden cover indicates that the gravity high is the result of the presence of denser bedrock in the subsurface. The lack of a geochemical anomaly in soils at surface suggests that if the gravity anomaly is related to Zn-Pb-Ag mineralization, it is likely shallowly buried by overlying mudstones but by no more than ~200 metres. This target has never been drilled.