Fireweed Metals (FWZ.V) was traditionally known for its zinc-lead project in the Yukon Territory, but the Mactung tungsten project gained importance in the past few months and quarters as it could be an important source of tungsten outside of China.
The company recently completed a drill program of in excess of 11,000 meters focusing on geotechnical, hydrogeological and just over 10,000 meters of infill drilling ahead of kicking off the feasibility study by the end of this year. The drill program intersected some jaw-dropping intervals with for instance 12 meters of 6.21% WO3, 29 meters of 2.56% WO3 and 16 meters of 4.53% WO3. Each percent represents one mtu which currently trades at approximately $600/mtu. This indeed means a 2% WO3 grade represents a four digit gross rock value before taking recovery rates and payability ratios into account.
The data from the drill program will now be used for the feasibility study which will take just over a year to complete. The anticipated publication of the feasibility study is slated for 2027.
Disclosure: The author has a long position in Fireweed Metals. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
