Fireweed Zinc (FWZ.V) has signed to agreements to acquire a total of 24,400 additional hectares at the MacMillan Pass zinc project in Canada’s Yukon Territory. This more than doubles Fireweed’s total project size to 469 square kilometers, and the new land claims appear to be prospective for additional SEDEX mineralization as well.
The first 11,700 hectares will be acquired by making total payments of C$500,000 (spread over 36 months) and issuing a total of 300,000 shares of Fireweed Zinc. Should a total resource of at least 2 million tonnes be ‘discovered’ on these Constantine-Carlin claims, Fireweed Zinc will owe the vendor an additional C$750,000 payable in cash or shares. The vendor will also retain a 0.5% NSR on base metals and silver, and 2% on all other metals.
The second land package (12,700 hectares) will be acquired by making cash payments totalling C$500,000 and issuing 450,000 shares of Fireweed with a similar C$750,000 bonus payment due if Fireweed outlines a 2 million tonne resource on the properties.