Canadian junior Fireweed Zinc (TSXV:FWZ) recently started a drilling program at its Macmillan Pass Project located 200 kilometres northeast of the town of Ross River in Yukon. The company’s initial goal is to verify and bring the historic mineral resources on the Tom and Jason zinc-lead-silver deposits to current standards.
Interviewed by MINING.com’s Michael McCrae mid-July, Fireweed’s CEO and director, Brandon Macdonald, revealed that total historic drilling on the site to date has been about 70,000 metres.
Talking about his firm’s interest in the 60-year-old project, Macdonald revealed that it was Hudbay Minerals (TSX:HBM; NYSE: HBM) who began discussions with Fireweed several years ago. Later on, in December 2016, Fireweed executed the definitive option agreement toward purchasing it.
Fireweed’s ties run deep in the Yukon, Macdonald said, starting with the connections that both he and Executive Chairman John Robins have in the area.
“I was born in the Yukon and, in fact, I started my career in the industry as a sampler when I was 16 years old. Ross River is my hometown, as my family worked in mining in the Yukon in the ’70s and ’80s,” he said.
Currently, the miner is working towards advancing and acquiring 100 per cent of the Tom and Jason property.
“When we complete the earn-in, we will own it outright and the terms are that we will pay Hudbay $1 million in cash total, of which we’ve already paid $250,000 and we will issue them shares equal to 15 per cent of our fully-diluted share count when we complete the option,” Macdonald explained.
MINING.com’s site visit was paid for by the Yukon Mining Alliance.