TSX-V-listed exploration company Fireweed Metals has closed a nonbrokered private placement, raising C$16.8-million that it will use to expand its 2023 drill programme in northern Canada.
The offering consisted of 8.75-million flow-through shares at C$1.92 each. The Lundin Family, through its trust, subscribed for 4.7-million shares and other key shareholders subscribed, including Larry Childress for 1.4-million and Teck Resources for 700 000 shares.
Fireweed owns 100% of the district-scale 940 km2 Macmillan Pass project in Yukon, which is host to one of the biggest undeveloped zinc resources in the world where the Tom and Jason zinc/lead/silver deposits have current mineral resources (11.21-million-tonne indicated resource at 6.59% zinc, 2.48% lead and 21.33 g/t silver; and 39.47-million-tonne inferred resource at 5.84% zinc, 3.14% lead and 38.15 g/t silver, as well as preliminary economic assessment.
The company also owns the 37.6 km2 Mactung tungsten project located adjacent to the Macmillan Pass project and the 128.75 km2 Gayna River project, located 180 km north of the Macmillan Pass project.