Fireweed Continues to Expand Mineralized Zone at Tom South
Tom South step-out delivers 30 m of 8.09% ZnEq, a solid result that falls short of prior bonanza-grade holes.
Fireweed Metals Corp. (FWZ) announced new drill results from the Tom South zone at its Macpass Zn-Pb-Ag project. Hole TS25‑003, a down‑dip step‑out, returned 16 m true width @ 4.17% ZnEq, including 1.6 m @ 16.04% ZnEq, and a second interval of 3.7 m @ 3.82% ZnEq. The company states this extends mineralization 300 m down‑dip and 45 m laterally.
Hole TS26‑001, a lateral step‑out approximately 45 m west of prior hole TS25‑001D1, returned 30 m true width @ 8.09% ZnEq, including 20.8 m @ 10.44% ZnEq. This interval is interpreted as a vector toward a potential feeder zone to the east. Both holes carried elevated germanium and gallium, and four rigs are currently drilling the 2026 program.
The zinc‑equivalent formula uses metal prices of Zn US$1.40/lb, Pb US$1.10/lb, and Ag US$25/oz, along with recoveries of 89% for Zn and 22% for Ag in the Zn concentrate, and 75% for Pb, 59% for Ag, and 85% for Zn in the Pb concentrate.
Fireweed Metals Corp. (FWZ) is an advanced explorer with a C$822 million market capitalization and a large resource base. The company’s stock reached C$4.97 in April, likely driven by momentum from the Mactung feasibility study and strategic financing, suggesting the market had already priced in a successful 2026 program. Since then, the share price has fallen to C$3.42, indicating that elevated expectations were not met by recent news.
TS26-001 is considered a good hole, but compared to the 33.23% ZnEq bonana encountered in 2025, it is unremarkable. Fireweed Metals is not in a pre-resource discovery stage; it is delineating ounces for a future underground mine. For a producer-like explorer, step-out holes of this calibre rarely re-rate the equity unless they materially increase total contained metal. No tonnage figure is provided, so the market cannot yet quantify the addition.
Fireweed Metals Corp. (FWZ) is a Canadian junior explorer that owns 100% of the Macpass (Zn‑Pb‑Ag‑Ga‑Ge) and Mactung (tungsten) projects in Yukon, as well as the early‑stage Gayna (Zn‑Pb) project in the Northwest Territories. Macpass hosts a large Indicated resource of 55.98 Mt @ 7.27% ZnEq (5.15% Zn, 2.08% Pb, 25.3 g/t Ag) and a sizable Inferred resource. Mactung has an Indicated resource of 41.49 Mt @ 0.73% WO₃, with a feasibility study underway supported by U.S. DPA Title III funding of US$15.8M.
The company raised C$61.5M in April 2026 at C$4.18/share, bringing strategic investors JX Advanced Metals and the Lundin family. Cash as of March 31, 2026, was C$17.6M; the placement increased pro‑forma cash to over C$75M. Despite the strong treasury, the March 2026 MD&A explicitly flags a material uncertainty regarding going concern due to reliance on future equity financing.