Vancouver, British Columbia–(Newsfile Corp. – June 5, 2017) – Fireweed Zinc (TSXV: FWZ) is the latest new listing on the TSX Venture Exchange, and trades under the symbol “FWZ”. The company completed an IPO through Haywood Securities, raising gross proceeds of $4,025,000 from the sales of 8,050,000 shares at a price of $0.50, including the over-allotment of 1,050,000 shares.
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The shares are trading at $0.87 and with 17.8 million shares outstanding, the company is capitalized at $15.5 million.
The company has an option to acquire 100% of the Tom and Jason project from HudBay Minerals. The Tom and Jason Project is in the MacMillan Pass area of western Yukon near the border with the Northwest Territories, approximately 400 km northeast of Whitehorse. It consists of a total of 427 claims covering 5,944 hectares, as well as a single surface lease comprising 121 hectares.
There has been a significant amount of historical exploration on the Tom and Jason properties commencing with the discovery of the Tom West Zone in 1951. Hudbay Minerals commissioned a mineral resource estimate in 2007 that reported indicated and inferred resources of zinc, lead, and silver.
The company has budgeted $700,000 for the 2017 field season, with the main objectives to upgrade the technical database so a new NI 43-101 compliant mineral resource may be estimated for both the Tom and Jason deposits and to carry out exploration work toward discovery of additional high-grade mineralization.
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