Fireweed secures US, Canadian gov’t fundings for tungsten project
Fireweed Metals (TSXV: FWZ) on Friday secured millions in US and Canadian critical minerals project funding.
The US Department of Defense invested about $15.8 million under the Defense Production Act. It also got up to C$12.9 million from Canada’s Critical Minerals Infrastructure Fund.
The funds will advance its Macmillan Pass critical minerals district in Yukon at the Mactung tungsten project. It includes funding for infrastructure such as roads and power to benefit the region, the company said in a statement.
Fireweed’s projects are on Indigenous lands, including those of the Kaska and the Na-Cho Nyäk Dun.
They include one of the world’s largest zinc and tungsten deposits. Mactung holds indicated resources (both open pit and underground) of 41.5 million tonnes grading 0.73 tungsten trioxide (WO3) for nearly 301.6 million kg of WO3. Inferred resources total 12.2 million tonnes at 0.59% WO3, containing 72.1 million kg of WO3.
Fireweed Zinc shares dipped 5% at the closing bell Friday to C$1.37 apiece. They’ve ranged between C$0.97 and C$1.55, and it has a market capitalization of C$248 million.