Fireweed Zinc has purchased the Gayna River Zinc project in Northwest Territories (NWT), Canada, from an undisclosed seller.
The project comprises critical metals including zinc, gallium, and germanium as well as lead and silver.
The firm has purchased the project by staking 128.75km² of mineral claims in NWT. It covers all historic showings and anomalies.
Financial terms of the deal were undisclosed.
Fireweed CEO Brandon Macdonald said that the acquisition of the Gayna River project expands its portfolio of critical metals projects.
Macdonald commented: “While our focus remains on our flagship Macmillan Pass project, we are keen to explore Gayna River where we see the potential for high-grade massive sulphide mineralisation.”
The Gayna River Project is situated in the Mackenzie Mountains, within the Gwich’in Settlement Area, the Sahtu Settlement Area, and the asserted territory of the First Nation of Na-Cho Nyäk Dun.
According to recent academic studies, the project holds potential for very-high grade massive sulphide targets that were unrecognised by previous owners.
Fireweed chief geologist Dr Jack Milton said: “Leveraging our experience with gravity surveys, muon-tomography, and cutting-edge inversions, we can enable exploration for what has been previously difficult to find – the high-grade centres of large zinc systems.
“With this new technology, we expect to target high-grade massive sulphides with better precision and at relatively low cost, enabling a new wave of zinc exploration and revitalising activity at this well-renowned zinc district.”