Americans fund Fireweed’s NWT tungsten project

Fireweed Metals (TSXV: FWZ; US-OTC: FWEDF) on Friday secured millions in U.S. and Canadian critical minerals project funding.

The U.S. Department of Defense invested about US$15.8 million (about $22.5 million) under the Defense Production Act. It also got up to $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 $1.37 apiece. They’ve ranged between 97¢ and $1.55, and it has a market capitalization of $248 million.