Fireweed Zinc Announces Results of Annual and Special Competition

VANCOUVER, British Columbia, June 10, 2022 (GLOBE NEWSWIRE) — FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF) is pleased to report the results of its annual and special meeting of shareholders held on May 25, 2022 and to announce that the shares of Fireweed are now eligible for electronic clearing and settlement with the Depository Trust Company (“DTC”) for trading in the United States.

Annual and special meeting
At the annual and special meeting of shareholders, 25,038,453 shares were voted on and the Company received majority shareholder approval for the following:

1. Re-elected the six outgoing directors for the following year as follows:
Director vote for %
John Robins (Chairman) 20,463,764 82%
Brandon MacDonald 24,227,464 97%
Adrian Rothwell 20,227,464 81%
Georges Gorzynski 20,464,264 82%
Peter Hemstead 23,938,764 96%
Marcus Chalk 23,938,764 96%

2. Approved by Special Resolution to change the name of the Company to “Fireweed Metals Corp.” or such other name as the Board of Directors determines from time to time and which may be approved by the TSX Venture Exchange and the Yukon Registrar of Companies.
3. To appoint Davidson & Company, LLP as auditors of the Company for the coming year.
4. Ratify, confirm and approve the Company’s updated 10% Rolling Stock Option Plan as required by Amended Venture Exchange Policy TSV 4.4.

Details of the matters approved at the Meeting are set forth in the Company’s Information Circular dated April 19, 2022 and available under the Company’s profile on SEDAR at www.sedar.com.

US Custody Trust Company Eligibility
The Company is pleased to announce that Fireweed shares are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in the United States. DTC is a subsidiary of the Depository Trust & Clearing Corporation and handles electronic clearing and settlement for publicly traded companies. Securities eligible for electronic clearing and settlement via DTC are considered “DTC-eligible”. The Company believes that being DTC-eligible will simplify and make trading its common stock on the OTCQB venture capital market more accessible to the U.S. investment community with accelerated settlement periods and an expected reduction in costs for investors and brokers.

DTC eligibility completes Fireweed’s OTCQB® Listing on the Venture Market (“OTCQB”) (OTCQB: FWEDF) in the United States. The OTCQB, operated by the OTC Markets Group in New York, is the premier marketplace for early-stage and development-stage U.S. and international companies, and is recognized by the U.S. Securities and Exchange Commission (“SEC”) as an established public market providing information for the analysis and value of securities.

About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF; ESF: 20 F): Fireweed Zinc is a public mining exploration company at the forefront of developing Critical Minerals projects. The Company has three projects located in northern Canada:

  • Macmillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district-wide 940 km2 The Macmillan Pass project in Yukon, Canada, which hosts the Tom and Jason zinc-lead-silver deposits with current mineral resources and a PEA economic study (see Fireweed press releases dated 10e January 2018, and 23rd May 2018, respectively, and reports filed on www.sedar.com for further details) as well as the Boundary Zone, Boundary West Zone, Tom North Zone and End Zone which have significant drilled zinc-lead-silver mineralization but not yet classified as Mineral Resources. The project also includes large blocks of adjacent claims with known showings and significant exploration potential. Plans for 2022 include an extensive drilling program towards expanded mineral resources and an updated PEA to include significant new areas of mineralization defined since 2018, including frontier zones.
  • Mactung Tungsten Project: The Company has a binding letter of intent to acquire 100% interest in the 37.6 km2 Mactung Tungsten project located next to the Macmillan Pass project. Mactung contains historic resources that make it one of the largest and richest undeveloped tungsten resources in the world. Located in Canada, it is one of the few major tungsten resources outside of China.
  • Gayna River Zinc-Gallium-Germanium Project: Fireweed has 100% of the 128.75 km2 Gayna River project located 180 kilometers north of the Macmillan Pass project. It hosts extensive mineralization of critical minerals including zinc, gallium and germanium, as well as lead and silver, bounded by 28,000 meters of historic drilling and significant upside potential.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the United States, Fireweed (OTCQB: FWEDF) trades on the OTCQB venture capital marketplace for US and international early-stage and development companies and is DTC-eligible for enhanced electronic clearing and settlement. Companies are up-to-date with their declarations and submit to an annual verification and management certification process. Investors can find real-time quotes and market information for the Company at www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed Zinc and its projects is available on the Company’s website at www.FireweedZinc.com and at www.sedar.com.

ON BEHALF OF FIREWEED ZINC LTD.

Brandon MacDonald

CEO and director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Warnings

Forward-looking statements
This press release may contain “forward-looking” statements and information about the company, including its DTC eligibility, that are based on the beliefs of the company’s management, as well as assumptions made by the company’s management. and information currently available to it. These statements reflect current risks, uncertainties and assumptions relating to certain factors, including, but not limited to, exploration and development risks, expenditures and financing requirements, general economic conditions, changes in capital markets, the ability to properly and effectively staff the Company’s operations, the adequacy of working capital and funding for continued operations, title issues, First Nations relationships, operational risks, political and economic factors, competitive factors, metal prices, relationships with suppliers and strategic partners, government regulations and oversight, permits, seasonality and weather, technological changes , industry practices and one-off events. Additional risks are described in the Company’s prospectus dated May 9, 2017 and filed under the Company’s profile on SEDAR at www.sedar.com. Should one or more risks or uncertainties materialize or change, or should underlying assumptions prove incorrect, actual results and forward-looking statements could differ materially from those described herein. The Company does not undertake to update any forward-looking statements or forward-looking information, except as required by law.

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