FWEDF - Fireweed Zinc to acquire Mactung Tungsten Project for C$15M

Fireweed Zinc (OTC:FWEDF) signed a binding letter of intent to acquire 100% interest in the Canada-based Mactung Tungsten Project for C$15M. The LOI was signed with the Government of the Northwest Territories. The final definitive agreement is targeted before 2022-end. Out of the total, $1.5M will be paid upon execution, an additional $3.5M within 18 months upon finalization of the definitive agreement and $10M upon the satisfaction of other conditions. Mactung carries an existing NSR Royalty of 4%, held by a third party but 2% of which can be purchased at any time for $2.5M. Fireweed will now undertake validation programs on previous work to support the development of a new mineral resource estimate for the project. Source: Press Release

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Fireweed Zinc to acquire Mactung Tungsten Project for C$15M