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$NATUF: Looks like Fireweed Metals is getting MACTUNG About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:
https://twitter.com/fireweedmetals
I didn't know about this ............ pay us our MONEY !!!!!!!!
https://www.globenewswire.com/news-release/2022/12/21/2577876/0/en/Fireweed-Closes-Previously-Announced-Offering-for-Total-Proceeds-of-35-Million.html
https://www.cbc.ca/news/canada/north/n-w-t-mactung-tungsten-property-fireweed-1.6480944
What about all that Tungsten at CANTUNG in the NWT ????
Who's getting that ??
Give us our MONEY $NATUF !!!!!!!!!!!!
GO $NATUF
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Macmillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district-scale 940 km2 Macmillan Pass project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated 10th January 2018, and 23rd May 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Boundary Zone West, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential. The large 2022 drill program utilizing four drills is now complete and assay results are being announced as they are received and interpreted.
Mactung Tungsten Project: The Company has a binding Letter of Intent to acquire 100% interest in the 37.6 km2 Mactung Tungsten Project located adjacent to the Macmillan Pass Project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped tungsten resources in the world. Located in Canada, it is one of the rare large tungsten resources outside of China. Due diligence and validation work on historic data as well as relogging and sampling of historic drill core has been completed and will support a new mineral resource estimate.
Gayna River Zinc-Lead-Gallium-Germanium Project: Fireweed has 100% of the 128.75 km2 Gayna River project located 180 kilometres north of the Macmillan Pass project. It is host to extensive critical minerals mineralization including zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. The 2022 field program of airborne LiDAR topographic surveying and ground geophysics is now complete and data is being interpreted toward defining drill targets.
3 employees update glassdor Febuary 18th 2022 Price/Change on trade updated April 19th 2022
Stay period ends April 30th 2022
Proof that company maybe coming back
Why would 3 employee update glassdor got on Febuary 18th 2022?
Proof that company maybe coming back
Why would 3 employee update glassdor got on Febuary 18th 2022?
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Six years after taking the extraordinary step of purchasing the Mactung property — a tungsten mineral exploration project straddling the N.W.T.-Yukon border — the N.W.T. government continues to plod ahead with the complex process of trying to sell it.
Each step of the sale involves a detailed back and forth between a dozen separate governments, a court-ordered monitor in charge of a miner in bankruptcy protection and an undisclosed number of interested mining companies.
To make matters even more convoluted, the Mactung project is being sold in tandem with another mining property — the former Cantung mine. Both of these properties were held by North American Tungsten before it went into bankruptcy protection in 2015.
"It's the most complicated process I've seen in terms of a sales transaction," said John Ketchum, director of the N.W.T. Geological Survey.
But it continues, if slowly.
The territorial government, federal government, and more than 10 N.W.T. and Yukon First Nations governments have approved a list of qualified bidders for the two tungsten projects.
Ketchum said a request for proposal is now out to that short-list of prospective buyers.
"It's a confidential process," Ketchum said, when asked for details on the identities and number of bidders. Releasing company names at this stage, he said, could affect how they are valued and traded on the stock market. "There's a lot of sensitivity around the process."
Back in the fall of 2015, a few months after failing Vancouver-based North American Tungsten was granted creditor protection, the territorial government stepped up to buy Mactung for $4.5 million. When the N.W.T. cabinet approved the purchase, the rationale given at the time was all other offers to purchase the tungsten-rich property were too low.
With mineral leases in both the N.W.T. and Yukon, Mactung is one of the largest-known tungsten deposits outside of China — the main player in the market.
But perhaps more importantly to the territorial government, by buying Mactung, it was able to get responsibility for Cantung off its books. The N.W.T. government transferred all liabilities for Cantung's cleanup to the federal government, based on the devolution agreement signed between the two governments in 2013.
Cantung, roughly 160 kilometres southeast of Mactung, produced tungsten off and on between 1962 and 2015. It has been in care and maintenance ever since.
Cantung mine to close Oct. 27, says North American Tungsten
The Department of Crown-Indigenous Relations and Northern Affairs spent more than $37 million at Cantung between 2015 and March 2021.
According to a recent court filing, cleanup costs at the former mine for the period between March 2021 and April 2022 will cost Canadian taxpayers more than $7 million. Right now, 12 full-time workers on four-week rotations do environmental monitoring and site remediation work at Cantung.
Meanwhile, the territorial government has spent more than $208,000 since 2015 to clean up Mactung and keep it in compliance with its water license. "There's no real ongoing costs with the property at the moment," said Ketchum.
Although the Canadian government has assumed responsibility for Cantung, the property is still technically owned by North American Tungsten, which is currently being run by Alvarez & Marsal, a court-appointed monitor.
In May 2019, the territorial government and the federal department tasked the Vancouver-based monitor to lead the sale of the two mineral properties. Any prospective buyer would assume ownership of the two properties, including all environmental liabilities and securities owed at Cantung.
But Ketchum said buyers do have the option to restart the Cantung mine.
"It's not simply just a remediation project in our minds. We think there is some value still remaining," he said, adding there is also the potential to reprocess Cantung's tailings to recover tungsten.
The request for proposals was supposed to go out in summer 2020, but was delayed due to COVID-19. The pandemic also held things up since some interested bidders couldn't get in for site visits.
The deadline for the request for proposals is not expected to close until early 2022, a spokesperson with Canada's Crown-Indigenous Relations and Northern Affairs, Matthew Gutsch, told CBC News by email.
Once the bids are received, a committee comprising representatives from the federal and territorial governments and the monitor will pick a preferred bidder, he explained.
When (or if) a sale goes through, the Canadian and territorial governments have an agreement about how the proceeds will be split.
But details of that agreement — like so much of this process — are confidential, said Ketchum.
"The sale process is designed to maximize the cash value of the Mactung property and to offset to the greatest extent possible the environmental liabilities that exist at the Cantung mine site," Gutsch confirmed.
Any new owner will also be expected to negotiate a new Impact and Benefits Agreement (IBA) with the Nah?a Dehé Dene Band in Nahanni Butte. "Cantung operated for more than 50 years without any consideration of [the Nah?a Dehé]'s rights and interests," Soham Srimani, acting band manager, wrote in response to questions from CBC.
It wasn't until early 2015 that North American Tungsten signed an IBA with the First Nation, but this agreement was never fulfilled due to the company's bankruptcy protection filing soon after.
"[The Nah?a Dehé Dene Band] is actively working to ensure that any further operations or reclamation activity at Cantung Mine maximizes benefits to [its members] and minimizes further impacts on our traditional territory," explained Srimani, adding a new IBA is needed to document these obligations.
Tungsten in the spotlight
The request for proposals comes at a time when critical minerals, like tungsten, are in the global spotlight.
Tungsten is a durable metal, with the highest melting point and tensile strength of any element. It is used to make cutting and wear-resistant equipment and tools that are important in heavy-duty industries like mining and construction.
In January 2020, the U.S. and Canada signed an agreement to secure access and improve supply chains for so-called critical minerals, many of which are controlled primarily by Chinese producers. Tungsten is one of the 35 critical minerals considered vital to clean energy, communications and military defence technologies.
According to a 2007 filing, Mactung is believed to host more than 290,000 tonnes of recoverable tungsten trioxide.
In 2009, North American Tungsten estimated it would cost $402 million to build Mactung and bring it into production.
Ketchum said the growing interest in critical minerals — and the two tungsten projects by extension — could be a "silver lining" of the complicated sales process.
"Because they are world-class resources," he said. "There's no question about that."
https://www.cbc.ca/news/canada/north/n-w-t-government-mactung-cantung-mine-1.6262590
NATC owned and operated a tungsten mine located in the Northwest Territories known as the “Cantung Mine”. NATC produced “tungsten concentrate”, which was sold to two customers, one of which was Global Tungsten and Powders
Corp. (“GTP”). Low tungsten prices and significant debt service obligations were two of a number of factors that resulted in NATC’s seeking creditor protection.
The Cantung tungsten mine is located in the south-west corner of the Northwest Territories, approximately 720 km west of Yellowknife. The mine is located 390 km from Whitehorse, with year-round access via Watson Lake. North American Tungsten Corporation Ltd (NATC) is the owner of Cantung mine and is responsible for the site under the water licence issued by the Mackenzie Valley Land and Water Board.
The company, while legally responsible for the site, has been under creditor protection since June 2015. A Court-appointed Monitor, Alvarez & Marsal, oversees site operations, which are funded by the Government of Canada through the Companies' Creditors Arrangement Act court process. Under direction from the Court-appointed Monitor, NATC continues to undertake care and maintenance activities at the Cantung mine in order to meet its regulatory requirements. It is also advancing environmental site investigations to assess and determine potential closure options for existing environmental liabilities at the mine site. This work is being carried out in conjunction with federal officials and in consultation with Indigenous groups with asserted rights in the area.
In 2019, a Memorandum of Agreement for the joint sale and marketing process of the Cantung mine and Mactung deposit was signed by the Government of Canada and the Government of the Northwest Territories. There are viable tungsten and copper reserves remaining at the Cantung mine, and as such it is possible that the Government of Canada could find a new operator to resume mining activities before the site is remediated and eventually closed.
https://www.canada.ca/en/crown-indigenous-relations-northern-affairs/news/2019/08/the-northern-abandoned-mine-reclamation-program.html
