Fireweed tumbles following positive Macmillan Pass PEA

Vancouver-based explorer Fireweed Zinc has reported strong economic indicators for its Macmillan Pass project, in Canada’s Yukon Territory, sending its TSX-V-listed stock up 6% on Thursday to open at a 52-week high, before closing down 11% by market close. Based on metal price assumptions of $1.21/lb of zinc, $0.98/lb of lead and $16.80/oz of silver, the maiden preliminary economic assessment (PEA) on the project calculated a pre-tax net present value (NPV), applying an 8% discount rate, of C$779-million, and an internal rate of return (IRR) of 32%.