A significant investment from both Canadian and U.S. government sources, totaling approximately $35 million, has been allocated to a Yukon mining venture focused on developing tungsten and other crucial minerals. Fireweed Metals is the recipient of this funding, with $12.9 million originating from Natural Resources Canada and $22.1 million from the U.S. Department of Defense. The funds will support work at the Mactung deposit, situated near the Yukon-N.W.T. border along the Canol Road.
The Canadian government’s contribution will primarily support infrastructure enhancements along the North Canol Road, including design, studies, data collection, and engagement with First Nations communities. This initiative aims to improve approximately 250 kilometers of road, upgrade an existing transmission line between Faro and Ross River, and construct a new transmission line connecting Ross River to the Macmillan Pass site. These infrastructure improvements are considered essential for the advancement of Fireweed’s critical mineral projects in eastern Yukon.
The U.S. funding will facilitate testing, feasibility studies, and other on-site work at the Mactung mine. The U.S. Department of Defense has stated that this investment is linked to a financial appropriation in response to Russia’s 2022 invasion of Ukraine. Canada’s funding is sourced from a national critical minerals infrastructure fund designed to bolster clean energy, electrification, and transportation initiatives. Fireweed Metals has indicated that this investment will be instrumental in reaching a final investment decision for the project, while simultaneously developing infrastructure that will benefit other projects in the Macmillan Pass region. The company highlights Mactung as the “world’s largest high-grade tungsten deposit,” located adjacent to the Macpass zinc deposits.
