• Fireweed continues to grow Boundary Zone with multiple wide, high-grade zones of zinc-lead-silver mineralization in step-out holes within stratiform, laminated to massive sulphides, which demonstrate strong continuity of the system, and potential for further step-outs of the mineralized zones.
• Hole NB23-016 intersected 81.3 m (35 m estimated true width) of 8.5% zinc, 1.1% lead, and 47.0 g/t silver, including 12.4 m of 17.2% zinc, 2.0% lead, and 79.1 g/t silver. This hole also intersected a separate interval of 12.84 m grading 4.5% zinc and 8.8 g/t silver.
• Hole NB23-012 intersected 67.78 m (41 m estimated true width) grading 6.3% zinc, 1.2% lead, and 52.0 g/t silver including 10.52 m of 12.8% zinc, 2.3% lead, and 105.7 g/t silver.
• Hole NB23-011 intersected 44.83 m (8.5 m estimated true width) grading 8.3% zinc, 1.2% lead, and 42.9 g/t silver including 18.83 m of 12.2% zinc, 1.3% lead, and 63.9 g/t silver.
• Assays are pending for 24 remaining drillholes from Boundary Zone, 10 holes from the Tom deposit and 2 holes from the Jason deposit.

FIREWEED METALS CORP. (TSX-V: FWZ) (OTCQB: FWEDF) (FSE: M0G) is pleased to report additional assay results from its 2023 exploration at the Macmillan Pass Project, Yukon, Canada, and provide an update from its largest ever drill program.

CEO Statement

Brandon Macdonald, CEO, stated, “We are delighted by the continued demonstration of scale, strength, and continuity of mineralization at the Boundary Zone. The results today further illustrate the significance of Boundary Zone within the Macpass Project. Critically, the recent results give us a clearer picture of the geometries of the stratiform massive sulphide zones and surrounding vein, breccia, and replacement style mineralization. We have now completed our largest ever drill program, which has started to reveal the true scale of the mineralization at Boundary Zone and we eagerly await many more results from Boundary Zone, and the Tom and Jason deposits.”

Results from Boundary Zone

Following up on drilling from 2022 and the compelling initial results of the 2023 program to date, Fireweed continues to test the extents of the high-grade feeder zone target. This zone is interpreted to occur as at least one tabular layer within a broader sediment hosted massive sulphide system. Drilling also continues to define the more distal expressions of this stratiform system near surface, as well as delineating the extensive replacement, vein, and breccia styles of mineralization. The results from 2023 continue to return high-grade zinc values that support the stratiform mineralization model, as well as better defining the vein, breccia and replacement mineralization near surface.

Table 1: Assay highlights for holes 011 to 016 of the 2023 drilling program, Boundary Zone.

Fireweed continues to successfully intersect pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, replacement mineralization, veins, and breccias in the 2023 step-outs (Photos 1 to 3). Zinc mineralization has been intersected in every step-out hole that has been completed to depth. Assays have been received for the first sixteen Boundary Zone holes (Tables 1 and 2). Brief summaries of mineralized zones within all other holes at Boundary Zone, Tom, and Jason along with outcomes from exploration holes are listed in Table 3.

• Hole NB23-016 intersected an 81.34 m interval of stratiform massive sulphide grading 8.46% zinc, 1.06% lead, and 47.0 g/t silver with an estimated true width of approximately 35 m. In addition, two other distinct intervals were intersected, comprising 12.84 m of 4.54% zinc, and 8.8 g/t silver, and 7.68 m of 6.87% zinc, and 9.5 g/t silver.
• Hole NB23-012 intersected a 67.78 m intersection (41 m estimated true width) correlated with the stratiform massive sulphides grading 6.26% zinc, 1.22% lead, and 52.0 g/t silver and a 26.17 m interval of vein mineralization grading 3.18% zinc and 8.4 g/t silver.
• Hole NB23-011 intersected 44.83 m of stratiform massive sulphide (8.5 m estimated true width) grading 8.30% zinc, 1.16% lead, and 42.9 g/t silver, and two other intercepts of vein style mineralization: 7.99 m grading 4.47% zinc and 8.9 g/t silver; and 9.03 m grading 3.69% zinc, 0.31% lead, and 26.4 g/t silver.
• Hole NB23-013 intersected 29.77 m (20 m estimated true width) of stratiform massive sulphide grading 2.87% zinc, 0.28% lead and 27.7 g/t silver, as well as two intervals of vein style mineralization: 5.35 m grading 8.31% zinc, 0.25% lead, and 31.0 g/t silver; and 5.55 m grading 7.71% zinc, 0.68% lead, and 32.9 g/t silver.
• Hole NB23-015 intersected two zones of vein style mineralization: 95.87 m grading 3.21% zinc, 1.06% lead, and 18.5 g/t silver; and 43.98 m grading 1.99% zinc, 0.68% lead, and 13.1 g/t silver.
• Hole NB23-014 intersected 12.17 m of stratiform massive sulphide grading 4.27% zinc, 1.51% lead, and 38.3 g/t silver.
• Hole NB23-010 intersected a distal, near surface expression of the stratiform mineralization that graded 1.79% zinc, 0.40% lead, 9.6 g/t silver over 3.09 m.
• Hole NB23-009 was abandoned at 67 m due to ground conditions and redrilled as NB23-011.

See Tables 1, 2 and 3, Long Section M-M’, Cross Section B–B’, Cross Section J–J’, Cross Section K–K’, Cross Section H-H’, Cross Section L–L’, Cross Section N–N’ and Maps 2 and 3 below for further details.

Step-out drilling at Boundary Zone targeting the massive–stratiform zone has resulted in the visual identification of many wide intersections of zinc-lead mineralization with assays pending. The most significant intersections can be seen on Long Section M-M’ and are listed here:

• NB23-019 intersected 57 m of massive sulphide.
• NB23-022 intersected 55 m of massive sulphide.
• NB23-028 intersected 140 m of feeder-proximal laminated to massive sulphides.
• NB23-029D1 intersected 21 m of stratiform massive sulphide.
• NB23-032 intersected 18 m of stratiform massive sulphide.
• NB23-034 intersected 49 m of stratiform massive sulphide.
• NB23-035 intersected 15 m of stratiform massive sulphide.
• NB23-036 intersected 45 m of stratiform massive sulphide.
• NB23-037 intersected 110 m of feeder-proximal laminated to massive sulphide.
• NB23-038 intersected 13 m of stratiform massive sulphide.

Out of the 40 holes drilled at Boundary Zone in 2023, 36 were step-out holes that tested the replacement and vein mineralization, laminated stratiform mineralization, and massive sulphide zones. The geometry and stratigraphic sequence intersected in these holes continue to support the idea that the laminated and massive sulphide mineralization are part of the same geological layer at Boundary Zone, forming an approximately tabular stratiform zone. Step out drilling down-dip intersected abundant galena, supporting the presence of the conceptual feeder zone. While this remains a preliminary interpretation of the available geological data, continued drilling supports this model, extending the depth of mineralization in the massive stratiform layer from surface to at least 400 m, with the zone becoming higher grade and wider in the deeper intersections (Long Section M-M’).

Extensive vein, breccia, and replacement mineralization at Boundary Zone occurs both above and below the main stratiform laminated massive sulphide zone. Many wide intervals of vein, breccia and replacement style sphalerite mineralization have been encountered in 2023 step-out holes and four infill holes (Table 3).

2023 Drill Program Drilling Update

The 2023 program is now complete, having achieved 22,500 m of drilling mostly focused on Boundary, Tom, and Jason zones (Map 1). Higher than forecast drill penetration rates over the initial portion of the season and additional financing allowed Fireweed to expand the program from 16,000 m to >22,000 m. The expanded program included additional step-out holes at Boundary Zone, Tom South and Jason South, in addition to five metallurgical drill holes at Mactung.

About Fireweed Metals Corp.

Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a healthy balance sheet, and has three projects located in Canada:

• Macpass Project (Zinc-Lead-Silver): Fireweed owns 100% of the district-scale 940 km² Macmillan Pass Project in Yukon, Canada, which is host to one of the largest undeveloped zinc resources in the world* where the Tom and Jason zinc-lead-silver deposits have current Mineral Resources¹ (11.21 Mt Indicated Resource at 6.59% zinc, 2.48% lead, and 21.33 g/t silver; and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15 g/t silver) and a Preliminary Economic Assessment² (PEA). In addition, Boundary Zone, Tom North and End Zone 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.
• Mactung Project (Tungsten): The Company owns 100% interest in the 37.6 km² Mactung Project located adjacent to the Macpass Project. Recently announced mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO₃ and 12.2 Mt Inferred Resource at 0.59% WO₃)³ make it the world’s largest high-grade resource of the Critical Mineral tungsten*. Located in Canada, it is one of the rare large tungsten resources outside of China*.
• Gayna Project (Zinc-Lead-Gallium-Germanium): Fireweed owns 100% of the 128.75 km² Gayna Project located 180 km north of the Macpass Project. It is host to extensive mineralization including Critical Minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 m of historical drilling. A recent reevaluation of the geology indicates the potential for high-grade Kipushi-style massive sulphide mineralization.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed’s VP Geology, Dr. Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Map 1: Macpass Project and Mactung Project locations.

Map 2: Location of 2023 Boundary Zone drillholes, cross sections and long section M–M’. See below for sections.

Map 3: Mineralized intervals in 2023 drilling and pre-2023 drilling defining a stratiform laminated to massive sulphide zone that is connected at depth (purple polygon) and a broader envelope of vein, breccia, and other stratiform zinc mineralization, showing significant areal extent (within green dashed line).

Long Section M–M’ – Estimated true thickness interpretation and selected intersections with zinc grades shown within the laminated to massive sulphide stratiform zone of pyrite-sphalerite-galena mineralization at Boundary Zone including midpoints of holes with assays pending.

Cross Section B–B’ — Including analytical results for holes NB23-013.

Cross Section H–H’ — Including analytical results for holes NB23-014 and NB23-015.

Cross Section J–J’ — Including analytical results for holes NB23-016.

Cross Section K–K’ — Including Holes NB23-004, NB23-006, and NB23-008.

Cross Section L–L’ — Including analytical results from Hole NB23-011

Cross Section N–N’ — Including analytical results from Hole NB23-012

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in NB23-016 (351.1 m to 360.4 m).

Photo 2: High resolution core scanning image of sphalerite-pyrite-siderite vein and matrix replacement mineralization in NB23-016 (172.1 m to 182.0 m).

Photo 3: High resolution core scanning image of sphalerite-pyrite-galena-siderite breccia, vein and replacement mineralization in NB23-015 (142.8 m to 152.8 m).

Table 2: NB23-006, NB23-008, NB23-009, NB23-010, and NB23-011, NB23-012, NB23-013, NB23-014, NB23-015, NB23-016 Drill Results.

* Denotes intervals with recovery of less than 85%

** Individual intercepts reported in a previous release

† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 2% zinc)—intersections of continuous higher-grade material (>2% zinc) are listed as Primary and Included intervals and represent mineralized material.

‡ See “Data Verification” for a description of true width calculations

Table 3: 2023 Drilling Summary.

Table 4: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.