FIREWEED METALS CORP. (TSX-V: FWZ) (OTCQX: FWEDF) is pleased to report the results of an additional nine drill holes from Boundary Zone as part of the 2024 drill campaign at its Macpass Project, Yukon, Canada.

Highlights

• Hole NB24-014 from 311.50 m downhole: 54.58 m of 8.68% zinc, 3.68% lead, and 87.4 g/t silver (31 m true width), including 26.08 m of 13.15% zinc, 6.35% lead, and 139.9 g/t silver (15 m true width).
• Hole NB24-024 from 383.5 m downhole: step-out intersection of 19.73 m of 9.40% zinc, 1.07% lead, and 49.7g/t silver (15 m true width), including 10.79 m of 13.39% zinc, 1.30 % lead, and 70.0 g/t silver (8.0 m true width)
• Hole NB24-014 from 146.95 m downhole: 106.85 m of 4.61% zinc, 0.52% lead, and 11.88 g/t silver, including 16.32 m of 9.98% zinc, 0.28% lead, and 17.0 g/t silver.
• Significant concentrations of germanium and gallium associated with sphalerite mineralization (included within the full results in table 1)

CEO Statement

Peter Hemstead, President and CEO, stated, “Boundary zone continues to grow, delivering high-grade step-out intersections outside of the recently announced Mineral Resource of stratiform sulphide mineralization, along with notable vein and replacement mineralization. Step-out results from hole NB24-024 confirm significant extensions of the high-grade Upper Zone towards the East and down dip. Additionally, infill drilling at the massive sulphide Prime Zone, including hole NB24-014, has delineated greater thicknesses and higher grades of this zone than those estimated in our current Mineral Resource. These results show great potential for a material increase in the high-grade tonnage at Boundary Zone.”

Summary

The drill holes in this release comprise intervals of vein and replacement style mineralization as well as massive (>50% sulphides) to stratiform (layer-parallel) sulphides in the central portion of Boundary zone. Massive sulphide mineralization at Boundary is split into three primary domains based on location and geochemistry: BZFL (Boundary Zone Fuller Lake), BZUZ (Boundary Zone Upper Zone) and BZPZ (Boundary Zone Prime Zone). The intersections of massive and stratiform sulphides in NB24-006, NB24-014, and NB24-021 are from BZPZ and the intercept in NB24-024 correlates to BZUZ, while the broader intercepts in the holes comprise vein and replacement style mineralization.

Results

Drill holes in this release are located in the central portion of Boundary Zone and were targeting stratiform to massive sulphides, as well as vein and replacement mineralization with a focus on expanding mineralized domains and improving confidence in mineralized bodies. All holes in this release were successful in intersecting vein and replacement style mineralization, with NB24-006, NB24-014, NB24-021, and NB24-24 intersecting broad (>10 m true width) zones of massive to stratiform sulphides rich in sphalerite and galena.

Fireweed successfully intersected massive sulphides in both NB24-014 and NB24-024 (Photos 1 and 2) as well as stratiform to semi-massive sulphides, vein, and replacement mineralization in all holes within this release. Summaries of the intercepts from these holes are as follows:

• Hole NB24-014
  • Intersected 54.58 m (estimated true width of 31 m) of BZPZ laminated and massive sulphides grading 8.68% zinc, 3.68% lead, and 87.4 g/t silver, including 26.08 m (est. true width 15 m) of 13.15% zinc, 6.35% lead, and 139.9 g/t silver. This strategic infill hole was designed to test an area of the resource model where the BZPZ was interpreted as wedging out against a fault between 2023 drill holes NB23-037 and NB23-032. The hole successfully confirmed that the fault wedge comprises a massive sulphide zone approximately 3.5 metres thicker and significantly higher grade than estimated within the current Mineral Resource, interpreted as continuous with the high-grade feeder style mineralization encountered previously in hole NB23-037 (see Fireweed News Release January 22, 2024).
  • The hole also had a broad near surface interval of breccia and vein mineralization 106.85 m in width grading 4.61% zinc, 0.52% lead, and 11.88 g/t silver, including 16.32 m grading 9.98% zinc, 0.28% lead, and 17.0 g/t silver. This intersection confirmed the extents of a broad interval of mineralization approximately 150 m from surface.
• Hole NB24-024
  • Intersected a step-out intersection of 19.73 m (estimated true width of 15 m) of stratiform to semi-massive sulphide grading 9.40% zinc, 1.07% lead, and 49.7 g/t silver, including 10.79 m (estimated true width of 8.0 m) grading 13.39% zinc, 1.30% lead, and 70.0 g/t silver. This is interpreted as an extension of the Upper Zone and is situated beyond the limits of the current Mineral Resource, as a 40 m step-out along strike and 100 m down dip from the nearest Upper Zone intersections.
  • This hole also intersected another step-out intersection of 23.1 m of 5.00% zinc, and 9.6 g/t silver from 146.3 m downhole within vein and replacement style mineralization. This represents a 70-metre step-out from the closest previously known mineralization.
• Hole NB24-006 intersected 71.91 m of stratiform sulphides, vein, and replacement mineralization grading 2.73% zinc, 0.53% lead, and 14.1 g/t silver, including 9.8 m of stratiform sulphides (estimated true width 9.8 m) grading 9.34% zinc, 0.5% lead, and 23.4 g/t silver. The hole also intersected an interval from 23.4 m downhole, 39.61 m in length of vein and replacement mineralization grading 5.42% zinc, and 14.3 g/t silver, including 6.23 m of 13.66% zinc, 0.10% lead, and 27.9 g/t silver.
• Hole NB24-022 intersected 84.50 m of vein and replacement sulphides grading 2.92% zinc, 0.14% lead, and 5.7 g/t silver, including 11.70 m of 8.64% zinc, 0.71% lead, and 12.96g/t silver.
• Hole NB24-021 intersected 14.77 m of stratiform sulphide (estimated true width 11 m) grading 3.40% zinc, 0.36% lead, and 19.6 g/t silver, including 4.15 m (estimated true width of 3.2 m) grading 7.28% zinc, 0.29% lead, and 22.7 g/t silver. The hole also intercepted 35.40 m of vein and replacement style mineralization grading 3.1% zinc and 4.8 g/t silver, including 12 m of 6.19% zinc and 6.6 g/t silver; and, 32.74 m of vein and replacement style mineralization grading 2.26% zinc, 0.56% lead, and 5.2 g/t silver, including 4.45 m grading 6.84% zinc and 8.6 g/t silver.
• Hole NB24-011 intersected 26.81 m of vein and replacement style mineralization grading 2.42% zinc, 0.47% lead, and 11.5 g/t silver, including 6.46 m of 5.51% zinc, 0.65% lead, and 15 g/t silver.
• Hole NB24-010 was abandoned before reaching its target; however, it still intersected three intervals of vein and replacement mineralization: 4.65 m grading 3.62% zinc and 6.0 g/t silver; 3.00 m grading 6.82% zinc and 7.6 g/t silver; and, 6.62 m grading 3.19% zinc, 0.22% lead, and 21.6 g/t silver.

See Tables 1 to 3, Cross Sections C–C’, N–N’, U–U’ and Map 2 below for further details.

The holes in this release are step-out and infill holes that tested the vein and breccia mineralization, laminated stratiform mineralization, and massive sulphide zones in the central portion of Boundary Zone. No 2024 drill holes were included in the 2024 Mineral Resource Estimate and represent growth potential above and beyond Fireweed’s current Mineral Resource.

Next Steps

The Company has currently released 17 of 49 holes drilled in 2024. The assay results and interpretations for the remaining holes will be released as they are received and interpreted by the company.

Qualified Person Statement

Technical information in this news release has been reviewed and approved by Fireweed Metals Senior Geologist, Ian Carr, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101. Mr. Carr is not independent of the Company in accordance with NI 43-101.

Fireweed Metals Corp. is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 977 km² land package. The Macpass District includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Map 1: Macpass Project and Mactung Project locations

Map 2: Composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to surface and proposed pit shell

Figure 1: Cross section C to C’ NB24-014 and NB24-024

Figure 2: Cross section N to N’ NB24-006, NB24-010, and NB24-011

Figure 3: Cross section U to U’ NB24-021, NB24-022, and NB24-023

 Photo 1: Galena and sphalerite rich massive sulphides in NB24-014 360.3 to 366.0 m

Photo 2: Galena and sphalerite rich massive sulphides in NB24-024 389.9 to 396.0 m

Table 1: NB24-006, NB24-010, NB24-011, NB24-012, NB24-014, NB24-021, NB24-022, NB24-023, and NB24-024 drill results

† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 1.41% zinc)—intersections of continuous higher-grade material (>1.41% zinc) are listed as Primary and Included intervals and represent mineralized material.
‡ See “Data Verification” for a description of true width calculations

Table 2: 2024 Drilling Summary

Table 3: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.