Fireweed Metals Corp. (TSX-V: FWZ) (OTCQX: FWEDF) is pleased to report the results of six drill holes from Tom South and two drill holes from Jason Main as part of the 2024 drill campaign at its Macpass Project, Yukon, Canada.

Highlights

• Hole TS24-002 from 595.52 metres downhole: 15.12 m (10 m true width) of 10.39% zinc, 18.10% lead, and 296.9 g/t silver, including 8.15 m (5.4 m true width) of 12.76% Zn, 22.44% Pb, and 361.4 g/t Ag in nearest to surface intercept at Tom South to date, demonstrating an increase in grade and thickness up-plunge of previous Tom South intercepts.
• Hole TS24-001 from 732.56 m downhole  18.15 m (11 m true width) of 9.02% Zn, 7.46% Pb, and 148.3 g/t Ag, including 8.32 m (5.0 m true width) of 16.18% Zn, 13.52% Pb, and 278.8 g/t Ag.
• Hole JS24-002 from 326 m downhole: 28.02 m (8.3 m true width) of 7.10% Zn, 1.41% Pb, and 5.6 g/t Ag, including 12.90 m (3.8 m true width) of 11.30% Zn, 2.74% Pb, and 10.3 g/t Ag.
• 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, “The consistent high-grade intercepts at Tom South reinforce that the feeder zone in this area continues to define Tom as one of the most prolific known concentrations of zinc, lead, and silver in the Macpass District, with spectacular grades representing intersections comprised almost entirely of sphalerite and galena. TS24-002 represents the nearest-to-surface and highest-grade intercept at Tom South to date, with a broad distance of 200 metres remaining open for testing the up-dip projection of this high-grade mineralized panel towards previous historical drilling. The feeder style mineralization intersected at Tom South is one of several localized zones at Tom that have very high silver grades, further enhancing the overall commodity mix of this deposit.”

Summary

The drill holes in this release comprise intervals of stratiform to massive zinc, lead, silver sulphide mineralization (in the form of sphalerite and galena) from Tom South and Jason Main. At Tom South, this zone of mineralization was first defined in 2023 following up on an isolated historical intercept from 1990 and is interpreted as a continuous panel of high-grade zinc, lead, and silver mineralization representing a feeder zone. The intercepts in this release comprise step-outs from both the 1990 and 2023 intersections and continue to support the expansion of the mineralized domain both up and down dip. Hole TS24-002 reveals a significant increase in grade up-dip, with grades twice as high compared to those modeled for this zone in the 2024 Mineral Resource Estimate¹. The implications of this intercept are three-fold:

• Potential to upgrade Inferred material to the Indicated category;
• Substantially enhances resource grades within this zone; and,
• Extends the projection of mineralization farther up-dip, highlighting the opportunity for meaningful resource growth.

This nearest to surface intercept at Tom South, located approximately 145 m in elevation below the historical exploration workings at Tom West, demonstrates the practicality of accessing this mineralization within an underground mining environment. At Jason Main, the intercept represents a significant step out down dip from previous drilling, establishing continuity beyond the currently reported resource.

Results

Drill holes from Tom in this release are located in the southern portion of the Tom deposit near the hinge of a moderately plunging anticline. All five holes completed intersected laminated to massive sulphides consisting of sphalerite, galena, and barite. The high ratios of lead to zinc (>1:1) in TS24-001D4 and TS24-002 likely represent higher temperature hydrothermal fluids related to formation of mineralization, and therefore an increase in proximity to the heart of a conceptual feeder structure, with TS24-002 representing the nearest-to-surface and highest-grade intercept at Tom South to date. A significant distance of approximately 200 m remains open for testing up-dip of TS24-002 toward previous drilling. The broad, high-grade intercept in TS24-001 (photo 1) illustrates that mineralization remains consistent along strike to the west from intercepts in 2023.

One hole was drilled to completion at Jason Main (JS24-002); and one hole abandoned due to ground conditions at Jason South (JS24-001). The intercept at Jason Main is a 143 m step out down dip of previous drill hole JS17-005 and approximately 25 m down dip from the margin of the defined Inferred resource. This intercept shows good continuity in both width and grade with the intersections currently defining the resource at Jason Main.

Summaries of the intercepts from these holes discussed above are as follows:

• Hole TS24-002 Intersected 15.12 m (estimated true width of 10 m) of stratiform to massive sulphide grading 10.39% Zn, 18.10% Pb, and 296.9 g/t Ag, including 8.15 m (estimated true width 5.4 m) of 12.76% Zn, 22.44% Pb, and 361.4 g/t Ag.

This intercept represents the farthest up-dip intercept tested at Tom South and defines a 235 m continuous panel of mineralization between TS23-001D3 and TS24-002 within contemporary (2017–2024) drilling and 275 m in length down dip to TS90-012. This panel remains open both up and down dip.

• Hole TS24-001 a step-out intersection of 18.15 m (estimated true width of 11 m) of stratiform to massive sulphide grading 9.02% Zn, 7.46% Pb, and 148.3 g/t Ag, including 8.32 m (estimated true width of 5.0 m) grading 16.18% Zn, 13.52% Pb, and 278.8 g/t Ag, and including 3.57 m (estimate true width of 2.2 m) grading 21.96% Zn, 23.67% Pb, and 518.6 g/t Ag.
• Hole TS24-001D4 intersected 6.20 m (estimated true width of 4.3 m) of stratiform to massive sulphide grading 12.51% Zn, 12.06% Pb, and 191.1 g/t Ag, including 4.65 m (estimated true width of 3.2 m) grading 14.83% Zn, 14.29% Pb, and 224.4 g/t Ag.

• Hole TS24-001D1 intersected 4.93 m (estimated true width of 3.2 m) of stratiform to massive sulphide grading 12.11% Zn, 6.72% Pb, and 144.5 g/t Ag, including 3.65 m (estimated true width of 2.4 m) grading 15.48% Zn, 8.71% Pb, and 183.6 g/t Ag.
• Hole TS24-001D3 intersected 2.58 m (estimated as true width) of stratiform to massive sulphide grading 8.58% Zn, 9.61% Pb, and 80.6 g/t Ag.
• Hole JS24-002 intersected 28.02 m (estimated true width of 8.3 m) of stratiform to semi-massive sulphide grading 7.10% Zn, 1.41% Pb, and 5.6 g/t Ag, including 12.90 m (estimated true width of 3.8 m) grading 11.3% Zn, 2.74% Pb, and 10.3 g/t Ag.

See Tables 1 to 3, Cross Sections TH–TH’ and JC–JC’, Long Sections TG–TG’ and JD–JD’, and Maps 2, 3, and 4 below for further details.

The holes in this release are step out holes testing stratiform to massive sulphides at Tom South and Jason Main. No 2024 drill holes are included in the current MRE¹ and represent growth potential above and beyond Fireweed’s current resource.

Next Steps

To date, the Company has released 25 of 49 holes drilled in 2024. The assay results and interpretations for the remaining holes will be released as they are received, analyzed, and confirmed 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.

About Fireweed

Fireweed 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: Tom composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to surface

Map 3: Jason composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to surface

Figure 1: Cross section TG to TG’, TS24-001, TS24-001D1, TS24-001D2, TS24-001D3, TS24-001D4, and TS24-002

Figure 2: Tom long section TG to TG’ showing 2024 resource projected onto the section, 2024 drilling, previous drilling and historical workings

Figure 3: Cross section JC to JC’ JS24-002

Figure 4: Jason long section JD to JD’ showing 2024 resource projected to the section, 2024 and previous drilling

Photo 1: Laminated black-facies sulphides grading into galena and sphalerite rich massive sulphides in TS24-001 737.0 to 746.0 m

Table 1: TS24-001, TS24-001D1, TS24-001D3, TS24-001D4, TS24-002, and JS24-002 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
* Denotes intercepts with recovery below 85%

Table 2: 2024 Drilling Summary

Table 3: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.