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.

Highlights

• Boundary Zone delivers multiple near-surface wide, high-grade zones of zinc-lead-silver mineralization in step-out holes within breccia and vein mineralization, as well as stratiform and massive sulphides.
• Hole NB23-019 intercept is the broadest, high-grade intercept on the eastern side of the stratiform body to date, establishing high-grade continuity over at least 350 m of strike within this zone alone.
• Hole NB23-019 intersected 57.43 m of 8.42% zinc, 1.77% lead, and 51.8 g/t silver (estimated true width 20 m), including 7.9 m of 16.4% zinc, 5.25% lead, and 150.8 g/t silver, and also including 6.74 m of 15.1% zinc, 2.56% lead, and 44.7 g/t silver. This hole also intersected a separate interval of 54.0 m of 7.05% zinc, and 10.3 g/t silver, including 23.5 m of 10.88% zinc, and 14.6 g/t silver.
• Hole NB23-023 intersected 76.77 m grading 6.78% zinc, 0.63% lead, and 17.5 g/t silver including 12.20 m of 16.38% zinc, 2.8% lead, and 44.2 g/t silver.
• Hole NB23-027 intersected 49.9 m grading 10.1% zinc and 14.4 g/t silver including 23.85 m of 13.95% zinc and 20.3 g/t silver.
• Assays are pending for 24 remaining drillholes from Boundary Zone, 10 holes from the Tom deposit and two holes from the Jason deposit.

CEO Statement

Brandon Macdonald, CEO, stated, “Our successes continue at Macpass this year, as Boundary Zone impresses us with even more demonstration of the scale and tenor of this large mineralized system. Today’s results highlight the high-grade, near-surface mineralization on the eastern side of Boundary which mostly comprise vein and breccia styles of mineralization. This type of mineralization forms a wide halo, hundreds of metres in width, that surrounds the high-grade laminated to stratiform massive sulphide layer and related feeder zone. We are eagerly awaiting assay results of the remaining drillholes over the coming weeks.”

Summary

The drill holes in this release primarily comprise near surface mineralization present as veins and breccia (fractured rock infilled by zinc and lead sulphides) on the eastern side of Boundary Zone. This mineralization is broader and more dispersed than the stratiform mineralization deeper and to the west; however, it is generally shallower. Holes NB23-019 and NB23-024 both intersected intervals of vein and breccia mineralization, as well as intersections within the stratiform body. Due to the variable shape of the breccia and vein zones, true widths estimates are not applicable for these intersections as is reported for the stratiform mineralization.

Results

The drill holes in this news release are located on the eastern side of Boundary Zone and targeted the halo of zinc mineralization around the stratiform layers which occurs as matrix replacement, veining, and breccia fill. Broad intervals of high-grade zinc are present from surface to a depth of 300 m. Both stratiform and massive sulphide mineralization is present in NB23-019—this stratiform intercept is the broadest, high-grade intercept on the eastern side of this body to date, establishing high-grade continuity over at least 350 m of strike within the stratiform zone alone.

Table 1: Assay highlights for holes included within this release for the 2023 drilling program, Boundary Zone

^{*denotes intervals with recovery of less than 85%. N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.}

Fireweed continues to successfully intersect pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, veins, and breccias in the 2023 step-outs (Photos 1 to 3). Mineralization has been intersected in every step-out hole that has been completed to depth. Assays have been received for 26 Boundary Zone holes (Tables 1 and 2). Brief summaries of mineralized zones within all other 2023 holes are listed in Table 3.

• Hole NB23-019 intersected a 57.43 m interval of stratiform massive sulphide grading 8.42% zinc, 1.77% lead, and 51.8 g/t silver with an estimated true width of approximately 20 m. In addition, three other distinct intervals of vein and breccia mineralization were intersected, comprising 54.00 m of 7.05% zinc and 10.3 g/t silver; 34.11 m of 4.04% zinc and 38.3 g/t silver; and 18.47 m of 4.12% zinc and 5.1 g/t silver.
• NB23-027 intersected 49.90 m of 10.1% zinc, 14.4 g/t silver, including 23.85 m of 13.95% zinc, 20.3 g/t silver; also including 6.87 m of 12.56% zinc and 17.6 g/t silver in vein and breccia style mineralization. This hole also intersected 45.64 m of 4.65% zinc and 8.0 g/t silver.
• Hole NB23-020 intersected a 90.49 m intersection of breccia and vein sulphide mineralization grading 3.68% zinc and 7.1 g/t silver and a 49.10 m interval of vein mineralization grading 3.98% zinc and 7.1 g/t silver.
• NB23-021 intersected 49.30 m of 3.58% zinc and 5.4 g/t silver, including 24.72 m of 4.63% zinc and 6.4 g/t silver, as well as a lower 18.00 m interval of 13.92% zinc and 36.3 g/t silver, including 7.79 m of 20.58% zinc and 56.3 g/t silver. Both zones comprise vein and breccia style mineralization.
• NB23-023 intersected two distinct intervals of vein and breccia mineralization: 76.77 m of 6.78% zinc, 0.63% lead, and 17.5 g/t silver, including 9.73 m at 19.4% zinc, 41.8 g/t silver, as well as 12.20 m of 16.38% zinc, 2.8% lead, and 44.2 g/t silver, including 3.20 m of 43.09% zinc, 6.93% lead, and 102.0 g/t silver.
• NB23-024 intersected 18.82 m of 13.51% zinc, 0.15% lead, and 20.8 g/t silver, and 34.8 m of 3.88% zinc and 5.3 g/t silver, and 80.72 m of 3.89% zinc, 0.28% lead, and 11.7 g/t silver in vein and breccia mineralization as well as 14.28 m (estimated true width 11 m) of 6.13% zinc, 0.99% lead, and 34.2 g/t silver within stratiform mineralization.
• NB23-030 intersected 52.73 m of 3.27% zinc and 4.0 g/t silver, as well as 49.54 m of 2.85% zinc and 5.8 g/t silver within vein and breccia mineralization.
• NB23-025 intersected three zones of mineralization, one 5.37 m of 8.37% zinc and 13.1 g/t silver, a second 6.00 m of 4.05% zinc and 2.8 g/t silver, and a third 7.00 m of 3.3% zinc and 11.3 g/t silver.
• NB23-026 intersected a 9.49 m interval grading 4.28% zinc and 5.8 g/t silver, as well as a 6.00 m interval grading 2.85% zinc and 20.2 g/t silver in vein and breccia mineralization.
• NB23-018 intersected a 12.96 m interval grading 1.29% zinc, 0.53% lead, and 17.5 g/t silver, as well as a lower 3.95 m interval grading 1.76% zinc, 8.29% lead, and 96 g/t silver. Both intervals comprise vein and breccia style mineralization.
• NB23-017 intersected a short interval of massive sulphide just below casing with minor lead and silver mineralization.

See Tables 1 to 4, Long Section M–M’, Cross Sections A–A’, H–H’, N–N’, O–O’, P–P’, 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:

• NB23-022 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 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. The mineralization in the massive stratiform layer extends from surface to at least 450 m down-dip, over 550 m in strike with a variable true thickness that is shown on Long Section M–M’, thinning around the edges and reaching thicknesses greater than 40 m at its widest point.

Extensive vein and breccia mineralization at Boundary Zone occurs both above and below the main stratiform laminated massive sulphide zone. This mineralization forms within a halo approximately 100 to 150 m wide on both sides of the stratiform laminated zone and is interpreted as a stockwork of randomly oriented veins and breccia zones. Many wide intervals of vein and breccia style sphalerite mineralization have been encountered in 2023 step-out holes and four infill holes (Table 3).

2023 Drill Program

The 2023 program achieved 22,500 m of drilling mostly focused on Boundary, Tom, and Jason zones in addition to five metallurgical drill holes at Mactung (Map 1). Use of directional drilling, in which multiple angled drill holes are initiated at depth from one primary hole, saved an estimated 1,800 m of drilling compared to traditional drilling of multiple new holes from surface for a total equivalent metreage of 24,300 m in 2023, making this Fireweed’s largest ever program and the biggest exploration program in Yukon this year.

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*. 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. Halo vein and breccia mineralization is not included in this cross section.

Cross Section A–A’ — Including analytical results for holes NB23-018, NB23-021, and NB23-024.

Cross Section H–H’ — Including analytical results for holes NB23-024 and NB23-027.

Cross Section N–N’ — Including Holes NB23-019 and NB23-025.

Cross Section O–O’ — Including analytical results from Hole NB23-020 and NB23-030

Cross Section P–P’ — Including analytical results from Hole NB23-023 and NB23-026

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in NB23-019 (329.4 m to 338.6 m).

Photo 2: High resolution core scanning image of sphalerite-pyrite-siderite vein mineralization in NB23-027 (227.5 m to 235.9 m).

Photo 3: High resolution core scanning image of sphalerite-pyrite-galena-siderite breccia mineralization in NB23-020 (353.7 m to 363.4 m).

Table 2: NB23-017, NB23-018, NB23-019, NB23-020, NB23-021, NB23-024, NB23-025, NB23-026, NB23-027, NB23-030 drill results.

^{* Denotes intervals with recovery of less than 85%
† 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.}