• Initial results from the first 18 holes of the 2023 program have confirmed the connection between Boundary Main and Boundary West.
• These results reveal a continuous mineralized zone of stratiform laminated to massive sulphide in addition to extensive near-surface vein and breccia mineralization.
• The Boundary Zone stratiform mineralization has a strike length of over 400 m and has been followed down-dip for at least 350 metres.
• This zone is trending to higher grades and greater thicknesses at depth, where it remains open.
• NB23-003 intersected 71.89 m of 6.48% zinc, 3.09% lead, 97.8 g/t silver, including 21.96 m of 10.70% zinc, 6.96% lead, and 178.6 g/t silver.
• NB23-001 intersected 38.00 m of 9.12% zinc, 1.50% lead, 52.6 g/t silver, including 20.00 m of 15.32% zinc, 2.53% lead, 86.2 g/t silver.
• NB23-002 intersected 4.20 m of 18.71% zinc 0.30% lead 47.1 g/t silver.

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

CEO Statement

Brandon Macdonald, CEO, stated “The first results of the season have already been a game-changer for Fireweed, demonstrating the presence of a high-grade layer of massive sulphides and stratiform mineralization feeder system which connects Boundary West and Boundary Main in one single zone which we are now just calling Boundary. We are delighted with the 2023 drill program so far, and we are excited to continue drilling step-outs in and around this potential feeder, as well as the other step-out targets at Boundary, Tom, Jason, and beyond.”

Initial Results from the Boundary Feeder Zone Target

The initial phases of the 2023 drilling program have targeted a gap in the drilling between two of Fireweed’s best-ever drillholes at Boundary Zone, NB22-002 and NB22-023, where Fireweed has been testing a high-grade feeder zone target that was interpreted to link Boundary West and Boundary Main within a sediment hosted massive sulphide system. These 2022 holes intersected very wide, high-grade zones and flank either side of the target being tested in Phase 1 of the 2023 drill program: NB22-023 intersected 298 m of 4.5% zinc, 1.4% lead, and 30.9 g/t silver including a stratiform zone of 9.6 m grading 24.5% zinc, 15.1% lead, and 323.2 g/t silver; and hole NB22-002 intersected 124 m at 12.3% zinc, 1.3% lead, 45.9 g/t silver (see Fireweed news releases dated November 22, 2022, and March 2, 2023).

Table 1: Assay results for the first three holes of the 2023 drilling program, Boundary Zone.

* Denotes intervals with core recovery of less than 85%

The 2023 step-outs completed so far have successfully intersected pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, replacement mineralization, veins, and breccias. Assays have been received for the first three holes and are reported in this news release (Tables 1 and 2) along with visual summaries for an additional 17 holes that have tested targets at Tom and Boundary Zone (Table 3).

Hole NB23-003 intersected 72 m of massive sulphide grading 6.48% zinc, 3.09% lead, and 97.8 g/t silver that is interpreted to be a successful test of the conceptual feeder zone target.

Hole NB23-001 intersected sphalerite and galena mineralization, with a 38 m intercept of semi-massive sulphide correlated with the stratiform layer of mineralization grading 9.12% zinc, 1.5% lead, and 52.6 g/t silver.

Hole NB23-002 intersected a 4.2 m, high-grade, interval of semi-massive sulphide containing 18.71% zinc.

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

Additional step-out drilling in the area between the Boundary Main and Boundary West zones has continued to intersect wide intervals of zinc-lead mineralization with assays pending. Hole NB23-012 intersected 48 m of feeder-style massive sulphide representing a 40 m step-out immediately along strike to the southeast from hole NB23-003. Hole NB23-016 intersected 67 m of massive sulphides 95 m down-dip from NB23-003. In the footwall of the Boundary Ramp fault, hole NB23-007 intersected 119 m of massive sulphide, hole NB23-011 intersected 47.6 m of massive sulphide and breccia, and hole NB23-013 intersected 24.5 m of massive sulphide. These intersections correlate with hole NB22-002—one of Fireweed’s best intercepts—which is now thought to correlate to the broad zone of mineralization seen in hole NB23-003.

The geometry and stratigraphic sequence intersected in the first 18 holes that have tested the target between Boundary Main and Boundary West strongly suggest that intersections of laminated stratiform mineralization and massive sulphide zones are part of the same geological layer and support the interpretation of spatial and grade continuity between the drillholes, connecting the two zones in three dimensions. High lead-silver grades and the presence of galena suggest that a feeder zone may exist at Boundary Zone and that the lead-rich intersections reported here may be located in or near the feeder zone. This is a preliminary interpretation of the available geological data and will be further tested by additional drilling in 2023, with additional step-outs to provide a deeper test of the stratiform layer.

2023 Drill Program Drilling Update

The 2023 program is utilizing five diamond drill-rigs, targeting over 16,000 m of drilling mostly focused on Boundary, Tom, and Jason zones (Map 1) with >8,000 m completed thus far. The drill program will focus on step-out targets at Boundary Zone, Jason, and Tom, as well as test several exploration targets away from the known zones.

Drill penetration rates in the first 20 holes was between 30–50% faster than historical performance. The region experienced an early snowmelt this year, allowing a second rig to be mobilized weeks earlier than planned. Three additional rigs have been mobilized and now a total of five rigs are coring on the project.

Camp Expansion Update

The new 48-person camp expansion is commissioned and occupied. Both camps are operating smoothly with a total of roughly 96 people on site. Together with the existing camp, the new all-weather camp allows Fireweed to support around 100 people on site to complete the 2023 season objectives. This work is an important step to build out Macmillan Pass camp capacity to the approved capacity of 150 people, allowing for both larger drill programs and simultaneous environmental baseline studies and occupancy during colder months.

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 working capital position, and is well-positioned to carry out the large 2023 exploration program. The Company has three projects located in Canada:

• Macmillan Pass 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 recently acquired 100% interest in the 37.6 km² Mactung Project located adjacent to the Macmillan Pass 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)* 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 River Project (Zinc-Lead-Gallium-Germanium): Fireweed has 100% of the 128.75 km² Gayna River project located 180 km north of the Macmillan Pass 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 and significant upside potential.

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.

Footnotes and References

*See Fireweed news release dated June 13, 2023 “Fireweed Metals Announces Mineral Resources for the Mactung Project: the Largest High-Grade Tungsten Deposit in the World”. The associated technical report will be filed on www.SEDAR.com on or before July 28, 2023

** References to relative size and grade of the Mactung resources and Macmillan Pass resources in comparison to other tungsten and zinc deposits elsewhere in the world, respectively, are based on review of the Standard & Poor’s Global Market Intelligence Capital IQ database.

¹: Fireweed Technical Report titled “NI 43-101 Technical Report on the Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo Mining Districts Yukon Territory, Canada” filed on www.SEDAR.com on Feb 23, 2018, and Fireweed News Release dated January 10^th 2018.

²: Fireweed Technical Report titled “NI 43-101 Technical Report Macmillan Pass Project Yukon Territory Canada” filed on www.SEDAR.com on July 9^th 2018, and Fireweed News Release dated May 23^rd, 2018. This Technical Report includes a Preliminary Economic Analysis disclosing an economic analysis of mineral resources that is preliminary in nature and does not include any mineral reserves. It is equally emphasized that the mineral resources disclosed within this Technical Report are not mineral reserves and do not have demonstrated economic viability.

Map 1: Macmillan Pass Project and Mactung Project locations.

Map 2: Location of 2023 Boundary Zone drillholes, cross section H–H’, J–J’, K–K’, L–L’ and long section M–M’ see below for cross 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 (pink 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’ – Selected intersections within the laminated to massive sulphide stratiform zone of pyrite-sphalerite-galena mineralization at Boundary Zone including long intervals of zinc mineralization at depth with assays pending.

Cross Section H–H’—Assay results from the first hole of the 2023 season, NB23-001, intersecting high-grade new stratiform zone (purple) in the footwall of the Boundary Main Fault, high-grade vein and breccia mineralization above the Boundary Main Fault, and volcaniclastic-hosted mineralization at depth. Also see intersections of mineralization with assays pending in holes NB23-010, NB23-014, and NB23-015.

Cross Section J-J’ Wide intersection of massive sulphides steps-out the stratiform mineralized zone down-dip with high grades in NB23-003, and a wide interval in NB23-016 (assays pending). Preliminary interpretation of the approximate shape of the stratiform mineralized zone shown in purple.

Cross Section K-K’: Mineralized intersections with assays pending in holes NB23-004, NB23-006, and NB23-008.

Cross Section L-L’: Mineralized intervals with assays pending in NB23-007, NB23-011, and NB23-005, including a very long interval of massive sulphide in hole NB23-007 following up from NB22-002.

Table 2: NB23-001, NB23-002 and NB23-003 drill results.

* Denotes intervals with recovery of less than 85%

Table 3: 2023 drilling summary.

* denotes holes in progress

Table 4: Drill Hole Collar Information.

* denotes holes in progress.
Coordinates listed in NAD83 UTM Zone 9N.