FIREWEED METALS CORP. (TSX-V: FWZ) (OTCQB: FWEDF) (FSE: M0G) is pleased to report the final results from the 2023 drilling campaign at its Tom and Jason deposits, Macmillan Pass Project, Yukon, Canada.

Highlights

• Hole TS23-009 intersected 17.95 m (est. 14 m true width) of 11.45% zinc, 5.86% lead and 126.3 g/t silver, including 6.6 m of 19.33% zinc, 8.42% lead, and 225.1 g/t silver.
• Hole TS23-009D2 intersected 18.78 m (est. 9.8 m true width) of 9.82% zinc, 11.65% lead, and 180.1 g/t silver, including 11.75 m of 11.93% zinc, 16.17% lead, and 260.5 g/t silver.
• Both TS23-009 and TS23-009D2 intersected the new Tom South zone which was not in the 2018 mineral resource. There is substantial potential in this zone beyond what was intersected this year.
• Drill results are now fully disclosed for the 2023 drilling campaign at Macpass.

CEO Statement

Brandon Macdonald, CEO, stated, “The intersection of continuous high-grade feeder style mineralization at Tom South is arguably one of the most significant discoveries at this deposit in decades and is a >100-metre step-out beyond the known Tom resource. These intercepts provide a tantalizing glimpse that Tom Southeast and Tom West may form a continuous zone of stratiform and massive sulphide mineralization connected around a fold hinge at Tom South. We are excited at the prospect of exploring this concept in 2024 and are reminded that despite generations of work, the Tom and Jason deposits may still have surprises in store for us.”

Summary

The mineralization from drill holes in this release primarily comprise stratiform (layer-parallel) and massive (>50% sulphides) sulphides in Tom West, Tom South and Jason South. At Tom West and Tom South this mineralization forms a continuous steeply dipping domain with sharp margins, occurring from surface to at least a depth of 750 m and across a strike length of 1,500 m. At Jason South, mineralization occurs as a series of steeply dipping stratiform lenses from 250 m below surface to a depth of at least 730 m and a strike length of 450 m. The intersections in holes TS23-009, TS23-009D1, and TS23-009D2 represent a significant 100 m step out from mineralization included in the current Tom resource and comprise high-grade massive sulphides associated with feeder style mineralization.

Results

The drill holes in this release are located at Tom West, Tom South, and Jason South and targeted stratiform and massive sulphides with a focus on step outs from the current mineral resource that was last updated in 2018. Holes TS23-009, TS23-009D1, and TS23-009D2 stepped out from an isolated intersection in historical hole TS90-012 which was not included in the 2018 resource. All three holes intersected high-grade stratiform and massive sulphides, which support the idea there is a continuous domain of mineralization outside of the 2018 resource that remains open along strike. Holes TS23-001 to TS23-008 intersected stratiform zinc mineralization, successfully stepping-out downdip and northwest from the known mineral resource at Tom West.

Table 1: Assay highlights for 2023 holes at Tom and Jason.

* Denotes intervals with recovery of less than 85%.
^† See “Data Verification” for a description of true width calculations

At the Tom deposit, mineralization is contained within tabular zones, that dip outwards around the margins of a doubly-plunging, kilometre-scale anticline fold. The deposit is subdivided into several zones, Tom West (or Tom Main zone), Tom East, and Tom Southeast. Tom North was drilled and re-discovered in 2019, interpreted as a northern extension of Tom West that is not included in the current mineral resource (see Fireweed news release dated August 20, 2019). New drilling at Tom South indicates it is a southern extension of Tom West on the nose of an anticline fold. 2023 drilling tested Tom South with hole TS23-009 and two directional-splay holes TS23-009D1 and TS23-009D2. Mineralization at Tom is subdivided into geological domains, based on mineralogy and texture: massive sulphide, and pink facies, grey facies, and black facies based on the colour of the sphalerite (zinc) mineralization. Examples of the high-grade massive to laminated sulphides encountered at Tom South, and the black-facies and grey-facies mineralization within hole from Tom West can be seen in Photos 1 to 3. Assays have now been received for all 2023 Tom and Jason holes (Tables 1 and 3). Summaries for new drill results reported in this news release are as follows:

• Hole TS23-009 intersected 17.95 m (14 m est. true width) of massive and stratiform sulphide grading 11.45% zinc, 5.86% lead, and 126.3 g/t silver, including 6.60 m grading 19.33% zinc, 8.42% lead, and 225.1 g/t silver. Recovery in this mineralized intercept was 64%—below the recovery threshold of 85% typically deemed acceptable at the project, and as a result a secondary hole was drilled as TS23-009D1.
• Hole TS23-009D2 intersected 18.78 m (est. true width 9.8 m) of massive and stratiform sulphide grading 9.82% zinc. 11.65% lead and 180.1 g/t silver, including 11.75 m grading 11.93% zinc, 16.17% lead, and 260.5 g/t silver.
• Hole TS23-009D1 intersected 20.70 m (est. true width of 20 m) of massive and stratiform sulphide grading 4.83% zinc, 3.32% lead, and 52.4 g/t silver, including 7.83 m grading 10.63% zinc, 7.08% lead, and 112.2 g/t silver.
• Hole JS23-001D1 intersected 25.57 m grading 3.75% zinc. 2.50% lead, and 30.7 g/t silver, including 16.97 m grading 4.18% zinc, 2.98% lead, and 39.3 g/t silver.
• Hole TS23-007 intersected 31.58 m (est. true width 19 m) of stratiform sulphide grading 4.49% zinc and 0.53% lead.
• Hole TS23-006 intersected 24.47 m (est. true width 21 m) of stratiform sulphide grading 4.16% zinc, 2.00% lead and 6.2 g/t silver.
• Hole TS23-003 intersected 29.7 m (est. true width 22 m) of stratiform mineralization grading 3.59% zinc and 0.31% lead, including 9.25 m grading 6.24% zinc and 0.54% lead.
• Hole TS23-008 intersected 22.10 m (est. true width 19 m) of stratiform mineralization grading 2.86% zinc and 0.12% lead.
• Hole TS23-005 intersected 17.12 m (est. true width 16 m) of stratiform mineralization grading 3.72% zinc.
• Hole TS23-004 intersected 11.76 m (est. true width 8.7 m) of stratiform mineralization grading 3.33% zinc, 0.32% lead and 1.5 g/t silver.
• Hole JS23-001 intersected 2.02 m of stratiform mineralization grading 8.69% zinc and 3.6 g/t silver.
• Hole TS23-002 intersected 3.06 m grading 6.34% zinc, 0.98% lead, and 8.5 g/t silver.
• Hole TS23-001 intersected 0.6 m grading 3.8% zinc.

See Tables 1, 3, 4, and 5, Cross Sections TA–TA’, TB–TB’, TC–TC’, TD–TD’, TE–TE’, TF–TF’, JA–JA’, Long Section TG–TG’, and Maps 2, 3, 4, and 5 below for further details.

2023 Prospecting Program

Fireweed conducted a short prospecting program at Macpass in 2023, focusing around geochemical and geophysical anomalies that could be related to reduced intrusion related gold systems. Prospecting crews took 535 rock samples, with gold grades between 1 and 3,121 parts-per-billion (ppb) gold. Results over 100 ppb gold (12 samples) are presented in Table 2. Evidence of arsenic-bismuth bearing ~NW-SE trending and NE dipping veins with generally low and spotty gold values was located within hornfels rock at the newly defined Neptune showing, interpreted as distal alteration around a Mid-Cretaceous buried reduced intrusion. The depth to the hypothesized intrusion cannot be accurately estimated with the current observations and more work is required to accurately assess the potential at Neptune.

Fireweed intends to continue prospecting in the upcoming 2024 field season, with an emphasis on following up anomalies in a commodity agnostic manner, using a data-driven approach. Fireweed owns almost 1,000 square kilometres of mineral tenure within the Selwyn basin, one of the world’s most significant basins for zinc mineralization, where Fireweed sees great potential for additional zinc discoveries. Fireweed’s ground is also within the Mayo-Tombstone-Tungsten belt of intrusive rocks that on Fireweed’s claims, host the world’s largest high-grade tungsten deposit**, Mactung, and off Fireweed’s claims, also includes the past-producing Cantung tungsten mine, and emerging gold discoveries.

Table 2: Rock samples over 100 ppb gold from the 2023 prospecting program

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 Earth’s largest undeveloped resources of zinc**, a Critical Mineral. 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, Tom South, 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 supported by recent ground gravity geophysics results, soil surveys, and high grade rock samples, indicate drill targets with potential for high-grade Kipushi-style massive sulphide mineralization.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed’s Senior Geologist, Ian Carr, 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 Tom drillholes and cross sections. See below for sections

Map 3: Location of 2023 Jason drillholes and cross sections. See below for sections

Map 4: Mineralized intervals in 2023 drilling and pre-2023 drilling defining a stratiform laminated to massive sulphide zones beyond the extents of the 2018 Tom resource projected to surface (purple polygons)

Map 5: Mineralized intervals in 2023 drilling and pre-2023 drilling defining a stratiform laminated to massive sulphide zones beyond the extents of the 2018 Jason resource projected to surface (purple polygon)

Cross Section TA–TA’ — Including analytical results for holes TS23-001 and TS23-002

Cross Section TB–TB’ — Including analytical results for holes TS23-003, TS23-006, and TS23-007

Cross Section TC–TC’ — Including analytical results for hole TS23-004

Cross Section TD–TD’ — Including analytical results from Holes TS23-005

Cross Section TE–TE’ — Including analytical results from Hole TS23-008

Cross Section TF–TF’ — Including analytical results from Holes TS23-009, TS23-009D1, and TS23-009D2

Cross Section JA–JA’ — Including analytical results from Hole JS23-001D1

Cross Section JB–JB’ — Including analytical results from Hole JS23-001

Long Section TG–TG’ — showing resource extents and modelled limits of mineralization

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in TS23-009 (722.4 m to 734.3 m)

Photo 2: High resolution core scanning image stratiform and massive to semi-massive sulphide mineralization in TS23-009D1 (728.3m to 736.8 m)

Photo 3: High resolution core scanning image of barite-sphalerite-galena stratiform mineralization in black, grey and pink facies from TS23-007 (170.9 m to 180.6 m)

Table 3: TS23-003, TS23-004, TS23-005, TS23-006, TS23-007, TS23-008, TS23-009, TS23-009D1, TS23-009D2, JS23-001, and JS23-001D1 drill results

* Denotes intervals with recovery of less than 85%.

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

Table 4: 2023 Drilling Summary

Table 5: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.