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

Highlights

• Hole NB23-036 intersected 45.22 m of 18.98% zinc, 2.24% lead and 114.9 g/t silver (44 m true width) including 39.22 m of 20.84% zinc, 2.48% lead and 115.4 g/t silver.
• Hole NB23-037 intersected 118.36 m of 11.58% zinc, 1.75% lead and 54.9 g/t silver (47 m true width) including 27.63 m of 19.06% zinc, 0.74% lead and 58.2 g/t silver.
• Assays are pending for 11 holes from the Tom deposit, and two holes from the Jason deposit.

CEO Statement

Brandon Macdonald, CEO, stated, “2023 was a pivotal year at Boundary Zone in which we discovered a high-grade feeder system that connects the mineralization and forms a continuous zone with increasing grade and true widths at depth. These final results exemplify the spectacular grades that we see at this best-in-class project, with holes from this year containing not just the feeder zone, but also the vein mineralization halo around it that contains some remarkably high-grade breccias. These final holes from the 2023 season solidify Boundary Zone as a significant addition to the Macpass project, and with a few holes still pending from Tom and Jason, we are looking forward to integrating all results into a mineral resource estimate in the coming months to begin to understand the enormity of the mineral endowment within this premier zinc district.”

Summary

The mineralization from drill holes in this release primarily comprises stratiform (layer-parallel) and massive (>50% sulphides) sulphides in the western and central areas of Boundary Zone. This mineralization is sub-vertical with sharp margins, occurring from near-surface to at least a depth of 450 m and across a strike length of 550 m. We also report intersections of vein and breccia mineralization that occur on both sides of the tabular stratiform sulphide zones. The intersection in holes NB23-036 and NB23-037 continue to demonstrate high zinc, lead, and silver grades that are interpreted as forming from higher temperature fluids in association with a feeder zone supplying metals to a mineralized system.

Results

The drill holes in this release are located in the central and western areas of Boundary Zone and targeted the stratiform to massive sulphide body with a focus on stepping out from known feeder-style mineralization. Holes NB23-036 and NB23-037 intersected broad, high-grade intervals of massive sulphides rich in zinc, lead, and silver that are correlated with this interpreted feeder zone. Stratiform massive sulphides were also intersected in NB23-034 and NB23-038. Breccia and vein mineralization was intersected in NB23-033, NB23-034, NB23-035 and NB23-036, NB23-037 and NB23-038.

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

N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.

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

Fireweed successfully intersected extensive 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 now been received for all 2023 Boundary Zone holes (Tables 1 and 2). Summaries for new drill results reported in this news release are as follows:

• Hole NB23-036 intersected 45.22 m (estimated true width of 44 m) of laminated and massive sulphides grading 18.98% zinc, 2.24% lead, and 114.9 g/t silver, a near surface interval of breccia and vein mineralization 75.82 m in width grading 4.21% zinc, 0.25% lead and 9.9 g/t silver and another interval of breccia and vein mineralization 77.93 m in width grading 2.58% zinc, 0.31% lead and 9.8 g/t silver.
• Hole NB23-037 intersected 118.36 m (estimated true width of 47 m) of laminated and massive sulphides grading 11.58% zinc, 1.75% lead and 54.9 g/t silver, as well as two near surface intervals of breccia and vein mineralization 11.57 m in width grading 8.05% zinc and 14.6 g/t silver and 2.95 m in width grading 10.20% zinc and 14.8 g/t silver.
• Hole NB23-034 intersected 53.00 m (estimated true width of 21 m) of laminated and massive sulphides grading 12.07% zinc, 1.05% lead and 53.6 g/t silver, and also an interval of breccia and vein mineralization 25.96 m in width grading 3.97% zinc and 8.9 g/t silver.
• Hole NB23-035 intersected 20.22 m of stratiform and massive sulphide with an unknown true width grading 6.51% zinc, 1.15% lead and 51.5 g/t silver as well as three near surface intervals of breccia and vein mineralization: 5.17 m grading 17.81% zinc and 19.1 g/t silver; 6.36 m grading 5.94% zinc, 0.15% lead and 9.8 g/t silver; and 6.45 m grading 3.00% zinc and 4.2 g/t silver.
• Hole NB23-038 intersected 12.91 m (estimated true width of 9.0 m) of stratiform and massive sulphide grading 5.00% zinc, 0.97% lead and 44.4 g/t silver, and an interval of breccia and vein mineralization 23.16 m in width grading 2.04% zinc and 7.8 g/t silver.
• Hole NB23-033 intersected three intervals of breccia and vein mineralization: 4.76 m grading 12.10% zinc, 0.61% lead and 27.2 g/t silver; 8.76 m grading 3.05% zinc and 5.9 g/t silver; and 6.58 m grading 5.55% zinc and 5.8 g/t silver.

See Tables 1 to 4, Long Section M–M’, Cross Sections C–C’, K–K’, N–N’, R–R’, S–S’ and Maps 2 and 3 below for further details.

Out of the 39 holes that were successfully completed to depth at Boundary Zone in 2023, only 3 were infill holes; the remaining 36 were step-out holes that tested the vein and breccia 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 at least 220 m in strike. 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 of up to 50 m at its widest point. The zone remains open for extension.

Extensive vein and breccia mineralization at Boundary Zone occurs both stratigraphically above and below the main stratiform laminated massive sulphide zone. This mineralization forms within a halo approximately 100 m 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 secondary 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. This was Fireweed’s largest ever program and the biggest drill program in Yukon in 2023.

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 (“Macpass”) 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 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. Halo vein and breccia mineralization is not included in this long section.

Cross Section C–C’ — Including analytical results for hole NB23-033.

Cross Section K–K’ — Including analytical results for hole NB23-035 and NB23-037

Cross Section N–N’ — Including analytical results for hole NB23-036.

Cross Section R–R’ — Including analytical results from Holes NB23-038

Cross Section S–S’ — Including analytical results from Hole NB23-034

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in NB23-036 (239.6 m to 249.2 m)

Photo 2: High resolution core scanning image stratiform and massive to semi-massive sulphide mineralization in NB23-037 (412.1 m to 422.1 m)

Photo 3: High resolution core scanning image of sphalerite-pyrite-siderite vein mineralization in NB23-037 (235.1 m to 244.9 m)

Table 2: NB23-033, NB23-034, NB23-035, NB23-036, NB23-037, NB23-038 drill results

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

† 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.