Mr. Carl Lofberg reports

FIREFOX GOLD PROVIDES EXPLORATION UPDATE FOR FINLAND GOLD PROJECTS

Firefox Gold Corp. has provided an update on its 2020 summer exploration program in the Central Lapland greenstone belt (CLGB) of northern Finland. Since announcing the commencement of fieldwork in mid-July (see company news release dated July 14, 2020), work has progressed smoothly across Firefox's large land position.

The team has reached the following milestones toward designating targets for the anticipated fall-winter drill program:

• A high-resolution UAV (unmanned aerial vehicle) airborne magnetics survey has been completed:
  • 2,314 line kilometres surveyed at 50-metre flight line spacing and nominal 35 m sensor altitude;
• Excavator trenching and sampling is under way on two different projects;
• Follow-up sampling and mapping in several areas after strong results in 2019;
• The GoldSpot integrated interpretation exercise is under way, with a geologist on site in Finland.

The majority of the work has been focused on the Jeesio project and the Sarvi property of the Seuru project, close to the continuing work being conducted by Aurion Resources and Rupert Resources. However, continued work at the company's 100-per-cent-owned Mustajarvi project has revealed new areas of alteration warranting follow-up trenching and sampling (see various company news releases in 2019, but most notably those dated Jan. 3, Jan. 21 and March 1).

Detailed airborne survey

The company has now completed the detailed airborne magnetic survey over its Jeesio project and the Sarvi property. The drone-based survey, conducted by Radai Ltd., covered more than 104 square km with tightly spaced 50 m flight lines. A preliminary review of the results from both areas demonstrates that the new data provide significantly improved resolution over the older governmental regional airborne surveys. This is facilitating much more precise follow-up of the potential host structures in the area.

In particular, the team is excited about the additional information on the structural setting of the Katajavaara target, in the southern part of the Jeesio project and southwest of Aurion's Launi vein discovery. Firefox geologists had previously interpreted the gold-bearing quartz veins at Katajavaara to be related to an intersection of the southeast-striking Venejoki thrust zone (VTZ) and north-south oriented faults (see company news release dated June 9, 2020). It is now clear from the new magnetic data that the role of the VTZ is not very significant, but instead the gold is likely controlled by north-northeast trending, younger D3 strike-slip faults and key lithologic contacts. It has long been recognized that there is a similar association of gold mineralization with D3 shearing at the Kittila mine, where the deposit occurs within a slight bend of a major D3 shear, the Kiistala shear zone.

Mapping and sampling at Sarvilehto

Firefox geological teams have been conducting surface exploration at the Sarvi and Lehto properties north of Rupert's Ikkari and Heina discoveries. The glacial sediments tend to be a little thicker here, often obscuring outcrop. However, there are significant features evident in the magnetics and historical sampling that warrant follow-up. Geologists have been mapping and sampling along apparent D3 structures that cross-cut or track along magnetic highs. While no data are available from the sampling yet, the geologists have noted significant veining, albite alteration and sulphides associated with contacts between metasediments and mafic intrusive and volcanic rocks.

Apart from the completion of the airborne magnetics survey, perhaps the most significant accomplishment of the summer program to date has been the collection of hundreds of structural measurements and more than 1,000 rock samples in areas that had not seen significant modern exploration. Management expects results from rock and trench sampling to be reported during September and October.

Corporate update

Firefox's board of directors has issued 2.7 million incentive stock options to certain officers, directors, employees and consultants of Firefox and its subsidiary, subject to the terms of the company's incentive stock option plan. The options have an exercise price of 15 cents per share and are valid for five years from the date of issuance until Aug. 26, 2025.

Quality assurance

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702) and director of the company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, and approves, the technical information in this news release.

Dr. Petri Peltonen, exploration manager of Firefox, is a qualified person as defined by NI 43-101. Dr. Peltonen has supervised the collection and interpretation of the technical data generated in the company's field program, and has helped prepare, and approves, the technical information in this news release.

About Firefox Gold Corp.

Firefox is focused entirely on gold exploration in Finland, where it is exploring its project portfolio that includes over 150,000 hectares of prospective ground.

Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute surveys of mining companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and Firefox is proud to have a Finland-based chief executive officer and technical team.

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