Mr. Carl Lofberg reports

FIREFOX GOLD EXPANDS ITS PROPERTY POSITION AND COMMITS TO ADDITIONAL DRILLING IN NORTHERN FINLAND

Firefox Gold Corp. has secured two new properties near Rupert Resources' Area 1 targets in the Central Lapland greenstone belt (CLGB) of Finland.

Keulakko property

The 4.78-square-kilometre Keulakkopaarinne property adjoins the western boundary of the company's Sarvi property and will be incorporated into the Sarvi project on the northern boundary of Rupert Resources' Area 1 tenements. Keulakko is located approximately two km north of the Sirkka shear zone and approximately four km northwest of Rupert's Ikkari gold discovery. Bedrock in the Keulakko area consists of mafic volcanic rocks of the Kautoselka formation and graphitic tuffs of the Porkonen formation.

The area has seen some historical exploration, including reconnaissance till sampling and diamond core drilling by the Geological Survey of Finland (GTK). The public GTK database indicates that these programs yielded elevated gold-in-till values and short gold-bearing drill intercepts such as 0.45 metre at 3.5 grams per tonne Au and 4.6 m at 0.55 g/t Au. The GTK recommended further work in the area following the positive reconnaissance results. Firefox has applied for and been granted an exploration reservation for Keulakko, which allows for non-mechanized exploration work for two years and the exclusive right to apply for an exploration permit. The Keulakko area was part of Firefox's detailed UAV magnetic survey during the summer (see company news release dated Aug. 26, 2020).

Lehto2 property

During the summer of 2020, Firefox geologists conducted significant reconnaissance mapping and sampling on the Lehto and Kolho properties. After noting significant alteration at Lehto in particular, the company applied for additional ground in the area. Firefox has now been granted an exploration reservation at a second new property, Lehto2, which is 23.04 square km in size and located approximately five km north of the Sarvi project. Lehto2 includes several blocks that fill some of the gaps between the company's Lehto and Kolho properties (see company news release dated Sept. 16, 2020). Lehto2 is within a broadly similar lithological sequence as Keulakko but also includes banded iron formation (BIF) occurrences of up to 200 m thickness.

Winter till sampling and drilling

Following the completion of the continuing diamond core drilling program at its Mustajarvi and Jeesio projects (see Firefox news release dated Nov. 3, 2020), the company intends to launch a combined bottom-of-till (BOT) sampling and scout diamond core drilling program at Jeesio. BOT sampling has been a key discovery strategy in Lapland for exploring beneath deeper glacial sediments, and Rupert Resources has employed it to high-profile success at Ikkari. The Firefox team is excited to deploy this new hybrid BOT core drilling technology and expects to add significantly to its planned meterage for core drilling during the winter of 2020 to 2021. The drill operator will be experienced service provider Taratest Oy. Firefox intends to continue its BOT core sampling program to the Sarvi project as soon as the requisite exploration permit is granted, which is expected to occur in the first quarter of 2021. The Sarvi project adjoins Rupert's Area 1 to the north.

Quality assurance

Dr. Petri Peltonen, exploration manager of Firefox Gold, is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. 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.

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

About Firefox Gold Corp.

Firefox has been exploring for gold in Finland since 2017, where it holds a project portfolio that includes over 170,000 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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