Mr. Carl Lofberg reports

FIREFOX GOLD EXTENDS STRIKE OF HIGH-GRADE GOLD WITH 2020 DRILLING AT MUSTAJARVI GOLD PROJECT, FINLAND

Firefox Gold Corp. has released results of its nine-hole (1,370 metres) phase 3 core drilling program at its 100-per-cent-owned Mustajarvi gold project in the Central Lapland greenstone belt, Finland. The project continues to yield shallow narrow high-grade intercepts, such as 2.0 metres at 33.25 grams per tonne gold and 0.5 m at 9.36 g/t gold in drill hole 20MJ009 and 0.5 m at 11.20 g/t gold in 20MJ008.

New high-grade intercepts extend the strike of known high-grade gold along the shear zone to more than 1.5 kilometres. One of these new intercepts falls within the Central zone, which has previously yielded intercepts as high as 2.0 m at 45.1 g/t gold in drill hole 18MJ010 (see company news release dated Jan. 21, 2019).

"The results from our third drill program at Mustajarvi continue to be encouraging, and our understanding of the complex structural controls is growing," commented Carl Lofberg, president and chief executive officer of Firefox. "Notably, the northeast target, which has seen very little work so far, is returning very interesting gold results. The team is engaged in detailed geological and structural modelling aimed at updating our interpretation of the key controls on the high-grade gold. The detailed ground magnetics has been helpful in identifying these structures, and we expect to conduct additional geophysical surveys and till sampling before the next phase of drilling."

         SUMMARY OF SIGNIFICANT HIGH-GRADE (GREATER THAN 4.0 G/T AU) DRILL INTERCEPTS
  
Drill hole              Depth             From               To        Interval*             Gold 
                          (m)              (m)              (m)              (m)            (g/t)

20MJ005                 176.2            148.5            148.9              0.4             8.86
20MJ008                 200.0             63.7             65.0            1.3**             6.64
                          and             97.5             98.0              0.5            11.20
20MJ009                 178.5             65.0             67.0              2.0            33.25
                          and             85.0             86.0              1.0             4.47
                          and            146.5            147.0              0.5             9.36

* Drilling is believed to be perpendicular to the dip of the mineralization; however, 
true widths are not yet known and will be confirmed with additional drilling and 
geological modelling.   
** This includes 1.1 m of core loss.

Details of drilling and geology

Mustajarvi occupies a major right lateral shear zone that is sympathetic to the trans-crustal Venejoki thrust zone. The Mustajarvi shear zone (MSZ) has associated second and third structures that dissect the project into separate structural zones. After Firefox's structural modelling exercise during the summer of 2020, the 2020 drill holes were designed to test the interpreted dilatant zones created by the complex structural setting. There are many such narrow traps for high-grade gold mineralization along the structure, and these high-grade pods are now known to occur from drill hole 20MJ005 to 20MJ009, spanning more than 1.5 kilometres of the shear zone from southwest to northeast.

The 2020 drilling occurred in four areas of the property, testing several different types of targets identified in previous drilling and last summer's exploration program at Mustajarvi.

The sparsely drilled northeast target returned the best intercepts in this drill program. Drill hole 20MJ009 was a solitary hole aimed at the MSZ, collared approximately 580 metres northeast from the Central zone and 58 metres northeast from drill hole 19MJ006 (12 g/t Au over 1.95 metres; see company news release dated Nov. 26, 2019).

Drill hole 20MJ009 passed through the Savukoski group ultramafic volcanics and across the sheared contact into the Sodankyla group siliciclastic metasediments. It encountered several gold-mineralized intervals, the most important of which occurred at 65.0 m downhole depth (2.0 m at 33.25 g/t Au) in a zone of multiple generations of quartz veining and abundant pyrite, including very high tellurium and bismuth. There is extensive clay alteration in the high-grade zone, perhaps related to supergene weathering effects. This interval is geologically similar to the high-grade mineralization reported from drill hole 19MJ006.

Further downhole, there are several narrow high-grade intercepts, including 1.0 m at 4.47 g/t gold at 86.0 m depth and 0.5 m at 9.36 g/t gold at 146.5 m downhole depth. As with several of the drill holes, there are also thicker zones of alteration and weaker gold mineralization, such as at 93.0 m downhole depth, where there is a weakly gold-mineralized zone over 6.0 metres associated with quartz-tourmaline veining and breccia. This interval included assays of 1.53 g/t and 0.84 g/t gold, again with anomalous bismuth and tellurium.

Drill hole 20MJ008 was collared along the MSZ, 32 metres northwest of hole 18MJ010, which cut 2.0 metres of massive pyrite averaging 45.1 g/t gold. At 63.0 m downhole depth in 20MJ008, a highly fractured zone of massive pyrite yielded 1.3 m at 6.64 g/t gold (including 1.1 metres of core loss). Deeper in the hole (97.5 metres downhole), another intercept cut 0.5 m at 11.2 g/t gold. Like much of the higher grades in the central zone, the best gold mineralization is associated with massive to semi-massive pyrite in strongly altered siliciclastic metasediments and highly enriched bismuth and tellurium, up to 445 parts per million Bi and 340 ppm Te.

Southwest of the central zone, the MSZ bends to the south where it encounters interpreted cross-structures and is marked by a strong IP geophysical anomaly. Three drill holes in the 2020 program were aimed at these targets along the shear zone. Drill hole 20MJ005 was collared approximately 150 metres southeast from the shear zone. The hole intersected albitized, silicified and iron-carbonate-altered pyrite-bearing ultramafic tuffites of the Sodankyla group. At 148.5 m downhole depth, a 0.4-metre pyrite-rich interval included 8.9 g/t gold, accompanied by 0.25 per cent cobalt, anomalous nickel, bismuth and tellurium. Higher in the hole, there are several zones of anomalous gold including an approximately 10-metre-thick interval (inclusive of 1.2 metres of core loss) with assays as high as 0.641 g/t gold. Two additional holes in the area (20MJ004 and 20MJ006) intersected the sheared contact between mafic volcanics and metasediments, including quartz-pyrite-plus/minus-tourmaline veins, but only weakly mineralized for gold.

The remaining drill holes did not return significant gold intercepts but contributed to mapping the MSZ and confirming alteration in the gabbro on the west end of the project.

Quality assurance

The core was transported from the rig to the company's core storage facility in Sodankyla, where Firefox's exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally one metre but in some circumstances were modified according to lithological boundaries and other factors. Firefox geologists maintained chain of custody and sampling procedures reported in this news release according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.

Firefox team members transported the samples to an ALS sample prep lab in Sodankyla. The samples were first crushed to minus two millimetres, split and pulverized, before being shipped to a facility in Ireland for gold by fire assay of 30 g aliquots with AAS (atomic absorption spectroscopy) finish (method Au-AA23). Gold values that exceeded 10 ppm were assayed with fire assay and gravimetric finish (method Au-GRA21). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES (inductively coupled plasma atomic emission spectroscopy) and ICP-MS (inductively coupled plasma mass spectrometry) (method ME-MS61). ALS is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.

Dr. Petri Peltonen, technical adviser to 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 on the Mustajarvi project 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 National Instrument 43-101. Mr. Highsmith has helped prepare, and approves, the technical information in this news release.

About the Mustajarvi gold project

The Mustajarvi gold project consists of an exploration permit and exploration permit application totalling 2.68 square kilometres. The project area is flat, glacial till-covered terrain in the Lapland region of northern Finland, 17 kilometres east of the town of Kittila, with road and power on the property. The project is situated in the Central Lapland greenstone belt, which hosts several recent gold discoveries. The project occupies more than two kilometres of strike length of the Mustajarvi shear zone, which is believed to be a splay of the Venejoki thrust zone and related to the Sirkka thrust zone, an important host to gold mineralization in the belt. The observed gold mineralization, structural setting and work to date support the potential for a high-grade orogenic gold deposit on the Mustajarvi property.

About Firefox Gold Corp.

Firefox Gold 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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