Mr. Carl Lofberg reports

FIREFOX GOLD REPORTS ON RECONNAISSANCE DRILL PROGRAM AND COMMENCES BOTTOM-OF-TILL SAMPLING PROGRAM AT JEESIAPARAGRAPH GOLD PROJECT, FINLAND

Firefox Gold Corp. has commenced a new, detailed, bottom-of-till (BOT) sampling campaign at its 100-per-cent-controlled Jeesio gold project in the Central Lapland greenstone belt, Finland. The BOT program builds on recently completed reconnaissance drilling, with a focus on testing an important structural corridor that passes through the Utsamo target. Utsamo is situated between Aurion Resources' Risti and Launi gold occurrences, and previous field campaigns have returned numerous samples with anomalous gold, including up to 4.6 grams per tonne gold in surface sampling (see Firefox news release dated Sept. 3, 2019).

Carl Lofberg, chief executive officer of Firefox Gold, commented: "Jeesio is a fantastic project with multiple gold targets in different settings over a huge area. Much of the area in the north of the project is covered with glacial sediments, but where outcrop and boulders occur, we have seen considerable gold. Rupert Resources recently documented that their persistent use of BOT sampling integrated with geophysics led to the new discoveries through glacial cover at area 1. This detailed survey at Jeesio will be our first systematic work under the glacial cover in this area, and we look forward to generating priority drill targets from these results."

The BOT program, which is expected to continue into April, 2021, will aim to test the five-kilometre-long Utsamo corridor of complex faults and shears that are believed to occupy a flexure in the Sirkka shear zone (SSZ). BOT sampling is a shallow, percussion drilling method that allows for sampling below thick overburden in areas of limited outcrop, such as exists at Utsamo. The previous BOT campaign was reconnaissance in nature, comprising only two parallel sampling lines 2.5 kilometres apart. That work led to shallow drill holes that penetrated a thick section of fault gouge on a likely splay of the SSZ but no significant gold. Firefox will use this BOT campaign to build a more detailed structural map of the Utsamo corridor with associated gold and alteration.

The program will also test the northwest continuation of the so-called Hinge zone approximately two kilometres southwest of the Utsamo corridor (see Aurion Resources news release dated Dec. 3, 2020). Aurion has encountered high-grade gold in quartz veins associated with the Hinge zone at Launi. Multiple parallel brittle-ductile faults have been identified passing through the Jeesio project, sometimes associated with high-grade gold in rock chips (up to 4.6 g/t). The BOT sampling program will test these structures beneath the glacial cover.

BOT program details

The BOT program design includes up to 700 closely spaced sample points in an area where bedrock is covered by an estimated five to 30 metres of glacial overburden. The basal till and bedrock interface will be targeted using a percussion drill mounted on a tracked vehicle. Company geologists will submit the resulting samples for gold and ultratrace multielement analyses.

The BOT sampling lines were planned to test the prospective stratigraphy and structural targets passing through the Utsamo corridor, which have been prioritized based on geophysical data and previous mapping and drilling, including:

• Structural intersections, particularly those related to late D3 structures -- magnetics and EM (electromagnetic);
• Magnetic lows along structures parallel or subparallel to the SSZ;
• Conductors/apparent resistivity lows and in-phase anomalies;
• Other structural trends identified from multiple sources (that is, Hinge zone trend).

Jeesio reconnaissance drill program review

In the fourth quarter of 2020, Firefox completed a 455-metre reconnaissance drill program in the Utsamo area. The company targeted the SSZ with four shallow diamond drill holes (20JEE001 to 20JEE004) in a widely spaced modified fence designed to cut as much of the structural corridor as practical. These drill holes did not encounter significant gold mineralization, but there were narrow anomalies in base metals and gold pathfinder elements associated with hydrothermal alteration. The drilling intersected a lithological package consisting of sericite-altered arkosic quartzites interlayered with lesser intermediate tuffites, hypabyssal mafic sills and mafic to ultramafic volcanics.

Drill hole 20JEE001 was drilled directly into a fault zone characterized by extensive shearing (clay alteration), iron carbonate alteration, and strong oxidation of both the arkosic quartzites and mafic-ultramafic rocks. Farther toward the southwest along the drill profile, drill holes 20JEE002 to 20JEE004 intersected arkosic quartzites, which were intruded by mafic sills.

Further geological interpretation will follow as this structural trend plunges beneath glacial cover to the northwest where the extensive BOT survey is under way.

About the Jeesio project

The 100-per-cent-controlled Jeesio gold project covers approximately 142 square km of the prospective Central Lapland greenstone belt, proximal to other exciting recent gold discoveries in Finland. The Jeesio properties are positioned along the major regional structure known as the Sirkka shear zone, a transcrustal structure that controls the emplacement of most of the orogenic gold deposits in Lapland. The main Jeesio targets include the Utsamo and Kataja belt areas. Utsamo is situated directly between Aurion Resources' Risti and Launi gold occurrences, while Kataja is only two kilometres southwest from the gold-bearing quartz-sulphide vein system at Launi.

Quality assurance

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 helped with the collection and interpretation of the technical data generated on the Jeesio project; Dr. Peltonen has reviewed 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 Firefox Gold Corp.

Firefox is listed on the TSX Venture Exchange under the ticker symbol FFOX. The company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 170,000 hectares of prospective ground.

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