Mr. Carl Lofberg reports

FIREFOX GOLD SECURES VAST NEW GOLD CONCESSIONS IN CENTRAL LAPLAND GREENSTONE BELT, FINLAND

Recent additions to Firefox Gold Corp.'s exploration tenement holdings have boosted its total holdings related to gold exploration in the Central Lapland greenstone belt, Finland (CLGB), to approximately 800 square kilometres. Since the middle of 2020, Firefox has added almost 500 square km of exploration reservations and permits to its tenure in the CLGB.

Important new reservations were granted in late January and early March including Mantovuoma (Manto), Paartoselka (Paarto), Kuussatta and Nunara. These most recent additions to the portfolio are significant because of their alignment with major gold-hosting structures and/or their proximity to the Kittila mine. The company has also cemented its control of a huge block of prospective Kittila suite volcanic rocks north from Rupert's Area One discovery around its existing Sarvi and Lehto permit applications.

Carl Lofberg, chief executive officer of Firefox Gold, commented: "The new gold rush in Lapland has resulted in a very tight land situation. The Firefox team has again proven itself to be one of the most nimble local experts in Finnish gold exploration by expanding our portfolio in key target areas. These huge new exploration reservations enable us to expand our strategy by considering strategic partnerships and joint ventures on some properties. We continue to aggressively explore our flagship projects and are looking forward to our core drilling program in April."

Firefox has now added substantive new projects that have seen millions of dollars of historical exploration by the Geological Survey of Finland, Outokumpu and others. These additions expand upon the company's flagship assets at Jeesio, Sarvi and Mustajarvi. Many of the key targets at these flagship projects are associated with the Sirkka shear zone (SSZ) and its associated splays, whereas most of the additional projects are hosted in the Kittila suite volcanic rocks, which host Agnico's Kittila mine. The high-quality Finnish technical databases and drill core archives contain extensive information on most of the new projects, including significant gold showings in historic till sampling and core drilling. The attached table summarizes the most recent additions to Firefox's portfolio.

   RECENTLY GRANTED FIREFOX GOLD TENEMENTS IN
      THE CENTRAL LAPLAND GREENSTONE BELT
  
Properties          Size (km2)      Date granted

Lehto 2                  23.0     November, 2020    
Kelontekema              71.1         July, 2020   
Keulakkopaanrinne         4.8    September, 2020   
Kolho                   148.1    September, 2020   
Kuussatta                80.2        March, 2021    
Mantovuoma               87.9        March, 2021    
Nunara                    9.5      January, 2021    
Paartoselka              71.0        March, 2021    
Total                   495.6                 


  

Technical highlights of selected new properties

Most impressive in the new map of Firefox's CLGB tenements is the large corridor of exploration reservations in between Rupert's Area One discovery and Agnico's Kittila mine in the north. In addition to the company's original Sarvi and Lehto options, the Firefox team has secured 100-per-cent control of exploration rights spanning much of the Kittila suite volcanics and numerous prospective D3 structures. The new exploration reservations in that area include Kolho, Lehto2, Keulakkopaanrinne (Keula), and the recently added Kuussatta and Paarto.

The huge Kolho property is particularly important as it occupies a structural corridor dominated by major thrust faults and cross-structures, similar to the host structures at Rupert's Ikkari discovery and the other Area One targets. Kolho itself covers almost 150 square km and has seen only minor historical exploration, despite Firefox geologists noting significant alteration during its 2020 reconnaissance traverses.

The significant Manto property approaches from the southwest to within 10 km of the Kittila mine, and it has seen significant historic exploration and drilling. The Geological Survey of Finland (GTK) reports a drill-delineated gold occurrence along the SSZ at Loukinen (included near the southwest limits of the reservation) as having an average grade of 0.5 gram per tonne Au. The GTK databases indicate there are a few thousand metres of shallow core drilling on several prospects, including intercepts of more than 1.0 g/t Au. There are also gold-in-till samples up to 11 g/t associated with a geophysical anomaly in the northwest portion of the property.

The Nunara property also hosts exciting geology and interesting historical gold anomalies. Much of the property straddles the SSZ and includes the zone where the SSZ intersects with the Venetjarvi thrust fault (VTF). That major structural intersection passes through an area of mapped metakomatiites, ultramafic volcanic rocks known to host significant gold in other orogenic gold systems. In fact, the GTK describes a noteworthy occurrence of listwanite, an unusual carbonate-altered ultramafic rock that is sometimes associated with orogenic gold deposits. Given the numerous gold and micronugget anomalies in the GTK data from this area, Firefox is planning ground geophysics and prospecting along interpreted crossing D3 structures at Nunara.

Firefox cautions that these data should not be relied upon. While the company believes the data were collected professionally and with industry-standard methods, much of the information is reported from historical workers prior to the advent of Canadian National Instrument 43-101. Further, Firefox acknowledges that proximity or similar geology to an active or past-producing mine does not indicate that mineralization will occur on Firefox's property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario. These data and facts were simply used as elements of the prospectivity analysis of these properties.

Quality assurance

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702) and a 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 Gold 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 approximately 180,000 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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