Mr. Carl Lofberg reports

FIREFOX GOLD REPORTS VISIBLE GOLD IN FIRST HOLE OF NEW DRILL PROGRAM AT MUSTAJARVI GOLD PROJECT, FINLAND

Firefox Gold Corp. has encountered coarse visible gold (VG) in the first drill hole of a newly commenced phase 4 diamond drilling program at its 100-per-cent-owned Mustajarvi gold project in the Central Lapland greenstone belt of northern Finland. The visible gold occurs as six discrete flakes (up to 1.0 millimetre across) in a quartz-carbonate-tourmaline vein (QCT vein) within a 32-metre-wide zone of variably veined and altered metasedimentary rocks. The drill core is being logged and prepared for sampling, so no assays are available yet to confirm the quantity or extent of gold in the drill hole.

Firefox has reported numerous drill intercepts of relatively narrow high-grade gold mineralization at the Mustajarvi project since its first drill program in 2018, but this is the first visible gold reported by Firefox geologists at the project. Drill hole 21MJ001 is a significant stepout (150 metres) to the northeast from a recently reported high-grade intersection in drill hole 20MJ009 (2.0 metres at 33.25 grams per tonne gold, see company news release dated Jan. 27, 2021).

Highlights:

• Hole 21MJ001 intercepted visible gold (at least six discrete flakes up to 1.0 mm across) at a depth of approximately 185.5 m downhole.
• The VG occurs in a 1.4-metre (m) section of QCT veins from 184.2 to 185.6 m depth.
• QCT veins also host the high-grade gold mineralization previously reported in drill holes 20MJ009, 19MJ006 and others in the Central zone.
• There are several QCT veins of variable thickness within altered metamorphosed sedimentary and volcaniclastic rocks from 165.6 m to the end of this hole at 199.4 m downhole.
• This hole is a stepout of approximately 150 m from drill hole 20MJ009 along the northeast-trending Mustajarvi shear zone.
• Drill hole 21MJ001 was completed in the early hours of April 11, 2021, so assays have not yet been completed to confirm the quantity or extent of gold in the drill core.

"We are very excited to report the first visible gold from drilling at the Mustajarvi project. The new drilling has encountered significant zones of intense alteration and veining along trend but beyond the extents of previous drilling," commented Carl Lofberg, president and chief executive officer of Firefox. "In light of this favourable geology, we shall move quickly to secure assays on these samples and to carefully consider our plans for the current drill program."

Preliminary geologic details of drill hole

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 kilometres east of Kittila. The project remains in the early stages of exploration, having only seen approximately 4,170 m of drilling by Firefox since 2018. The property straddles the Mustajarvi shear zone (MSZ), a major right-lateral shear zone that has associated second and third order structures, which further dissect the project into separate structural zones. Firefox has developed a structural model that has identified dilatant zones along the major structure where higher grade gold is concentrated. Company geologists believe that the most prospective gold targets are in the Sodankyla group metasedimentary rocks, which are to the north of the shear zone in the footwall. In this area, the Sodankyla group includes metamorphosed sedimentary and volcaniclastic rocks. At Mustajarvi, the most quartz-rich portions of these rocks have become brittle due to pregold pervasive alteration with silica and albite, and host higher-grade gold where they have been shattered, brecciated and veined.

The 2021 drill program is targeting the brittle rocks in these interpreted dilatant zones at the Northeast target, the Central zone with its historic surface workings, and possibly at new targets farther to the northeast and southwest. These high-grade gold (greater than five g/t) pods are known to occur along a distance of more than 1.5 kilometres of the hydrothermally altered shear zone from the southwest to northeast on the project. The sparsely drilled Northeast target is one of these pods, and the area returned the best intercepts in both the 2019 and 2020 drill programs. The current phase 4 drilling program was planned to include approximately 1,400 metres of diamond core drilling, but the program may be expanded. The first hole, 21MJ001, is in the Northeast target area, approximately 150 m northeast from drill hole 20MJ009, and nearly 750 m from the Central zone of gold mineralization.

               HIGHLIGHTS OF PREVIOUS MUSTAJARVI HIGH-GRADE DRILL INTERCEPTS
  
Drill hole                 Depth           From             To      Interval*           Gold
                             (m)            (m)            (m)            (m)          (g/t)
Central zone
18MJ002                     82.1          34.35          34.75           0.35          11.63
18MJ010                    154.8          125.5          127.5           2.00          45.05
20MJ008                      200           97.5           98.0            0.5          11.20
Northeast zone
19MJ006                      179         125.75          127.9         1.95**           12.0
                                         126.25          127.1           0.85           24.7
20MJ009                    178.5           65.0           67.0            2.0          33.25
                                          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.    
** Including 0.2 m of core loss. Please see the original news releases for additional 
details: holes 18MJ002 and 18MJ010 reported Jan. 21, 2019; 19MJ006, reported 
Jan. 15, 2020; and 20MJ008 and 20MJ009 reported Jan. 27, 2021.

In drill hole 21MJ001, the targeted volcanosedimentary series was encountered at approximately 104 m downhole and continued to the termination of the hole at 199.4 m. This section of rocks is pervasively altered with moderate to very abundant amounts of silica, albite, sericite and pyrite. The altered rock sequence is cut throughout its width by QCT veins, quartz tourmaline and quartz veins that contain abundant to semi-massive and massive zones of pyrite. There are additional sulphide, or possibly telluride- and bismuth-bearing minerals (not yet confirmed), that are common in the most intensely altered and veined rocks. Intense sericitic alteration with disseminated pyrite and narrow quartz tourmaline veins (up to one centimetre) can be observed at the bottom of the drill hole.

It may be significant that the most intense mineralization occurs at depths below previous drilling at the Northeast target. Six individual zones of very well-developed tourmaline and pyrite alteration can be distinguished within the albite-sericite-altered tuffs and sediments from 172.8 to 184.2 m. Near the top of this zone there is an occurrence of bladed calcite textures in a vein. This is often an indication of separation of liquid and vapour phases during vein formation, which may occur in the epizonal portion of orogenic gold deposits.

Visible gold appears as six individual flakes, up to 1.0 millimetre in size, observed on the core surface. These are hosted in a milky coloured carbonate-rich portion of a QCT vein. The vein is 1.4 m thick (184.2 to 185.6 m) in total, with an approximately five cm wide zone of milky carbonate hosting the VG occurrence. Pyrite is abundant throughout the vein, increasing to semi-massive in places. The VG at 185.5 metres downhole occurs in close proximity to semi-massive pyrite and unconfirmed silver-coloured minerals within a QCT vein.

The previous holes in the Northeast target also hosted high-grade mineralization in quartz tourmaline and QCT veins. However, the altered and veined volcanosedimentary package encountered in 21MJ001 is interpreted to be stratigraphically below the mineralization encountered in 19MJ006 and 20MJ009. Previous drilling reported brecciated zones in altered metasediments with abundant quartz tourmaline veins and pyrite. Firefox geologists have confirmed that the alteration and veining in the vicinity of the VG occurrence is geologically similar to the previously reported mineralization along the Mustajarvi shear zone and at the Northeast target.

The drill rig has moved to drill hole location 21MJ002, which is approximately midway between drill hole 20MJ009 and 21MJ001. Company geologists are working diligently to complete the drill logging and sampling process for 21MJ001 so that samples will be delivered to the lab promptly.

Firefox cautions the reader that the samples from this new core hole have not yet been assayed. Hence, descriptions of mineralization and comparisons with previously reported mineralized intervals cannot be relied upon. However, the reported visible gold has been visually confirmed by experienced company geologists, including Firefox's exploration manager and general manager of exploration. The team further collaborated closely through a photographic review with senior technical advisers (Dr. Richard Goldfarb and Dr. Quinton Hennigh) and senior geologists on the board of directors (Timo Maki and Patrick Highsmith), who all confirmed the presence of coarse visible gold in the drill core.

Quality assurance

The core was transported from the rig to the company's core storage facility in Sodankyla, where Firefox's exploration team conducted geological and geotechnical logging and photographed the core. Company geologists will select and mark sample intervals prior to sawing of drill core and sampling for analysis. After insertion of quality controls samples into the shipment, the samples will be promptly delivered to an accredited laboratory for gold and multielement analyses.

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. The review process included a rigorous analysis of photographs, telephone discussions with geologists on site, and consultation with senior technical advisers to the company. Mr. Highsmith has visited the Mustajarvi project and reviewed drill core in person from earlier drill programs. Mr. Highsmith is not independent of the company, as he owns shares and is a member of the board of directors.

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.

We seek Safe Harbor.