Mr. Brandon Macdonald reports

FIREWEED COMPLETES GEOPHYSICAL SURVEY AT THE GAYNA PROJECT, NWT

Fireweed Metals Corp. has completed a geophysical survey on its Gayna project (zinc-lead-silver-gallium-germanium) in the Northwest Territories, Canada.

Highlights:

• Exploration is targeting reef-margin high-grade massive sulphide mineralization using a ground gravity geophysical survey.
• The 2022 geophysical program identified two broad areas with gravity anomalies consistent with Kipushi-style targets.
• The 2023 gravity survey aims to expand the gravity coverage to identify new anomalies, and to refine existing anomalies for future drill testing.

Chief executive officer statement

Brandon Macdonald, CEO, stated: "We are very excited to continue work on Gayna; the new interpretations of historical data combined with our geophysical and geochemical surveys show that the project has significant potential to host a similar style of mineralization to the world-class Kipushi deposit. With recent surface samples showing high-grade zinc (Zn) and lead (Pb), the 2023 survey work will allow higher-resolution definition of targets in preparation for future drill testing."

Two thousand twenty-three geophysical survey

Crews completed a three-week-long, low-impact ground gravity survey at Gayna. The survey provided infill coverage of the 2022 grid, covering targets A, B, C, F and L, and expanding the grid to cover more reef-margin targets.

Gayna project (zinc-lead-silver-gallium-germanium)

The Gayna prospects are hosted in dominantly carbonate sedimentary rocks of Neoproterozoic age within the Mackenzie Mountains. These carbonate units consist of a succession of shale-carbonate rocks containing calcimicrobial limestone reefs formed by stromatolites and possibly early sponges. The reefs are surrounded by comparatively deeper-water sediments intermixed with reef-derived talus, with individual reefs several hundred metres to over three kilometres in diameter and hundreds of metres in thickness. This sharp, near-vertical interface between the reef and the surrounding sedimentary rocks is being targeted as an environment analogous to the high-grade Big Zinc zone at the Kipushi deposit in the Democratic Republic of the Congo. Mineralization discovered at Gayna to date occurs in veins and breccias in carbonate rocks similar to Mississippi-Valley-type (MVT) mineralization, or Irish-type Zn-Pb (zinc-lead) mineralization. Sphalerite and minor galena occur as infill within veins, vugs and breccias, along with dolomite-calcite-quartz-pyrite. This mineralization is interpreted as the distal expression of Kipushi-style massive sulphide mineralization that may be present along the subvertical margins of the carbonate reefs. This steep reef-margin geometry at Gayna was not tested by historical, subvertical drill holes that targeted subhorizontal, shallowly dipping mineralization. The geophysics work from 2022 shows compelling gravity targets, and the data generated in the 2023 gravity program will guide future drilling programs to test these anomalies using inclined drill holes.

Rio Tinto completed over 28,000 metres of exploration drilling at Gayna in the 1970s to test targets identified by prospecting or soil geochemistry, and to test stratiform targets with a grid drilling approach utilizing vertical holes on a square grid with an average spacing of 600 m between holes. Given the vertical holes and the wide historic drill grid spacing, these drill programs left the concept of subvertical bodies of massive sulphide mineralization untested. The project was restaked by Fireweed in 2022 to test the new exploration concept that Kipushi-style, high-grade massive sulphide may be present at Gayna.

A ground gravity survey, an airborne lidar (light detection and ranging) survey and an orthophoto survey were carried out in 2022 to acquire high-quality geophysical data using modern technology and practices. The results of the 2022 gravity program delineated several gravity-high anomalies over the inferred position of the reef margins. For an overview of results from the 2022 program, please refer to Fireweed's news release dated Nov. 17, 2022.

A limited 2022 rock sampling program at known showings returned samples with high zinc, silver and lead concentrations, and also contained elevated concentrations of the critical minerals gallium (two parts per million to 42 ppm) and germanium (nine ppm to 99 ppm) (see the table entitled "2022 Gayna project rock grab samples" for assay results). The 2022 rock sampling returned a specimen with a spectacular zinc grade of 51.2 per cent, as well as another sample grading 73.7 per cent lead. These samples, while derived from surface boulders, illustrate the potential for an undiscovered source(s) of massive sulphides with extremely high grades, comparable with Kipushi, hosted in the same reef-margin environment. Several extensive, high-magnitude lead-zinc soil anomalies present on the project are not readily explained by the results of the historic drilling and show potential for yet undiscovered high-grade massive sulphide mineralization along the reef margins.

Qualified person statement

Technical information in this news release has been approved by Fireweed Metals' vice-president of geology, Jack Milton, PhD, PGeo (British Columbia), a qualified person as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp.

Fireweed Metals is a public mineral exploration company on the leading edge of critical minerals project development. Fireweed is well financed, with a strong current cash position, and is currently carrying out a large 2023 exploration program. The company has three projects located in Canada:

• Macpass project (zinc-lead-silver): Fireweed owns 100 per cent of the district-scale 940-square-kilometre Macmillan Pass (Macpass) project in Yukon, Canada, which is host to one of the largest undeveloped zinc resources in the world, where the Tom and Jason zinc-lead-silver deposits have current mineral resources (11.21 million tonnes indicated resource at 6.59 per cent zinc, 2.48 per cent lead and 21.33 grams per tonne silver; and 39.47 Mt inferred resource at 5.84 per cent zinc, 3.14 per cent lead and 38.15 g/t silver) and a preliminary economic assessment (PEA). In addition, Boundary zone, Tom North and End zone have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential.
• Mactung project (tungsten): The company recently acquired 100-per-cent interest in the 37.6 square km Mactung project located adjacent to the Macmillan Pass project. Recently announced mineral resources for Mactung (41.5 Mt indicated resource at 0.73 per cent WO3 (tungsten trioxide) and 12.2 Mt inferred resource at 0.59 per cent WO3) make it the world's largest high-grade resource of the critical mineral tungsten. Located in Canada, it is one of the rare large tungsten resources outside of China.
• Gayna project (zinc-lead-gallium-germanium): Fireweed has 100 per cent of the 128.75 square km Gayna project located 180 km north of the Macmillan Pass project. It is host to extensive mineralization including critical minerals zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historical drilling and significant upside potential.

Data verification

Geophysical surveying in 2022 and 2023 was conducted by a qualified and independent contractor under the direction of Fireweed Metals. Rock samples from the 2022 field program were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500-gram split was sent to the Bureau Veritas laboratory in Vancouver, B.C., to be pulverized to 85 per cent passing 200-mesh-size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 aqua regia digestion followed by inductively coupled plasma mass spectrometry (ICP-MS) multielement analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Overlimit lead (greater than 25 per cent) and zinc (greater than 24 per cent) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Samples were subjected to fire assay for gold, platinum and palladium by fusion, followed by ICP-ES (inductively coupled plasma emission spectroscopy) analysis (BV Code FA330), as well as assay for gallium and germanium by hydrofluoric acid and aqua regia digestion, followed by ICP-MS analysis (BV Code GC204). For rock samples, silver is reported in this news release by method AQ270, zinc and lead are reported by LF725 or LF726, and gallium and germanium by GS204.

Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory. Laboratory blanks, duplicates and standards were analyzed as part of routine data quality assurance/quality control (QA/QC).

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