Mr. Brandon Macdonald reports

FIREWEED IDENTIFIES DRILL TARGETS AT THE GAYNA PROJECT, NWT

Fireweed Metals Corp. has released the results of the 2023 geophysical survey on its Gayna project (zinc/lead/silver/gallium/germanium) in the Northwest Territories, Canada.

Highlights

• Several drill targets on gravity anomalies have been identified in reef-margin positions, consistent with Kipushi-style1 massive sulphide targets.
• Reef-margin targets are further supported by proximity to known showings, soil anomalies, and rock sampling.

CEO Statement

Brandon Macdonald, CEO, stated "The results of our work at the Gayna Project so far show some compelling targets supported by multiple independent datasets: gravity, soils, and geological mapping. The anomalies are focused around the margins of ancient carbonate reefs, further validating the exploration concept that we are testing here-that Gayna may host high-grade massive sulphide zinc-lead mineralization. We are very excited to revitalize mineral exploration in the area and conclusively test these targets for critical minerals."

Summary

Fireweed is exploring for zinc and lead mineralization at the Gayna Project where the geology appears similar to that of the high grade Kipushi zinc mine in the Democratic Republic of Congo1. Fireweed is testing the concept that Gayna may host similar vertically oriented, reef-margin zinc and lead mineralization, where zinc occurs within very dense rocks. In 2022 and 2023, Fireweed carried out ground-based surveys that took measurements of the Earth's gravity field to identify any anomalies that may relate to dense rocks in the subsurface. Several density anomalies have been identified that are consistent with the reef-margin analogue. The targets are further supported by high-grade zinc and lead from surface rock samples. The comparison to the Kipushi mine1 is conceptual in nature, and testing by drilling is required to determine if significant amounts of zinc or lead occur in the subsurface at Gayna.

2023 Geophysical Survey

Crews completed a 40 line-km, three-week long, low-impact ground gravity survey at Gayna in 2023. The survey provided infill coverage of the 2022 grid (see Fireweed news release dated November 17, 2022); covered targets A, B, C, F, and L (Maps 3 and 4); and expanded the grid to cover more reef-margin targets.

Results

Results from the survey have delineated areas of anomalously high gravity around carbonate reef margins (Map 4, Cross Sections A-A' and B-B'). These gravity highs may represent areas of high subsurface density and coincide with high lead and zinc values in soils. Geological mapping and the interpretation of historical drill logs has constrained the location of gravity anomalies to both reef-margin positions and associated with NW-SE trending fault structures (Cross Sections A-A' and B-B'). There is a close spatial relationship between mineralization around the discovery "A" showing at Gayna and a gravity anomaly, which continues to support the exploration model.

Preliminary, unconstrained inversions of the 2022 and 2023 gravity data have delineated 12 targets with strike lengths of 250 to 1,100 m which are ready to be tested by 2,000 to 3,000 m of diamond drilling. Additional modeling work is underway to better constrain the targets and identify more subtle anomalies.

Ground gravity has been a very successful tool in Fireweed's exploration of the Boundary Zone area at the Macpass Project (zinc-lead-silver), Yukon. There, gravity anomalies were critical for making new discoveries and step-out drill holes that have successfully intersected sulphide mineralization within 100 to 200 m of surface (see Fireweed news release dated November 10, 2022). Gravity anomalies identified at Gayna may similarly be associated with potential zinc-lead sulphide bodies relatively close to surface.

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

The Gayna Project is located in the Mackenzie Mountains, Northwest Territories, (see Map 1) within the Gwich'in Settlement Area, the Sahtu Settlement Area, and the asserted territory of the First Nation of Na-Cho Nyak Dun. The project is in Canada, approximately 180 km West of Norman Wells, NWT, 180 km north of Fireweed's Macpass project, Yukon, and 150 km SW of the winter road between Fort Good Hope and Norman Wells, NWT. There is a winter airstrip located on the claims.

The Gayna showings 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 3 km 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 Congo1. Mineralization discovered at Gayna to date occurs in veins and breccias in carbonate rocks similar to Mississippi-Valley-Type (MVT) mineralization, or Irish-type 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, sub-vertical drill holes, which targeted sub-horizontal, shallowly dipping mineralization. The gravity 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 drillholes.

Rio Tinto completed over 28,000 m of exploration drilling at Gayna in the 1970's 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 (Map 3). 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 staked 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 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 news release dated November 17, 2022.

A limited 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 (2 to 42 ppm) and germanium (9 to 99 ppm) (see Fireweed news release dated November 17, 2022). The 2022 rock sampling returned a specimen with a spectacular zinc grade of 51.2%, as well as another sample grading 73.7% lead. These samples, while derived from surface boulders, illustrate the potential for an undiscovered source(s) of massive sulphides with extremely high grades, comparable to 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' VP Geology, Jack Milton, Ph.D., P.Geo. (BC), a 'Qualified Person' as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:M0G): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a strong current cash position and has just completed its largest ever exploration program. The Company has three projects located in Canada:

Macpass Project (zinc-lead-silver) : Fireweed owns 100% of the district-scale 940 km2 Macpass Project in Yukon, Canada, which is host to one of the largest undeveloped zinc resources in the world*. The Tom and Jason zinc-lead-silver deposits have current Mineral Resources2 (11.21 Mt Indicated Resource at 6.59% zinc, 2.48% lead, and 21.33 g/t silver; and 39.47 Mt Inferred Resource at 5.84% zinc, 3.14% lead, and 38.15 g/t silver) and a Preliminary Economic Assessment3 (PEA). In addition, Boundary Zone, Tom North and End Zone have significant zinc-lead-silver mineralization drilled that are 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 owns 100% of the 37.6 km2 Mactung Project, located in the Yukon and Northwest Territories adjacent to the Macpass Project. Recently announced mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO3 and 12.2 Mt Inferred Resource at 0.59% WO3)4 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 owns 100% of the 128.75 km2 Gayna Project, located in the Northwest Territories about 180 km north of the Macpass Project. As outlined by 28,000 m of historical drilling and recent studies, it is host to extensive mineralization including critical minerals zinc, gallium and germanium, as well as lead and silver. The project has significant upside exploration potential.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: M0G) trades on the Frankfurt Stock Exchange.

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