Mr. Brandon Macdonald reports

FIREWEED INTERSECTS 44 M TRUE WIDTH OF 18.98 per cent ZINC, 2.24 per cent LEAD AND 114.9 G/T SILVER, AND 47 M TRUE WIDTH OF 11.58 per cent ZINC, 1.75 per cent LEAD AND 54.9 G/T SILVER AT BOUNDARY ZONE

Fireweed Metals Corp. has released the final results from the 2023 Boundary zone drilling campaign at its Macmillan Pass project, Yukon, Canada.

Highlights:

• Hole NB23-036 intersected 45.22 metres of 18.98 per cent zinc, 2.24 per cent lead and 114.9 grams per tonne silver (44 metres true width), including 39.22 metres of 20.84 per cent zinc, 2.48 per cent lead and 115.4 grams per tonne silver.
• Hole NB23-037 intersected 118.36 metres of 11.58 per cent zinc, 1.75 per cent lead and 54.9 grams per tonne silver (47 metres true width), including 27.63 metres of 19.06 per cent zinc, 0.74 per cent lead and 58.2 grams per tonne silver.
• Assays are pending for 11 holes from the Tom deposit and two holes from the Jason deposit.

Chief executive officer statement

Brandon Macdonald, chief executive officer, stated: "Two thousand twenty-three was a pivotal year at Boundary zone in which we discovered a high-grade feeder system that connects the mineralization and forms a continuous zone with increasing grade and true widths at depth. These final results exemplify the spectacular grades that we see at this best-in-class project, with holes from this year containing not just the feeder zone, but also the vein mineralization halo around it that contains some remarkably high-grade breccias. These final holes from the 2023 season solidify Boundary zone as a significant addition to the Macpass project and, with a few holes still pending from Tom and Jason, we are looking forward to integrating all results into a mineral resource estimate in the coming months to begin to understand the enormity of the mineral endowment within this premier zinc district."

Summary

The mineralization from drill holes in this release primarily comprises stratiform (layer-parallel) and massive (over 50 per cent sulphides) sulphides in the western and central areas of Boundary Zone. This mineralization is subvertical with sharp margins, occurring from near surface to at least a depth of 450 metres and across a strike length of 550 metres. The company also reported intersections of vein and breccia mineralization that occur on both sides of the tabular stratiform sulphide zones. The intersection in holes NB23-036 and NB23-037 continue to demonstrate high zinc, lead and silver grades that are interpreted as forming from higher temperature fluids in association with a feeder zone supplying metals to a mineralized system.

Results

The drill holes in this release are located in the central and western areas of Boundary zone and targeted the stratiform to massive sulphide body with a focus on stepping out from known feeder-style mineralization. Holes NB23-036 and NB23-037 intersected broad, high-grade intervals of massive sulphides rich in zinc, lead and silver that are correlated with this interpreted feeder zone. Stratiform massive sulphides were also intersected in NB23-034 and NB23-038. Breccia and vein mineralization was intersected in NB23-033, NB23-034, NB23-035 and NB23-036, NB23-037 and NB23-038.

Fireweed successfully intersected extensive pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, veins and breccias in the 2023 stepouts. Mineralization has been intersected in every stepout hole that has been completed to depth. Assays have now been received for all 2023 Boundary zone holes. Summaries for new drill results reported in this news release are as follows:

• Hole NB23-036 intersected 45.22 metres (estimated true width of 44 m) of laminated and massive sulphides grading 18.98 per cent zinc, 2.24 per cent lead and 114.9 grams per tonne silver, a near-surface interval of breccia and vein mineralization 75.82 metres in width grading 4.21 per cent zinc, 0.25 per cent lead and 9.9 grams per tonne silver, and another interval of breccia and vein mineralization 77.93 metres in width grading 2.58 per cent zinc, 0.31 per cent lead and 9.8 grams per tonne silver.
• Hole NB23-037 intersected 118.36 metres (estimated true width of 47 m) of laminated and massive sulphides grading 11.58 per cent zinc, 1.75 per cent lead and 54.9 grams per tonne silver, as well as two near-surface intervals of breccia and vein mineralization 11.57 metres in width grading 8.05 per cent zinc and 14.6 grams per tonne silver, and 2.95 metres in width grading 10.20 per cent zinc and 14.8 grams per tonne silver.
• Hole NB23-034 intersected 53 metres (estimated true width of 21 m) of laminated and massive sulphides grading 12.07 per cent zinc, 1.05 per cent lead and 53.6 grams per tonne silver, and also an interval of breccia and vein mineralization 25.96 metres in width grading 3.97 per cent zinc and 8.9 grams per tonne silver.
• Hole NB23-035 intersected 20.22 metres of stratiform and massive sulphide with an unknown true width grading 6.51 per cent zinc, 1.15 per cent lead and 51.5 grams per tonne silver, as well as three near-surface intervals of breccia and vein mineralization: 5.17 metres grading 17.81 per cent zinc and 19.1 grams per tonne silver; 6.36 metres grading 5.94 per cent zinc, 0.15 per cent lead and 9.8 grams per tonne silver; and 6.45 metres grading 3 per cent zinc and 4.2 grams per tonne silver.
• Hole NB23-038 intersected 12.91 metres (estimated true width of 9.0 m) of stratiform and massive sulphide grading 5 per cent zinc, 0.97 per cent lead and 44.4 grams per tonne silver, and an interval of breccia and vein mineralization 23.16 metres in width grading 2.04 per cent zinc and 7.8 grams per tonne silver.
• Hole NB23-033 intersected three intervals of breccia and vein mineralization: 4.76 metres grading 12.10 per cent zinc, 0.61 per cent lead and 27.2 grams per tonne silver; 8.76 metres grading 3.05 per cent zinc and 5.9 grams per tonne silver; and 6.58 metres grading 5.55 per cent zinc and 5.8 grams per tonne silver.

Out of the 39 holes that were successfully completed to depth at Boundary zone in 2023, only three were infill holes; the remaining 36 were stepout holes that tested the vein and breccia mineralization, laminated stratiform mineralization and massive sulphide zones. The geometry and stratigraphic sequence intersected in these holes continue to support the idea that the laminated and massive sulphide mineralization are part of the same geological layer at Boundary zone, forming an approximately tabular stratiform zone. Stepout drilling downdip intersected abundant galena, supporting the presence of the conceptual feeder zone at least 220 metres in strike. The mineralization in the massive stratiform layer extends from surface to at least 450 metres downdip, over 550 metres in strike with a variable true thickness, thinning around the edges and reaching thicknesses of up to 50 metres at its widest point. The zone remains open for extension.

Extensive vein and breccia mineralization at Boundary zone occurs both stratigraphically above and below the main stratiform laminated massive sulphide zone. This mineralization forms within a halo approximately 100 metres to 150 metres wide on both sides of the stratiform laminated zone and is interpreted as a stockwork of randomly oriented veins and breccia zones. Many wide intervals of vein and breccia style sphalerite mineralization have been encountered in 2023 step-out holes and four infill holes.

2023 drill program

The 2023 program achieved 22,500 metres of drilling mostly focused on Boundary, Tom and Jason zones in addition to five metallurgical drill holes at Mactung. Use of directional drilling, in which multiple secondary drill holes are initiated at depth from one primary hole, saved an estimated 1,800 metres of drilling compared to traditional drilling of multiple new holes from surface for a total equivalent metreage of 24,300 metres in 2023. This was Fireweed's largest ever program and the biggest drill program in Yukon in 2023.

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 healthy balance sheet, and has three projects located in Canada.

Qualified person statement

Technical information in this news release has been approved by Fireweed's vice-president, geology, Dr. Jack Milton, PGeo (B.C.), a qualified person as defined under Canadian National Instrument 43-101.

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