Mr. Brandon Macdonald reports

FIREWEED INTERSECTS 14 M TRUE WIDTH OF 11.45% ZINC, 5.86% LEAD, AND 126.3 G/T SILVER AT THE NEW TOM SOUTH ZONE

Fireweed Metals Corp. has released the final results from the 2023 drilling campaign at its Tom and Jason deposits, Macmillan Pass (Macpass) project, Yukon, Canada.

Highlights:

• Hole TS23-009 intersected 17.95 metres (estimated 14 m true width) of 11.45 per cent zinc, 5.86 per cent lead and 126.3 grams per tonne silver, including 6.6 m of 19.33 per cent zinc, 8.42 per cent lead and 225.1 g/t silver.
• Hole TS23-009D2 intersected 18.78 m (estimated 9.8 m true width) of 9.82 per cent zinc, 11.65 per cent lead and 180.1 g/t silver, including 11.75 m of 11.93 per cent zinc, 16.17 per cent lead and 260.5 g/t silver.
• Both TS23-009 and TS23-009D2 intersected the new Tom South zone, which was not in the 2018 mineral resource. There is substantial potential in this zone beyond what was intersected this year.
• Drill results are now fully disclosed for the 2023 drilling campaign at Macpass.

Chief executive officer statement

Brandon Macdonald, CEO, stated: "The intersection of continuous high-grade feeder-style mineralization at Tom South is arguably one of the most significant discoveries at this deposit in decades and is a greater-than-100-metre stepout beyond the known Tom resource. These intercepts provide a tantalizing glimpse that Tom Southeast and Tom West may form a continuous zone of stratiform and massive sulphide mineralization connected around a fold hinge at Tom South. We are excited at the prospect of exploring this concept in 2024 and are reminded that despite generations of work, the Tom and Jason deposits may still have surprises in store for us."

Summary

The mineralization from drill holes in this release primarily comprise stratiform (layer-parallel) and massive (greater than 50 per cent sulphides) sulphides in Tom West, Tom South and Jason South. At Tom West and Tom South this mineralization forms a continuous steeply dipping domain with sharp margins, occurring from surface to at least a depth of 750 m and across a strike length of 1,500 m. At Jason South, mineralization occurs as a series of steeply dipping stratiform lenses from 250 m below surface to a depth of at least 730 m and a strike length of 450 m. The intersections in holes TS23-009, TS23-009D1 and TS23-009D2 represent a significant 100 m stepout from mineralization included in the current Tom resource and comprise high-grade massive sulphides associated with feeder-style mineralization.

Results

The drill holes in this release are located at Tom West, Tom South and Jason South and targeted stratiform and massive sulphides with a focus on stepouts from the current mineral resource that was last updated in 2018. Holes TS23-009, TS23-009D1 and TS23-009D2 stepped out from an isolated intersection in historical hole TS90-012 which was not included in the 2018 resource. All three holes intersected high-grade stratiform and massive sulphides, which support the idea there is a continuous domain of mineralization outside of the 2018 resource that remains open along strike. Holes TS23-001 to TS23-008 intersected stratiform zinc mineralization, successfully stepping out down dip and northwest from the known mineral resource at Tom Westimated

At the Tom deposit, mineralization is contained within tabular zones that dip outward around the margins of a doubly plunging, kilometre-scale anticline fold. The deposit is subdivided into several zones, Tom West (or Tom main zone), Tom East and Tom Southeast. Tom North was drilled and rediscovered in 2019, interpreted as a northern extension of Tom West that is not included in the current mineral resource (see Fireweed news release dated Aug. 20, 2019). New drilling at Tom South indicates it is a southern extension of Tom West on the nose of an anticline fold. Drilling in 2023 tested Tom South with hole TS23-009 and two directional-splay holes, TS23-009D1 and TS23-009D2. Mineralization at Tom is subdivided into geological domains, based on mineralogy and texture: massive sulphide, and pink facies, grey facies and black facies based on the colour of the sphalerite (zinc) mineralization. Summaries for new drill results reported in this news release are as follows:

• Hole TS23-009 intersected 17.95 m (14 m estimated true width) of massive and stratiform sulphide grading 11.45 per cent zinc, 5.86 per cent lead and 126.3 g/t silver, including 6.60 m grading 19.33 per cent zinc, 8.42 per cent lead and 225.1 g/t silver. Recovery in this mineralized intercept was 64 per cent below the recovery threshold of 85 per cent typically deemed acceptable at the project, and as a result a secondary hole was drilled as TS23-009D1.
• Hole TS23-009D2 intersected 18.78 m (estimated true width 9.8 m) of massive and stratiform sulphide grading 9.82 per cent zinc, 11.65 per cent lead and 180.1 g/t silver, including 11.75 m grading 11.93 per cent zinc, 16.17 per cent lead and 260.5 g/t silver.
• Hole TS23-009D1 intersected 20.70 m (estimated true width of 20 m) of massive and stratiform sulphide grading 4.83 per cent zinc, 3.32 per cent lead and 52.4 g/t silver, including 7.83 m grading 10.63 per cent zinc, 7.08 per cent lead and 112.2 g/t silver.
• Hole JS23-001D1 intersected 25.57 m grading 3.75 per cent zinc, 2.50 per cent lead and 30.7 g/t silver, including 16.97 m grading 4.18 per cent zinc, 2.98 per cent lead and 39.3 g/t silver.
• Hole TS23-007 intersected 31.58 m (estimated true width 19 m) of stratiform sulphide grading 4.49 per cent zinc and 0.53 per cent lead.
• Hole TS23-006 intersected 24.47 m (estimated true width 21 m) of stratiform sulphide grading 4.16 per cent zinc, 2 per cent lead and 6.2 g/t silver.
• Hole TS23-003 intersected 29.7 m (estimated true width 22 m) of stratiform mineralization grading 3.59 per cent zinc and 0.31 per cent lead, including 9.25 m grading 6.24 per cent zinc and 0.54 per cent lead.
• Hole TS23-008 intersected 22.10 m (estimated true width 19 m) of stratiform mineralization grading 2.86 per cent zinc and 0.12 per cent lead.
• Hole TS23-005 intersected 17.12 m (estimated true width 16 m) of stratiform mineralization grading 3.72 per cent zinc.
• Hole TS23-004 intersected 11.76 m (estimated true width 8.7 m) of stratiform mineralization grading 3.33 per cent zinc, 0.32 per cent lead and 1.5 g/t silver.
• Hole JS23-001 intersected 2.02 m of stratiform mineralization grading 8.69 per cent zinc and 3.6 g/t silver.
• Hole TS23-002 intersected 3.06 m grading 6.34 per cent zinc, 0.98 per cent lead and 8.5 g/t silver.
• Hole TS23-001 intersected 0.6 m grading 3.8 per cent zinc.

2023 prospecting program

Fireweed conducted a short prospecting program at Macpass in 2023, focusing around geochemical and geophysical anomalies that could be related to reduced intrusion-related gold systems. Prospecting crews took 535 rock samples, with gold grades between one and 3,121 parts per billion (ppb) gold. Evidence of arsenic-bismuth-bearing approximate northwest-southeast-trending and northeast-dipping veins with generally low and spotty gold values was located within hornfels rock at the newly defined Neptune showing, interpreted as distal alteration around a Mid-Cretaceous buried reduced intrusion. The depth to the hypothesized intrusion cannot be accurately estimated with the current observations and more work is required to accurately assess the potential at Neptune.

Fireweed intends to continue prospecting in the upcoming 2024 field season, with an emphasis on following up anomalies in a commodity agnostic manner, using a data-driven approach. Fireweed owns almost 1,000 square kilometres of mineral tenure within the Selwyn basin, one of the world's most significant basins for zinc mineralization, where Fireweed sees great potential for additional zinc discoveries. Fireweed's ground is also within the Mayo-Tombstone-Tungsten belt of intrusive rocks that, on Fireweed's claims, host the world's largest high-grade tungsten deposit, Mactung, and off Fireweed's claims, also includes the past-producing Cantung tungsten mine, and emerging gold discoveries.

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 senior geologist, Ian Carr, PGeo (British Columbia), a qualified person as defined under Canadian National Instrument 43-101.

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance/quality control program using industry best practices. Drill intersections in this release are NQ2 size core (50.5-millimetre/1.99-inch diameter) with recoveries typically above 85 per cent unless otherwise noted. After drilling, core was cleaned, logged for geology, structure and geotechnical characteristics, then marked for sampling and photographed on site. Certain cores were selected for core scanning. The cores for analyses were marked for sampling based on geological intervals with individual samples two m or less in length, with one m samples within mineralized zones. Drill core was cut lengthwise in half with a core saw; half core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each assay sample by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5 per cent. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5 per cent assay standards or blanks and 5 per cent core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2023 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas (BV) preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500-gram split was sent to the BV 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-ES/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). For BV samples, silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2017 accredited laboratory.

Surface samples from the gold program described in this release were submitted with 5 per cent standards or blanks and 2 per cent duplicates that were reviewed after receipt of assays and approved as acceptable. Samples were sent to the BV preparation laboratory in Whitehorse, Yukon, and prepared using the same crushing and pulverizing methods as drill core samples. The resulting pulps were analyzed by 1:1:1 aqua regia digestion followed by inductively coupled plasma mass spectrometry (ICP-ES/ICP-MS) multielement analyses (BV code AQ270). Gold values were determined by lead collection fire assay fusion followed by ICP-ES analysis (BV code FA330). Any rock sample that initially assayed greater than 0.1 part per million gold was reassayed from both pulps and coarse rejects and results were found to be repeatable, with variations within the range expected given the nature of the duplicate samples. Reported values for rock samples constitute a mean between initial and reassayed values for all reported analyses excepting tellurium, which was only reported in the reanalysis.

Drilling results in this news release are length and bulk-density-weighted averages as would be used in a mineral resource estimate. Length and bulk-density-weighted averages have been reported as these most accurately represent the average metal content of the intersections.

True widths for primary intervals are estimated by measuring perpendicular to strike within the short axis of a stratiform wireframe that has been constructed in 3-D around the mineralized intercepts at Tom based on assay results, geological logging, stratigraphic correlation and bedding measurements from oriented core. The mineralization at Tom is stratiform (oriented parallel to bedding), therefore the true width, or thickness, of the zone is estimated perpendicular to both the strike and dip direction of bedding. True widths are rounded to the nearest metre for widths over 10 m and to the nearest 0.1 m for widths less than 10 m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model. True widths for nested intervals (marked as "including" in results tables) are estimated using a ratio of included to primary intersected widths to attribute appropriate portions of the true width of the primary interval to the nested intervals.

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