Mr. Ian Gibbs reports

FIREWEED METALS IDENTIFIES TARGETS USING MUON TOMOGRAPHY

Fireweed Metals Corp. has identified three targets for further exploration at the Boundary zone deposit, Macpass, Yukon, utilizing a cutting-edge multiphysics muon tomography survey with its partner, Ideon Technologies Inc.

Highlights:

• Three targets identified at the Boundary zone with anomalous modelled density;
• Co-incident gravity anomalies strengthen the target areas;
• Fireweed anticipates drill testing these targets in 2025.

Chief executive officer statement

Ian Gibbs, CEO, stated: "Technological innovation in mineral exploration will be the key to discovering the next generation of mineral deposits. We are proud pioneers of integrating progressive methods, such as this downhole muon tomography technique in mineral exploration, leveraging this industry-leading technology developed by our partners at Ideon. The early results from the survey have provided some compelling targets that we are excited to test during the upcoming field season at Macpass."

Muon tomography survey

Commissioned in September of 2024, the muon tomography survey located at the Boundary zone deposit within the Macpass project, Yukon, Canada, is the farthest north deployment of downhole muon detectors in the world and one of the first applications of muon tomography in the greenfield exploration environment. Three drill holes were completed in PQ diameter (85-millimetre (mm) internal diameter) between 450 to 600 metres (m) in depth facilitating Ideon's deployment of seven muon detectors within each drill string. Detectors are spread apart within each hole for a total of 21 detectors across the three set-ups.

Muon tomography functions by detecting the number and arrival direction of subatomic particles called muons that are generated at a constant rate by the interaction of cosmic rays and the earth's atmosphere. These particles penetrate through solid materials such as rock; however, they lose energy and are eventually absorbed by these materials. Muons lose energy more quickly when travelling through denser material, and the count of muons received at a detector can be equated to the distance and the average density of the material between the detector and the muon source. By utilizing multiple detectors with different views of the subsurface, the density of a volume of rock can be estimated through triangulation of the intensity of muons recorded at different detector locations. The muon data can be inverted into a block model that provides a 3-D estimate of subsurface density that has high resolution and tight spatial constraints of the anomaly shapes and sizes.

Fireweed are using muon tomography in an effort to detect dense bodies of rock, such as zinc deposits, that would cause shadows to appear in the muon data, where fewer muons are reaching detectors that are imaging the dense deposits. The very high density of high-grade massive sulphide bodies observed at Macpass makes these kinds of targets particularly well suited to detection using muon tomography.

Dr. Jack Milton, vice-president of geology, stated: "Muon tomography is a well-established subject in science, supported by decades of research but it is now an emerging, field-proven technology for use in the exploration environment. We are thrilled to be using muon tomography for zinc exploration as it is the only geophysical method besides gravity surveys that could directly detect these kinds of deposits at Macpass. We see the potential for muon tomography to provide greater resolution and greater accuracy in estimating the source of density anomalies compared to more traditional gravity surveys. Muon tomography can also reliably detect and resolve more subtle density contrasts at greater depths than gravity surveys, which opens up our search space for zinc exploration within one of the most prolific zinc basins on earth. Furthermore, this new technique allows us to operate more cost-effectively and decreases our exploration footprint."

This survey was part of a collaboration involving Fireweed and Ideon under the subsurface intelligence to unlock critical minerals supply (UCM) project from Digital, Canada's global innovation cluster. Fireweed is eligible for up to $1.5-million in cash financing from Digital to support this project.

Results

After four months of passive imaging at the Boundary zone, the results of the muon survey have successfully independently detected and modelled volumes of high densities at the Boundary zone that closely resemble the orientations and spatial constraints of the deposit defined through drilling and reported in the September, 2024, mineral resource estimate.

Fireweed and Ideon have also identified three targets of interest outside of the mineral resource exhibiting anomalous estimated density: Boundary East, Boundary South and Boundary North. These results are preliminary as additional survey data will be collected as the survey progresses over the next few months.

To assist in targeting, the ground gravity data and the muon data were combined into a single 3-D inversion. Areas of anomalous density in both surveys corroborate very well and generated an improved model over the inversion from either data set alone.

Boundary East

Corroborated by a co-incident gravity high anomaly, the exploration target on the east side of the Boundary zone is a near-surface feature that is a high-priority target for testing that occurs above historical drill testing.

Boundary South

Entirely untested by drilling, Boundary South is a new, near-surface density anomaly comprising two distinct signatures with a strike of approximately 400 m.

Boundary North

Also untested by drilling, Boundary North is a deep density anomaly with a strike of approximately 280 m and could be tested by drillholes of approximately 500 m depth.

Next steps

Fireweed and Ideon expect to continue imaging at Boundary zone to further increase the resolution on these targets. Fireweed and Ideon are also planning to reposition the detectors within each drill string to gain additional data and triangulation points for the remaining portion of the survey before the 2025 drilling campaign begins. Constrained inversions are under way, a process that uses the estimated densities from the blocks in the mineral resource estimate to constrain well-known parts of the deposit and improves the resolution of other areas within the model. Following mobilization of the summer drill program, Fireweed plans to test high-priority targets identified by the muon tomography survey.

Webinar

Fireweed Metals' vice-president, geology, Dr. Jack Milon, PGeo (British Columbia), and Ideon's co-founder and chief technical officer, Dr. Doug Schouten, will be hosting a webinar on March 27, 2025, at 11 a.m. PT, to discuss the preliminary results of the muon survey and implications for mineral exploration. Webinar registration can be completed on-line.

Qualified person statement

All technical information in this news release has been reviewed and approved by Dr. Milton, a qualified person as defined under National Instrument 43-101. Dr. Milton is not independent of the company within the meaning of NI 43-101, as he is VP, geology, of the company.

About Fireweed Metals Corp.

Fireweed is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is the 100-per-cent owner of the Macpass district, a large and highly prospective 985-square-kilometre land package. The Macpass district includes the Macpass zinc-lead-silver project and the Mactung tungsten project. A Lundin Group company, Fireweed is strongly positioned to create meaningful value.

Fireweed trades on the TSX Venture Exchange under the trading symbol FWZ, on the OTCQX Best Market under the symbol FWEDF and on the Frankfurt Stock Exchange under the trading symbol M0G.

Additional information about Fireweed and its projects can be found on the company's website and on SEDAR+.

About Ideon Technologies Inc.

Ideon Technologies uses the energy from supernova explosions to image deep beneath the earth's surface. A spinoff from Triumf (Canada's particle physics lab), Ideon is a world pioneer in cosmic-ray muon tomography. By transforming muon data into reliable 3-D density maps, Ideon helps geologists identify, map, characterize and monitor geological features with confidence. This reduces risk and cost of traditional methods, while saving time, optimizing return and minimizing environmental impact across the mining value chain. In turn, this is helping accelerate the world's transition to low-impact mining and transform how companies find the critical minerals required to power the global shift to clean energy -- improving peoples' lives and enhancing economic prosperity.

We seek Safe Harbor.