Fireweed Metals CORP. (‘Fireweed’ or the ‘Company’) (TSXV: FWZ; OTCQB: FWEDF) is pleased to report additional assay results from its 2023 exploration at the Macmillan Pass Project, Yukon, and provide an update from its largest ever drill program.

CEO Statement

Brandon Macdonald, CEO, stated, ‘In our largest field season ever, we continue to hit spectacular grade and widths of mineralization at Boundary Zone. The results from NB23-007 include two intersections which continue to demonstrate the world-class potential of mineralization at Boundary Zone. These results show continuity with, and even eclipse NB22-002, formerly Fireweed’s best-ever drillhole, in terms of grade and length of mineralization.’

Results from the Boundary Feeder Zone Target

Following up on drilling from 2022 and the initial results of the 2023 program which targeted a gap in the drilling between two of Fireweed’s best-ever drillholes at Boundary Zone, NB22-002 and NB22-023 (see Fireweed news releases dated June 22, 2023, November 22, 2022, and March 2, 2023), Fireweed has continued to test the high-grade feeder zone target that is interpreted to occur as at least one stratiform layer within a sediment hosted massive sulphide system. Both the initial results from 2023 as well as those from 2022 intersected very wide, high-grade zones and demonstrate continuity of the mineralized system.

Table 1: Assay result highlights for holes of the 2023 drilling program, Boundary Zone.

* Denotes intervals with core recovery of less than 85%

Fireweed has successfully intersected pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, replacement mineralization, veins, and breccias in the 2023 step-outs. Zinc mineralization has been intersected in every step-out hole that has been completed to depth at both Boundary Zone and the Tom deposit. Assays have been received for the first eight holes, with holes NB23-004, NB23-005, NB23-006, NB23-007, and NB23-008 reported in this news release (Tables 1 and 2, with two minor intervals with assays pending at the end of holes NB23-006 and NB23-008) along with brief logging summaries for an additional 34 holes that have tested targets at Tom and Boundary Zone (Table 3).

Hole NB23-007 intersected a lower interval of 118 m grading 15.1% zinc, 2.8% lead, and 85.8 g/t silver that demonstrates continuity of grade with the exceptional results from NB22-002, as well as an upper interval comprising 82.5 m of massive sulphide grading 11.9% zinc, 2.2% lead, and 81.2 g/t silver. The upper and lower stratiform massive sulphide zones were intersected at a low angle to bedding and have estimated true widths of approximately 15 m and 40 m, respectively. Hole NB23-004 intersected two intervals of sphalerite and galena mineralization, with a 33.43 m intersection (22 m true width) correlated with the stratiform layer of mineralization grading 8.0% zinc, 2.0% lead, and 59.2 g/t silver and a 20.49 m intercept of vein and replacement style sulphides grading 4.9% zinc. Hole NB23-006 intersected two zones, a 32.65 m (16 m true width) intercept of laminated sulphides grading 4.4% zinc and 12.4 g/t silver, and a 38.7 m interval of vein and replacement mineralization grading 5.6% zinc and 6.7 g/t silver. Hole NB23-005 intersected a 25.25 m (22 m true width) interval of semi-massive, laminated and stratiform sulphide containing 6.4% zinc, 0.7% lead, and 31.9 g/t silver including 9.5 m (8.3 m true width) of 12.2% zinc, 1.3% lead, and 66.9 g/t silver. Hole NB23-008 intersected a 44.7 m interval of volcanic hosted semi-massive sulphide containing 6.5% zinc and 9.6 g/t silver, including 16.3 m of 10.3% zinc, and 11.3 g/t silver. This hole contained another interval of 35.4 m of vein-mineralization grading 5.2% zinc, and 8.8 g/t silver, including 11.5 m of 10.7% zinc, and 13.5 g/t silver (see Photo 1).

See Tables 1, 2 and 3, Long Section M-M’, Cross Section K–K’, Cross Section L–L’ and Maps 2 and 3 below for further details.

Step-out drilling at Boundary Zone targeting the massive–stratiform zone has resulted in many wide intersections of zinc-lead mineralization with assays pending. The most significant intersections can be seen on Long Section M-M’ and are listed here:

NB23-011 intersected 45 m of massive, semi-massive and brecciated sulphide. NB23-012 intersected 48 m of massive to laminated sulphide. NB23-013 intersected 25 m of massive sulphide. NB23-016 intersected 70 m of feeder proximal massive sulphide. NB23-019 intersected 60 m of massive sulphide. NB23-022 intersected 55 m of massive sulphide. NB23-028 intersected 140 m of feeder-proximal laminated to massive sulphides.

Thirty-one holes have been drilled at Boundary Zone so far in 2023 and have tested the 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. Step out drilling down-dip intersected abundant galena, supporting the presence of the conceptual feeder zone. While this remains a preliminary interpretation of the available geological data, deep testing provided by NB23-007 supports this model, extending the depth of mineralization in the massive stratiform layer from surface to at least 400 m, with the zone becoming higher grade and wider, where it remains open at depth.

Extensive vein, breccia, and replacement mineralization at Boundary Main occurs both above and below the main stratiform laminated massive sulphide zone. Many wide intervals of vein, breccia and replacement style sphalerite mineralization have been encountered in 2023 step-out holes and several infill holes (Table 3).

2023 Drill Program Drilling Update

The 2023 program remains in full swing with five diamond drill-rigs, targeting ~22,000 m of drilling mostly focused on Boundary, Tom, and Jason zones (Map 1) with >14,500 m completed thus far. The drill program will focus on step-out targets at Boundary Zone, Jason, and Tom, as well as test several exploration targets away from the known zones.

Drill penetration rates in the first 29 holes was between 17–50% faster than historical performance. The higher than forecast performance of the drilling has allowed the bulk of the original planned drilling to be completed earlier than planned providing an opportunity to test additional targets.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. Fireweed is well-funded, with a healthy working capital position, and is well-positioned to carry out a large 2023 exploration program. The Company has three projects located in Canada:

Mactung Project (Tungsten) : The Company owns 100% interest in the 37.6 km 2 Mactung Project located adjacent to the Macmillan Pass Project. Recently announced mineral resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO 3 and 12.2 Mt Inferred Resource at 0.59% WO 3 ) 3 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 River Project (Zinc-Lead-Gallium-Germanium) : Fireweed owns 100% of the 128.75 km 2 Gayna River 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 m of historical drilling and significant upside potential.

Qualified Person Statement

Technical information in this news release has been approved by Fireweed’s VP Geology, Dr. Jack Milton, P.Geo. (BC), a ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market (www.otcmarkets.com) and is DTC eligible for enhanced electronic clearing and settlement. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company’s website at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF Fireweed Metals CORP.

‘ Brandon Macdonald ‘

CEO & Director

Contact: Brandon Macdonald
Phone: (604) 646-8361
Email: info@fireweedmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 mm/ 1.99-inch diameter) with recoveries typically above 85% unless otherwise noted in the results tables. 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 2 m or less in length, with 1 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 sample assayed 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%. 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% assay standards or blanks and 5% 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 preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85% 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) multi-element 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). Over-limit lead (>25.0%) and zinc (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). 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 17025:2005 accredited laboratory. Assay values are rounded to one decimal place other than in Table 2 and Cross Sections where zinc and lead grades are reported to two decimal places.

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 3D around the mineralized intercepts at Boundary Zone based on assay results, geological logging, stratigraphic correlation, and bedding measurements from oriented core. The massive sulphide mineralization and laminated mineralization at Boundary Zone are mostly 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. Vein and breccia mineralization at Boundary Zone are interpreted to be stockworks and true widths are estimated to be approximately equal to intersected widths and marked as N/A in the assay tables. 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.

Sphalerite and galena have been identified visually by experienced core logging geologists, and licenced professional geoscientists, confirmed by portable XRF (X-Ray fluorescence). No absolute visual estimates of mineral abundances or inferences of potential zinc or lead grades have been stated for holes without assay values in this news release.

Cautionary Statements

Forward Looking Statements

This news release contains ‘forward-looking’ statements and information (‘forward-looking statements’). All statements, other than statements of historical facts, included herein, including, without limitation, statements relating to interpretation of drill results and projections of mineralization, future work plans, the use of funds, and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to, exploration and development risks, unanticipated reclamation expenses, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company’s operati ons, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, uncertainties involved in the interpretation of drilling results and laboratory tests, and one-time events. The Company assumes no obligation to update forward ‐ looking statements or beliefs, opinions, projections or other factors, except as required by law.

Footnotes and References

* References to relative size and grade of the Mactung resources and Macmillan Pass resources in comparison to other tungsten and zinc deposits elsewhere in the world, respectively, are based on review of the Standard & Poor’s Global Market Intelligence Capital IQ database.

1 : For details and QP statements, see https://www.sedarplus.ca/ Fireweed Technical Report titled ‘NI 43-101 Technical Report on the Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo Mining Districts Yukon Territory, Canada’ filed on https://www.sedarplus.ca/ on February 23, 2018, and Fireweed News Release dated January 10, 2018. .

2 : For details and QP statements, see https://www.sedarplus.ca/ Fireweed Technical Report titled ‘NI 43-101 Technical Report Macmillan Pass Project Yukon Territory Canada’ filed on https://www.sedarplus.ca/ on July 9, 2018, and Fireweed News Release dated May 23, 2018. This Technical Report includes a Preliminary Economic Analysis disclosing an economic analysis of mineral resources that is preliminary in nature and does not include any mineral reserves. It is equally emphasized that the mineral resources disclosed within this Technical Report are not mineral reserves and do not have demonstrated economic viability.

3 : For details and QP statements, see Fireweed news release dated June 13, 2023 ‘Fireweed Metals Announces Mineral Resources for the Mactung Project: the Largest High-Grade Tungsten Deposit in the World’ and the technical report entitled ‘NI 43-101 Technical Report, Mactung Project, Yukon Territory, Canada,’ with effective date July 28, 2023 filed on https://www.sedarplus.ca/

Map 1: Macmillan Pass Project and Mactung Project locations.

Map 2 : Location of 2023 Boundary Zone drillholes, cross sections K–K’, L–L’ and long section M–M’ see below for cross sections.

Map 3 : Mineralized intervals in 2023 drilling and pre-2023 drilling defining a stratiform laminated to massive sulphide zone that is connected at depth (pink polygon) and a broader envelope of vein, breccia, and other stratiform zinc mineralization, showing significant areal extent (within green dashed line).

Long Section M–M’ – Selected intersections within the laminated to massive sulphide stratiform zone of pyrite-sphalerite-galena mineralization at Boundary Zone including long intervals of zinc mineralization at depth with assays pending.

Cross Section K-K’ – Analytical results for holes NB23-004, NB23-006, and NB23-008.

Cross Section L-L’ – Assay results from NB23-007 and NB23-005 displaying high grades and continuity with NB22-002. Visually logged mineralization from NB23-011 is also displayed.

Photo 1: High resolution core scanning image of sphalerite-pyrite-siderite veins and semi-massive sulphide mineralization in NB23-008 (327.5 m to 337.2 m).

Table 2: NB23-004, NB23-005, NB23-006, NB23-007, and NB23-008 Drill Results.

* Denotes intervals with recovery of less than 85%

† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 2% zinc)—intersections of continuous higher-grade material (>2% zinc) are listed as Primary and Included intervals and represent mineralized material.

‡ See ‘Data Verification’ for a description of true width calculations

Table 3: 2023 Drilling Summary.

* denotes holes in progress

Table 4: Drill Hole Collar Information

* denotes holes in progress.

Coordinates listed in NAD83 UTM Zone 9N.