Table 1: Assay highlights for holes included within this release for the 2023 drilling program, Boundary Zone

N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.

^? See “Data Verification” for a description of true width calculations

Fireweed successfully intersected extensive pyrite-sphalerite-galena as stratiform massive sulphides, laminated mineralization, veins, and breccias in the 2023 step-outs (Photos 1 to 3). Mineralization has been intersected in every step-out hole that has been completed to depth. Assays have now been received for all 2023 Boundary Zone holes (Tables 1 and 2). Summaries for new drill results reported in this news release are as follows:

• Hole NB23-036 intersected 45.22 m (estimated true width of 44 m) of laminated and massive sulphides grading 18.98% zinc, 2.24% lead, and 114.9 g/t silver, a near surface interval of breccia and vein mineralization 75.82 m in width grading 4.21% zinc, 0.25% lead and 9.9 g/t silver and another interval of breccia and vein mineralization 77.93 m in width grading 2.58% zinc, 0.31% lead and 9.8 g/t silver.

• Hole NB23-037 intersected 118.36 m (estimated true width of 47 m) of laminated and massive sulphides grading 11.58% zinc, 1.75% lead and 54.9 g/t silver, as well as two near surface intervals of breccia and vein mineralization 11.57 m in width grading 8.05% zinc and 14.6 g/t silver and 2.95 m in width grading 10.20% zinc and 14.8 g/t silver.

• Hole NB23-034 intersected 53.00 m (estimated true width of 21 m) of laminated and massive sulphides grading 12.07% zinc, 1.05% lead and 53.6 g/t silver, and also an interval of breccia and vein mineralization 25.96 m in width grading 3.97% zinc and 8.9 g/t silver.

• Hole NB23-035 intersected 20.22 m of stratiform and massive sulphide with an unknown true width grading 6.51% zinc, 1.15% lead and 51.5 g/t silver as well as three near surface intervals of breccia and vein mineralization: 5.17 m grading 17.81% zinc and 19.1 g/t silver; 6.36 m grading 5.94% zinc, 0.15% lead and 9.8 g/t silver; and 6.45 m grading 3.00% zinc and 4.2 g/t silver.

• Hole NB23-038 intersected 12.91 m (estimated true width of 9.0 m) of stratiform and massive sulphide grading 5.00% zinc, 0.97% lead and 44.4 g/t silver, and an interval of breccia and vein mineralization 23.16 m in width grading 2.04% zinc and 7.8 g/t silver.

• Hole NB23-033 intersected three intervals of breccia and vein mineralization: 4.76 m grading 12.10% zinc, 0.61% lead and 27.2 g/t silver; 8.76 m grading 3.05% zinc and 5.9 g/t silver; and 6.58 m grading 5.55% zinc and 5.8 g/t silver.

See Tables 1 to 4, Long Section M–M’, Cross Sections C–C’, K–K’, N–N’, R–R’, S–S’ and Maps 2 and 3 below for further details.

Out of the 39 holes that were successfully completed to depth at Boundary Zone in 2023, only 3 were infill holes; the remaining 36 were step-out 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. Step out drilling down-dip intersected abundant galena, supporting the presence of the conceptual feeder zone at least 220 m in strike. The mineralization in the massive stratiform layer extends from surface to at least 450 m down-dip, over 550 m in strike with a variable true thickness that is shown on Long Section M–?M’, thinning around the edges and reaching thicknesses of up to 50 m 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 m to 150 m 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 (Table 3).

2023 Drill Program

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

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

• Macpass Project (Zinc-Lead-Silver): Fireweed owns 100% of the district-scale 940 km² Macmillan Pass (“Macpass”) Project in Yukon, Canada, which is host to one of Earth’s largest undeveloped resources of zinc*, a Critical Mineral. The Tom and Jason zinc-lead-silver deposits have current Mineral Resources¹ (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 Assessment² (PEA). In addition, Boundary Zone, Tom North and End Zone have significant zinc-lead-silver mineralization drilled but 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% interest in the 37.6 km² Mactung Project located 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)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 Project (Zinc-Lead-Gallium-Germanium): Fireweed owns 100% of the 128.75 km² Gayna Project located 180 km north of the Macpass 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. A recent reevaluation of the geology indicates the potential for high-grade Kipushi-style massive sulphide mineralization.
  

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: M0G) 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: [email protected]

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 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%. 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 (BV) preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the BV 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). 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.

Assay values may appear rounded to one decimal place but are given in full in Table 1, 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 with variable shapes and true widths cannot be accurately estimated, therefore only intersected widths are reported, and true widths are 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.

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 operations, 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 Macpass 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, 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, 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, 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: Macpass Project and Mactung Project locations

Map 2: Location of 2023 Boundary Zone drillholes, cross sections and long section M–M’. See below for 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 (purple 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’ – Estimated true thickness interpretation and selected intersections with zinc grades shown within the laminated to massive sulphide stratiform zone of pyrite-sphalerite-galena mineralization at Boundary Zone. Halo vein and breccia mineralization is not included in this long section.

Cross Section C–C’ — Including analytical results for hole NB23-033.

Cross Section K–K’ — Including analytical results for hole NB23-035 and NB23-037

Cross Section N–N’ — Including analytical results for hole NB23-036.

Cross Section R–R’ — Including analytical results from Holes NB23-038

Cross Section S–S’ — Including analytical results from Hole NB23-034

Photo 1: High resolution core scanning image of stratiform and massive to semi-massive sulphide mineralization in NB23-036 (239.6 m to 249.2 m)

Photo 2: High resolution core scanning image stratiform and massive to semi-massive sulphide mineralization in NB23-037 (412.1 m to 422.1 m)

Photo 3: High resolution core scanning image of sphalerite-pyrite-siderite vein mineralization in NB23-037 (235.1 m to 244.9 m)

Table 2: NB23-033, NB23-034, NB23-035, NB23-036, NB23-037, NB23-038 drill results

* Denotes intervals with recovery of less than 85%; N/A: Not Applicable due to the variable shapes of breccia and vein mineralization.

? 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

Table 4: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/a3d2ebc1-3604-4ad1-8174-25e087dbe69b

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