Mr. Carl Lofberg reports

FIREFOX GOLD REPORTS RESULTS FROM RECONNAISSANCE DRILL PROGRAM AT SARVI PROJECT, LAPLAND, FINLAND

Firefox Gold Corp. has released the results from its second reconnaissance diamond drilling campaign at its 100-per-cent-held Sarvi gold project in Lapland, Finland.

This drilling campaign included four drill holes, totalling 611 metres. These holes were designed to test a combination of geochemical anomalies (till and rock sampling) and structural/geological targets. The drilling was not successful in identifying high-grade gold, but the drill holes did encounter quartz-carbonate (tourmaline) veining with sulphides, as well as sulphide-bearing carbonaceous sediments above a contact with mafic volcanic rocks.

Firefox's chief executive officer, Carl Lofberg, commented: "We are pleased that this program, despite having been cut short due to spring snow conditions, has provided significant information to advance our understanding of this high-priority property. We have identified attractive host lithologies and low levels of mineralization, while also confirming that more till sampling is essential to our drill targeting. We are now planning our winter till sampling program to continue our systematic exploration at Sarvi. In the meantime, the team is excited to focus on the upcoming drill results from our Mustajarvi project, where we are confident that we will continue to grow our high-grade East target."

Over all, these drill results were similar to the first phase of drilling in 2022 (see company news release dated May 27, 2022). A few highlights from the drill hole analyses follow:

• Weakly anomalous gold in two of the four holes, with no values above 0.100 gram per tonne (g/t);
• Widespread areas of anomalous copper, including narrow intercepts of 841, 652 and 605 parts per million (ppm);
• Anomalous multielement geochemistry in all holes, generally consistent with the till results:
  • Elevated silver (Ag), arsenic (As) antimony (Sb), copper (Cu), bismuth (Bi), molybdenum (Mo), tellurium (Te), zinc (Zn) and other elements;
• Drill hole 23SA004 passed through a fault zone with polymetallic enrichment and weakly anomalous gold, including:
  • 2.23 ppm Ag, 652 ppm Cu, 1,680 ppm Zn and 0.044 g/t Au over 1.35 metres (m) from 16.0 m depth.

The most important finding from this phase of drilling is that the mudstones and black shales at Sarvi are likely the best hosts for gold, silver and base metal mineralization. This is consistent with previous drilling on the property completed by the Geological Survey of Finland (GTK) in 2009. Assays from two historical holes located approximately five kilometres (km) west of Firefox's phase 2 drill holes reportedly include 1.6 metres averaging 1.1 g/t Au from 26.4 metres depth (drill hole M371209R5) and 0.5 metre averaging 3.57 g/t Au from 69.5 metres depth (drill hole M371209R8). This drilling was carried out by previous operators and has not been independently verified by the company's qualified person. Reported intervals are core lengths and true thickness has not been estimated at this time. The Firefox team is reviewing the historical drill core from these holes. The preliminary interpretation is that these intercepts occur in similar metasedimentary rocks to those hosting low-grade gold, silver and base metals elsewhere at Sarvi. This geological unit appears to extend across the Sarvi permits, creating target settings on which to focus future exploration where this metal rich stratigraphy is cut by late-stage faulting.

In the upcoming exploration season, Firefox intends to extend base-of-till (BoT) sampling into new areas and increase the sampling density with a focus on the metasedimentary rock package. Interpreted structures and/or magnetic anomalies that are believed to cut the black shales and mudstones will be the highest priority for more sampling and drilling.

Project and program details

The Sarvi project is part of the company's large land package immediately north of Rupert Resources' Area 1 project (Ikkari deposit). The project is centred on the Sarvi exploration permit and includes two additional exploration permits, Sarvi-2 to the north and Keulakko to the west, for a total permitted area of 21 square km. The Sarvi permits cover a portion of the Kittila suite of volcanic rocks, which is cut by several interpreted faults. The project is at a very early stage; however, the geological understanding has been advanced through a compilation of detailed magnetics from both drone-based and ground surveys combined with almost 1,600 BoT samples and a total of 2,938.8 metres of drilling. Much of the property is covered by glacial sediments, so outcrop is rare, but the technical team has identified a number of structures and lithologic contacts as targets based on detailed magnetics data.

Drill holes 23SA001 and 23SA002 were collared 42 metres apart and drilled in a south oriented drill fence. The holes tested a steep magnetic gradient that is coincident with a surface rock sample that yielded 1.47 g/t Au and 1.86 per cent Cu (see company news release dated Aug. 24, 2021). These drill holes intersected mafic volcanic rocks, including some evidence of shearing and folding with locally intense quartz-carbonate veining, including chalcopyrite, pyrite, tourmaline and iron carbonate. Gold assays were all close to or below the detection limit, however, both holes returned multiple assays with elevated copper (over 300 pppm), including a high sample of 841 ppm copper in 23SA002. This latter sample was accompanied by elevated cobalt (100.5 ppm) and arsenic (105.5 ppm).

Drill hole 23SA003 was collared approximately 1.4 kilometres southeast of 23SA001 and 23SA002. In this area, a magnetic high is apparently cut by late faulting and the BoT samples were anomalous in arsenic and copper. The drill hole was aimed to the south and passed through a thick section of mafic volcanic rocks. A two-metre interval starting at 132 metres returned elevated copper with an average of 605 ppm Cu.

Drill hole 23SA004 was located approximately 750 metres north from 23SA003. The target for this hole was a strong geochemical anomaly in the BoT sampling, including elevated silver, arsenic, bismuth, tellurium and molybdenum. These elements are often enriched in Lapland gold systems. The hole intersected an interval of abundant pyrite in graphite-bearing mudstones and black shales above a gradational contact with the underlying volcanic rocks. The drill hole passes into mafic volcanic rocks (likely tholeiitic basalts) at approximately 91 m downhole and continuing until final depth of 235 metres. Establishing the presence of this contact between the sulphide-bearing mudstones and the basalt is very useful for continuing work at Sarvi.

Results from this hole correspond well with the BoT geochemistry, with anomalous gold and the associated pathfinder elements above the contact with the volcanics. There were multiple narrow intervals in the hole with elevated silver, copper, cobalt, zinc and other elements. The best interval occurred near surface at 16.0 m depth: 1.35 m containing 2.23 g/t Ag, 0.044 g/t Au, 652 ppm Cu, 121.5 ppm and 1,680 ppm Zn.

Methodology and quality assurance

Firefox geologists selected individual intervals of drill core for analysis based on visible mineralization and/or alteration and/or structural deformation.

Firefox team members transported rock and core samples to an ALS sample prep lab in Sodankyla. The samples were then crushed to minus two millimetres (mm), split and pulverized into one-kilogram pulps, before being shipped to the ALS facility in Rosia Montana, Romania, for gold by fire assay of 50-gram aliquots with AAS (atomic absorption spectrometry) finish (method Au-AA24). Multielement results are normally reported from ALS -- Ireland from a four-acid digestion followed by ICP-AES analyses (method ME-ICP61).

ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC (quality assurance/quality control) program consists of insertion of blind certificated standard material and blanks into the analytical batches and results reported here did not show deviations from recommended values.

Patrick Highsmith, certified professional geologist and director of the company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed and approved the technical information in this news release.

About Firefox Gold Corp.

Firefox Gold has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground.

We seek Safe Harbor.