Mr. Carl Lofberg reports

FIREFOX GOLD DRILLS 20.4 METRES AT 5.1 G/T GOLD AND EXTENDS THE FOOTPRINT OF MINERALIZATION AT MUSTAJARVI EAST TARGET IN FINLAND

Firefox Gold Corp. has released the results from the first four holes of the spring 2023 core drilling campaign at the company's 100-per-cent-held Mustajarvi gold project in Lapland, Finland. Drill holes 23MJ001, 23MJ002, 23MJ003 and 23MJ004 at the east target all encountered several significant intervals of gold mineralization and extended the mineralization to the northwest, southwest, southeast and down dip. Each hole yielded assays above 10.0 grams per tonne gold. Highlights of selected intervals are shown herein, while an attached table includes all significant intercepts:

• 23MJ001:
  • 11.95 metres averaging 9.69 g/t Au from 5.4 metres down hole (includes 0.3 metre of core loss):
    • Including 0.75 m at 94.50 g/t Au.
  • 5.35 m averaging 8.09 g/t Au from 37.25 metres down hole:
    • Including 0.85 m at 28.87 g/t Au.
• 23MJ002:
  • 7.35 m averaging 2.40 g/t Au from 60.0 metres down hole:
    • Including 1.0 metre at 10.51 g/t Au.
  • 9.00 m averaging 1.06 g/ Au from 103.0 metres down hole.
• 23MJ003:
  • 9.50 m averaging 2.08 g/t Au from 155.5 metres down hole;
  • 2.45 m averaging 15.22 g/t Au from 248.65 meters down hole:
    • Including 1.45 m at 24.16 g/t Au.
• 23MJ004:
  • 20.45 m averaging at 5.14 g/t Au from 12.0 metres down hole:
    • Including 0.75 m at 23.92 g/t Au;
    • Including 3.15 m at 13.69 g/t Au;
    • Including 0.9 m at 20.83 g/t Au.
  • 14.8 m averaging six g/t Au from 54.0 metres down hole:
    • Including 3.45 m at 19.43 g/t Au, which includes 1.55 m at 34.72 g/t Au.

Carl Lofberg, Firefox's chief executive officer, commented: "The drill results from Mustajarvi continue to reveal thicker replacement-style gold mineralization that is very near surface. These four holes have filled in some gaps in the heart of the east target and confirmed an expansion of the system to the south with a 120 m stepout hole. These results also confirm the presence of at least two directions of controlling structures -- the main lode has been confirmed as plunging to the southwest and deeper high-grade intercepts reinforce the importance of the northeast trending vein system. We have much more data on the way, as results from the final four holes of this drill program are still pending, and our team has commenced a trenching program at Mustajarvi East."

Firefox intends to release updated long and cross-sections later in July, along with results from the final four drill holes in the spring 2023 drill program.

Discussion of drill results

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 kilometres east of Kittila. The project remains at an early stage. Firefox and predecessor companies have drilled approximately 14,158 metres, and drilling has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike, so far. Due to its near-surface, high-grade nature, the company has been focusing most recently on the east target.

As reported in the June 14, 2023, news release, the spring 2023 drilling program at Mustajarvi was focused on filling some gaps in the drilling and testing for extensions to the south, west and southwest. These first four holes from the program have improved confidence in the high-grade core of the east target and established control of an important fault on the south side of the deposit, which has been confirmed as mineralized.

Drill holes 23MJ001 and 23MJ002 were drilled along a northwest-southeast fence in an opposing scissors fashion. The first hole was drilled at an azimuth of 320 degrees, while the second drill hole was directed at 140 degrees. Their drill hole traces parallel each other, approximately 15 metres apart. The holes were designed to test the western side of the shallow, high-grade, replacement-style mineralization and probe for down-dip extensions of the Riedel veins that often host high-grade gold. This orientation of drilling cuts perpendicular to the first order structures at Mustajarvi. In this part of the property, the Mustajarvi fault zone is represented by multiple splays that trend northeast, and this direction is an important control in both replacement-style and vein-hosted mineralization.

In addition to infilling a gap in the geological model on the western side of the target, 23MJ001 tested for deeper vein-controlled mineralization north of the main lode. The hole was collared in thin glacial till sediments overlying strongly weathered intermediate tuffites. Just below the glacial sediments, the tuffites are pervasively albitized, sericitized and silicified, with fracture-controlled (secondary) kaolinite. The hole is dominantly hosted in the intermediate volcaniclastic sediments, but there are multiple mafic and ultramafic interbeds and possible dikes. Faulting is evident in the hole, sometimes associated with zones of high pyrite, and mylonite zones appear deeper in the hole. Pyrite, often oxidized, is abundant in the shallow portions of the hole, occurring as disseminations, patches and clots along foliations and fractures, and in veins. In the deeper portions of the hole, pyrite is most often associated with quartz-carbonate-tourmaline veins.

Gold mineralization starts immediately beneath the glacial cover at a depth of 5.4 m, where 23MJ001 cut an interval averaging 9.69 g/t Au over 11.95 m, including 37.24 g/t Au over 2.25 m. The narrower high-grade zones are usually associated with massive pyrite and faulting, but the longer interval exhibits clear evidence of gold accompanying the albite-silica-sericite-pyrite replacement. As is commonly seen at Mustajarvi, early albite appears to make the rock brittle and the gold mineralization enters later either with massive silica and pyrite or in crosscutting brittle veins. In these shallow intercepts, gold may be enriched by the process of oxidation, but this has yet to be confirmed as high-grades carry into primary sulphide-bearing intervals.

There is additional high-grade mineralization sporadically down hole to 51 m depth, with an additional wider zone starting at 37.25 m that averaged 8.09 g/t Au over 5.35 m. Numerous mylonite zones in the hole are mineralized, such as a 0.8 m sample from 171 m depth that contained 1.23 g/t Au.

Drill hole 23MJ002 is the northernmost collar to date at the east target. This hole was designed to undercut the near-surface, replacement-style mineralization and test its western down-dip continuation. The hole passed through a more-monotonous sequence of intermediate tuffites, which is cut by numerous faults and veins, but mafic rocks were much less abundant than in 23MJ001. The hole encountered 21 individual mineralized samples above the cut-off grade of 0.5 g/t Au between 33.0 m and 127.0 m depth. From 60.0 m depth, there is a 7.35 m interval averaging 2.40 g/t Au, including 1.0 m at 10.51 g/t, which is associated with vein breccias and mylonite. There is also deeper lower-grade mineralization, as is commonly seen south of the heart of the system.

Drill hole 23MJ003 was collared across the highway more than 120 metres southeast of any previous drilling at the east target. The hole was directed northwest at an azimuth of 320 degrees toward deep mineralization previously intersected by drill hole 22MJ025 (see Firefox news release dated Feb. 15, 2023), which returned 1.2 m at 8.75 g/t Au from 251 m depth and several intervals above 1.0 g/t Au. In addition, this hole tested the predicted contact between Savukoski group ultramafic rocks and Sodankyla group metasediments.

The contact between the ultramafic volcanics and the metasedimentary intermediate tuffites was successfully intersected at a depth of 152 metres. The ultramafic rocks near the contact are talc-carbonate-chlorite altered, locally with disseminated sulphides. The contact zone is strongly mylonitized and the rocks immediately beneath the contact are strongly altered, reflecting pervasive albite and fracture-controlled sericite-kaolinite. The footwall intermediate tuffites reflect regular interbeds of mafic and ultramafic volcanic rocks and several faults and mylonite zones. The hole intersected several mineralized intervals with weak disseminated pyrite mineralization associated with sericite-kaolinite.

While most of the intercepts in 23MJ003 are comparatively narrow, several of the significant drill intercepts are associated with albite-silica-sericite-pyrite replacement. Quartz-carbonate-tourmaline-pyrite (QCTP) veins and veinlets are also widespread in this drill hole. At 155.5 m depth, the hole intersected an interval of 9.50 m averaging 2.08 g/t Au, including 1.0 m at 8.63 g/t Au. Mineralization in this zone is hosted in albite-quartz-sericite alteration with local carbonate-tourmaline veinlets.

At approximately the same depth as previously drilled in the area, 22MJ003 confirmed a significant, deep, high-grade zone of gold mineralization. This interval was 2.45 m averaging 15.22 g/t Au, including 1.45 m at 24.16 g/t Au, from 248.65 metres deep. The high-grade zone is hosted in quartz-albite fault breccia (possible hydrothermal breccia) with disseminated pyrite mineralization and associated quartz-tourmaline and tourmaline veinlets. In total, drill hole 23MJ003 intersected 14 individual mineralized intervals above the cut-off grade of 0.5 g/t Au.

Drill hole 23MJ004 was collared on the east side of the east target, directed at an azimuth of 240 degrees to evaluate the near-surface replacement zone and its continuation down plunge to the southwest. The southwest drill direction enables testing of the northwest-oriented faults. The thickest and highest-grade gold zones at Mustajarvi East appear to be controlled by intersections of both prevailing structural directions.

Immediately beneath a thin veneer of glacial sediments (5.7 metres down hole), the hole passed into intermediate tuffites, which are pervasively albitized and strongly oxidized. The volcaniclastic rocks continue to the bottom of the hole at 175.5 m, but the sequence is cut by gabbro dikes and occasional interbeds of mafic tuffs. In total, this hole encompassed 41 individual samples that assayed above the cut-off grade of 0.5 g/t Au. Mineralization started at 12 m depth, where the hole intersected a near-surface, pyrite-mineralized zone, which returned 20.45 m averaging 5.14 g/t Au. This interval included multiple short, higher-grade intercepts, including 3.15 m at 13.69 g/t Au and 0.75 m at 23.92 g/t Au. The gold in this zone correlates with moderate-to-strong concentrations of pyrite that occur in several modes, including replacement style on foliations and fractures, as well as stringers and veinlets.

Another high-grade zone was intercepted at 54.0 m depth, spanning an interval of 14.8 m that averaged six g/t Au, including 3.45 m at 19.43 g/t Au. This interval is also dominated by replacement-style pyrite and pervasive silicification and variable sericite and kaolinite.

As shown in an attached table, several additional well-mineralized intervals were intercepted between 89 m and 155 m depth. Gold mineralization is consistently associated with pyrite, most often in quartz-carbonate-tourmaline-pyrite veins and veinlets cutting pervasively albitized intermediate tuffites. The silica-sericite-pyrite replacement zones with gold normally occur in the metasedimentary (tuffite) rock package. Pyrite also commonly forms individual massive stringers along brittle fractures.

It is noteworthy that drill hole 23MJ004 ends in mineralization. Just beneath a mylonite zone in ultramafic volcanic rocks, the rock becomes heavily veined and fractured. The drill was likely entering a fault zone, where recovery became difficult. The final sample was a veined and brecciated intermediate tuffite with pervasive albite and silica, bladed calcite and traces of visible pyrite. The last 0.9 m sample from 174.6 m depth assayed 4.25 g/t Au.

It is clear from these drill holes that the Mustajarvi East system persists to depth, with numerous examples of QCTP veins and breccias containing more than 3.0 g/t gold having no follow-up drilling yet.

Methodology and quality assurance/quality control

The core was transported from the rig to the company's core storage facility in Sodankyla, where Firefox's exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally one metre, but in some circumstances were modified according to lithological boundaries and other factors. Firefox geologists maintained chain-of-custody and sampling procedures according to best industry practices and with due attention to quality assurance/quality control, including sampling field duplicates and the insertion of certified standard and blank samples.

Firefox team members transported the samples to an ALS sample preparation laboratory in Sodankyla. The samples were sawed, crushed to minus-two millimetres, 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 g aliquots with AAS finish (method Au-AA24). All samples exceeding 10 g/t Au were reassayed in triplicate by fire assay of 50 g aliquots with a gravimetric finish (method Au-GRA22).

ALS 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 quality assurance/quality control program consists of the insertion of certificated standard materials and blanks, and the analytical batches did not show deviations from recommended values.

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702), a director of the company, is a qualified person, as defined by National Instrument 43-101. Mr. Highsmith has prepared, reviewed and approved the technical information in this news release.

Dr. Sven Honig, certified European geologist (EFG EurGeol No. 1789), general manager of exploration, is a qualified person, as defined by NI 43-101. Dr. Honig has supervised the fieldwork reported herein, and he has prepared 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 huge portfolio of prospective ground.

Finland is one of the top mining investment jurisdictions in the world, as indicated by its multiple top-10 rankings in recent Fraser Institute surveys of mining companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and Firefox is proud to have a Finland-based chief executive officer and technical team.

We seek Safe Harbor.