Fireweed Intersects 31 m True Width of 8.68% Zinc, 3.68% Lead, and 87.4 g/t Silver, Including 15 m True Width of 13.15% Zn, 6.35% Lead, and 139.9 g/t Silver in Boundary Zone Expansion Drill Hole

VANCOUVER, Oct. 30, 2024 - Fireweed Metals Corp. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQX: FWEDF) is pleased to report the results of an additional nine drill holes from Boundary Zone as part of the 2024 drill campaign at its Macpass Project, Yukon, Canada.

Highlights

• Hole NB24-014 from 311.50 m downhole: 54.58 m of 8.68% zinc, 3.68% lead, and 87.4 g/t silver (31 m true width), including 26.08 m of 13.15% zinc, 6.35% lead, and 139.9 g/t silver (15 m true width).
• Hole NB24-024 from 383.5 m downhole: step-out intersection of 19.73 m of 9.40% zinc, 1.07% lead, and 49.7g/t silver (15 m true width), including 10.79 m of 13.39% zinc, 1.30 % lead, and 70.0 g/t silver (8.0 m true width)
• Hole NB24-014 from 146.95 m downhole: 106.85 m of 4.61% zinc, 0.52% lead, and 11.88 g/t silver, including 16.32 m of 9.98% zinc, 0.28% lead, and 17.0 g/t silver.
• Significant concentrations of germanium and gallium associated with sphalerite mineralization (included within the full results in table 1)

CEO Statement

Peter Hemstead, President and CEO, stated, "Boundary zone continues to grow, delivering high-grade step-out intersections outside of the recently announced Mineral Resource of stratiform sulphide mineralization, along with notable vein and replacement mineralization. Step-out results from hole NB24-024 confirm significant extensions of the high-grade Upper Zone towards the East and down dip. Additionally, infill drilling at the massive sulphide Prime Zone, including hole NB24-014, has delineated greater thicknesses and higher grades of this zone than those estimated in our current Mineral Resource. These results show great potential for a material increase in the high-grade tonnage at Boundary Zone."

Summary

The drill holes in this release comprise intervals of vein and replacement style mineralization as well as massive (>50% sulphides) to stratiform (layer-parallel) sulphides in the central portion of Boundary zone. Massive sulphide mineralization at Boundary is split into three primary domains based on location and geochemistry: BZFL (Boundary Zone Fuller Lake), BZUZ (Boundary Zone Upper Zone) and BZPZ (Boundary Zone Prime Zone). The intersections of massive and stratiform sulphides in NB24-006, NB24-014, and NB24-021 are from BZPZ and the intercept in NB24-024 correlates to BZUZ, while the broader intercepts in the holes comprise vein and replacement style mineralization.

Results

Drill holes in this release are located in the central portion of Boundary Zone and were targeting stratiform to massive sulphides, as well as vein and replacement mineralization with a focus on expanding mineralized domains and improving confidence in mineralized bodies. All holes in this release were successful in intersecting vein and replacement style mineralization, with NB24-006, NB24-014, NB24-021, and NB24-24 intersecting broad (>10 m true width) zones of massive to stratiform sulphides rich in sphalerite and galena.

Fireweed successfully intersected massive sulphides in both NB24-014 and NB24-024 (Photos 1 and 2) as well as stratiform to semi-massive sulphides, vein, and replacement mineralization in all holes within this release. Summaries of the intercepts from these holes are as follows:

• Hole NB24-014
  • Intersected 54.58 m (estimated true width of 31 m) of BZPZ laminated and massive sulphides grading 8.68% zinc, 3.68% lead, and 87.4 g/t silver, including 26.08 m (est. true width 15 m) of 13.15% zinc, 6.35% lead, and 139.9 g/t silver. This strategic infill hole was designed to test an area of the resource model where the BZPZ was interpreted as wedging out against a fault between 2023 drill holes NB23-037 and NB23-032. The hole successfully confirmed that the fault wedge comprises a massive sulphide zone approximately 3.5 metres thicker and significantly higher grade than estimated within the current Mineral Resource, interpreted as continuous with the high-grade feeder style mineralization encountered previously in hole NB23-037 (see Fireweed News Release January 22, 2024).
  • The hole also had a broad near surface interval of breccia and vein mineralization 106.85 m in width grading 4.61% zinc, 0.52% lead, and 11.88 g/t silver, including 16.32 m grading 9.98% zinc, 0.28% lead, and 17.0 g/t silver. This intersection confirmed the extents of a broad interval of mineralization approximately 150 m from surface.
• Hole NB24-024
  • Intersected a step-out intersection of 19.73 m (estimated true width of 15 m) of stratiform to semi-massive sulphide grading 9.40% zinc, 1.07% lead, and 49.7 g/t silver, including 10.79 m (estimated true width of 8.0 m) grading 13.39% zinc, 1.30% lead, and 70.0 g/t silver. This is interpreted as an extension of the Upper Zone and is situated beyond the limits of the current Mineral Resource, as a 40 m step-out along strike and 100 m down dip from the nearest Upper Zone intersections.
  • This hole also intersected another step-out intersection of 23.1 m of 5.00% zinc, and 9.6 g/t silver from 146.3 m downhole within vein and replacement style mineralization. This represents a 70-metre step-out from the closest previously known mineralization.
• Hole NB24-006 intersected 71.91 m of stratiform sulphides, vein, and replacement mineralization grading 2.73% zinc, 0.53% lead, and 14.1 g/t silver, including 9.8 m of stratiform sulphides (estimated true width 9.8 m) grading 9.34% zinc, 0.5% lead, and 23.4 g/t silver. The hole also intersected an interval from 23.4 m downhole, 39.61 m in length of vein and replacement mineralization grading 5.42% zinc, and 14.3 g/t silver, including 6.23 m of 13.66% zinc, 0.10% lead, and 27.9 g/t silver.
• Hole NB24-022 intersected 84.50 m of vein and replacement sulphides grading 2.92% zinc, 0.14% lead, and 5.7 g/t silver, including 11.70 m of 8.64% zinc, 0.71% lead, and 12.96g/t silver.
• Hole NB24-021 intersected 14.77 m of stratiform sulphide (estimated true width 11 m) grading 3.40% zinc, 0.36% lead, and 19.6 g/t silver, including 4.15 m (estimated true width of 3.2 m) grading 7.28% zinc, 0.29% lead, and 22.7 g/t silver. The hole also intercepted 35.40 m of vein and replacement style mineralization grading 3.1% zinc and 4.8 g/t silver, including 12 m of 6.19% zinc and 6.6 g/t silver; and, 32.74 m of vein and replacement style mineralization grading 2.26% zinc, 0.56% lead, and 5.2 g/t silver, including 4.45 m grading 6.84% zinc and 8.6 g/t silver.
• Hole NB24-011 intersected 26.81 m of vein and replacement style mineralization grading 2.42% zinc, 0.47% lead, and 11.5 g/t silver, including 6.46 m of 5.51% zinc, 0.65% lead, and 15 g/t silver.
• Hole NB24-010 was abandoned before reaching its target; however, it still intersected three intervals of vein and replacement mineralization: 4.65 m grading 3.62% zinc and 6.0 g/t silver; 3.00 m grading 6.82% zinc and 7.6 g/t silver; and, 6.62 m grading 3.19% zinc, 0.22% lead, and 21.6 g/t silver.
  

See Tables 1 to 3, Cross Sections C-C', N-N', U-U' and Map 2 below for further details.

The holes in this release are step-out and infill holes that tested the vein and breccia mineralization, laminated stratiform mineralization, and massive sulphide zones in the central portion of Boundary Zone. No 2024 drill holes were included in the 2024 Mineral Resource Estimate and represent growth potential above and beyond Fireweed's current Mineral Resource.

Next Steps

The Company has currently released 17 of 49 holes drilled in 2024. The assay results and interpretations for the remaining holes will be released as they are received and interpreted by the company.

Qualified Person Statement

Technical information in this news release has been reviewed and approved by Fireweed Metals Senior Geologist, Ian Carr, P.Geo. (BC), a 'Qualified Person' as defined under Canadian National Instrument 43-101. Mr. Carr is not independent of the Company in accordance with NI 43-101.

Fireweed Metals Corp. is an exploration company focused on unlocking value in a new critical metals district located in Northern Canada. Fireweed is 100% owner of the Macpass District, a large and highly prospective 977 km² 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 at FireweedMetals.com and at www.sedarplus.com

ON BEHALF OF FIREWEED METALS CORP.

"Peter Hemstead"
Interim CEO & Director

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 (50.5 mm/ 1.99-inch diameter) or HQ size (63.5 mm/ 2.50-inch diameter) core, 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 using light detection and ranging (LiDAR), short-wave infrared (SWIR), X-ray fluorescence (XRF), and high resolution RGB image capture. 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 2024 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, 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, targets for exploration, potential extensions of mineralized zones, 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

*Zinc equivalency is based on a price of USD$1.40/lb Zn, USD$1.10/lb Pb, and USD$25/oz Ag, CAD:USD exchange rate of 1.32, and a number of operating cost and metallurgical assumptions specific to each deposit or domain².

¹References to relative size, grade, and metal content of the Macpass resources and Mactung resources in comparison to other tungsten, zinc, gallium, and germanium deposits elsewhere in the world, respectively, are based on review of the Standard & Poor's Global Market Intelligence Capital IQ database.

²: For Tom, Jason, End Zone, and Boundary Zone Mineral Resources, see the technical report entitled "Technical Report for NI 43-101, Macpass Project, Yukon, Canada" with effective date September 4^th, 2024 filed on Sedar+ here Pierre Landry, P.Geo. is independent of Fireweed Metals Corp., and a 'Qualified Person' as defined under Canadian National Instrument 43-101. Pierre Landry, of SLR, is responsible for the Tom, Jason, End Zone, and Boundary Zone Mineral Resource Estimates.

³: For Mactung Mineral Resources, see Fireweed's 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/. Garth Kirkham, P.Geo. is independent of Fireweed Metals Corp., and a 'Qualified Person' as defined under Canadian National Instrument 43-101. Garth Kirkham, of Kirkham Geosystems Limited., is responsible for the Mactung Mineral Resource Estimate.

Contact: Alex Campbell
Phone: +1 (604) 689-7842
Email: info@fireweedmetals.com

Map 1: Macpass Project and Mactung Project locations
Map 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b0b406b4-597e-4dfa-9f71-4fdd32a7daa2

Map 2: Composite intervals in 2024 drilling and pre-2024 drilling with constrained resource projection to surface and proposed pit shell
Map 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd2f2ae8-da33-4f8a-b176-c41282d3587a

Figure 1: Cross section C to C' NB24-014 and NB24-024
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b14ec90c-c485-4ea0-86d6-0f1c3b869bee

Figure 2: Cross section N to N' NB24-006, NB24-010, and NB24-011
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f37e64f9-47be-429e-b530-53c1bcc61eea

Figure 3: Cross section U to U' NB24-021, NB24-022, and NB24-023
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0c11ac1-4eb1-4d77-988f-7c189c6e1ea5

Photo 1: Galena and sphalerite rich massive sulphides in NB24-014 360.3 to 366.0 m
Photo 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b2de0c42-ce55-4ab6-ad16-2c4425fe7c12

Photo 2: Galena and sphalerite rich massive sulphides in NB24-024 389.9 to 396.0 m
Photo 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/43deeead-ed98-482d-9e7f-84976e09b3a3

Table 1: NB24-006, NB24-010, NB24-011, NB24-012, NB24-014, NB24-021, NB24-022, NB24-023, and NB24-024 drill results

† Entire hole intervals contain large continuous sections of very low grade or not mineralized material (below 1.41% zinc)-intersections of continuous higher-grade material (>1.41% zinc) are listed as Primary and Included intervals and represent mineralized material.
‡ See "Data Verification" for a description of true width calculations

Table 2: 2024 Drilling Summary

Table 3: Drill Hole Collar Information

Coordinates listed in NAD83 UTM Zone 9N.