Heraldo de Madrid - FireFox Trenching Returns More High-Grade Gold at the Mustajärvi Gold Project in Lapland, Finland

The new trench excavated in October 2024 stepped out approximately 35 metres east-northeast from the 2023 trench (see Figure 1). Beneath approximately six metres of glacial overburden, Trench 1-2024 revealed multiple high-grade gold samples in addition to the continuously mineralized 10.1 metre interval, including cross-cutting channel samples of 24.8 g/t, 22.6 g/t, and 17.6 g/t gold and grab samples of 180.5 g/t, 33.4 g/t, and 17.95 g/t gold.

A second trench of the October campaign (Trench 2-2024) stepped out 30 metres on the opposite side of the 2023 trench (southwest). While the mineralization encountered in the second trench was lower grade, the channel samples returned a zone of 2.0 metres averaging 2.56 g/t gold, along with several other 1 metre channels containing more than 1.0 g/t gold and one channel cut of 6.34 g/t gold.

Carl Lofberg, FireFox's CEO, commented about the new results, "Our latest trenching at Mustajärvi has once again revealed high grade gold beneath only five or six metres of overburden. This is important because it reminds us that the comparatively thin overburden in this part of Lapland can easily obscure high grade gold deposits that could be surface mineable. The East Target now boasts a corridor at least 70 metres along strike and more than 10 metres wide with significant gold coming very close to surface. There aren't many first-tier jurisdictions in the world where +10 g/t gold can still be discovered in trenches within 80 metres of a paved highway. In addition to the recent trenching at the East Target, our team has also been conducting electrical geophysics to target the high-grade East Target at depth, and our continued prospecting has also identified new prospects well away from any drilling."

Figure 1. Mustajärvi East Target Exploration Trenches with Drill Results

The sample grades disclosed herein represent only the gold concentration in the specific material collected. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in these targets being delineated as a mineral resource.

Discussion of Results

Trench 1-2024

The first trench of the program (Trench 1-2024, see Figure 2) was located approximately 35 metres east-northeast of Trench 1-2023, and approximately 20 metres northeast of drill hole 22MJ006 that returned a 13.85-metre interval averaging 28.74 g/t gold starting at 24.2 metres downhole (see news releases dated July 13, 2022 and September 6, 2022). The trench was 14 metres long and 1 metre wide, oriented northwest-southeast. The trench revealed strongly weathered and altered bedrock below glacial sediments of varying depths, from 5.0 metres at the northern end to 6.5 metres at the southern end of the trench. Increasing depth of unconsolidated overburden limits the southern extent of both Trench 1-2023 and Trench 1-2024.

Most of the rocks exposed in the trench were intensely clay altered and weathered, exhibiting strong evidence of oxidized sulphide minerals and having virtually no original textures preserved. The clay-altered unit is interpreted to be the intermediate tuffite, which is commonly observed in drilling as host to the gold mineralization at Mustajärvi East. In addition to kaolinization, the rocks are also sericitized and hematized, leaving relict tourmaline both disseminated and veinlet-hosted. There are a few narrow quartz veins that

Figure 2. Mustajärvi East Trench 1-2024 Geology and Assays on Air Photo

strike northwest to northeast and dip to the west. The clay-altered and mineralized unit continues at least to the southern end of the trench. The remarkable orange-red colour of the weathered bedrock is likely the result of oxidation of large amounts of pyrite, so, much of the exposure may be called a gossan. Fresh pyrite is only rarely observed due to near-pervasive oxidation.

Channel sampling of Trench 1-2024 returned high-grade gold mineralization in multiple samples as shown in Table 1. Channel 1 was sampled parallel to the trench and sub-orthogonal to the rock units and returned 10.1 metres that averaged 13.79 g/t Au (uncut). Channels 2 through 4 were sampled orthogonal to the trench and subparallel to the rock units. A nominal one-meter-long sample was collected in each, and all returned very high gold grades, ranging from 17.6 g/t to 24.8 g/t as shown in Table 1 and Figure 2.

FireFox geologists also collected nine grab samples from the trench exposure, including three high-grade samples of 180.5 g/t, 33.4 g/t, and 17.95 g/t gold (See Table 2). These highly mineralized samples were also intensely clay-altered metasedimentary rock with relict quartz-tourmaline and/or quartz veins.

The northernmost four metres of Trench 1-2024 comprised strongly foliated and altered metasedimentary rocks, likely including intermediate tuffs and volcanically derived sediments (shaded green on Figure 2). These rocks contain magnetite and are altered with sericite and iron carbonate, but they contain very little gold. This unit dips steeply to the southeast, which is consistent with most of the Mustajärvi Shear Zone. There is a sharp contact between these metasediments and the weathered tuffites that host mineralization.

The mineralization exposed in the trench was broadly similar to the style and intensity of alteration evident in Trench 1-2023. However, geologists have estimated that the original sulphide content may have been lower in the 2024 trench, based in part on the less abundant and intense red and orange colours of the gossan. All these samples were thoroughly oxidized, and this supergene process may locally enrich gold grades relative to fresh rock. More work will be required to ascertain the degree (if any) of supergene enrichment. The same observation has been noted about high-grade gold in oxidized drill core from Mustajärvi.

Trench 2-2024

The team cut the second trench (Trench 2-2024, see Figure 3) approximately 30 metres southwest of exploration Trench 1-2023. The new trench was also approximately 25 metres southwest of drill hole 22MJ021, which intercepted 15.5m of 13.09 g/t gold, beginning just below the glacial overburden at 11 metres downhole (see news release dated January 18, 2023). This trench was also northwest-southeast oriented, with dimensions of 8 metres long and 3 metres wide. The exposed bedrock was visibly very similar to Trench 1-2024, containing strongly weathered and altered bedrock with varying degrees of foliation and preserved original textures beneath glacial sediments.

The extent of gold mineralization in Trench 2-2024 was more limited and lower grade than in Trench 1. However, the central part of the trench was consistently gold mineralized (See Figure 3 and Table 1). Geologists cut Channel 1 parallel to the trench and sub-orthogonal to the rock units, and it included 2.0 metres that averaged 2.56 g/t Au (uncut). Channels 2 and 3 were sampled orthogonal to the trench and subparallel to the rock units, and they returned notable results of 1.03 metres at 6.34 g/t Au in Channel 2 and 2.01 metres averaging 1.52 g/t Au in Channel 3. There is also a broader zone of lower grade gold around these intervals.

Like Trench 1-2024, the rocks in the northern part of Trench 2 were strongly foliated and altered metasedimentary rocks, likely of volcanic origin. The unit contained sericite, iron carbonate alteration, and magnetite, imparting a darker colour, but the northern part of the trench is again very low in gold. Geologists recognized the intermediate tuffite in this trench as well, noting clay alteration and deep oxidation after sulphides as the likely reason for the destruction of original textures. The geological log also noted locally strong albite alteration, silicification, and iron carbonates, but hematite and sericite alteration was generally less than in Trench 1-2024. Geologists reported minor fresh pyrite from this trench, as well as relict disseminated and vein hosted tourmaline associated with the gold mineralization.

These lower grade intervals of surface gold are significant because they extend the area of surface or shallow gold mineralization considerably to the south and southwest. Trench 2-2024 is well away from known significant near-surface gold at Mustajärvi East. Furthermore, the contact with the strongly foliated iron-carbonated metasedimentary rocks (shown as green on the figures) appears to be shifted well to the south in this trench. This is a good indication of a fault cutting across the Mustajärvi Shear Zone in the vicinity of

Figure 3. Mustajärvi East Trench 2-2024 Geology and Assays on Air Photo

these trenches, possibly quite close to Trench 1-2023. FireFox has previously noted evidence of such cross-faulting in its detailed magnetics survey. This new evidence of cross faulting is expected to help the Company target more high-grade gold in future drilling and trenching.

Table 1. Channel Samples from Trenches 1 and 2 (North to South) - Gold by Screen Fire Assay

Table 2. Grab Samples from Trench 1-2024 - Gold by Screen Fire Assay (Coordinates presented in EPSG 3067)

Methodology & Quality Assurance

The trenching campaign was conducted in an accessible area with no forest cover, minimizing environmental impact. To maintain the safety of the working team the trenches were gradually sloped and slightly extended in width. The channel sample intervals were measured with a measuring tape, the measurement results were refined with a high-precision RTK-GPS device. Trenches were channel sampled with a diamond saw for the entire exposure in order to extract large consistent samples while cutting primary structures and veins as close to true thickness as possible. Where the rock integrity was compromised by weathering and alteration, geologists collected the samples with hammer and chisel.

FireFox team members transported samples to an ALS sample prep lab in Sodankylä. The samples were crushed to -2 mm and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by screen fire assay (AU-SCR24).

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 program consists of insertion of certificated standard material and blanks inserted by FireFox into the analytical batches did not show deviations from recommended values.

Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) 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 Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large 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 CEO and technical team.For more information, please refer to the Company's website and profile on the SEDAR+ website at www.sedarplus.ca.

On behalf of the Board of Directors,

"Carl Löfberg"
Chief Executive Officer

CONTACT:

FireFox Gold Corp.
Email: [email protected]
Telephone: +1-778-938-1994

Forward Looking Statements

The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from illness, extreme weather, changes in government and changes to regulations affecting the mining industry.

Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary.

The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither 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.

SOURCE: FireFox Gold Corp

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