FireFox Gold Corp. reported the results from the final four holes of the spring 2023 core drilling campaign at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill holes 23MJ005, 23MJ007, 23MJ008 and 23MJ009 at the East Target all encountered significant intervals of gold mineralization.

Most encouraging were the holes to the southwest of the previous high-grade zone, which highlight the potential for significant expansion of the East Target in this direction. Company geologists also conducted a limited test trenching campaign over the surface expression of the East Target. The first trench revealed bonanza grade gold mineralization including 6.87 metres that averaged 59.12 g/t Au on the basis of uncut results from 1-kilogram screen fire assays.

Drill hole 23MJ005 hit strong mineralization in an 80-metre step-out to the southwest from the previously drilled western-most high-grade hole. Results include: 4.20m averaging 5.74 g/t Au from 60.8 metres down hole, and 7.05m average 4.77 g/t Au from 68.0 metres down hole, including 1.0 metre at 20.8 g/t Au. Drill hole 23MJ008 was a further 135-metre step-out to the southwest, for a total of approximately 215 metres step-out from the previous high-grade area.

The hole included multiple intervals of significant gold from near surface to 180 metres depth, confirming the potential for expansion of the target in this direction. Results include: 2.0 m averaging 4.75 g/t Au from 29.0 metres down hole; including 0.8 m at 11.1 g/t Au; and 7.0 m averaging 1.77 g/t Au from 112.0 metres down hole; and 1.0 m at 0.61 g/t Au from 180 metres down hole. Drilled in the opposite orientation, drill hole 23MJ009 confirmed the continuity of the southwestern step-out between 23MJ005 and the historic high-grade holes, with multiple gold intervals between 75 and 156 metres down hole.

Highlights of the results include: 5.55 m averaging at 4.45 g/t Au from 75.55 metres down hole. Two trenches were excavated through the glacial overburden into weathered bedrock. The purposes of the test trenching were to evaluate conditions for possible additional trenching, gather structural information about foliation, veining, and faulting, and to sample the newly exposed bedrock.

The team collected diamond saw channel samples from both trenches. Trench 1 included approximately 10.0m of contiguous gold mineralization, including individual uncut values of 256 g/t Au, 72.5 g/t Au, 52.8 g/t Au, and 45.02 g/t Au. During the sampling, geologists reported the presence of considerable coarse gold, so all samples were analysed by screen fire assay.

Trench 2, located north of the main gold system, contained much lower gold grades, but it provided useful structural measurements and data points for the geological model. The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 14,158 metres to date, 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. Figure 1 shows the most recent drill holes at the East Target in relation to previous drilling and ground magnetics data. Drill hole 23MJ005 was designed to test the low magnetic - high chargeability corridor interpreted as trending southwest from the East Target.

The drill hole was collared approximately 80 metres southwest from the western limits of the previously defined high-grade mineralization at the East Target, as defined by drill hole 22MJ022 and reported in the FireFox news release dated January 18, 2023. Hole 23MJ005 was drilled at a 325° azimuth with a plunge of 60° to intersect the target corridor at a favorable angle. The hole entered altered metasediments starting below glacial sediments at a depth of 8.7 metres, and it passed through thin sections of mafic volcanics and gabbro.

The main mineralized zone was intersected within an altered sequence of intermediate tuffites, sometimes interbedded with less altered mafic volcanic rocks, from 60.80 to 75.05 metres. This interval included two separate gold mineralized intervals, 4.20m of 5.74 g/t and 7.05m of 4.77 g/t, including several higher-grade intervals and a maximum assay of 20.77g/t Au. The mineralized interval is pervasively albitized and silicified with weaker development of sericite; and it exhibits a well-developed foliation that is nearly perpendicular to the core axis.

The richest gold zones are cut by quartz-carbonate± tourmaline+pyrite veins (QCTP) that are often accompanied by patchy, semi-massive and coarse-grained pyrite. The mineralized veins are at variable angles to the foliation and the core axis but are often nearly parallel to the core axis over short intervals. Since this drill hole is well away from any previous drilling it is difficult to confirm the orientation of the controlling structure in this area, but it appears to conform with the NE-SW striking major fault zone.

Moderate to strong alteration continues to 115 metres depth, including veins, breccias, and noteworthy gangue minerals. The mineral molybdenite is reported at 92 metres depth associated with quartz veining and an anomalous gold assay of 0.234 g/t. Multielement assays, including molybdenum, are pending. This drill hole confirms the continuation of the shallow high-grade gold mineralization at Mustajärvi East for at least 80 metres.

The strong gold intercepts and intense alteration fall directly in the geophysical target corridor predicted by the IP and magnetics survey. There is lots of room to expand these intercepts to the southeast and southwest along the projected structures that mark the Mustajärvi fault zone.