Firefox Gold completes 1st pass drilling at Mustajarvi

Mr. Carl Lofberg reports

FIREFOX GOLD COMPLETES ANOTHER ROUND OF DRILLING AT MUSTAJARVI PROJECT AND MOVES DRILL TO UTSAMO PROSPECT IN NORTHERN FINLAND

Firefox Gold Corp. has provided an update on its diamond drilling campaign that is under way testing up to four of the company's gold properties in Finland's central Lapland greenstone belt, as announced on Oct. 6, 2021.

FireFox has completed the first pass of the phase 5 drilling program at its 100%-held Mustajarvi Gold Project, including 1,664 metres in four holes (see Figure 1: https://bit.ly/3wzrotC and Table 1, below). Drilling was primarily focused at the Northeast Target where the Company previously reported a high-grade gold zone including 93.88 g/t gold over 1.35 metres in hole 21MJ001 and 7.69 g/t gold over 16.45 metres in hole 21MJ010 (see news releases dated June 17th, 2021 and September 9th, 2021). A fourth hole was drilled to probe for the heart of the new East Target, located approximately 750 metres east from 21MJ001 (see news release dated August 17, 2021). All results are pending as these four holes are at various stages of logging, cutting, and sampling or are newly arrived at the laboratory for sample preparation and analysis.

Carl Lofberg, President and CEO of FireFox, commented, "The main strategy for this round of drilling at Mustajarvi was to add closely spaced step-out holes around the high-grade zone to gain a better understanding of its dimensions and controls. We have further tested the overall size of the mineralized system by adding another hole in the East Zone, one hundred metres from the encouraging results from earlier in 2021. While the Mustajarvi core is being processed and analyzed, we are moving ahead to evaluate the exciting new targets at Utsamo. We shall return to Mustajarvi for more drilling later in this drill program."

The drill rig has now mobilized to the Utsamo Prospect at the Jeesio Gold Project, where base-of-till (BOT) sampling from 2020 and 2021 identified strong gold and multielement anomalies, likely associated with multiple interpreted splays of the Sirkka Shear Zone (see Company news release dated October 26th, 2021). Drilling will commence immediately with up to six holes planned, for a total of approximately 1,300 metres in two areas (see Figure 2: https://bit.ly/2YDylgO).

The priority is the group of holes aimed at the prominent multi-line BOT anomaly near the northwest limits of the sampling, which is comprised of associated gold and pathfinder elements along the margin of a magnetic low. The second group will include a few drill holes farther south and east aimed at structural and geophysical targets with associated BOT anomalies. The Utsamo Corridor includes more than 5 kilometers along the inferred path of the Sirkka Shear Zone as it bends through the project area. FireFox's gold targets have resulted from an integrated interpretation of geological, geophysical, and geochemical data.

The drill campaign is expected to continue through January 2022 with two additional target areas likely to see drilling:The 100%-held Sarvi Project, adjoining Rupert Resources' Area 1 discovery zone, where FireFox is currently engaged in a detailed BOT sampling program to define targets; andThe Saittavaara Prospect in the southern Kataja Belt of the Jeesio Project, which was drilled for the first time earlier this year and yielded gold mineralization of more than 0.9 g/t gold in two of three holes as reported on August 3rd.