FireFox Gold Corp. report the remaining results of the successful fall 2022 core drilling campaign at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill holes 22MJ024 and 22MJ025 at the East Target both encountered significant near-surface high-grade gold and extended the East Target mineralization to the northwest, southeast, and downdip.

These holes were drilled along two different sections separated by 25m. Drill hole 22MJ024 further delineated a western lobe of shallow high-grade gold first discovered in 22MJ022. These two holes were part of a six-hole program (977.1 metres) designed to test a new near-surface high-grade gold zone at the East Target first defined by 22MJ006 and 22MJ018.

The first three of the holes also returned high-grade gold assays. These results are significant because they confirm and expand a volume of near-surface replacement style mineralization with greater continuity than previously realized. The East Target also includes narrow high-grade structures oriented in at least two directions that carry mineralization to greater depths and may be contiguous with the thicker replacement zones.

The final hole of the program, 22MJ026, was at the Northeast target, the site of numerous high-grade intercepts in 2021 and 2022. It was directed to the northeast, orthogonal to most of the previous drilling in that area, to test for the northwest trending cross structures now known to be important at the East Target. The FireFox team continues to advance its structural model for Mustajärvi, and the work suggests numerous drill targets based on possible extensions to the northwest, southwest, and south.

Multielement analytical data is also still pending for the drilling from late 2022. The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones.

The Sodankyla¨ Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite - sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 12,600 metres to date.

FireFox's structural model identified repetitive dilatant zones along the MSZ where vein swarms, replacement style, and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target. The Central Zone and East Target have clear expressions of significant grade and thickness of gold mineralization at surface, whereas the gold at the Northeast Target is concentrated between 100 and 150 metres below surface.

Folding and extensive faulting are in evidence, suggesting the potential for locating much more gold around and between these three widely spaced targets. During 2022, FireFox completed a total of 25 diamond drill holes for 3,904 metres at Mustajärvi, testing the Northeast Target, the East Target, the Gabbro Target and the Central Zone. The final program of the year included six holes totaling 977 metres, three of those holes are reported herein.

The East Target mineralization exhibits extensive albite - sericite alteration, as is typical along the MSZ, but iron oxide and iron carbonate veining are more common in this eastern part of Mustajärvi. The drill logs from the recent drilling also include increased reports of mafic rocks crosscutting and interbedded with the metasediments and tuffaceous rocks that host most of the Mustajärvi mineralization. The mafic rocks likely included mafic and ultramafic volcanic rocks, as well as crosscutting mafic dikes.

Gold continues to be closely correlated with the occurrence of pyrite. Similar to previously reported holes from the East Target, the near-surface gold mineralization from the most recent holes is associated with fractures and impregnation of (partially oxidized) pyrite along fractures, forming blebs, nests, disseminated, semi-massive and massive pyrite mineralization within the host rock. The thicker intervals reported now in several drill holes present strong evidence of hydrothermal replacement of the host rock with quartz-sericite-pyrite + iron oxide.

Pyrite can be seen to be replacing laminations and other sedimentary textures, particularly in the shallow portions of the East Target. In the long section vie (oriented east-northeast), the replacement style of mineralization can be seen coming to surface beneath thin glacial sediments. Its shape is controlled in party by folded bedding (foliations) in the metasedimentary rocks.

The deeper mineralized intervals include the more typical quartz-carbonate-tourmaline-pyrite (QCTP) veins that are commonly seen at Mustajärvi. The vein and replacement types of mineralization may be related to separate events within a complex deformation history. There are at least two major directions of controlling structure on the Mustajärvi system, east-northeast striking (slightly oblique to the MSZ) and north-northwest striking (perpendicular to the MSZ).

The structural system at the East target is interpreted as a multi-phase dextral strike-slip dominated fault system with hydrothermal replacement centred on dilational jogs developed in folded stratigraphy. The system has subsequently undergone several episodes of brittle reactivation. The latest work by the FireFox team using oriented drill core has signalled preliminary indications of fold axis control on the best-developed thicker high-grade zones.

While the multielement data is incomplete, the geochemistry of the replacement and vein styles of mineralization appears to be very similar - dominated by an association with bismuth, tellurium, molybdenum, cobalt, and nickel and low in arsenic and copper.