Fireweed Drills 21.1% Zinc, 13.5% Lead and 243 g/t Silver over 16.41 m in a Step-Out Hole at Tom East

VANCOUVER, Sept. 20, 2018 - Fireweed Zinc Ltd. (“Fireweed” or the “Company”) (TSXV: FWZ) is pleased to announce the first drill results from its 2018 drill program on the Macmillan Pass Project in Yukon, Canada.

Highlights

• Hole TS18-004 intersected 21.1% Zinc, 13.5% Lead and 243 g/t Silver over 16.41 meters (true width interpretations range from approximately 5 m to 12 m depending on structural interpretations*)
• This hole was drilled below the Tom East Zone to test the downdip extension of the resource. The zone remains open for further expansion.
• Additional drilling has been completed and assays are pending from the Tom, Jason and End Zone areas

Drill hole TS18-004 intersected the Tom East zone approximately 50m down dip from the nearest known mineralized intersection. The drill hole intersected massive and laminated sulphide similar to feeder proximal mineralization encountered elsewhere in the Tom East and Tom West Zones. Sulphide minerals include sphalerite, galena, pyrite, and pyrrhotite and are hosted within diamictite and carbonaceous mudstones of the Macmillan Pass member of the Portrait Lake Formation (Earn Group).

The structural complexities encountered in hole TS18-004 suggest that potential extensions to the Tom East zone may be folded, presenting an opportunity to drill-test areas of structural thickening or higher grades in hinge-zones of folds. Tom East remains open at depth and there is further upside potential in resolving the geometry of the fold hinge zone.

Results from these first drill assays received are as follows:

*Structural complexity in the area makes true width estimates difficult without further drilling. The estimates in the table are based on core angles and known mineralization orientation respectively range from 5-12 m depending on structural interpretations.

Assay results from additional drill holes are still pending as assays results have been slow in arriving due to generally large volumes of samples in the laboratories. As these first assays are received, the drill program at Macmillan Pass has now finished and field crews are now finishing up, winterizing the camp, and demobilizing for the season before winter conditions set it. The total meters drilled during the 2018 program were less than initially planned as management took a prudent budget-conscious approach to preserve cash given current market conditions and focused additional time on cost effective methods for targeting new discoveries on the large property including the field work described below. Maps, sections and a table of drill holes completed this year with notes on targets tested are attached to this news release and posted on www.FireweedZinc.com.

2018 Drilling Summary
During the 2018 season, a total of 5,497 meters of drilling was completed in 20 holes. This drilling comprised 2,965 meters in 11 (mainly step out) holes at Tom West, 748 meters in two holes (step out and infill) at Tom East, 678 meters in one step out hole at Jason South, 429 meters in four step out and confirmation holes at End Zone and 677 meters in two holes on new targets.

2018 Field Work Summary
Field work began in early June (see Fireweed news release dated June 5, 2018) with geophysical surveying and geochemical sampling orientation grids in the Tom, Jason and End Zone areas to optimize exploration methodologies. This test work demonstrated that buried mineralization can be detected using a combination of conventional and new exploration technologies, guided by geological mapping and modern exploration concepts. The technologies determined to best detect zinc-lead-silver mineralization in the district are: geophysical surveying comprising ground gravity with passive seismics; and geochemical B/C horizon and soil gas hydrocarbon (SGH) soil sampling. Large gravity and soil sampling grids were completed and geological mapping was carried out in key areas. In total, 221.9 line kilometers of gravity surveying have been completed, covering approximately 45.5 km², and 2,901 geochemical B/C horizon and 2,489 SGH soil samples have been submitted for analyses.

Results received to date from the gravity, geochemistry and geological work are identifying new high priority drill targets with potential for new discoveries.

CEO Statement
Brandon Macdonald, CEO, stated, “We are very pleased with the exceptional results from this first drill hole demonstrating again the propensity for these mineralizing systems to produce high grades. The results from TS18-004 show that Tom East is not only open for expansion but can be grown while producing grades well above the zone average. With these first drill assays now in, we look forward to continuing releases of drill results from the multiple zones tested this summer as well as results from the large program of geophysics, geochemistry and mapping carried out on the property.”

Notes on sampling and assaying:

The drill core logging and sampling program is carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) with recoveries typically above 85%. After drilling, the core is logged for geology, structure and geotechnical characteristics, marked for sampling, and photographed on site. The cores for analyses are marked for sampling based on geological intervals with individual samples 1.5 meters or less in length. The core is cut in half lengthwise with a rock saw at the core facility on site, with half-core samples bagged and sent by reliable transport to the laboratory, and the other half-cores are stored on site for future reference. Intersections selected for metallurgical testing are cut in half with a rock saw and then quartered; one quartered core is archived on site, one quartered core is sent for assay, and the half-core is sent for metallurgical testing. A total of 5% assay standards and 5% blanks are inserted into every sample shipment as a quality control measure and, after analyses were received, were found to be acceptable. Samples are sent to the Bureau Veritas (formerly Acme Labs) preparation laboratory in Whitehorse, Yukon where the samples are crushed and pulverized to 85% passing 200 mesh size pulps. A 250-gram split of each pulp is then sent to the Bureau Veritas laboratory in Vancouver, B.C. and analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ESI/ICP-MS) multi-element analyses (BV Code AQ270). All samples are also analyzed by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). 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 17025:2005 accredited laboratory.

Technical information in this news release has been approved by Gilles Dessureau, P.Geo, Vice President Exploration and a ‘Qualified Person’ as defined under Canadian National Instrument 43‑101.

About Fireweed Zinc Ltd. (TSXV:FWZ): Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its large 470 km² Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with recently announced new Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018 and May 23, 2018 respectively and reports filed on www.sedar.com for details). The project also includes option agreements on large blocks of adjacent claims (MAC, MC, MP, Jerry, BR and NS) which cover projected extensions of mineralization from the Jason area and areas where previous exploration identified zinc, lead and silver geochemical anomalies in critical host geology.

Additional information about Fireweed Zinc and its Macmillan Pass Project, can be found on the Company’s website at www.FireweedZinc.com and at www.sedar.com.

ON BEHALF OF FIREWEED ZINC LTD.

“Brandon Macdonald”

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.

Forward-Looking Statements
This news release may contain “forward-looking” statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, 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, and one-time events. Additional risks are set out in the Company’s prospectus dated May 9, 2017 and filed under the Company’s profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

Photos accompanying this announcement are available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/cbe489e2-8d75-4b6b-8a67-40d6621aef9c

http://www.globenewswire.com/NewsRoom/AttachmentNg/59a9be19-ece3-4ce4-ad18-a1bc0543c362

http://www.globenewswire.com/NewsRoom/AttachmentNg/1091dd27-c20d-45d4-ad06-6928e5a1f2be

Contact:
Brandon Macdonald
T: +1.604.646.8361