FireFox Gold Provides Exploration Update on Seuru and Jeesiö Projects

At Seuru, the FireFox team plans to carry out its first detailed program at the Sarvilehto target area. Geologists will conduct reconnaissance mapping and sampling, and contract a detailed airborne magnetic survey using an unmanned aerial vehicle (UAV). The new magnetics data will provide improved understanding of the structural setting and bedrock geology. The team will use the integrated database to design a detailed bottom-of-till (BOT) sampling program targeting prospective structures. Depending upon results of the summer field work, FireFox will likely conduct BOT sampling during the early winter to define drill targets for later diamond drilling.

At the Jeesiö Project, FireFox will be focusing on the newly discovered Katajavaara Target where field teams collected a 6.4 g/t gold sample on one of the last traverses of the 2019 summer season (See Company news release dated January 23, 2020). The 2020 program plans include a detailed airborne UAV magnetic survey to supplement the small ground magnetics survey conducted in 2019. Trenching by excavator may be completed in the summer program, based on results from follow-up mapping and sampling. Drilling of priority targets would then follow in a 2020-2021 winter program.

Sarvilehto Target, Seuru Property

The Sarvilehto Target is one of the southernmost prospects in the extensive Seuru group of properties. Sarvilehto is located approximately 5 kilometres north of the Sirkka Shear Zone (SSZ) – the well characterized south-dipping imbricate thrust stack that stretches from northwest to southeast across the CLGB for more than 100 kilometres. The SSZ is closely associated with multiple gold deposits, occurrences, and exploration prospects.

FireFox acquired the Sarvilehto Target based on its favorable geological setting, gold anomalies in historic till sampling, and interpreted prospective northeast trending structures. The area is largely covered by mixed glacial deposits, but an interpretive geological map from the Geological Survey of Finland (GTK) and limited sampling have provided significant information about the bedrock. The interpreted geology at Sarvilehto consists mainly of the mafic metavolcanic rocks of the Kittilä Suite, which include extensive tholeiitic and Fe-tholeiitic meta-basalt. These mafic volcanic rocks are intercalated with graphite-bearing tuffite, black shale, and chert. A very similar lithological sequence hosts the world-class Kittilä Mine, which lies 35 kilometres northwest and is operated by Agnico Eagle.

The Kittilä rocks on the Sarvilehto Property are crosscut by northeast trending shear zones that are interpreted to be associated with younger strike-slip movement, sometimes referred to as the D₃ event (or the third major deformation event in the region). These D₃ structures are often associated with gold mineralization, particularly where they change orientation or intersect earlier major faults such as the SSZ or associated structures. For example, the Kittilä Mine occurs at a slight bend of a major D₃ shear – the Kiistala Shear Zone¹. In addition, recent drilling by Rupert Resources at its Area 1 target (approximately 1.5-3.5 kilometres south of Sarvilehto) has targeted D3 structures and their intersections with earlier regional structures (see Rupert Resources news release dated May 12, 2020).

[Although the geological setting on the adjacent Rupert Resources property provides geologic context for the Sarvilehto Property, it is not necessarily indicative of the geology or mineralization that may occur on the Company's property.]

The Sarvilehto Target has seen minimal exploration work so far. Altogether, the GTK and FireFox have collected approximately 155 till samples on the property using light portable percussion drills. The analyses of those samples have yielded moderate gold anomalies, which are associated with elevated values of important pathfinder elements such as arsenic, bismuth, tellurium, and copper. FireFox geologists have also conducted heavy mineral sampling and detailed morphological characterization of gold grains at Sarvilehto. A 10-kilogram heavy mineral sample yielded 118 gold "micronuggets" and associated anomalous arsenic, bismuth, and tellurium. The gold grains were angular and showed no significant abrasion, suggesting short glacial transport distances from their source. Importantly, this particular sample was collected directly on top of an interpreted northeast striking D₃ structure.

The Sarvilehto Prospect is part of the Seuru option agreement under which FireFox is earning 100% interest from Magnus Minerals (See Company news release dated August 30, 2018), but the Seuru group of properties includes other tenements that are 100% owned by FireFox.

Katajavaara Target, Jeesiö Project

Katajavaara occurs south of the SSZ and approximately 9 kilometres south of FireFox's Utsamo Target. As reported in April, this part of the Jeesiö Project occupies the middle of a corridor of almost continuous gold anomalies stretching from the Risti Target (Aurion Resources) in the north down through Utsamo and Aurion's Launi Target to Katajavaara in the south.

The Venejoki Thrust Zone (VTZ), a major D₂ shear zone, is interpreted to cross the area from northwest to southeast at Katajavaara. The target appears to occupy a structural intersection of the VTZ with an interpreted north-south oriented D₃ structure.

At Katajavaara, FireFox geologists collected anomalous gold rock samples along a north-south trend stretching more than 1 kilometre and open in all directions. Anomalous rock chip samples in the area are often associated with the margins of gabbroic intrusions, which often appear as magnetic highs. There is significant topographic relief in the area and glacial cover deposits are thin. In fact, the highest-grade rock chip sample (6.4 g/t Au) was collected from an outcropping quartz-sulphide-carbonate vein.

The Jeesiö Project includes properties that are subject to an option agreement under which FireFox is earning 100% interest from Magnus Minerals (See Company news release dated August 1, 2017) as well as separate properties that are 100% owned by FireFox, such as the Katajavaara prospect.

Quality Assurance

Dr. Petri Peltonen, Exploration Manager of FireFox Gold, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Peltonen has supervised the collection and interpretation of the technical data generated in the Company's field program and has helped prepare and approves the technical information in this news release.

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 and approves 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. The Company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 hectares 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 concerning the Company, please refer to the Company's profile on the SEDAR website at www.sedar.com.

On behalf of the Board of Directors,

"Carl Löfberg"
Chief Executive Officer

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 the COVID 19 virus, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.

Forward-looking statements in this release may include statements regarding: the current and future work program, including the extent and nature of exploration to be conducted in 2020, as well as option agreements and FireFox's ultimate equity in the properties described. 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.

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