SODANKYLA - FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) ('FireFox' or the 'Company') is pleased to announce that the winter drilling program is progressing as planned with approximately 3,800 metres drilled to date on three separate projects.

The Company is now set to begin its first drilling at the Sarvi Project, which adjoins Rupert Resources' Area 1 property. The first phase of diamond drilling at Sarvi is slated to start before the end of January and will include up to 500m in the northwestern portion of the project, where trenching and base-of-till (BOT) sampling have identified several gold and multielement anomalies. There is an ongoing BOT sampling program at Sarvi and results are not yet available for the southern and eastern portions of the property. The Company expects to bring the drill rig back to Sarvi during the second quarter for an estimated 2,000 metres of additional drilling.

Carl Lofberg, President and CEO of FireFox, commented, 'Our winter drill program is going very well so far. In fact, for the first time in FireFox's history we have a core rig operating at the same time as two base-of-till drilling rigs. We have already drilled three of our four permitted projects and are now advancing towards the first drilling on our Sarvi Project. Our integrated interpretation of geophysics, mapping, BOT sampling, and new trenching data has dramatically improved our understanding of the geology and targets at Sarvi. Our team believes that the southern portion of the Sarvi Project occupies a similar geologic setting to Rupert's Area 1 Project, so this is a very exciting time in the company's short history.'

The Sarvi Project is part of the Company's large land package covering part of the Kittila Suite of volcanic rocks in the Central Lapland Greenstone Belt. The project is centred on the Sarvi exploration permit, and also includes the Sarvi-2 tenement to the north and Keulakko to the west. The Company was recently granted exploration permits for the latter two properties, expanding its ability to conduct mechanized exploration and drilling across all three properties, a total of 21 km2.

Sarvi Work Program and Results to Date

FireFox conducted an airborne magnetic survey covering the Sarvi area in 2020. The processing and interpretation of these data identified several possible NW-SE trending structures that intersect E-W and NE-SE trending major structures that appear to be earlier. These structures define some major lithologic contacts and also crosscut the dominantly mafic volcanic terrane. The later crosscutting structures may be part of the so called D3 event, or third stage of deformation, which has been linked to major gold mineralizing events in Lapland. Comparable structural settings have been reported at Rupert Resources' Area 1 target to the south, where several significant gold occurrences have been discovered recently.

FireFox cautions that proximity to a discovery or mineral resource, does not ensure that mineralization will occur on FireFox's property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.

In early 2021, Firefox followed up with a more detailed ground magnetic survey to better delineate these structural targets. In addition, exploration trenching and an ongoing BOT sampling program have identified anomalies that are often coincident with key structural features and may be related to the D3 event.

During reconnaissance geologic mapping and rock sampling, the Firefox team identified an area in the northwest of the Sarvi permit with thin overburden and anomalous results from rock chip and till sampling. A total of eight trenches spanning 475m were excavated, mapped, and sampled on this target. The trenching campaign exposed a volcano-sedimentary unit including significant thicknesses of graphite schist. FireFox geologists collected 169 channel/chip samples and 73 grab samples from the trenches. Most anomalous gold samples were hosted within graphitic schist, with the highest interval averaging 0.23 g/t gold over 18m (including 10m averaging 0.31 g/t gold). The anomalous gold was correlated with elevated arsenic, silver, copper, molybdenum, and other elements. The team recorded detailed information on the geology, alteration, veining, and structures from the trenches that will guide future drill targeting on these gold anomalies.

Firefox has also completed roughly one third of the planned stage 1 BOT sampling program at Sarvi. To date, the Company has collected approximately 1,200 BOT samples, of which 769 analytical results have been received, mostly in the northwest portion of the project. The program will continue across the property and with infill BOT sampling on closer spacing around the emerging targets in the northwest. So far, the BOT results have returned potentially significant anomalies in gold, silver, arsenic, antimony, copper, molybdenum, bismuth, tellurium, and other elements. The team continues to receive results from the lab on a regular basis, so analysis and interpretation remains preliminary. However, the anomalous results occur in clusters, often associated with interpreted structures and geologic contacts from the geophysics.

About FireFox Gold Corp.

FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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.

Contact:

Tel: +1-778-244-8439

Email: info@firefoxgold.com

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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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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