Falcon Completes 1,890 Meters, Reports Broad Gold Zones Holes CC20-08 & -09, Central Canada Gold Mine

VANCOUVER, BC / ACCESSWIRE / February 2, 2021 / Falcon Gold Corp. (TSXV:FG)(FSE:3FA)(OTC PINK:FGLDF); ("Falcon" or the "Company") is pleased to make its first report of 2021 with this update on its fall drilling program at the Central Canada gold mine. The Company completed its 2020 fall drilling program at the Central Canada Gold mine near Atikokan, northwestern Ontario, with drill holes CC20-08 to CC20-17 producing a total of 1,890 meters ("m") of core. Through its two drill campaigns in 2020, Falcon has drilled seventeen drill holes for a total of 2,942.5m of core and has shipped 780 samples for analyses and assays.

In addition, the Company is pleased to report on the significant mineralized intersections from CC 20 -08 and 20-09 (see Table One). The geology logged in these holes was previously reported in our news release dated November 18^th, 2020. Highlights of the drill intersections for the two holes are as follows:

• CC20-08 intersected the Central Canada main mine trend from 30.6m to 41.7m and intersected secondary gold bearing zones @ 61.7m-63.6m, 96m and 101m;
• CC20-09 intersected the mine trend at 131.0m to 165.6m. This zone contains several intervals grading up to 7.46 g/t Au; and,
• With the intersections reported today, and the intersections of drill holes CC 12-01 and CC20-01, Falcon has traced the Central Canada gold mineralization from surface to a vertical depth of more than 161m and the zone remains strong and open to continue beyond that depth.

The Central Canada gold zones in drill holes, CC20-08 and -09, comprised core lengths up to 35m, variably mineralized with pyrite, arsenopyrite and pyrrhotite in silicified and chloritic units and quartz veins. The host rock lithologies include metamorphosed quartz feldspar porphyries, felsic pyroclastic units and mafic volcanic flows. However, due to the intensity of alteration, identification of the host was at times difficult to ascertain. The veins commonly contain contorted bands of quartz and tourmaline with pyrite, arsenopyrite and fine grains of chalcopyrite.

Falcon's hole, CC20-08 was drilled just approximately 30m west north west of the shaft and was targeting the main gold zone approximately 30m above the gold intersections in CC20-01. Hole CC20-01 reported two principal gold zones: (i) high-grade gold mineralization over a 3 m interval of 10.17 g/t Au at 67m depth; and (ii) a new auriferous quartz vein untested by previous operators at 104 m depth, which sampled 18.6 g/t Au over 1.0m. As mentioned above, CC20-08 penetrated the main mine trend at 30.6m and returned anomalous gold of 345 ppb over a length of 11.1m. A second zone was intersected at approximately 62m and averaged 606 ppb Au over 1.9m and may be the same vein found in CC20-01 running 18.6 g/t Au over 1.0m.

The main zone of mineralization in CC20-09 was intersected from 131.0m and continued to 165.0m. Individual samples within this zone included; 1.1m @ 3.11 g/t Au, 0.8m @ 7.46 g/t Au, 1.0m @ 6.74 g/t and the deepest interval 1.2m @ 3.2 g/t Au (see Table One). This wide and strong zone is highly encouraging for the Company's geological team as it is indicative of significant depth potential for the Central Canada gold mineralization.

Table 1 - Summary of the of significant intersections of Falcon's 2020 drill holes, CC 20 - 08 & - 09 on the Central Canada gold mine. (Click here for full-size image)

Mr. Karim Rayani, Falcon's Chief Executive Officer commented, "These first results from Falcon's fall drill program have delivered more evidence for a mineable deposit at this historic mine site. With our geologists developing an understanding of the gold mineralization styles from repeated drilling of the zones, Falcon can better proceed with its plans to define an economic gold resource. We have already submitted hundreds of samples for analyses and will have many more assays to come. Our shareholders can expect to have more news on the developments on our Central Canada mine project over the coming weeks."

Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Falcon Gold Corp., the Central Canada Gold Mine Project, and Jack Lake Trend
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km south east of Agnico Eagle's Hammond Reef Gold Deposit which has Measured & Indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which is a splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major splay of the QFZ.

History of Central Canada gold mine includes:

• 1901 to 1907 - Shaft constructed to a depth of 12 m and 27 oz of gold from 18 tons using a stamp mill.
• 1930 to 1934 - Central Canada Mines Ltd. installed a 75 ton per day gold mill. Development work included 1,829 m of drilling and a vertical shaft to a depth of 45 m with about 42 m of crosscuts and drifts on the 100-foot level. In December, 1934 the mine had reportedly outlined approximately 230,000 ounces of gold with an average grade of 9.9 g/t Au.
• 1935 - With the on-going financial crisis of the Great Depression, the Central Canada Mines was unable to fund operations and the mine ceased operations.
• 1965 - Anjamin Mines completed diamond drilling and in hole S2 returned a 2 ft section of 37.0 g/t Au and hole S3 assayed 44.0 g/t Au across 7 ft.
• 1985 - Interquest Resources Corp. drilled 13 diamond holes totaling 1,840 m in which a 3.8 ft intersection showed 30.0 g/t Au.
• 2010 to 2012 - TerraX Minerals Inc. conducted programs that included line cutting, geological surveys and 363 m of drilling.
• July 2020 - Falcon Gold Corp. completed its inaugural 7-hole program totaling 1,055 m of core. In addition, the Company acquired by staking an additional 7,477 ha of mineral claims consisting of 369 units immediately south and northwest of Agnico Eagle Mines Ltd.'s Hammond Reef property.

The Company also holds 4 additional projects. The Camping Lake Gold property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; the Spitfire-Sunny Boy Gold Claims near Merritt, B.C.; and most recently, the Springpole West Property near Red Lake, Ontario.

CONTACT INFORMATION:
Falcon Gold Corp.
"Karim Rayani"
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: info@falcongold.ca

Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither 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.

SOURCE: Falcon Gold Corp.