Vancouver, B.C., March 2, 2021. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS); (“Falcon” or the “Company”) reports the Company has received the preliminary gold analyses for the balance of drill hole CC 20 – 12 and for all of holes CC 20 – 13 and – 14.  The Company has recently delivered an additional 308 samples from drill holes CC 20 – 15, – 16 and – 17.  In addition, Falcon’s geological team is re-examining the core from holes CC 20 – 04 to – 07 and sampling several intervals of mineralized and altered felsic porphyries that may contain important gold zones previously not recognized.  For example, at 114m, drill hole, CC 20 – 07, intersected 1m grading 7.23 grams/tonne gold (“g/t Au”).  Upon re-examination, this vein was found to contain fine visible grains of gold that prompted the geologists to sample intervals above and below the vein and to extend in fill sampling of the core to the end of the hole at 200.8m.

Table One.  Summary of the of significant intersections of Falcon’s 2020 drill holes, CC 20 – 12, 13 & 14 on the Central Canada gold property.

In its release of February 18, 2021, Falcon reported on the upper half of drill hole, CC 20 – 12 where the Central Canada main zone was intersected from 89.6m to 104.4m averaging 1,570 ppb gold.  This intersection also contained a 30cm vein that exhibited visible gold grains and assayed 20.50 g/t Au.  Within the current results, another high-grade vein was identified in CC 20 – 12, occurring just 2.2 meters below the main zone and hosted in an altered gabbro.  This intersection returned 10.80 g/t Au over a length of 30 cm.

In terms of overall strike length, Falcon has drilled the Central Canada mine trend for a surface distance in the order of 275m.  The collar for drill hole, CC 20 – 14, was located approximately 45 m south and east of the Central Canada shaft.  The mineralization intersected by hole CC 20 – 14 occurred between 79.2m to 91.9, in which individual veins assayed 3.09 g/t Au over 40cm and 7.06 g/t over 60cm.  As there are assays pending for certain mineralized sections including from 71.0m to 79.2m (above the main gold zone) and from 81.5m to 89.0m.  It is possible the breadth of the drilled main zone is much wider than today’s report.

Mr. Karim Rayani, Falcon’s Chief Executive Officer, commented, “We are continuing to expand and test new boundaries while building a data and knowledge base for a better understanding of the Central Canada gold zones in the mine shaft area. In terms of overall strike length, we have drilled the Central Canada mine trend for a surface distance of 275m plus, while  hitting mineralization to new depths.  There remain a material number of core samples from the drilling that we are awaiting the results of.  We have begun the planning stage of phase 3 of the 2021 exploration program and look forward to commencing shortly.”

Next Steps for 2021 Work Programs

The Central Canada property hosts two dominant types of exploration targets; the high-grade gold zones on which the 2020 drill campaign was focused and Quetico Fault-hosted copper-cobalt sulphides associated with massive iron sulphides and oxides.  With respect to the 2021 drill program, the Company anticipates collaring up to 20 diamond drill holes, targeting the gold mineralization in the shaft area and to test other excellent gold zones such as mineralized quartz-feldspar porphyries and the Northern Vein also known as the No. 2 vein.  Collar sites will be laid out following the completion of the analyses of the 2020 core samples and digital modeling.  Falcon’s management believes this may lead to a preliminary resource estimation in addition to sighting areas for additional drilling.

Historical work established the existence of both oxide and sulphide iron formation in the vicinity of and within the claims optioned by Falcon.  At the west end of Sapawe Lake is the Staines Cobalt Occurrence which is reported in the 1985 Ontario Geological Survey, Open File Report 5539 as:

“a massive sulphide zone located beneath Sapawe Lake.  Recent exploration has outlined two parallel sulphide zones at the west end of the property.  The lenses or irregular masses of sulphide occur within a volcanogenic environment.  There is an ultramafic to mafic intrusive associated with some of the massive sulphide zones.  Sulphide mineralization consists mainly of pyrite, pyrrhotite, magnetite, chalcopyrite, sphalerite with associated pentlandite and carrollite.”

The Staines Cobalt mineralization is described in the same open file report as:

“The main sulphide zone has been outlined to be 1,155 metres long and 76 metres wide.  Analyses of earlier drill holes returned values of 32.7 percent soluble iron, 0.23 percent copper and 0.71 pound per ton cobalt over an estimated true width of 25 metres.”

Historical regional airborne geophysical surveys suggest that Falcon may have a significant zone or zones of conductive massive sulphide mineralization having an east northeast trending strike length of more than 3km.  Late in the 2020 work program, Falcon engaged Prospectair of Gatineau Quebec to conduct heliborne High-Resolution Magnetic and Time-Domain Electromagnetic Surveys over the Central Canada project area.  The preliminary results are undergoing detailed analyses to identify the highest priority drill targets for the 2021 work program.  The preliminary results of the Company’s new geophysical surveys appear to confirm this significant anomaly and the on-going follow-up analyses of the survey data is anticipated to offer several drill targets to compliment the 2021 program on the above-mentioned gold targets.

Qualified Person

The technical content of this news release has been reviewed and approved by Steve Brookings, 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 currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold).  The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending 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 northeast-trending 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.

2020 – Falcon Gold Corp. completed its inaugural 17-hole program totaling 2,942.5 m of core.

The Company holds 5 additional projects.  The Camping Lake Gold property and the Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property near Sudbury Ontario; and in BC, the Spitfire-Sunny Boy Gold Claims and the Gaspard property.


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