Subject: Falcon Advances Second Round 2,000 Meter Drill Program, Central Canada Gold Mine, Atikokan, Ontario

Vancouver, B.C., November 18, 2020. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS); (“Falcon” or the “Company”) is pleased to report excellent progress on its 2020 Stage Two drilling program at the Central Canada Gold mine near Atikokan, northwestern Ontario.  The purpose of Falcon’s drilling is to supplement previous programs in order to undertake a preliminary resource estimation for the Central Canada mine.  Since our last update on November 9, 2020, drill holes, CC 20-08 and -09, have been completed for a total core length to date of 489 meters (“m”).  Both of these holes have been drilled on a section oriented at approximately 167o, which section also included two holes from earlier drilling programs, CC12-01 and CC20-01.

In 2012, diamond drilling at the Central Canada mine was completed by TerraX Minerals Inc., and consisted of three holes totaling to 363m, spaced approximately 55 meters apart to test a 110m strike length of the main Central Canada structure.  This main structure was identified by TerraX from trench sampling in 2010, with grab sample results up to 39.6 g/t Au and channel samples of 2.0 m @ 2.51 g/t Au.  The first TerraX hole, CC12-01, intersected a mineralized interval of 10.61m averaging 1.32 g/t Au, including 1.82m of 4.77 g/t Au.  When Falcon started its drilling this year, its first hole was designed to undercut the TerraX hole CC12-01 and successfully intersected gold mineralization at 67m with an interval of 10.17 g/t Au over 3m within the broader zone of 1.21 grams per tonne gold (“g/t Au”) over 19m.  The drill also intersected additional high-grade quartz vein at 104m, which sampled 18.6 g/t Au over 1m.

To facilitate the Company’s initiative to build a resource database, Falcon laid out its first two second stage drill holes on section so that CC20-08 set at an inclination of -60o would pierce the Central Canada mine trend between the above mentioned intersections of holes, CC12-01 and CC20-01.  Logging of the CC20-08 core found that the hole entered the main mine structure at the core depth of 30m.  The mineralized interval persisted through to 41.7m and was composed of intensely sheared and altered mafic volcanic and quartz feldspar porphyritic units interfingered with veins composed of quartz, carbonate, tourmaline and sulphide minerals.  The sulphides occur in both the veins and the altered volcanic units and include pyrite, arsenopyrite and chalcopyrite.  Below the main zone, CC20-08 intersected complexly interfingered felsic volcanic units, mafic volcanics and gabbros, all sheared, altered and sulphide mineralized.  There were noted repeated intersections of mineralized felsic and mafic volcanics with quartz veining at 96m to 101m and 166m to 171m.  Hole CC20-08 ended at 183m.

Falcon’s second completed hole, CC20-09, was set back approximately 20m to the north west from the collar of CC20-01 and -08 and steeply inclined at -77o.  Much of the upper part of the hole intersected medium-grained gabbro.  The main zone of gold mineralization was penetrated at approximately 124m and appeared to persist to a core depth of 170m which, for the angle of inclination, suggests a true width of the zone in the order of 10.3m.  The interval is composed of quartz-carbonate veins laminated with tourmaline with arsenopyrite and pyrite.  Bands of strongly altered, schistose and mineralized mafic rocks occur separating the veins and commonly contain up to 5% pyrite and arsenopyrite.  Hole CC20-09 was ended at 306m and from the main zone to the end of hole, intersected several bands of variably mineralized mafic and felsic units and as in the diamond drill holes above it, several intervals of additional quartz veining and sulphide mineralization.

Mr. Karim Rayani, Falcon’s Chief Executive Officer, commented, “The positive implications of our drilling and intersections of Central Canada mine mineralization are more than encouraging.  We will be submitting several hundreds of samples for analyses as the program advances and will be cautiously looking forward to reporting the results.”

The Company is also pleased to report the airborne geophysical surveys for the Company’s Atikokan properties announced on October 1, 2020 and that had been delayed due to weather-related issues have now commenced.  Falcon will announce the results and findings of the surveys as soon as possible.

Qualified Person

The technical content of this news release has been reviewed and approved by Alex Pleson, 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 m 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 drilled 363 m.

July 2020 – Falcon Gold Corp. completed its inaugural 7-hole program for 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.


Falcon Gold Corp.

trong>“Karim Rayani”

Karim Rayani
Chief Executive Officer, Director

Telephone: (604) 716-0551


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.


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