Falcon Plans To Return for Phase 3 Drilling at Central Canada, Renegotiates Pre-Production - Net Smelter Royalty Payments - Seite 2

Karim Rayani, Falcon's Chief Executive Officer, commented, "Historical drilling to date has been shallow at the Central Canada Mine Trend (CCMT). Falcon's drilling to date has also been shallow confirming grades and widths and controls to gold mineralization. Falcon has been successful in intersecting 4 parallel zones along the CCMT and we feel it prudent to test these zones at greater depths below the old workings. We are also pleased to be expanding the drill program to the Monte Zone and the No. 2 Vein where our 2021 mapping and prospecting program confirmed gold-bearing structures and lithologies that have yet to be drilled."

The Central Canada Mine Trend has now been traced for 275 m in strike length and to a depth of 160 m (Hole CC20-09). The J.J. Walshe zone is open at depth along strike with potential for parallel mineralized zones. The planned program will add understanding to the structural controls on mineralization in addition to exploring for a down dip extension of the mineralization.

The remaining 1,000 m of drilling will be focused on the Monte Zone and the No. 2 Vein.

The newly documented Monte Zone is located approximately 1 km east-northeast of the J.J. Walshe shaft. Sampling in the summer of 2021 returned grab samples between 0.09 g/t Au to 3.63 g/t Au. Mineralization occurs within a sericite-ankerite-chlorite volcanic schist altered felsic volcanic schist with thin millimetre scale quartz veins and disseminated pyrite. The shear zone is exposed in several places by historic trenches.

About Falcon Gold Corp.

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 20km southeast 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 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.