Falcon Gold Corp. Receives High Grade Gold Results from Sampling, Backpack Drill Program, Spitfire-Sunny Boy

1. Grab samples on the Master Vein ranging from 1.09 g/t Au to 168 g/t Au, 17.5 g/t Ag and 0.7% Cu.
2. Backpack drilling from surface of 68.7 g/t Au and 11.8 g/t Ag over a drilled intersection of 0.47m.
3. A grab sample from Vein 2 reporting 1.52 g/t Au.
4. A grab sample from Vein 3 reporting 2.58 g/t Au and 1.2 g/t Ag.

The program was designed to test the 6 subparallel vein structures identified at Spitfire-Sunny Boy from previous exploration efforts. Results were very positive with anomalous gold values for almost every sample. Geologists and prospectors collected rock samples over 300m strike length along the Master Vein and up to a 250m strike length over other veins at Spitfire-Sunny Boy. Highlights are tabled below:

Table 1. Highlights of the Sunny Boy prospecting and backpack sampling program, 2021.

Due to visible gold noted in many of the samples, Falcon has commissioned total metallics gold analyses to determine the effect of the nuggety nature of gold may have had original fire assay method results. These values will be released once they have been obtained. Grab samples are select samples and may not necessarily be representative of the mineralization on the property. Backpack drilling is a portable drill utilizing chips of rock from a small-sized diameter hole drilled from surface.

Falcon's Chief Executive Officer, Karim Rayani commented, " The sampling and backpack drill program has been a success - this further validates the theory of an epithermal gold system by past operators with its high-grade nature. We have identified multiple parallel gold-silver bearing vein structures over impressive strike lengths. We will continue to evaluate the property in preparation for an inaugural drilling program where historical drilling intersected 3.77 grams per tonne gold, 0.24 % copper, and 32.9 grams per tonne silver over 13.4 meters."

The Spitfire-Sunny Boy Gold Project

High grade gold values have been reported at 124 to 127 g/t gold (Au) and 309 to 514 g/t silver (Ag) in quartz vein material from underground workings by Quilchena Mining and Development Company Ltd. The narrow but high-grade veins have been trenched, pitted, blasted, and drilled but have never been commercially mined. The main showing, Master Vein, boasts high-grade gold mineralization up to 50.53 oz/t as sampled by Ken Sanders, P. Eng in 1974. To the south-west of the Sunny Boy Zone in an area referred to as the "AL" showing soil geochemistry, geophysics (magnetometer/VLF), trenching, sampling and diamond drilling have been performed on the mineralized veins. The best drill result was 3.77 grams per tonne gold, 0.24 % copper, and 32.9 grams per tonne silver over 13.4 meters (AR #8494, AR# 15572 AR#1582, AR#18887).

The Spitfire-Sunny Boy discovery has been referred to as an epithermal gold discovery by past operators and is hosted within the Quesnellia terrane, characterized by submarine volcanic and volcaniclastic rocks of the Nicola group to the south and the Takla group in the north. Gold mineralization and the geological setting of the project bears similarities to other developed projects in the region such as the epithermal gold deposits, Prospect Valley and Shovelnose, currently being explored by Westhaven Ventures Inc.

Qualified Person

Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

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.

The Company holds 8 additional projects. The Esperanza Gold/Silver/Copper mineral concessions located in La Riojo Province, Argentina. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.

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.

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.