Falcon Identifies Historic Gold Mineralization South of Recent Drilling and Mobilizes Airborne Magnetics Survey, Central Canada Gold Project

Vancouver, October 1, 2020 - Falcon Gold Corp. (TSXV: FG) (FSE: 3FA) (OTC Pink: FGLDF) ("Falcon" or the "Company") is pleased to announce it has contracted ProspectAir of Gatineau, Québec to complete an airborne geophysics survey of the 10,000-hectare Central Canada Gold Project in Northwestern Ontario. The survey will consist of high-resolution airborne magnetics and time-domain electromagnetic data collection over 1510-line kilometers at 100m spacing. The survey has been optimized based on the local geological trends corresponding to the Central Canada Gold Mine and Jack Lake Mine Trend. The survey will provide high-definition magnetic signatures and electromagnetic conductors which will aid in the delineation of gold bearing lithologies and structures along the prospective trends. The high-resolution data will also assist in determining drill targets at the Central Canada Mine in which gold mineralization is open in both the east and west directions.

Figure 1

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Recently, the company has pursued additional historic government and personal archives of data based on further understanding the new zone identified by the intersections of CC20-07 of 7.23 g/t Au @ 114 meters depth and CC20-01 of 18.6 g/t Au @ 104 meters depth (NR FG June 2^nd and NR FG September 14^th). Through the research performed by consultants of the company, new data was discovered in the Vendors paper archives from 1966 where an article in the Northern Miner on December 15^th, 1966 listed a map (shown in Figure 1) with 4 high-grade zones (outlining grab and channel samples ranging 0.5 oz/t gold or higher) outside of the current drilling area were discovered. The company intends to examine and ground-truth these areas before finalizing the second stage of drilling as outlined in the September 14^th 2020 new release.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. 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.

CONTACT INFORMATION:

Falcon Gold Corp.
"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director
Email: info@falcongold.ca
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.