Falcon Initiates Airborne Survey Over Its HSP South Project -Contiguous to Go Metals Corp.

VANCOUVER, October 18, 2022 - Falcon Gold Corp. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company")., is pleased to report the Company has contracted Balch Exploration to fly AirTEM surveys over the Corporation's large land position within the HSP Nickel-Copper-Cobalt Project area. (See figure 1.)

AirTEM was successfully employed by Go Metals at their HSP Project area and ground follow-up of the identified AirTEM anomalies, including trenching and direct drilling, which led to their new nickel discovery.

"We are following the same successful strategy utilized by Go Metals and will be flying our entire land position within the HSP project area. Airborne electromagnetic and magnetic surveys are a proven exploration strategy to directly detect conductive nickel sulfide mineralization. We look forward to reporting back on the findings once the data has been collected and interpreted." Stated, Karim Rayani, Chief Executive Officer

Falcon HSP South Project

On October 5^th the Company announced the acquisition of 413 claims covering 22,302 hectares of strategic ground through an option agreement and staking contiguous and proximal to Go Metals Corp, HSP Nickel Copper PGE Project 130 km north of Havre St. Pierre, Quebec. The staking covers approximately 135 km of prospective contact of the Havre St. Pierre Anorthositic Complex (HSAP) where Go Metals Corp recently announced the discovery of "Wide Intervals of Nickel and Copper Sulphides". (Go Metals Press Release Dated September 13, 2022). The most westerly block of the Falcon Gold claims covers the southwest extension of the Anorthositic Complex, on a prospective fold nose structure and is located less than 2.2 km from prominent airborne TDEM anomalies identified by Go Metals and host to the Nickel-Copper mineralization (Figure 1).

Falcon's Other Battery Mineral Properties

On June 22^nd, 2022, the Company acquired the Timmins West and Outarde nickel projects northeast of Timmins, Ontario and northwest of Baie-Comeau, QC respectively.

Timmins West comprises of 1,940 hectares within the Kamiskotia gabbroic complex (KGC) located 20 kilometres (km) northwest of Timmins, Ont. The KGC is a gabbroic to anorthositic intrusive mafic to ultramafic body that has documented nickel-copper-cobalt (Ni-Cu-Co) mineralization. An outcrop grab sample in 2004 reported 0.44% Ni, 0.64% Cu and 0.033% Co hosted within pyrrhotite. The property lies 40 km southwest of the Crawford Ni-Co project being developed by Canada Nickel.

The KGC property shares many similarities to other well-known complexes such as the Bushveld complex (South Africa), the Stillwater complex (United States) and Bell River Dore Lake complexes (Quebec). The Timmins West Ni-Cu-Co property has historically been explored for gold. However, its mafic to ultramafic composition within the KGC makes it a prime target for magmatic Ni-Cu-Co mineralization.

The Outarde Property comprises 93 claims covering 5,138 hectares located 120 km northwest of Baie-Comeau, QC. The property contains nickel-copper-cobalt-style mineralization and was last explored by Falconbridge in 1997. The property is located at the folded nose of a gabbro-norite suite of mafic rocks, part of the large anorthositic-gabbro pluton of the De La Blache mafic plutonic suite. The gabbro-norite body occupies the entire length of the property (about 30 km) and has only been intermittently explored. Nickel- and copper-bearing sulphides are generally located in fracture or shear zones. Values up to 1.28% Ni, 1.38% Cu and 700 ppm Co was collected from a grab sample. The property has not been drilled. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Qualified Person

Wayne Holmstead, 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. The QP has not completed sufficient work to verify the historic information on the properties comprising the HSP Property, particularly regarding historical exploration, neighboring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

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 14 additional projects: The Esperanza Gold/Silver/Copper mineral concessions located in La Rioja Province, Argentina; The Viernes Gold/Silver/Copper project in Antofagasta Chile; 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; in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; the Great Burnt, Gander North/South, Valentine Gold South, Victoria West, and Golden Brook acquisitions adjacent to First Mining, Matador, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland; and most recently Battery Metals projects in Ontario and Quebec, The Timmins West and Outarde Property.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: k@r7.capital

Cautionary Language and Forward-Looking Statements

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the Spin-Out. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Falcon Gold Corp.