Falcon Acquires Nickel-Copper Project in Hawk Ridge Camp, QC

VANCOUVER, April 20, 2023 - Falcon Gold Corp. (FG:TSX-V)(3FA:GR)(FGLDF:OTCQB); ("Falcon" or the "Company")., is pleased to report the acquisition of 76 claims (approximately 33 sq. km.) in the Nickel North area of Quebec (see Figure 1). This area has been in the news recently with the announced option agreement between 1844 Resources and Nickel North Exploration. 1844 Resources has the option to acquire from Nickel North, 100% interest in the Hawk Ridge Property by paying $6M in cash and issuing 10M shares over the term of the five (5) year option agreement. (https://nnexploration.com/news/nickel-north-enters-into-option-agreement-with-1844-resources-to-sell-a-100-interest-in-the-high-grade-hawk-ridge-nickel-copper/Highlights)

During 2022 Nickel North updated the Mineral Resource Estimate at the Hawk Ridge Property (https://nnexploration.com/news/nickel-north-retains-consultants-to-update-mineral-4730/). Highlights of these reports are an inferred mineral resource for all four deposits in the project area using a $35/t cut-off was 29.44 Mt grading 0.20% Ni, 0.52% Cu, 0.012% Co, 0.19 g/t Pd, 0.04 g/t Pt and 0.021 g/t Au, corresponding to 0.56% NiEq.

Portions of the Falcon Property are located 4 km along strike from the Falco 7 historical resource and 2 km along strike form the Hopes Advance historical resource. Highlights of this new property include:

• A historical drill hole located on the Falcon property and about 4 km west of the Falco 7 historical resource intersected 10.4m of 0.51% Copper and 0.16% Nickel.
• The Falcon Gold Property contains numerous electromagnetic anomalies that have not been investigated by previous drilling.

Karim Rayani, CEO of Falcon, noted, "Falcon is continuing its pursuit to diversify and go after critical element projects, with large tonnage potential. The Hope Advance is an area I have been keen on for some time for its high-grade nickel and battery elements. Further infrastructure is being planned with a conceptual deep seaport to the area which would bring excitement and large investment into the camp. The recent option agreement by Nickel North confirms our belief that Nickel, and associated PGE's will remain a valuable commodity in the coming years. As we enter a new greening phase, onshoring and reshoring of manufacturing will mean North American metal assets will become more valuable than ever, and we love operating in the mining and exploration friendly province of Quebec."

Transaction Terms:

Falcon has signed a definitive option to acquire 100% of the Hope Advance project. The Company will pay one time cash payment of $17,500 within 15 days of signing, issue 200,000 shares and 200,000 warrants in the company. Each warrant is exercisable at a price of 0.20 cents for a 2-year term. The project is subject to a 1 % NSR (Net Smelter Royalty) which Falcon can purchase for $400,000 CDN. for Falcon's total 100% interest in the project.

The Company also wishes to clarify the terms of its acquisition of the Area 51 Project previously announced on March 30, 2023. The Company entered into a definitive agreement dated January 12, 2023, to acquire 14 claims known as the Area 51 Project located in the Inca Del Oro mining district, Atacama Region, northern Chile. In consideration for the property, the Company will pay USD $10,000 cash as well as issue 200,000 common shares and 200,000 warrants of Falcon. Each warrant is exercisable into one common share for a period of two years at a price of $0.19 per share, based on a weighted average price (WAP) - 125% premium to the market share price based on the date of signing the definitive agreement. The property is subject to a 1% NSR, Falcon reserves the right to purchase a 100% control and interest in the project for a payment for a one-time payment of USD $1,200,000.

Qualified Person

Yves Caron, M.Sc., P.Geo. (OGQ #0548), 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 historical exploration reported information. 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 multiple 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:

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.