Falcon Mobilizes Crews at Springpole West, Red Lake District Contiguous to First Mining’s Ground

VANCOUVER, June 20, 2023 - Falcon Gold Corp. (FG:TSX-V)(3FA:GR)(FGLDF:OTCQB); ("Falcon" or the "Company") is pleased to announce summer exploration has commenced at its Springpole West property in the Red Lake mining district.

The Company has initiated a two-phase surface exploration program that will include a GPS-controlled Magnetometer surface survey, and a soil Geochemistry program. Falcon controls an extensive land package within the underexplored Birch-Uchi Greenstone Belt, and the Company's initial program at the property will be conducted as a "first pass" reconnaissance program in order to evaluate the property's mineral potential. It is anticipated that success with the initial project will lead to follow-up with more detailed fieldwork, including prospecting, geological mapping, geochemical and geophysical surveys over important target areas. Falcon's initial exploration program is expected to wrap up in mid-July.

Falcon's Springpole West Property is located within the Birch-Uchi Greenstone Belt, a tectonically complex volcano-sedimentary belt within the western Uchi Subprovince in Northwestern Ontario. The property comprises 197 claims covering 217 units and extends northeast from the McNaughton Township for approximately 22 km. The northeastern part of the property is less than 4 km from the Springpole Gold deposit, one of the largest undeveloped gold projects in Ontario.

The claims cover a potentially gold-bearing silicified mafic volcanic-sedimentary rock contact, and a major property-wide fault zone, over a 13.5 km strike length. Historical work has identified significant gold and silver values on surface and at depth. In 1979, a diamond drill hole by Sherritt Gordon Mines Ltd. intersected 19.40 g/t Au over 30 centimeters within a deformation zone hosted within a quartz vein-stockwork system. In addition, massive sulphide pods along the fault zone have reportedly been historically exploited by former operators who have reported surface grab samples that returned up to 8.38% Zn, 16 g/t Ag and 0.05 g/t Au. Historic drilling of geophysical anomalies along the fault zone have reportedly intersected 0.25% Cu, 2.68% Zn, and 0.05 g/t Au over 1 meter (BP Resources, 1985).

The Property is directly contiguous to First Mining Gold Corp.'s ("First Mining") Springpole Gold Deposit, which is reported as one of the largest undeveloped gold projects in Canada. The Property covers the same geological terrain as that world class gold deposit. First Mining completed its preliminary economic assessment ("PEA") in November 2019 and reported an Indicated Resource of 139.1 Mt grading 1.04 g/t Au and 5.4 g/t Ag, containing 4,670,000 ounces of Au and 24,190,000 ounces of Ag, as well as an Inferred Resource of 11.4 Mt, averaging 0.63 g/t Au and 3.1 g/t Ag, containing 230,000 ounces of Au and 1,120,000 ounces of Ag.

The area is accessible by float plane, ATV trail, and winter road. The Property is within 6 km of an all-weather gravel road and hydro-electric transmission lines are close by.

Mr. Karim Rayani, Chief Executive Officer, commented, "Falcon is pleased to initiate our first boots-on-ground exploration program at Springpole West. With First Mining improving the local infrastructure in partnership with local First Nations communities and the Ontario Government, the Company identified the rising potential of the area. The project is perfectly situated on a major fault covering 13.5 km of strike length. We look forward to reporting back once we have received the initial results from our prospecting and soil program."

The company also notes it has decided not to proceed with renewing the Central Canada expansion claims, which are early-stage greenfield claims. The Company still holds its main target, the Central Canada Project which is our flagship asset.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Greg Robinson, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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.

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SOURCE: Falcon Gold Corp.