Vancouver, British Columbia--(Newsfile Corp. - June 23, 2020) - FALCON GOLD CORP. (TSXV: FG) (FSE: 3FA); ("Falcon" or the "Company") is pleased to announce it has completed 2 additional holes totaling 221 meters along strike of the historical Central Canada Gold Mine. A total of 5 holes have been drilled in this current program and with the intersection of mineralized and potentially gold-bearing zones another 2 drill holes are being planned. Each of the initial 5 holes successfully intersected the historical mine trend to a depth of 75 meters below surface.

Commenting on the progress to date of the exploration program, Karim Rayani, Falcon's President and CEO stated, "Our geological team has performed exceptionally well, interpreting the past work on our Central Canada property. We seem to have found and are defining both high-grade gold veins within or associated with broader halo mineralization that is also gold-bearing. Furthermore and very importantly, our recently discovered reports on the old mine indicate the possible presence of high-grade gold resources that had been earmarked for production about 90 years ago."

The historical work by Central Canada Mines Ltd. was reported between 1930 and 1935 in Fort William Daily Times Journal and included 1,829 meters ("m") of drilling and a vertical shaft to a depth of 45 m with about 42 m of crosscuts and drifts on the 30 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. 

The Company believes that the intersections in its first drill hole that assayed high-grade gold mineralization over a 3 m interval of 10.17 g/t Au at 67 m depth may be confirmation of the reported historical mine resource. Falcon's first drill hole also outlined a new mineralized zone untested by previous operators at 104 m depth, which sampled 18.6 g/t Au over 1 m. Falcon will continue drilling along strike to confirm historical results, expand the strike length, and test the depth of mineralization to 100 meters below surface with the next holes currently being drilled totalling 360 m.

Falcon Gold also announces it has extended the due diligence period for up to 45 days to August 6th, 2020 to formalize the definitive agreement regarding the previously announced MOU to acquire 2 large patented claim blocks from Great Lakes Exploration Inc. ("GLE"). The transaction includes 476 hectares of patented mining claims including patented surface rights. The patented lands lie along strike of Falcon's Central Canada Project. Due to unforeseen circumstances regarding the COVID-19 shutdown, the Company requires more time to complete due diligence as access to the Ministry of Energy, Northern Development, and Mines database in Thunder Bay, ON is not possible until COVID-19 restrictions are lifted.