Falcon Initiates Geophysical Interpretation - Lithium Potential on Adjacent Ground to Benton-Sokoman's Lithium Discovery

Falcon Gold Corp. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce it has undertaken a preliminary lithostructural interpretation of high-resolution magnetic and radiometric data on its Hope Brook Property. The Hope Brook Property lies contiguous to the Benton-Sokoman spodumene lithium-bearing pegmatite discovery referred to as the "Kraken Pegmatite Swarm" (see Sokoman press release dated October 14, 2021). This pegmatite field measures 2,200 m long by 850 m wide and is open along strike in both directions

Falcon is delighted to announce compelling evidence for the presence of the same or similar lithologies and structures, within its Hope Brook claims. An analysis of publicly available magnetic datasets over the Benton-Sokoman Kraken Pegmatite Swarm shows similar northeast trending structures with a southeast dip, fold orientations and complex fault kinematics that could indicate a complex structural setting. These structural and magnetic signatures are comparable to those seen hosting the Kraken Pegmatite Swarm and provide Falcon Gold with exploration targets of merit (Figures 1 and 2).

Falcon's Chief Executive Officer, Karim Rayani commented, "The Newfoundland Government data archives provides explorers with a tremendous database upon which to build exploration success. The existing claims are covered by historical high resolution magnetic datasets allowing us to remotely assess the potential by our team of structural geologists and geophysicists and providing target areas to guide our boots on the ground field crews. We are quite excited with the preliminary observations from these studies and our preliminary litho-structural interpretations suggest that the Hope Brook property contains structural features observed in datasets that host the neighbouring Kraken Pegmatite Swarm. We intend to investigate these areas in the immediate future."

Figure 1: Falcon Gold claims showing highly prospective structural corridor and magnetic features similar to the Kraken Pegmatite Swarm.

Figure 2: High resolution magnetics with structural interpretation showing highly favourable structural corridor for lithium potential and with highlighting two high priority areas for immediate prospecting.

The Kraken Pegmatite Swarm consists of stacked spodumene bearing pegmatite dykes with a shallow 50 degree dip. Initial sampling by the Benton-Sokoman alliance returned sample results of >2% Li₂O in 11 out of 35 samples submitted. (https://sokomanmineralscorp.com/2021/09/16/sokoman-and-benton-confirm-first-high-grade-lithium-discovery-in-newfoundland-at-the-golden-hope-project/).

Falcon's land position straddles both the eastern and western extents of recent land acquisitions by the Benton-Sokoman JV partnership with Falcon now controlling areas of considerable structural complexity marked by large scale fold and fault structures which provide important structural controls (traps) for gold mineralization within this area and now potentially lithium (Figure 3).

Figure 3. Location of Falcon's Hope Brook Properties Contiguous to the Sokoman-Benton joint venture.

https://falcongold.ca/hope-brook-nl/

Falcon's Hope Brook Gold Property

Falcon's new land acquisition is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to two major structures linked to significant gold prospects (Cape Ray, Matador Mining) and deposits (Hope Brook, First Mining) in southern Newfoundland (Figure 3). Rock lithologies and structures on the property are also related to those associated with Marathon Golds Valentine Gold Deposits, Sokoman's.

Qualified Person

Mr. Mike Kilbourne, 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 Hope Brook 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 20 km 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 8 additional projects. The Esperanza Gold/Silver/Copper mineral concessions located in La Riojo Province, Argentina. 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; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:
Falcon Gold Corp.
"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: info@falcongold.ca

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.

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.

SOURCE: Falcon Gold Corp.