Mr. Karim Rayani reports

FALCON MOBILIZES CREWS AT SPRINGPOLE WEST, RED LAKE DISTRICT CONTIGUOUS TO FIRST MINING'S GROUND

Falcon Gold Corp. has commenced summer exploration 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 Gold 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 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, and geochemical and geophysical surveys over important target areas. Falcon Gold's initial exploration program is expected to wrap up in mid-July.

Falcon Gold's Springpole West property is located within the Birch-Uchi greenstone belt, a tectonically complex volcanosedimentary 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 kilometres. The northeastern part of the property is fewer than four kilometres 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-kilometre 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 grams per tonne gold over 30 centimetres 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 which have reported surface grab samples that returned up to 8.38 per cent zinc, 16 grams per tonne silver and 0.05 gram per tonne gold. Historic drilling of geophysical anomalies along the fault zone has reportedly intersected 0.25 per cent copper, 2.68 per cent zinc and 0.05 g/t Au over one metre (BP Resources, 1985).

The property is directly contiguous to First Mining Gold Corp.'s 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 in November, 2019, and reported an indicated resource of 139.1 million tonnes grading 1.04 g/t Au and 5.4 g/t Ag, containing 4.67 million ounces of Au and 24.19 million 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 1.12 million ounces of Ag.

The area is accessible by float plane, ATV trail and winter road. The property is within six kilometres of an all-weather gravel road, and hydroelectric transmission lines are close by.

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 kilometres 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 its flagship asset.

Qualified person

The technical content of this news release has been reviewed and approved by Greg Robinson, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Falcon Gold Corp.

Falcon Gold is a Canadian mineral exploration company focused on generating, acquiring and exploring opportunities in the Americas. Falcon Gold's flagship project, the Central Canada gold mine, is approximately 20 kilometres 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-per-cent interest in the Burton gold property with Iamgold near Sudbury, Ont.; in British Columbia, the Spitfire-Sunny Boy and 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 joint venture; Marvel Discovery in central Newfoundland; and most recently, battery metal projects in Ontario and Quebec, the Timmins West and Outarde properties.

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