Mr. Karim Rayani of Falcon Gold reports

FALCON FILES DRILL PERMITS AT HOPE BROOK NEAR KRAKEN PEGMATITE FIELD

Falcon Gold Corp. and Marvel Discovery Corp. have applied for drill permits to carry out activities on their Golden Brook prospects within the Hope Brook property in southern Newfoundland. Two permit applications have been submitted, one for portable drilling across the property that will expand current prospecting permits and allow for portable drill-testing of targets across the entire property, and a second permit was submitted to diamond drill test prospects within the Kraken-Hydra trend, a trend represented by a 10-kilometre area of limited exploration between Benton-Sokoman's Kraken Li-Ta (lithium-tantalum) discoveries and the Hydra cesium discovery (see Sokoman's news release May 18, 2023). The portable drill permit application provides the opportunity to enhance the preliminary reconnaissance prospecting project completed in late spring and early summer, which identified the potential for pegmatites from the nearby Kraken pegmatite field to extend into the adjacent tenure held by Falcon. Though bedrock exposure in the area is limited, initial reconnaissance prospecting has resulted in the discovery of a new and previously unrecognized swarm of pegmatite and aplite dikes, and assay results from the sampling project are anticipated by early August. The diamond drill permit application includes six drill pad locations with 1,000 metres of drilling planned for 12 drill holes. The inaugural drill program will test for potential lithium, tantalum and cesium-bearing pegmatites along the Kraken-Hydra trend. The Hope Brook property covers a key central portion of the structural corridor along which the Kraken and Killick pegmatite dikes, Li-Ta soil anomalies, and Hydra cesium pegmatite dike have all been reported by Sokoman (see Sokoman's news release March 28, 2023). Falcon has applied for financial assistance for the Hope Brook project through Newfoundland's junior exploration assistance (JEA) program.

Karim Rayani, chief executive officer, commented: "An extreme fire season in Newfoundland last summer coupled with helicopter availability shortages meant delaying our inaugural exploration campaign until the spring of this year, and we took advantage of this current program to conduct regional-scale prospecting and soil sampling efforts and eagerly await results from the assay lab. We have always been keen on our lithium prospect, which we staked prior to the lithium and cesium discoveries by Sokoman and where our desktop studies showed high potential for the continuation of trends onto our ground. To have found a new swarm of pegmatite dikes is extremely encouraging and we are now gearing up for detailed soil sampling and portable drill testing to further define anomalous areas in advance of our inaugural diamond drilling campaign."

About the alliance

Falcon and Marvel formed a strategic alliance on Nov. 17, 2021, that combines both companies' Hope Brook district properties covering a combined 63,450 hectares to be explored on a 50-50 joint venture basis. The Hope Brook property is hosted within the Exploits subzone of the central Newfoundland gold belt. The property covers extensions of, or are proximal to, two major structures linked to several significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to those associated with Marathon Gold's Valentine gold deposits, Sokoman's Moosehead gold project and New Found Gold's Queensway gold project. The combined land position straddles both the eastern and western extents of recent land acquisitions by the Benton/Sokoman JV partnership, with the JV 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. The Falcon-Marvel strategic partnership originally included the Baie Verte Brompton line (BVBL) properties, and both companies announced the option of the BVBL property to Carmanah Minerals Corp. on June 8, 2023.

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 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 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 gram per tonne 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, 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.

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