Mr. Karim Rayani reports

FALCON GOLD FILES DRILL PERMIT, GREAT BURNT COPPER PROJECT ADJACENT TO BENTON IN CENTRAL NEWFOUNDLAND

Falcon Gold Corp. has filed a drill permit application to conduct diamond drilling at its Great Burnt copper project in central Newfoundland. Drilling is currently scheduled for Q1 2024, and is planned to test up to 10 geophysical anomalies with a maximum of 1,100 metres of drilling.

Falcon holds 2,275 hectares in the Great Burnt camp, with licences located north of, and contiguous to, the Benton-Spruce Ridge Great Burnt copper-gold joint venture. Benton Resources Inc. recently optioned the Great Burnt copper-gold project from Spruce Ridge Resources Ltd. in an agreement that allows Benton to earn a 70-per-cent interest in the property (press release dated Aug. 17, 2023). The Benton-Spruce Ridge property is host to the Great Burnt copper zone, a deposit with an indicated resource of 381,300 tonnes at 2.68 per cent Cu and inferred resources of 663,100 tonnes at 2.10 per cent Cu. Recent drilling by Benton over the Great Burnt copper deposit reported drill results that returned 7.20 per cent Cu, 7.12 grams per tonne silver and 0.05 per cent cobalt over 12.30 metres (press release dated Dec. 5, 2023). Previous drilling in 2020 by Spruce Ridge Resources reported 8.06 per cent Cu over 27.2 metres (press release dated March 18, 2021). The Great Burnt greenstone belt is prospective for copper and gold, and further hosts the South Pond A and South Pond B copper-gold zones, and the End zone copper prospect along a 14-kilometre mineralized corridor. The mineralized corridor occurs along a conductive trend that continues into Falcon's Great Burnt copper property.

The Great Burnt copper property

The property is hosted within the Great Burnt greenstone belt (GBGB) which hosts massive sulphide deposits that have been interpreted as Besshi type. These types of deposits generally occur as laterally extensive sheets of pyrrhotite- or pyrite-rich sulphide rock within mixed volcanic-sedimentary environments. Sulphide lenses can be several metres thick and extend for several kilometres. Besshi-type massive sulphide deposits are generally copper dominant, commonly contain other lithophile elements like cobalt or lead, and can contain precious metals such as gold and silver. The property is also located four km west of the Crest Resources-Exploits Discovery joint venture project within the Exploits subzone. The Exploits subzone contains deep-seated gold-bearing structures of the Dog Bay-Appleton Fault-GRUB Line deformation corridor that contains the high-grade Keats gold zone of New Found Gold.

Commentary

Karim Rayani, chief executive officer, commented: "The Great Burnt copper district continues to deliver high-grade copper numbers. Falcon's ground lies along the same conductive trend which hosts significant gold and copper mineralization held by Benton Resources' joint venture, yet have never been drill tested or subjected to any systematic exploration programs. Our desktop studies have identified geophysical targets that are drill ready. Falcon is setting up for a very busy 2024, we will be reporting back on the commencement of drilling once final approvals are received."

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.

The QP and the company have not completed sufficient work to verify the historic information on the properties comprising the Great Burnt property claim group particularly regarding historical exploration, neighbouring companies and government geological work.

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.

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