Mr. Karim Rayani reports

FALCON COMPLETES SUMMER 2020 DRILL PROGRAM ON THE HISTORIC CENTRAL CANADA GOLD MINE PROJECT

Falcon Gold Corp. has successfully completed its expanded summer drill campaign to test the strike extensions of the historic Central Canada gold mine. The seven holes, totalling 1,055 metres, were drilled for this program with the final two holes totalling 363 m.

Each of the program's seven core holes successfully intersected the historical mine trend with mineralized quartz veins intersected to a depth of 175 m below surface. The final two holes have confirmed the mineralization along strike for a distance of 200 m west of the reported resource area. Drilling also defined a well-mineralized quartz porphyry unit from the 40 m to 65 m depth. The deepest hole, CC20-07, discovered a previously unidentified mineralized fault zone with extensive quartz veining from 142 m to 177.46 m. Significant chalcopyrite, pyrite and arsenopyrite were noted by the logging geologist throughout the intersection. The field team has completed logging and samples have been delivered to Activation Laboratories Ltd. in Thunder Bay, Ont., to undergo fire assay gold analysis.

Highlights of the drill intersections for the final two holes are as follows:

• CC20-06 intersected the mine trend at 30.36 m to 40.89 m and intersected the potentially gold-bearing second zone at 113 m to 139.68 m.
• CC20-07 intersected the mine trend at 80.1 m to 103.88 m and discovered a new mineralized shear zone from 142 m to 177.46 m with sulphide-bearing veins intersected throughout the interval and continued through until 200.86 m of depth.

Karim Rayani, Falcon's chief executive officer, stated: "For an inaugural exploration effort, our 2020 drill program has returned outstanding visual zones of mineralization. The fieldwork by our geological team has been first rate. The discovery of high-grade gold zones both within or associated with the broad halo mineralization may well be the harbinger of a company-making project. The company is awaiting results of the reanalysis of core samples with visible gold and expanded sample intervals from holes 1 through 3 and will be released as they are made available."

As Falcon reported on June 23, 2020, the intersections in its first drill hole, CC20-07, assayed high-grade gold mineralization over a three m interval of 10.17 g/t Au at 67 m depth. The company believes this remarkable result may be confirmation of the reported historical mine resource. This first drill hole also intersected a new mineralized zone untested by previous operators at 104 m depth, which sampled 18.6 g/t Au over one m.

Cautionary statement

Investors are cautioned that the historical information respecting reported resources on the Central Canada gold mine project has been taken from Ontario Ministry of Northern Development and Mines (MNDM) on-line database and historic mining journals and newspaper articles from the Fort William Daily Times Journal (1930 to 1934). The company believes that the historic estimate is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The company will need to conduct further exploration, which will include drill testing the project, and there is no guarantee that the results obtained will reflect the historical estimate.

Falcon has also received final TSX Venture Exchange approval on the previously announced private placement dated June 26, 2020.

Qualified person

The technical content of this news release has been reviewed and approved by Alex Pleson, 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 measured and indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold.

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