Falcon Reports Strong Results from Its Second Drill Hole, Central Canada Gold Mine, Atikokan, Ontario

Includes highlight drill core assay of 23.11 grams/tonne gold ("g/t Au") over 0.52 meters ("m") within a continuous 5.83 meter mineralized zone

Vancouver, British Columbia--(Newsfile Corp. - August 13, 2020) - FALCON GOLD CORP. (TSXV: FG) (FSE: 3FA) (OTC Pink: FGLDF); ("Falcon" or the "Company") is pleased to announce it has received fire assay results and certain check assays for its second diamond drill hole, CC20-02, from its Central Canada Gold Mine project, near Atikokan in north-western Ontario. This hole and the previously announced CC20-01 were drilled east of the historic mine shaft with the second hole confirming the high-grade mine trend for approximately 75 m of strike to west-southwest. In addition, this second hole, CC20-02, is the first of the seven holes completed for the 2020 summer program to report visible gold within a mineralized intersection.

The presence of visible gold within mineralized drill core may be common for such high-grade zones as at the Central Canada project. However, the "nugget-affect" can often cause difficulties for assayers to accurately determine the grade of mineralization. As experienced by Falcon's results, the company has assays and check assays that have varied by as much as 320%. Two of the highly variable gold grades determined within the hole CC20-02, are included in the table of results, below. The average grade for the varied results was calculated and used for the weighted average grade for the zone. It is important to note that the initial assays and the check assays were conducted independently at different laboratories, each of which is an accredited assayer.

Table of results for drill hole, CC20-02, intersection of Central Canada Gold Mine main gold zones.

Drill Hole  

From (m)

To (m)

Length (m)

Initial  Assay 
Au (g/t)

Check Assays
Au (g/t)

Averaged  Assays 
Au (g/t)

Comments

CC20-02

 

 

 

 

 

 

Start of 5.84m mineralized gold zone at 33m

 

33.00

34.00

1.00

0.61

 

 

From 33.0m to 38.84m (5.84m), average grade of 2.45 g/t Au

 

34.00

34.50

0.50

2.31

 

 

From 34.0m to 36.55m (3.55m), average grade of 3.41 g/t Au

 

34.50

35.00

0.50

2.25

 

 

From 34.0m to 35.52m (1.52m), average grade of 7.07 g/t Au

 

35.00

35.52

0.52

9.44

23.11

16.28

Visible gold was reported in the interval from 35m to 36.5m

 

35.52

36.55

1.03

0.35

1.12

0.74

 

 

36.55

37.55

1.00

0.03

 

 

 

 

37.55

38.84

1.29

1.68

 

 

End of mineralized gold zone at 38.84m

Note: Lengths of interesections may not represent the true widths of the gold zones. The Company has not yet accurately determined the dip of the zone.

Falcon's Chief Executive Officer, Karim Rayani commented, "These commanding results from the Central Canada mine's main trend have given our Company another boost in confidence. The mine's historical gold zone was reported to be a narrow, high-grade quartz vein and our first two drill holes support the historical reports. Our geological team believes we are seeing definite confirmation that the zones are present and very importantly, the zones are contained within gold mineralized halos that may be several meters thick. In my opinion, these high-grade veins and attendant gold-mineralized halos give us a previously unidentified exploration target with much greater economic potential."


A surface plan of the relative locations & attitudes of the seven (7) diamond drill holes completed at the Central Canada Gold Mine near Atikokan in northwestern Ontario during the summer of 2020.

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Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Falcon Gold Corp. & the Central Canada Gold Mine Project

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 south east of Agnico Eagle's Hammond Reef Gold Deposit which has Measured & Indicated estimated resources of 208 million tonnes containing 4.5 million ounces of gold. The Hammond Reef gold property lies on the Hammond fault which is a splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major splay of the QFZ.

History of Central Canada gold mine includes;

  • 1901 to 1907 - Shaft constructed to a depth of 12 m and 27 oz of gold from 18 tons using a stamp mill.
  • 1930 to 1934 - Central Canada Mines Ltd. installed a 75 ton per day gold mill. Development work included 1,829 m of drilling and a vertical shaft to a depth of 45 m with about 42 m of crosscuts and drifts on the 100 m level. In December, 1934 the mine had reportedly outlined approximately 230,000 ounces of gold with an average grade of 9.9 g/t Au.
  • 1935 - With the on-going financial crisis of the Great Depression, the Central Canada Mines was unable to fund operations and the mine ceased operations.
  • 1965 - Anjamin Mines completed diamond drilling and in hole S2 returned a 2 ft section of 37.0 g/t Au and hole S3 assayed 44.0 g/t Au across 7 ft.
  • 1985 - Interquest Resources Corp. drilled 13 diamond holes totaling 1,840 m in which a 3.8 ft intersection showed 30.0 g/t Au.
  • 2010 to 2012 - TerraX Minerals Inc. conducted programs that included line cutting, geological surveys and drilled 363 m.
  • July 2020 - Falcon Gold Corp. completed its inaugural 7-hole program for totaling 1,055 m of core. In addition, the Company acquired by staking an additional 7,477 ha of mineral claims consisting of 369 units immediately south and northwest of Agnico Eagle Mines Ltd.'s Hammond Reef property.

The Company also holds 3 additional projects. The Camping Lake Gold property in the world-renowned Red Lake mining camp, a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario, and the Spitfire and Sunny Boy Gold Claims near Merritt, B.C.

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.

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.

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