Pinks Falcon Announces Private Placement of Units and Reports 1,137 Meters of Its Fall Drill Program, Central Canada GOLD MINE, Atikokan, Ontario
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTC PINKS
FALCON ANNOUNCES PRIVATE PLACEMENT OF UNITS AND REPORTS
1,137 METERS OF ITS FALL DRILL PROGRAM, CENTRAL CANADA GOLD
MINE, ATIKOKAN, ONTARIO
Vancouver, B.C., December 2, 2020. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS);
("Falcon" or the “Company") is pleased to report the Company has arranged for an $ 750,000 non -
brokered private placement of units. Each Unit is priced at $0. 12 and consists of one Falcon common
share and one non -transferable warrant. Each Warrant entitles the holder to purchase a new Falcon
common share for a price of $0. 20 at any time during a term of 36 months from the date of the closi ng
the financing. Closing will be subject to TSX Venture Exchange approval and any shares issued will be
subject to a four-month hold period.
Falcon is also pleased to offer this update on the excellent progress of its fall drilling program at the Central
Canada gold mine . T he Company has now completed up to diamond drill h ole CC 20 -12, marking
approximately 60% of its 2020 Stage Two drilling program at the Central Canada Gold mine near Atikokan,
northwestern Ontario. To date, drill holes CC 20 -08 to CC 20 -12 have produced a total of 1,137 meters
(“m”) of core (Table One) and 240 samples have so far been submitted for gold analyses.
Each of the 5 holes of the fall program was targeting and has intersected mineralization of the main mine
structural trend with pierce points through the gold mineralization spaced over a 125 m strike length and
at various depths. Holes, CC 20 – 08 and – 09, were reported in our news release dated November 18 th,
2020.
The mineralization in drill holes, CC 20 – 10 and – 11, consisted of chloritized and silicified host rock that
was complexly veined and variably sulphide mineralized. The veins commonly contained contorted bands
of tourmaline with pyrite, arsenopyrite and fine grains of chalcopyrite. The true thickness of the
intersected mineralization has not yet been established, but in holes 20 – 10 and -11, the zone widths in
core lengths ranged from 10 m to 24 m.
DDH CC 20 - 12 was drilled just west of the shaft in which the gold -bearing vein was reportedly 1.5 m (5
feet) wide. In 2002, the shaft was sampled by staff of the Ontario Resident Geologist’s office. Samples
returned grades up to 0.44 oz/ton (13.74 grams/tonne) Au from the quartz vein and a sample of the
altered quartz porphyry host returned 0.13 oz/ton (4.06 grams/tonne) Au. The mineralization in hole, CC
20 -12, began in an altered gabbroic or mafic volcanic unit with quartz veins and stringers. A rose coloured
quartz vein marks the start of the main mine zone at the contact with a felsic porphyry at approximately
89m. The porphyry is very strongly altered to 97.4m with tourmaline -pyrite quartz veining containing
approximately 2% pyrite and 0.25% arsenopyrite and local fine -grained chalcopyrite and telluride
minerals. This is followed by 20 cm of tourmaline -quartz-pyritic (pyrite content of approximately 7%)
FALCON GOLD CORP.
110 – 175 Victory Ship Way
North Vancouver, BC, V7L 0B2
VANCOUVER TEL: (604) 670-0019
TORONTO TEL: (416) 477-1220
www.falcongold.ca
www.falcongold.ca
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altered volcanic and a very distinctive quartz vein from 97.6 m to 97.9 m that is banded or laminated with
tourmaline, quartz and about 1% very fine arsenopyrite and pyrite, and 0.2% fine chalcopyrite and
telluride that appears to have a true with of about 20 cm. The most notable component of this vein is
visible gold (“VG”) that occurs as several pin-head sized and smaller grains. The gold was noted in both
the tourmaline bands and in the white quartz bands. Beyond the VG vein, the mineralization continued
to 103.8 m and consisted of highly altered, and felsic pyroclastic rock with up to 5% pyrite and 0.1 %
arsenopyrite. Hole, CC 20 – 12, was ended at a depth of 201 m.
Mr. Karim Rayani, Falcon’s Chief Executive Officer, commented, “Finding visible gold in our hole 20 - 12 is
very encouraging and it further validates our geological model. Seeing VG in the mineralized sections tells
us we are on the right track! Our geologists are currently cutting samples and will be continuing to submit
them for analyses and report them as they become available.”
Table One. Summary of the technical details of Falcon’s 2020 drilling on the Central Canada gold mine.
DDH # Commenced Completed Northing Easting Azumith Inclination Length
(Deg) (Deg) (m)
First Stage Drill Progrm
CC 20-01 April-12-20 April-15-20 5405770 622609 167.0 -77.0 201.0
CC 20-02 April-20-20 April-23-20 5404758 622575 167.0 -60.0 180.0
CC 20-03 April-23-20 April-24-20 5404723 622491 167.0 -60.0 87.0
CC 20-04 June-22-20 June-23-20 5404807 622720 170.6 -42.6 107.5
CC 20-05 June-23-20 June-24-20 5404826 622773 177.5 -44.7 114.0
CC 20-06 June-25-20 June-26-20 5404841 622817 166.1 -40.9 162.0
CC 20-07 June-26-20 June-12-20 5404812 622629 144.0 -57.8 201.0
1,052.5
Second Stage Drill Program
CC 20-08 November-06-20 November-08-20 5404764 622610 164.8 -60.9 183.0
CC 20-09 November-09-20 November-15-20 5404790 622604 163.4 -77.3 306.0
CC 20-10 November-16-20 November-19-20 5404773 622573 172.7 -60.5 222.0
CC 20-11 November-23-20 November-26-20 5404793 622560 167.0 -58.8 225.0
CC 20-12 November-26-20 November-30-20 5404821 622620 167.0 -45.0 201.0
1,137.0
Notes:
(1) NAD83 Zone 15N
Date Location (1)
Qualified Person
The technical content of this news release has been reviewed and approved by 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, and Jack Lake Trend
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 k m 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.
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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-foot 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
363 m of drilling.
July 2020 – Falcon Gold Corp. completed its inaugural 7 -hole program 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 4 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;
the Spitfire-Sunny Boy Gold Claims near Merritt, B.C.; and most recently, the Springpole West Property
near Red Lake, Ontario.
CONTACT INFORMATION:
Falcon Gold Corp.
“Karim Rayani”
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: [email protected]
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 futur e 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 d efined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.