Pinks Falcon Completes 1,890 Meters, Reports Broad GOLD Zones Holes CC20-08 & -09, Central Canada GOLD MINE
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTC PINKS
FALCON COMPLETES 1,890 METERS, REPORTS BROAD GOLD ZONES
HOLES CC20-08 & -09, CENTRAL CANADA GOLD MINE
Vancouver, B.C., February 2, 2021. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS) ;
("Falcon" or the “Company") is pleased to make its first report of 2021 with this update on its fall drilling
program at the Central Canada gold mine. The Company completed its 2020 fall drilling program at the
Central Canada Gold mine near Atikokan, northwestern Ontario, with drill holes CC20 -08 to CC20 -17
producing a total of 1,890 meters (“m”) of core. Through its two drill campaigns in 2020, Falcon has drilled
seventeen drill holes for a total of 2,942.5m of core and has shipped 780 samples for analyses and assays.
In addition, the Company is pleased to report on the significant mineralized intersections from CC 20 -08
and 20-09 (see Table One). The geology logged in these holes was previously reported in our news release
dated November 18th, 2020. Highlights of the drill intersections for the two holes are as follows:
• CC20-08 intersected the Central Canada main mine trend from 30.6m to 41.7m and intersected
secondary gold bearing zones @ 61.7m-63.6m, 96m and 101m;
• CC20-09 intersected the mine trend at 131.0m to 165.6m. This z one contains several intervals
grading up to 7.46 g/t Au; and,
• With the intersections reported today, and the intersections of drill holes CC 12-01 and CC20-01,
Falcon has traced the Central Canada gold mineralization from surface to a vertical depth of more
than 161m and the zone remains strong and open to continue beyond that depth.
The Central Canada gold zones in drill holes, CC20–08 and –09, comprised core lengths up to 35m, variably
mineralized with pyrite, arsenopyrite and pyrrhotite in silicified and chloritic units and quartz veins. The
host rock lithologies include metamorphosed quartz feldspar porphyries, felsic pyroclastic units and mafic
volcanic flows. However, due to the intensity of alteration, identification of the host was at times difficult
to ascertain. The veins commonly contain contorted bands of quartz and tourm aline with pyrite,
arsenopyrite and fine grains of chalcopyrite.
Falcon’s hole, CC20-08 was drilled just approximately 30m west north west of the shaft and was targeting
the main gold zone approximately 30m above the gold intersections in CC20-01. Hole CC20-01 reported
two principal gold zones: (i) high -grade gold mineralization over a 3 m interval of 10.17 g/t Au at 67m
depth; and (ii) a new auriferous quartz vein untested by previous operators at 104 m depth, which
sampled 18.6 g/t Au over 1.0m. As mentioned above, CC20-08 penetrated the main mine trend at 30.6m
and returned anomalous gold of 345 ppb over a length of 11.1m. A second zone was intersected at
approximately 62m and averaged 606 ppb Au over 1.9m and may be the same vein found in CC20 -01
running 18.6 g/t Au over 1.0m.
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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The main zone of mineralization in CC20 -09 was intersected from 131.0m and continued to 165.0m.
Individual samples within this zone included; 1.1m @ 3.11 g/t Au, 0.8m @ 7.46 g/t Au, 1.0m @ 6.74 g/t
and the deepest interval 1.2 m @ 3.2 g/t Au (see Table One). This wide and strong zone is highly
encouraging for the Company’s geological team as it is indicative of significant depth potential for the
Central Canada gold mineralization.
Table One. Summary of the of significant intersections of Falcon’s 2020 drill holes, CC 20 – 08 & - 09 on
the Central Canada gold mine.
Drill Hole From To Length
(m) (m) (m) Au (ppb) Au (g/t) Comments
CC20-08 30.6 41.7 11.1 345 0.35 Central Canada main gold zone from 30.6m to 41.7m for 11.1m length
Incl. 33.8 41.0 7.2 778 0.78
Incl. 37.5 38.3 0.8 1270 1.27
And 40.0 41.0 1.0 1339 1.34
61.7 63.6 1.9 606 0.61 Possible equivalent vein to hole CC20-01 18.6 g/t Au over 1.0m 18.6 g/t Au over 1.0m
41.5 43.3 1.8 239 0.24
CC20-09 131.0 137.0 6.0 1228 1.23 Central Canada main gold zone from 131.0m to 165.6m for 34.6m length
Incl. 134.7 135.9 1.2 2480 2.48
And 135.9 137.0 1.1 3110 3.11
144.0 148.7 4.7 462 0.46
Incl. 145.0 146.7 1.7 1042 1.04
151.7 152.7 1.1 668 0.67
158.1 165.6 7.5 2847 2.85
Incl. 158.1 158.9 0.8 2430 2.43
Incl. 158.9 159.7 0.8 > 5000 7.46
Incl. 161.4 162.4 1.0 > 5000 6.74
Incl. 162.4 163.5 1.1 1560 1.56
Incl. 163.5 164.7 1.2 3200 3.20
17.0 18.1 1.0 273 0.27
Note: Lengths of interesections do not represent the true widths of the zones. The Company has not yet accurately determined the dip of the zone.
Color key: Denotes Au grades better than 0.5 g/t and less than 1.0 g/t
Denotes Au grades better than 1.0 g/t
Gold Analyses
Mr. Karim Rayani, Falcon’s Chief Executive Officer commented, “These first results from Falcon’s fall drill
program have d elivered more evidence for a mineable deposit at this historic mine site. With our
geologists developing an understanding of the gold mineralization styles from repeated drilling of the
zones, Falcon can better proceed with its plans to define an economic gold resource. We have already
submitted hundreds of samples for analyses and will have many more assays to come. Our shareholders
can expect to have more news on the developments on our Central Canada mine project over the coming
weeks.”
Qualified Person
The technical content of this news release has been reviewed and approved by Mike Kilbourne, 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
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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-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.