Pinks Falcon Reports GOLD Intersections IN Holes CC 20 – 12, - 13 and – 14, and Provides Outline FOR 2021 Exploration at the Central Canada MINE Property, Nw Ontario
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NEWS RELEASE FG: TSX-V
3FA: GR
FGLDF: OTC PINKS
FALCON REPORTS GOLD INTERSECTIONS IN HOLES CC 20 – 12, - 13
AND – 14, AND PROVIDES OUTLINE FOR 2021 EXPLORATION AT THE
CENTRAL CANADA MINE PROPERTY, NW ONTARIO
Vancouver, B.C., March 2, 202 1. FALCON GOLD CORP. (FG: TSX-V), (3FA: GR), (FGLDF: OTC PINKS) ;
("Falcon" or the “Company”) reports the Company has received the preliminary gold analyses for the
balance of drill hole CC 20 – 12 and for all of holes CC 20 – 13 and – 14. The Company has recently
delivered an additional 308 samples from drill holes CC 20 – 15, – 16 and – 17. In addition, Falcon’s
geological team is re-examining the core from holes CC 20 – 04 to – 07 and sampling several intervals of
mineralized and altered felsic porphyries that may contain important gold zones previously not
recognized. For example, at 114m, drill hole, CC 20 – 07, intersected 1m grading 7.23 grams/tonne gold
(“g/t Au”). Upon re-examination, this vein was found to contain fine visible grains of gold that prompted
the geologists to sample intervals above and below the vein and to extend in fill sampling of the co re to
the end of the hole at 200.8m.
Table One. Summary of the of significant intersections of Falcon’s 2020 drill holes, CC 20 – 12, 13 & 14 on the Central Canada
gold property.
In its release of February 18, 2021, Falcon reported on the upper half of drill hole, CC 20 – 12 where the
Central Canada main zone was intersected from 89.6m to 104.4m averaging 1,570 ppb gold. This
intersection also contained a 30cm vein that exhibited visible gold grains and assayed 20.50 g/t Au. Within
the current results, another high-grade vein was identified in CC 20 – 12, occurring just 2.2 meters below
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
Drill Hole From To Length
(m) (m) (m) Au (ppb) Au (g/t) Comments
CC20-12 112.4 112.7 0.3 >5,000 10.80 Intersection is 2.2m below the Central Canada main gold zone reported on Feb. 18, 2021
41.5 43.3 1.8 239 0.24
CC20-13 44.2 50.9 6.8 904 0.90 Central Canada main gold zone from 44.15m to 50.9m for 6.8m intersection
Incl. 46.5 48.2 1.7 2,762 2.76
41.5 43.3 1.8 239 0.24
CC20-14 44.0 44.8 0.8 1,890 1.89 Central Canada main gold zone from 79.2m to 97.25m for 18.05m core length
79.2 80.3 1.1 1,362 1.36
Incl. 79.9 80.3 0.4 3,090 3.09
81.5 89.0 7.5 Assays pending for samples from 81.5m to89.0
And 90.3 97.3 7.0 872 0.87
Incl. 91.4 91.9 0.5 >5,000 7.06
And 104.6 106.5 1.9 670 0.67
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
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the main zone and hosted in an altered gabbro. This in tersection returned 10.80 g/t Au over a length of
30 cm.
In terms of overall strike length, Falcon has drilled the Central Canada mine trend for a surface distance
in the order of 275m. The collar for drill hole, CC 20 – 14, was located approximately 45 m south and east
of the Central Canada shaft. The mineralization intersected by hole CC 20 – 14 occurred between 79.2m
to 91.9, in which individual veins assayed 3.09 g/t Au over 40cm and 7.06 g/t over 60cm. As there are
assays pending for certain mineralized sections including from 71.0m to 79.2m (above the main gold zone)
and from 81.5m to 89.0m. It is possible the breadth of the drilled main zone is much wider than today’s
report.
Mr. Karim Rayani, Falcon's Chief Executive Officer, commented, “We are continuing to expand and test
new boundaries while building a data and knowledge base for a better understanding of the Central
Canada gold zones in the mine shaft area. In terms of overall strike length, we have drilled the Central
Canada mine trend for a surface distance of 275m plus, while hitting mineralization to new depths. There
remain a material number of core samples from the drilling that we are awaiting the results of. We have
begun the planning stage of phase 3 of the 2021 exploration progra m and look forward to commencing
shortly."
Next Steps for 2021 Work Programs
The Central Canada property hosts two dominant types of exploration targets; the high-grade gold zones
on which the 2020 drill campaign was focused and Quetico Fault -hosted copper-cobalt sulphides
associated with massive iron sulphides and oxides. With respect to the 2021 drill program, the Company
anticipates collaring up to 20 diamond drill holes, targeting the gold mineralization in the shaft area and
to test other excellent gold zones such as mineralized quartz -feldspar porphyries and the Northern Vein
also known as the No. 2 vein. Collar sites will be laid out following the completion of the analyses of the
2020 core samples and digital modeling. Falcon’s management believes this may lead to a preliminary
resource estimation in addition to sighting areas for additional drilling.
Historical work established the existence of both oxide and sulphide iron formation in the vicinity of and
within the claims optioned by Falcon. At the west end of Sapawe Lake is the Staines Cobalt Occurrence
which is reported in the 1985 Ontario Geological Survey, Open File Report 5539 as:
“a massive sulphide zone located be neath Sapawe Lake. Recent exploration has outlined two
parallel sulphide zones at the west end of the property. The lenses or irregular masses of sulphide
occur within a volcanogenic environment. There is an ultramafic to mafic intrusive associated
with some of the massive sulphide zones. Sulphide mineralization consists mainly of pyrite,
pyrrhotite, magnetite, chalcopyrite, sphalerite with associated pentlandite and carrollite.”
The Staines Cobalt mineralization is described in the same open file report as:
“The main sulphide zone has been outlined to be 1,155 metres long and 76 metres wide. Analyses
of earlier drill holes returned values of 32.7 percent soluble iron, 0.23 percent copper and 0.71
pound per ton cobalt over an estimated true width of 25 metres.”
Historical regional airborne geophysical surveys suggest that Falcon may have a significant zone or zones
of conductive massive sulphide mineralization having an east northeast trending strike length of more
than 3km. Late in the 2020 work prog ram, Falcon engaged Prospectair of Gatineau Quebec to conduct
heliborne High-Resolution Magnetic and Time-Domain Electromagnetic Surveys over the Central Canada
project area. The preliminary results are undergoing detailed analyses to identify the highest priority drill
targets for the 2021 work program. The preliminary results of the Company’s new geophysical surveys
appear to confirm this significant anomaly a nd the on -going follow -up analyses of the survey data is
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anticipated to offer several drill targets to compliment the 2021 program on the above -mentioned gold
targets.
Qualified Person
The technical content of this news release has been reviewed and appr oved by Steve Brookings, 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 miner al 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 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 of 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.
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.
2020 – Falcon Gold Corp. completed its inaugural 17-hole program totaling 2,942.5 m of core.
The Company holds 5 additional projects. The Camping Lake Gold property and the Springpole West
Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property near
Sudbury Ontario; and in BC, the Spitfire-Sunny Boy Gold Claims and the Gaspard property.
CONTACT INFORMATION:
Falcon Gold Corp.
“Karim Rayani”
Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
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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 looki ng statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ mater ially
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.