Falcon Gold seeks Central Canada exploration permit

Executive Summary

• Falcon Gold Corp. has submitted an exploration permit application to the Ontario Ministry of Energy and Mines for its 100%-owned Central Canada gold project, enabling up to 20 diamond drill holes to expand known gold zones and test new high-priority targets.
• The Phase III drilling program aims to connect historic mine zones with newly defined gold mineralization along a 1.6-kilometre strike length, building on previous success where 15 of 17 holes intersected gold mineralization.
• The company also announced a strategic decision to not renew its property option on the Viernes project in Chile to consolidate operations and capital focus on its Canadian assets.

Key Details

• Permit Application: Submitted to the Ontario Ministry of Energy and Mines for the Central Canada gold project near Atikokan, Ontario.
• Drilling Scope: Permit allows for up to 20 diamond drill holes.
• Strategic Objective: Expand known gold zones and test newly defined high-priority targets identified in the 2021 exploration program.
• Geological Context: Project is located 20 km southeast of Agnico Eagle’s Hammond Reef deposit within the Marmion terrane and on a splay of the Quetico fault zone.
• Phase III Target: 1.6 kilometres of strike length along the historic Central Canada mine trend.
• Previous Results (Phase I & II, 2020-2021): 15 of 17 drill holes intersected gold mineralization from surface to depth.
• Highlighted Intercepts:
  • 10.17 g/t Au over 3.0 m starting at 67.0 m depth (DH CC20-01).
  • 2.8 g/t Au over 7.5 m starting at 158.1 m depth (DH CC20-09).
  • 1.57 g/t Au over 14.8 m starting at 89.6 m depth (DH CC-2012).
  • 18.6 g/t Au over 1.0 m starting at 104.0 m depth (visible gold in DH CC-20-01).
• Operational Status: Previous drilling was halted due to forest fires and flooding; Falcon is working aggressively to renew and expand permits.
• Corporate Restructuring: Elected not to renew property option on the Viernes project in Chile to consolidate operations in Canada, citing misalignment of costs with near-term priorities.
• Contractor: Bjorkman Prospecting Inc. retained to lead permitting and manage drilling operations.

Notable Quotes

• "The submission of our exploration permit represents the next step in unlocking the scale potential of the Central Canada gold project. Our prior drilling confirmed multiple high-grade intercepts and continuity along a 1.6-kilometre corridor within a proven gold-bearing structure. We believe we're only beginning to understand the size of this system -- and with our phase III program, we aim to connect the historic mine zones with newly defined gold mineralization along strike." — Karim Rayani, President and CEO