FALCON GOLD RECEIVES DRILL PERMIT FOR CENTRAL CANADA GOLD PROJECT, ATIKOKAN ONTARIO -QUETICO FAULT ZONE

Rhea-AI Summary

Falcon Gold (OTC:FGLDF) received an exploration permit for diamond drilling at its Central Canada gold project near Atikokan, Ontario.

The company plans up to 20 drill holes totaling 2,500 metres, targeting multiple high-grade zones and a conceptual 500,000–1,200,000 tonne exploration target grading 8–12 g/t gold.

AI-generated analysis. Not financial advice.

Positive

• Exploration permit granted for Central Canada diamond drilling program
• Up to 20 drill holes planned totaling 2,500 metres
• Previous drilling returned 10.17 g/t Au over 3.0m and 18.6 g/t Au over 1.0m in hole CC20-012
• Previous drilling returned 1.8 g/t Au over 7.5m from 158.1m in hole CC20-09
• Conceptual exploration target of 500,000–1,200,000 tonnes grading 8–12 g/t Au outlined

Negative

• Conceptual exploration target is not NI 43-101 compliant and not a mineral resource
• Majority of the structurally controlled gold system remains underexplored and requires additional drilling

FG: TSX-V

VANCOUVER, BC, May 12, 2026 /PRNewswire/ - Falcon Gold Corp. (TSXV: FG) (FSE: 3FA) (OTC-Pinks: FGLDF) ("Falcon" or the "Company") announces that it has now received the required exploration permit to conduct diamond drilling at its Central Canada Project, located approximately 180 km east of Thunder Bay Ontario near the town of Atikokan.

With the permit now in place, the Company plans to return to the project to commence its next phase of diamond drilling with up to 20 Drill holes planned totaling 2500 metres.

"We are pleased to have now received the drill permit for Central Canada," said Karim Rayani, Chief Executive Officer of Falcon Gold Corp. "Our previous drilling confirmed high-grade mineralization and visible gold across multiple zones, including the Central Canada Mine Trend and associated structures. With the addition of our conceptual exploration target, this next phase of drilling is designed to systematically test and expand these zones and further evaluate the scale of the system."

The Central Canada Project is situated within a historically active Atikokan gold camp in northwestern Ontario and has seen multiple phases of exploration and development over several decades. Historical work includes underground development, shaft sinking, surface workings, and multiple drill campaigns by previous operators, reflecting the long-recognized gold potential of the system.

Falcon's most recent work includes two diamond drill programs completed in 2020 and 2021, which confirmed structurally controlled gold mineralization and visible gold (VG) within multiple target areas. These programs returned high-grade intercepts and provided key geological data supporting ongoing exploration targeting.

Key results reported from these programs included:

• 10.17 g/t Au over 3.0 metres starting at 67.0m and 18.6 g/t Au over 1.0m (with visible gold) from 104m in CC20-01

2.8 g/t Au over 7.5m from 158.1m in CC20-09

Drilling and historical data have defined several priority mineralized zones at Central Canada, including the Central Canada Mine Trend (CCMT), J.J. Walshe Zone, Monte Zone, No. 2 Vein, Sugar Shear, Hoist Zone, and Honey Zone (Figure 1). These zones are interpreted as part of a broader structurally controlled gold system that a majority remains underexplored by modern systematic drilling.

Based on integrated historical data and Falcon's drilling results, the Company has outlined a conceptual exploration target of approximately:

500,000 to 1,200,000 tonnes grading 8 to 12 g/t Au.

This target is conceptual in nature, is not NI 43-101 compliant, and should not be considered a mineral resource estimate. Additional drilling will be required to evaluate continuity and scale potential.

The upcoming drill program will focus on testing and expanding these priority zones, with emphasis on structural continuity, grade distribution, and system scale.
Further details regarding timing and scope will be provided as planning advances.

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.

Falcon Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration, and advancement of precious and battery metals opportunities across the Americas, with a portfolio spanning established mining camps and emerging exploration districts. Its flagship asset, the Central Canada Gold Project, is located approximately 20 kilometres southeast of Agnico Eagle's Hammond Reef Gold Deposit in northwestern Ontario. The project lies within the highly prospective Quetico Fault Zone, a major regional structural corridor interpreted as a key control on gold mineralization in the district. The Hammond Reef deposit is associated with a northeast-trending structural system linked to this broader regional framework, highlighting the significance of the geological setting. The Central Canada property has a documented exploration and development history spanning more than a century. Early work between 1901 and 1907 included shallow shaft development and small-scale production from high-grade material processed through stamp milling. Between 1930 and 1935, Central Canada Mines Ltd. further advanced the project with deeper underground development, crosscutting, and the installation of a small-scale gold mill. Subsequent exploration programs have included diamond drilling campaigns that returned multiple high-grade gold intercepts, supporting the presence of significant mineralization within the system. Beyond its flagship project, Falcon Gold maintains a diversified portfolio of Canadian exploration assets. This includes a 49% interest in the Burton Gold Property in partnership with IAMGOLD near Sudbury, Ontario, exploration-stage gold targets in British Columbia through the Spitfire and Sunny Boy claims, and the Great Burnt Copper-Gold Project in central Newfoundland.

Cautionary Language and Forward-Looking Statements

This news release may contain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws, including but not limited to statements relating to the timing and content of future work programs, including planned drilling programs, geological interpretations, receipt of property titles, and other corporate and technical matters. Forward-looking statements are based on assumptions, expectations, estimates, and projections as of the date of this news release and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied herein. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "intend," "expect," "plan," "anticipate," "believe," "estimate," "project," "potential," or "continue," or the negative of these terms, or other comparable terminology. Forward-looking statements in this news release may include, but are not limited to, statements regarding planned drilling activities on the Central Canada Gold Project, which is currently permitted for up to 20 drill holes, and the interpretation and potential extension of mineralization along structural trends within the project area. There can be no assurance that the Company's exploration programs will proceed as currently contemplated or that they will achieve their intended objectives. Forward-looking statements are inherently subject to significant business, economic, competitive, and geological uncertainties and contingencies. Actual results may differ materially from those currently anticipated. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that plans, assumptions, or expectations will prove to be accurate.

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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SOURCE Falcon Gold Corp.

FAQ

What did Falcon Gold (OTC:FGLDF) announce about the Central Canada drill permit on May 12, 2026?

Falcon Gold announced it has received the required exploration permit to begin diamond drilling at its Central Canada gold project. According to Falcon Gold, this permit enables the next drilling phase targeting multiple mineralized zones within the historic Atikokan gold camp in Ontario.

How many drill holes and metres are planned in Falcon Gold's 2026 Central Canada drilling program?

Falcon Gold plans up to 20 diamond drill holes totaling 2,500 metres at Central Canada. According to Falcon Gold, this program aims to systematically test and expand multiple priority zones, focusing on structural continuity, grade distribution, and the overall scale of the gold system.

What high-grade gold intercepts were previously reported at Falcon Gold's Central Canada project (FGLDF)?

Previous drilling at Central Canada returned high-grade gold intercepts, including 10.17 g/t Au over 3.0 metres and 18.6 g/t Au over 1.0 metre with visible gold. According to Falcon Gold, another hole intersected 1.8 g/t Au over 7.5 metres from 158.1 metres depth.

What is the conceptual exploration target at Falcon Gold's Central Canada project and is it NI 43-101 compliant?

Falcon Gold outlined a conceptual exploration target of 500,000 to 1,200,000 tonnes grading 8 to 12 g/t gold. According to Falcon Gold, this target is conceptual, not NI 43-101 compliant, and should not be treated as a mineral resource estimate without further drilling.

Where is Falcon Gold's Central Canada gold project located and what is its geological setting?

The Central Canada project lies about 180 km east of Thunder Bay near Atikokan in northwestern Ontario. According to Falcon Gold, it sits in a historically active gold camp along a broader structurally controlled gold system that remains largely underexplored by modern systematic drilling.