FALCON REPORTS HIGH-GRADE RESULTS FROM GOLD, SILVER AND COPPER CONCESSIONS, LA RIOJA, ARGENTINA - Falcon Gold Corp

FALCON REPORTS HIGH-GRADE RESULTS FROM GOLD, SILVER AND COPPER CONCESSIONS, LA RIOJA, ARGENTINA

HIGHLIGHTS:

  • Three gold mineralized structures sampled and mapped;
  • Strike length exceeding 3 kilometers (“km”) for a new gold structure;
  • Twenty-four samples sent for multi-element analyses and assay, of which;

o 21 sample analyses returned greater than 50 ppb gold and included,

·        9 high grade samples showing gold grades that ranged from 15.63 to 45.71 grams per tonne

gold (“g/t Au”), and,

  • Gold is accompanied by significant silver (“Ag”), copper (“Cu”), lead (“Pb”), zinc (“Zn”) and vanadium (“V”). (see Table 1)

Vancouver, B.C., January 7, 2019. FALCON GOLD CORP. (“Falcon” or the “Company”) is pleased to report on the analytical and assay results of its 2018 exploration sampling and mapping program on the Esperanza Resources S.A. (“ERSA”) mineral concessions located in La Rioja Province, Argentina.   The work program has focused on three of its 7 optioned concessions; ERSA VIII, IX and X and on three major gold mineralized structures within the concessions.

The 2018 Exploration Program & Results

The ERSA mineral concessions cover the central part of the Sierra de las Minas region. This region is typified by its rugged rolling topography and its ubiquitous cover of “Espinillos”, an acacia-like thorny shrub that can make cross country foot travel challenging. Despite the limitations, Falcon’s mapping and sampling program was highly successful, covering several gold-bearing zones. The geological team also mapped the trails and back roads that gave access to several showings and historical mine sites.

Within two concessions, ERSA VIII and IX, high-grade gold mineralization is reported to be localized along northwest-southeast striking linear structures. The Callanas gold area contains several known veins and Falcon’s sampling has shown results such as from Callana III of 27.03 g/t Au across 50 cm with Ag, Cu, lead and zinc in amounts greater than the analytical detection limits. Sample number 40050 was taken from the Callana IV vein across a 50 cm width where visible gold was identified and that assayed

45.71 g/t Au with Ag content greater than 100 ppm and Cu analyses of 7,869.60 ppm.

Approximately 4 km east of the Callanas area is another very prominent NW-SE lineament containing auriferous quartz veins, not previously noted in historical reports. This structure parallels the strike of the Callanas zones and may extend to the south east, crossing the ERSA VIII concessions and into ERSA

IX.   A 30 cm chip sample assayed 15.63 g/t Au and a grab sample of a quartz vein float returned 28.43 g/t Au.

The ERSA X concession is approximately 6 km south of the Callanas area and contains the historic San Isidro veins. Visible gold was commonly found in the veins and was noted in 3 of the four samples. Two samples respectively returned 23.13 g/t Au with 4.00 ppm Ag and 8,200.40 ppm Cu over a width of 60 cm and 24.75 g/t Au with 19.90 ppm Ag and 6,182.90 ppm Cu over a width of 100 cm.

Table 1: Summary of the sampling and analyses results for the 2018 exploration program on concessions, ERSA VIII, IX & X. Note the high-grade gold beyond the analytical detection limit of 10,000 ppb Au were assayed for better upper grade results.

ESPERANZA PROJECT ERSA VIII – IX – XAu ppbAu g/tAg ppmCu ppmPb ppmV ppmZn ppm 
Analytical MethodFAA313(1)FAG303(2)ICP40B(3)ICP40BICP40BICP40BICP40BDescription
Lower Detection Limit50.500.200.50220.50Mineralized ZoneSample TypeSample Width (cm)
Upper Detection Limit10,000 10010,00010,00010,00010,000
Sample Number          
40031282.70655.20921851.20ERSA VIII(4)FLOATN/A
40032>1000015.638.20>100003,462604136.50ERSA VIIICHIP ROCK30
40033>1000028.4392.00596.1037085197.20ERSA VIIIFLOATN/A
400343921.7067.40394252.40ERSA VIIICHIP ROCK30
400352720.8061.60182620.50ERSA VIIICHIP ROCK30
400366,92355.403,250.401,477104500.30ERSA VIIIFLOATN/A
40037810.8069.00461616.60ERSA VIIICHIP ROCK40
40038300.2021.30181111.00ERSA VIIICHIP ROCK300
4003958<0.210.002820646.00ERSA VIIICHIP ROCK40
40040>1000027.03>100>10000>10000105>10000Callana IIICHIP ROCK50
400414,36231.907,849.00>100002,423854.00Callana VICHIP ROCK40
40042>1000018.45>1009,122.40>10000679225.30Callana VICHIP ROCK40
400431214.4067.902,20511343.10Callana VIICHIP ROCK30
40044>1000022.1611.90597.509,19431581.70Callana VIICHIP ROCK40
400451291.3055.804586133.80Callana VIICHIP ROCK20
40046310.5031.904887384.00Callana VIICHIP ROCK25
400471,037>100>10000>100001548.90CallanasCHIP ROCK10
40048 (VG)(5)>1000028.23>100>10000>10000329>10000Callana VCHIP ROCK80
400491,4388.80491.809,741961,432.20Callana VCHIP ROCK30
40050 (VG)>1000045.71>1007,869.60>100007242,527.80Callana IVCHIP ROCK50
40051 (VG)66278.908,397.50609243148.50San Isidro NorteCHIP ROCK40
40052 (VG)>1000023.134.008,200.40292120149.20San Isidro SurCHIP ROCK60
40053 (VG)>1000024.7519.906,182.9036395168.20San Isidro SurCHIP ROCK100
400541591.00118.603459118.60San Isidro SurCHIP ROCK20
  • FAA: Flame Atomic Absorption
  • FAG: Fire Assay Gravimetric
  • ICP40B – 32 Elements by four-acid digestion / ICP-AES
  • ERSA VIII mineralized zone may be the historical Callanas Este gold area
  • (VG) – visible gold identified at sample site

Stephen Wilkinson, Falcon’s CEO commented, “Our belief in the Esperanza project has been well substantiated by this highly successful round of exploration. Our Argentine team has delivered strong results and laid the foundation for the 2019 programs.”

2019 Exploration Work

The recommendations for the next programs include:

  • Continuing the examination of recognized historical structures with the intention of following strike with mechanized trenching and further sampling,
  • Prospecting of the newly identified lineaments to define lengths and grades of mineralized zones, and,
    • Defining of priority drill targets.

The ERSA Property

The ERSA Property is comprised of seven (7) mineral concessions covering an aggregate area of 20,461 hectares (“ha”) within the renowned Sierra de Las Minas District, which is reported to host several past producing gold and silver mines. The Property is located about 50 kilometres (“km”) south-southeast of the town of Chepes. The city of San Juan is about 250 km by paved highway to the west-southwest.

The first discovered gold mineralization within the District reportedly occurred within the ERSA IX concession in or about 1865 and is referred to as the “Callanas occurrences”. Limited mining has been conducted on gold, silver and copper zones within the Callanas areas.

Qualified Person

Dr. Daniel Rubiolo, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects has reviewed and approved the technical content of this news release.

About Falcon Gold Corp.

Falcon is a Canadian based mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Its Ontario, Canada projects include: the Central Canada cobalt, copper, gold project; the Coomer Lake vanadium and titanium project; the Wabunk Bay cobalt, copper and nickel project, and the Burton gold property.   Falcon also has an agreement to acquire 20,461 hectares within the Sierra de Las Minas District, Argentina which has hosted several past producing gold, copper and silver mines. The Company has 38,020,184 common shares outstanding and is listed on the TSX Venture exchange with the trading symbol: “FG”. For information on the Company, please visit our website: www.falcongold.ca.

CONTACT INFORMATION:

Falcon Gold Corp.

David Tafel ChairmanStephen Wilkinson CEO & Director

Telephone: +1 604-683-1991 Email: info@falcongold.ca

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 future 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 defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.