Phase One Campaign At The Santa Fe Mine Project

TORONTO - Lahontan Gold Corp reported on five reverse-circulation rotary (RC) drill holes from the 2024 Phase One drilling campaign at the Company's 26 km 2 Santa Fe Mine project located in Nevada's prolific Walker Lane gold and silver belt. These drill holes were completed in the Slab and Santa Fe pit areas at the Santa Fe Mine where previous Lahontan drilling had outlined significant shallow oxide domain gold and silver resources that remained open along strike and down-dip. The five drill holes reported herein, totaling 1,053 metres, targeted potential extensions to these gold and silver resources and were also designed to confirm and limit pit boundaries for the upcoming updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) for the Santa Fe Mine project. Highlights include: 1) 48.8 metres grading 0.44 g/t Au and 7.4 g/t Ag (0.51 g/t Au Eq)of shallow oxide mineralization in drill hole CAL24-007R including 7.6 metres grading 1.08 g/t Au and 8.3 g/t Ag (1.16 g/t Au Eq). This drill hole, and CAL24-009R reported below, intercepted significant widths of oxide gold and silver mineralization approximately 350 metres north of the Slab open pit and almost 100 metres north of the MRE conceptual pit shell, greatly expanding the footprint of gold and silver mineralization at the Slab open pit. These drill holes will be used to update the 2023 MRE, expected in September 2024. 2) 7.6 metres grading 2.06 g/t Au and 18.2 g/t Ag (2.22 g/t Au Eq) in drill hole CAL24-009R including 3.1 metres grading 4.26 g/t Au and 18.2 g/t Ag (4.41 g/t Au Eq) within a 50.4 metre total thickness of gold and silver mineralized rock. This drill hole contains some of the highest gold and silver grades seen at the Slab deposit: 5.22 g/t Au (77.7 -79.2m) and 151 g/t Ag (112.8 - 114.3m). This drill hole, coupled with CAL24-007R, open a large area for resource expansion north and northeast of the Slab Pit.

Kimberly Ann, Founder, CEO, President, and Director, said, "These final drill results from the Phase One drill program have produced excellent results, expanding Slab oxide gold and silver mineralization hundreds of metres north of the 2023 MRE conceptual pit shell. We see a definite trend toward thicker zones of mineralization with up to 50 metre down-hole intercepts. Also, silver grades seem to be increasing along this north-northeast trend. These exciting results point to the tremendous potential of the Santa Fe Mine project; the technical team will continue to define areas for future resource expansion drilling throughout the project area. All the results reported herein, as well as the results from the 2023 drilling campaign, are being integrated into a new MRE block model which will form the basis for mining planning and scheduling in the upcoming PEA."