Increase In Mineral Resources At The Santa Fe Mine

TORONTO - Lahontan Gold Corp. announced an updated Mineral Resource Estimate (MRE) for its Santa Fe Mine, a past-producing open pit, heap leach, gold and silver mine, located in Walker Lane. The MRE for Santa Fe is based upon 988 drill holes totaling 97,281 metres, including 79 drill holes totaling 19,151 metres drilled by Lahontan since 2021.

The project-wide pit constrained resources increase significantly: Indicated Mineral Resources of 1,539,000 contained gold equivalent (Au Eq) ounces and Inferred Mineral Resources of 411,000 contained Au Eq ounces. Indicated Resources increased by 427,000 Au Eq ounces compared to the 2023 MRE, an increase of 38%.

Project-wide average grade for the Indicated Mineral Resource is 0.99 g/t Au Eq ; the average grade of the Project-wide Inferred Mineral Resource is 0.76 g/t Au Eq. Shallow Slab-Calvada-York oxide resources expand dramatically: Indicated Oxide Resources total 9.72 Mt grading 0.65 g/t Au Eq for 204,000 Au Eqounces and Inferred Oxide Resources total 11.55 Mt grading 0.53 g/t Au Eq for 198,000 Au Eq ounces, accounting for 47% of the total oxide gold and silver resources at the project and nearly double the number ounces reported in the 2023 MRE. The MRE block model shows that gold and silver mineralization extends well beyond the conceptual pit shells, generating high-quality targets for additional drilling and resource growth, especially the northern extension of the Slab deposit.

Kimberly Ann, Founder, Executive Chair, CEO, and President, said, "Lahontan is excited by the results of this updated MRE for the Santa Fe Mine, particularly the large growth of Indicated Resources and the continued expansion of the shallow Slab and Calvada oxide gold and silver deposits. The MRE will form the basis of a Preliminary Economic Assessment (PEA) of the Santa Fe Mine. The PEA will examine mining and process options for resuming production utilizing low-cost open-pit mining and heap leach processing. Our technical consultants, Kappes, Cassiday and Associates (KCA) and RESPEC Company LLC (RESPEC), both based in Reno, Nevada, are well advanced at project planning, mine design, finalizing the process flow sheet, and optimizing crushing throughput. The Company has been using these preliminary designs to begin its State level mine permitting process while simultaneously completing it Exploration Plan of Operation ("EPOO") with the Federal Bureau of Land Management ("BLM"). Once the EPOO is submitted to the BLM, a draft Mine Plan of Operations ("MPOO") will be completed utilizing all the technical sections from the EPOO and both documents can proceed in parallel. With the release of the updated MRE and the soon to be completed PEA, Lahontan is at an exciting inflection point in its growth and we look forward to continuing our evolution from a junior explorer to a mine development company."