Shallow Oxide Gold At Santa Fe Project In Walker Lane

TORONTO - Lahontan Gold Corp. reported on the first four core drill holes exploring the Slab pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The four drill holes, totaling 891 meters, were completed in late 2021 and targeted down-dip extensions of oxidized gold and silver mineralization below the Slab open pit in an area where historic drilling outlined significant potential oxide resources. Highlights include: 41.1 meters grading 0.54 gpt Au and 1.8 gpt Ag (0.56 gpt Au Eq) starting at only 52.4 meters down-hole, and a second vertically stacked zone of 19.5 meters grading 0.26 gpt Au and 5.6 gpt Ag (0.33 gpt Au Eq), all oxidized, in drill hole CAL21-002C; and 26.7 meters grading 0.44 gpt Au and 3.1 gpt Ag (0.48 gpt Au Eq) starting at only 29.4 meters down-hole, and a second, deeper zone, grading 0.21 gpt Au and 1.5 gpt Ag (0.23 gpt Au Eq), all oxidized, in drill hole CAL21-005C.

These four drill holes intercepted oxidized gold and silver mineralization throughout their entire lengths to a maximum down-hole depth of 246 meters, confirming the presence of widespread oxide mineralization in the Slab pit area with only very minor amounts of transitional mineralization. Of critical importance, the drilling identified at least two vertically stacked zones of gold and silver mineralization; the deeper zone can help drive a deeper pit shell during resource estimation and optimization, which increases the volume of potential resources in the Slab pit area.