First Four RC Drill Holes At The Calvada Pit Area

TORONTO - Lahontan Gold Corp reported on the first four reverse-circulation rotary (RC) drill holes from the 2023 7,000 metre Phase Three drilling campaign exploring the Calvada pit area of the 19 km2 Santa Fe Mine Project in Nevada's Walker Lane. Past mining, historic drilling, and the Company's previously completed Phase One and Phase Two drilling programs had outlined significant oxide domain gold and silver resources (Canadian NI 43-101 compliant) west of the Calvada open pit that remain open along strike and down-dip*. The four drill holes reported herein, totaling 883 metres, targeted these potential extensions to gold and silver resources.

Highlights include: 1) 38.1 metres grading 0.87 g/t Au and 2.5 g/t Ag (0.89 gpt Au Eq) of oxide metallurgical domain mineralization in drill hole CAL23-004R including 10.6 metres grading 2.02 g/t Au and 2.4 g/t Ag (2.04 gpt Au Eq). This drill hole, coupled with earlier Lahontan drill results, shows that oxide gold and silver mineralization extends in a westerly direction from the Calvada pit along the Calvada Fault, a key target area for resource expansion. 2) 82.3 metres grading 0.68 g/t Au and 2.0 g/t (0.70 gpt Au Eq) of oxide metallurgical domain mineralization in drill hole CAL23-001R, including 21.3 metres grading 0.93 gpt Au and 1.9 gpt Ag (0.95 gpt Ag). This thick intercept should help expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates. This intercept also contains a higher-grade interval which may be indicative of the margin of a "feeder" structure. Oxide gold and silver mineralization remain open below CAL23-001R generating yet another target for resource expansion at the Santa Fe Mine.

Kimberly Ann, Founder, CEO, President, and Director, said, "These initial drill results confirm the presence of extensive oxide domain gold and silver mineralization west of the Calvada open pit. Modeling of this area during preparation of our Mineral Resource Estimate ("MRE") outlined multiple areas where new resources could be defined with in-fill and step-out drilling. These drill results confirm this interpretation of the resource model and open new areas for additional drilling. In addition, the high gold and silver grades seen in drill hole CAL23-004R (4.6 metres grading 3.25 g/t Au Eq) suggests that we may have identified an important "feeder" zone for gold mineralization in the Slab-Calvada complex."