Lahontan Drills 21.0m Grading 0.93 gpt Au Eq At Slab-Calvada

TORONTO - Lahontan Gold Corp. reported on the final three core drill holes exploring the Slab-Calvada pit area of the 19 km2 Santa Fe Project in Nevada's Walker Lane. The three drill holes, totaling 552 meters, were completed in late 2021 and targeted down-dip extensions of oxidized gold and silver mineralization along the Calvada fault. Historic drilling in this area outlined significant potential oxide resources. Highlights include: 21.0 meters grading 0.89 gpt Au and 2.7 gpt Ag (0.93 gpt Au Eq) of oxidized mineralization in drill hole CAL21-007C confirming oxidized precious metal mineralization over a vertical range of over 150 meters; 32.1 meters grading 0.54 gpt Au and 3.7 gpt Ag (0.58 gpt Au Eq) starting at a vertical depth of only 60 meters in drill hole CAL21-006C; and these three drill holes intercepted shallow, oxidized gold and silver mineralization along the Calvada fault zone, an east-west trending structure that links the previously mined Slab and Calvada pits. Gold and silver mineralization crops out on the surface and now has been traced down-dip over a vertical range of almost 200 meters; mineralization remains open at depth. Drill hole CAL2-004C, 107.7 to 108.5m (353.5-356.0 feet); 0.8 meters grading 0.92 gpt Au, 1.3 apt Ag (0.94 gpt Au Eq). Gold and silver mineralization is hosted by brecciated, leached, and oxidized limestone.

Kimberly Ann, CEO, President, Director, said: "These drill holes confirm the exciting oxide gold resource potential of the Calvada fault zone. Oxidized mineralization extends to at least 200 meters depth and historic drilling suggests even greater depths of oxidation. As can be seen in the cross sections, the topography of this area is very favorable for a very low strip ratio in potential open pit mining scenarios. With over 1,500 meters of strike length to explore, oxidized gold and silver mineralization along the Calvada fault will be one focus of our 2022 drilling campaign which is expected to begin shortly".