Additional Six Drill Holes From Phase Three Campaign At Santa Fe Mine Project

TORONTO - Lahontan Gold Corp reported on an additional six reverse-circulation rotary (RC) drill holes from the Company's 2023 7,000 metre Phase Three drilling campaign at the Company's 19 km2 Santa Fe Mine Project in Nevada's Walker Lane. These drill holes are first exploratory drill holes completed in the York pit area in over 30 years, historic drilling had outlined significant oxide domain gold and silver resources that remained open along strike and down-dip. The six drill holes totalled 1,271 metres, and targeted potential extensions to these gold and silver resources.

Highlights include: 1) 30.5 metres grading 0.74 g/t Au and 0.5 g/t Ag (0.74 g/t Au Eq) of oxide metallurgical domain mineralization in drill hole YOR23-006R including 10.7 metres grading 1.01 g/t Au and 1.9 g/t Ag (1.03 g/t Au Eq). This drill hole shows that oxide gold and silver mineralization extends below the York pit and opens the entire York area for resource expansion. 2) The York drill holes intercepted significant widths of oxide and transition metallurgical domain gold and silver mineralization below and east of the Mineral Resource Estimate (MRE) conceptual pit shell and the as-mined York pit. The York drill holes confirm the historic drill data and will greatly expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates.

Kimberly Ann, Founder, CEO, President, and Director, said, "These York drill holes are vital in validating historic drilling in the York target area. The grades seen these drill holes is similar to that reported from the mine operations at York and confirm the presence of extensive oxide domain gold and silver mineralization beneath and adjacent to the York open pit. The geologic interpretation of the York drill holes also identified important north-south (the "York" fault) and east-northeast (the "Columbia" fault) structural controls to mineralization, opening new target areas for resource expansion drilling. The Columbia hosts higher grades, e.g. 3.0m grading 2.07 g/t Au (YOR23-006R, 94.5-97.5m) that may be outlining important "feeders" to the hydrothermal system. Together with the successful Calvada area drill results announced earlier, our Phase Three resource expansion drill campaign is off to a great start, and we look forward to announcing more drill results in the weeks and months ahead."