Additional Drill Holes Completed In Slab-Calvada Complex At Santa Fe Mine

TORONTO - Lahontan Gold Corp reported on an additional eight reverse-circulation rotary (RC) drill holes from the 2023 Phase Three drilling campaign at the 19 km2 Santa Fe Mine Project in Nevada's Walker Lane. These drill holes were completed in the Slab-Calvada Complex at the Santa Fe Mine where previous Lahontan drilling had outlined significant oxide domain gold and silver resources that remained open along strike and down-dip. The eight drill holes reported herein, totaling 1,533 metres, targeted potential extensions to these gold and silver resources.

Highlights include: 1) 35.0 metres grading 1.02 g/t Au and 3.6 g/t Ag (1.05 g/t Au Eq)of shallow mineralization in drill hole CAL23-006R including 21.3 metres grading 1.37 g/t Au and 5.1 g/t Ag (1.42 g/t Au Eq) also including 4.6 metres grading 3.05 g/t Au and 10.6 g/t Ag (3.14 gpt Au Eq). This drill hole, and others completed by Lahontan, intercepted significant widths of oxide and transition metallurgical domain gold and silver mineralization below the Mineral Resource Estimate (MRE) conceptual pit shell at Calvada Central. These drill holes should expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates. 2) A shallow intercept of 21.4 metres grading 0.90 g/t Au and 6.1 g/t Ag (0.96 g/t Au Eq) in drill hole CAL23-007R including 16.8 metres grading 1.07 g/t Au and 7.4 g/t Ag (1.14 g/t Au Eq) also including 4.6 metres grading 2.07 g/t Au and 16.7 g/t Ag (2.21gpt Au Eq). This drill hole bottomed in gold and silver mineralized rock and demonstrates that mineralization remains unconstrained by drilling at depth in the Calvada Central area and further opens the Calvada Fault area for resource expansion.

Kimberly Ann, Founder, CEO, President, and Director, said,  "The Calvada Central drill holes (CAL23-005 through -010) successfully expanded the footprint of disseminated gold and silver mineralization along the Calvada Fault, complimenting the excellent drill results from earlier this year on the eastern portion of the structure. The Calvada Central drill holes hit thick intervals of shallow +1.0 gpt Au Eq rock along with higher grade intercepts (e.g., 4.6m grading 3.14 gpt Au Eq (CAL23-005R, 76.2-80.8m) that are remarkably continuous from drill hole to drill hole. The high-grade zones are enveloped with substantial intervals of +1.1 gpt Au Eq mineralization that potentially can provide opportunities for pit optimization during the resource estimation and Preliminary Economic Assessment (PEA) process. It is important to note that every drill hole reported today hit gold mineralization, at or above potential cut-off grades. The Company is planning a MRE update and a PEA for early next year while continuing to advance our newly acquired West Santa Fe Project to the drill-ready stage."