New Bonanza High-Grade Zone Drilling At Santa Fe

TORONTO - Lahontan Gold Corp. reported on drill results from two reverse-circulation rotary (RC) drill holes exploring the Santa Fe pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The two drill holes, totaling 518.2 meters, were completed in late 2021. These drill holes targeted northwest and down-dip step outs from known gold and silver mineralization along the Santa Fe fault. Highlights include: SF21-014R: This RC drill hole is located approximately 350 meters northwest of the newly discovered Big Horn high-grade zone and intercepted yet another area of high-grade gold mineralization: 25.9 meter interval grading 20.36 gpt Au. This newly discovered high-grade zone, called "Bonanza", has set a new standard with the highest-grade Au assays in project history: 4.6m grading 112.3 gpt Au. The Company has now identified three distinct high-grade gold zones along nearly 800 meters of strike length on the Santa Fe fault that remain open at depth and to the northwest; and SF21-009R: This hole was drilled from the same site as SF21-014R and intercepted shallow transition and oxide gold mineralization: 35.1m grading 1.07 gpt Au, expanding the envelope of oxide and transition mineralization in this corner of the Santa Fe pit and producing new targets for further step-out drilling.

Kimberly Ann, CEO, President, Director, and Founder, said, "The discovery of yet another high-grade zone along the Santa Fe fault underscores the opportunity for finding additional high-grade zones at the Santa Fe Project. The grades seen in the Bonanza and Big Horn zones are exceptional for a Carlin-style gold deposit. The distribution of high-grade gold and silver mineralization occurs in a "string of pearls" manner, with each "pearl" corresponding to the intersection between the northwest-trending Santa Fe fault and easterly-trending structures. This interpretation generates multiple high-grade targets northwest of the Bonanza zone and can also be applied elsewhere in the district as we search for additional high-grade mineralization. The BH, Big Horn, and Bonanza high-grade zones are open down-dip, down-rake, and the Bonanza zone remains open to the northwest with the high-grade resource potential unconstrained at depth by drilling."