Lahontan drills 1.06 g/t AuEq over 138.6 metres at Santa Fe, Nevada

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Lahontan Gold Corp. [LG-TSXV; LGCXF-OTCQB] reported drill results from 10 reverse circulation rotary drill holes exploring the Santa Fe pit area of the 100%-owned 19-km2 Santa Fe project in Nevada’s Walker Lane trend. Eight drill holes, totaling 2,614 metres, are the final RC holes from the 2021 drilling campaign.

These drill holes targeted down-dip plus northwest and southeast step outs from known gold and silver mineralization along the Santa Fe fault. Highlights include SF21-015R and SF21SF21-016R. These two RC drill holes targeted expansion of known mineralization in the high-wall of the Santa Fe Pit between the Bonanza and Big Horn zones and were collared approximately 120 metres northwest of SF21-007R. SF21-015R cut 138.6 metres grading 1.01 g/t gold and 3.4 g/t silver (1.06 g/t AuEq – gold equivalent) while SF21-016R intercepted 102.1 metres grading 0.69 g/t gold and 1.7 g/t silver (0.71 g/t AuEq). These drill holes expand potential resources in this portion of the Santa Fe pit and define the extent of transitional mineralized rock.

Kimberly Ann, CEO, president, director and founder of Lahontan Gold, commented: “The company is excited to release the final results from our Phase One drilling program. In total, Lahontan drilled 9,410 metres in its 2021 Phase One drilling campaign resulting in the discovery of two new high-grade feeder zones, Bonanza and Big Horn, the expansion of the BH high-grade zone, and impressive volumes of good grade shallow oxide and transition gold and silver mineralization at both the main Santa Fe pit target area and at the Slab target area. RC drilling has resumed at Slab, targeting more shallow oxide gold and silver mineralization. We remain on track to deliver our maiden resource estimate in 2022 and take the next steps to advance the Santa Fe Project back into production.”

As noted above, RC drill holes, SF21-007R, -008R, -015R through -18R targeted expanding potential resources in the central portion of the Santa Fe pit by stepping out into the pit high-wall. While SF21-008R was lost above the intended target, previously reported drill hole -007R intercepted what may be the edge of more high-grade mineralization: 1.5 metres grading 3.50 g/t gold and 61.9 g/t silver (4.33 g/t AuEq, 240.8 – 242.3 metres).

Drill holes SF21-015R and -016R successfully expanded the volume of transition mineralization between the Big Horn and Bonanza high-grade zone. Based on the silver grades, it appears that drill holes SF21-015R and -016R drilled the margins of the Big Horn high-grade zone, confirming tonnage potential of this important high-grade target. Of note, SF21-007R, -015R and -018R all bottomed in mineralized rock, emphasizing that the Santa Fe deposit remains open at depth.

RC drill holes SF21-010R through -013R were drilled to further define the boundaries between transition mineralization and fresh rock south-southeast of the Santa Fe pit. All four drill holes intercepted significant widths of mineralized material and confirmed suspected boundaries of the metallurgical domains in this area. Drill hole SF21-010R returned 25.9 metres of 0.80 g/t gold and 12.9 g/t silver (0.97 AuEq). SF21-011R returned 21.4 metres of 0.50 g/t gold and 5.4 g/t silver (0.57 g/t AuEq. SF21-012R returned 29.5 metres of 0.95 g/t gold and 15.1 g/t silver (1.15 g/t AuEq). SF21-015R returned 138.6 metres of 1.01 g/t gold and 3.4 g/t silver (1.06 g/t AuEq). SF21-016R returned 102.1metres of 0.69 g/t gold and 1.7 g/t silver (0.71 g/t AuEq). Refer to original press release for complete assays.

Lahontan Gold holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992. Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company is completing a 25,000-metre drilling program with the goal of publishing a NI 43-101 compliant mineral resource estimate in 2022.

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