Lahontan Announces 1,112,000 OZ Indicated and 544,000 OZ Inferred Au Eq Maiden Mineral Resoure Estimate at Santa Fe
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
LAHONTAN ANNOUNCES 1,112,000 oz INDICATED and 544,000 oz INFERRED Au Eq
MAIDEN MINERAL RESOURE ESTIMATE at SANTA FE
Toronto, Ontario – January 17, 2023 – Lahontan Gold Corp. (TSX.V: LG, OTCQB: LGCXF) (the
“Company” or “Lahontan”) is pleased to announce the maiden Mineral Resource Estimate (“MRE”) for
its flagship Santa Fe Mine, a past-producing open pit, heap leach gold and silver mine located in Mineral
County, Nevada. The MRE for Santa Fe is based upon 1,275 drill holes totaling 125,435 metres, including
50 drill holes totaling 13,118 metres drilled by Lahontan since 2021.
Highlights of the MRE include:
• Project-wide pit constrained Indicated Mineral Resources of 1,112,000 contained gold equivalent
(“Au Eq”) ounces and Inferred Mineral Resources of 544,000 contained Au Eq ounces
(assumptions for Au Eq are described in the Notes to Tables 1 and 2).
• Project-wide average grade for the Indicated Mineral Resource is 1.14 g/t Au Eq; the average grade
of the Project-wide Inferred Mineral Resource is 1.00 g/t Au Eq.
• Indicated Oxide Resources total 21.6 Mt grading 1.03 g/t Au Eq for 712,000 Au Eq ounces and
Inferred Oxide Resources total 11.1 Mt grading 0.73 g/t Au Eq for 262,000 Au Eq ounces.
• The conceptual pit shells returned preliminary strip ratios (waste:ore) of 3.6:1 at the Santa Fe
deposit and 2.3:1 at the Slab-Calvada-York Complex. Within both conceptual pits, gold and silver
deposits crop out at the surface providing opportunities for rapid, low-cost mining operations.
• The MRE block model shows that gold and silver mineralization extends well beyond the
conceptual pit shells, generating high-quality targets for additional drilling and resource growth.
Kimberly Ann, Founder, CEO, and President of Lahontan Gold Corp commented: “Lahontan is thrilled
with the results of this MRE for the Santa Fe Mine, validating our business concept focusing on brownfield
exploration and development opportunities. The MRE demonstrates the presence of a large, readily
exploitable, oxide gold resource and importantly, higher-grade non-oxide gold resources. Shallow, good
grade oxide gold mineralization in the high-wall of the Santa Fe pit and outcropping oxide resources in
Slab-Calvada-York complex, give the Company a clear option for rapid mine development at a significant
production rate. We intend to take advantage of the technical and metallurgical data generated over six
years of historical mining and heap-leach processing to quickly evaluate the economic potential of the oxide
portion of the mineral resource. All deposits comprising the Santa Fe Mine remain open for resource
expansion and we look forward to continued drilling at Santa Fe as we grow and expand the size and scale
of the project”.
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Table 1: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada.
Notes to Tables 1 and 2:
1. Mineral Resources have an effective date of December 7, 2022. The Mineral Resource Estimate for the Santa Fe Mine was
prepared by Trevor Rabb, P.Geo., of Equity Exploration Consultants Ltd., an independent Qualified Person as defined by NI
43-101.
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Resources are
considered too speculative geologically to have economic considerations applied to them that would enable them to be classified
as Mineral Reserves. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources
could be upgraded to Indicated Mineral Resources with continued exploration.
3. Resources are reported in accordance with NI43-101 Standards of Disclosure for Mineral Projects (BCSC, 2016) and the CIM
Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014).
4. Mineral Resources were estimated for gold, silver, and gold equivalent (Au Eq) using a combination of ordinary kriging and
inverse distance cubed within grade shell domains.
5. Mineral resources are reported using a cut-off grade of 0.25 g/t Au Eq for oxide resources and 0.60 g/t Au Eq for non-oxide
resources. Au Eq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions
gold price of US$1,770/oz gold, silver price of US$22.00/oz silver, and oxide gold recoveries ranging from 60% to 77%, oxide
silver recoveries ranging from 40% to 55%, and non-oxide gold and silver recoveries of 71%, mining costs for ore and waste
of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t.
6. An optimized open-pit shell was used to constrain the Mineral Resource and was generated using Lerchs-Grossman algorithm
utilizing the following parameters: gold price of US$1,770/oz gold, silver price of US$22/oz silver, gold selling costs of
US$56/oz gold, and silver selling costs of US$3/oz silver. Mining costs for ore and waste of US$2.20/t, crushing cost of
US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t, G&A cost US$3.99/t. Royalties for the Slab,
York and Calvada deposits are 1.25%, and maximum pit slope angles of 50 degrees.
7. Totals may not sum due to rounding.
About the Santa Fe Mine:
The Santa Fe Mine is in the Walker Lane mineral belt of western Nevada approximately 50 km from the
town of Hawthorne in Mineral County. Nearby operating gold and silver mines include Isabella Pearl
(Fortitude Gold) and Borealis (Waterton). The Santa Fe Mine consists of four past-producing open-pits,
including the Santa Fe, Slab, Calvada East, and York deposits, within a 19 km2 land package 100%
controlled by Lahontan. Gold and silver production occurred between 1988 and 1995 utilizing heap-leach
processing that produced a reported 345,000 oz of gold and 711,000 oz of silver (Nevada Bureau of Mines
and Geology, 1995). Mineralization occurs as disseminated gold and silver hosted by Triassic age
calcareous rocks. Strong stratigraphic and structural controls of mineralization is evident. Considerable
exploration potential remains at Santa Fe and the Company intends to continue its aggressive exploration
program during 2023.
Cut-off Gra de Tonnes Gold Conta i ned
Gold Silver Conta i ned
Silver
Gold
Equivalent
Conta i ned Gol d
Equivalent
(Au Eq, g/t) (t) (Au, g/t) (Au oz.) (Ag, g/t) (Ag oz.) (Au Eq, g/t) (Au Eq, oz.)
Oxi de 0.25 16,274 1.01 529 9.51 4,977 1.10 573
Non-Oxi de 0.60 8,792 1.27 360 11.36 3,210 1.41 399
Oxi de 0.25 4,000 0.74 95 3.05 392 0.76 98
Non-Oxi de 0.60 - - - - - 0.00 -
Oxi de 0.25 1,314 0.94 40 1.87 79 0.95 40
Non-Oxi de 0.60 21 1.08 1 0.78 1 1.09 1
Oxide 0.25 21,587 0.96 664 7.85 5,448 1.03 712
Non-Oxide 0.60 8,813 1.27 360 11.33 3,211 1.41 400
30,400 1.05 1,024 8.86 8,658 1.14 1,112
Oxi de 0.25 7,462 0.74 177 4.28 1,027 0.77 186
Non-Oxi de 0.60 5,863 1.45 273 4.08 768 1.50 283
Oxi de 0.25 290 0.52 5 5.22 49 0.57 5
Non-Oxi de 0.60 - - - - - - -
Oxi de 0.25 39 0.85 1 2.70 3 0.88 1
Non-Oxi de 0.60 - - - - - - -
Oxi de 0.25 1,094 0.72 25 0.48 17 0.73 26
Non-Oxi de 0.60 - - - - - - -
Oxi de 0.25 2,256 0.57 42 3.54 256 0.61 44
Non-Oxi de 0.60 - - - - - - -
Oxide 0.25 11,141 0.70 250 3.78 1,352 0.73 262
Non-Oxide 0.60 5,866 1.45 274 4.07 768 1.50 283
17,007 0.96 523 3.88 2,121 1.00 545
Resource
Cl a s s i fi ca ti on Deposit Ore Type
Indi ca ted
Sa nta Fe
Slab
Ca l va da Ea s t
Total
Total
Infer r ed
Sa nta Fe
Slab
Ca l va da Ea s t
York
Ca l va da Centra l
Total
Total
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Location of MRE deposits with conceptual pit shells, Santa Fe Mine, Mineral County, Nevada
Table 2: Project-wide Oxide Resources, Santa Fe Mine, Mineral County, Nevada
Oxide Resources:
Oxide resources at the Santa Fe Mine occur at both the Santa Fe deposit and the Slab-Calvada Complex
which includes the Slab, Calvada East, York, and Calvada Central deposits. The contained Au Eq oxide
ounces for the Slab-Calvada Complex accounts for approximately 19% of the total Indicated Au Eq oxide
ounces and 29% of the total Inferred Au Eq oxide ounces. Mineral Resources at the Slab-Calvada Complex
are exposed at surface. Oxide resources are open to the north and east of the Slab open pit, along the Calvada
Fault, and at the York open pit.
The Santa Fe deposit accounts for 81% of Indicated contained Au Eq oxide ounces, and 71% of Inferred
contained AuEq oxide ounces. Oxide Mineral Resources within the Santa Fe deposit are primarily located
in the high wall of the Santa Fe open pit. The average grade of the Santa Fe deposit Indicated oxide resource
is 1.10 g/t Au Eq, and Inferred oxide resource is 0.77 g/t Au Eq. Oxide resources at the Santa Fe deposit
are open to the northeast, south, and southeast.
Santa Fe Non-Oxide Resources:
Non-oxide resources at the Santa Fe Mine are principally located in the Santa Fe deposit below the oxide
resources within the resource pit shell. The average grade of the Santa Fe deposit Indicated non-oxide
Cut-off Grade Tonnes Gold Contained Gold Silver Contained Silver Au Eq. Contain Gold
Equivalent
(Au Eq., g/t) (kt) (Au, g/t) (Au k.oz.) (Ag, g/t) (Ag k.oz.) (Au Eq., g/t) (Au Eq. k. oz.)
Santa Fe 16,274 1.01 529 9.51 4,977 1.10 573
Slab 4,000 0.74 95 3.05 392 0.76 98
Calvada East 1,314 0.94 40 1.87 79 0.95 40
Total 21,587 0.96 664 7.85 5,448 1.03 712
Santa Fe 7,462 0.74 177 4.28 1,027 0.77 186
Slab 290 0.52 5 5.22 49 0.57 5
Calvada East 39 0.85 1 2.70 3 0.88 1
York 1,094 0.72 25 0.48 17 0.73 26
Calvada Central 2,256 0.57 42 3.54 256 0.61 44
Total 11,141 0.70 250 3.78 1,352 0.73 262
Resource Classification De posit Ore Type
Indicated Oxide 0.25
Inferred Oxide 0.25
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
resource is 1.41 g/t Au Eq and the Santa Fe deposit Inferred non-oxide mineral resource is 1.50 g/t Au Eq.
Gold is very fine-grained and associated with pyrite. Within the southeastern portion of the Santa Fe deposit,
higher-grade gold and silver resources may positively influence project economics. Higher grade gold and
silver mineralization extends to the southeast of the Santa Fe deposit, along strike and down-rake, providing
excellent exploration opportunities to grow the non-oxide resources at Santa Fe.
Estimation Approach:
Lithology and gold and silver bearing domains were modelled using Leapfrog Geo 2022. These domains
are mainly defined by logged jasperoid and limestone-breccia lithologies and continuity of gold grades
above 0.1 g/t gold. Ore type domains for oxide, transition and non-oxide were modelled based on ratio of
cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording
abundance of pyrite and oxidation intensity. Transition material represents less than 5% of oxide tonnes
and is included in the oxide resource. Domains representing lithology, weathering and mineralization
models were assigned to a block model with a block size of 5 m x 5 m x 6 m. Average bulk densities
representative of the mineralization and lithology models were assigned to the block model and vary from
2.4 t/m3 to 2.6 t/m3.
Grade capping and outlier restrictions were applied to gold and silver values and interpolation parameters
respectively. Top cut values for gold and silver were evaluated for each domain independently prior to
compositing to 1.52 m lengths that honor domain boundaries. Estimation was completed using Micromine
Origin with Ordinary Kriging (OK) and Inverse Distance cubed (ID3) interpolants. Blocks were classified
in accordance with the 2014 CIM Definition Standards. The nominal drillhole spacing for Indicated Mineral
Resources is 50 m or less. The nominal drillhole spacing for Inferred Mineral Resources is 100 m or less.
Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-
Grossman algorithm with the following parameters: gold price of US$1,770/oz gold, silver price of
US$22/oz silver, gold selling costs of US$56/oz gold, and silver selling costs of US$3/oz silver. Mining
costs for ore and waste of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t,
processing cost (non-oxide) US$25/t, G&A cost US$3.99/t. Royalties for the Slab, York and Calvada
deposits are 1.25%. Maximum pit slope of 50 degrees. Processing recoveries range from 60% to 77% for
oxide, silver recoveries range from 40% to 55% for oxide and non-oxide gold and silver recoveries are
71%.
Filing of Report:
To support this Santa Fe MRE, a technical report prepared according to National Instrument 43-101
(“Report”) will be filed on SEDAR within the next 45 days.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that 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 19 km2 Santa Fe Mine, is a past producing gold and silver mine that
utilized heap-leach processing (past production of 345,000 ounces of gold and 711,000 ounces of silver
between 1988 and 1995; Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has an
Indicated Mineral Resource of 1,112,000 oz Au Eq (grading 1.14 g/t Au Eq) and an Inferred Mineral
Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained. The Company plans to
continue to aggressively explore the entire property during 2023 and begin the process of evaluating
development scenarios to bring the Santa Fe Mine back into production. For more information, please
visit our website: www.lahontangoldcorp.com
The independent Qualified Person responsible for the MRE disclosure for the Santa Fe Mine is Trevor
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Rabb, P.Geo., of Equity Exploration Consultants Ltd. In accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects, Quinton J. Browne, P.Geo., Consulting Geologist to
Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this
news release.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email:
Website: www.lahontangoldcorp.com
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