Lahontan Announces 22% Increase in Mineral Resources at Santa Fe: 1,195,000 Au Eq oz Indicated, and 1,190,000 Au Eq oz Inferred
Lahontan Announces 22% Increase in Mineral Resources at Santa Fe: 1,195,000
Au Eq oz Indicated, and 1,190,000 Au Eq oz Inferred
TORONTO, Aug. 17, 2026 -- Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF, FSE:Y2F) (the "Company" or " Lahontan") is
pleased to announce an updated Mineral Resource Estimate (“ MRE”) for its flagship Santa Fe Mine (“ Santa Fe ”), a past-
producing open pit, heap leach, gold and silver mine, located in Nevada’s prolific Walker Lane. The MRE for Santa Fe is based
upon 1,275 drill holes totaling 136,515 metres, including 103 drill holes totaling 23,805 metres drilled by Lahontan from 2021
through May 2026.
Highlights of the MRE include:
• Project-wide pit constrained resources increase significantly : Indicated Mineral Resources of 1,195,000 contained
gold equivalent (“Au Eq”) ounces and Inferred Mineral Resources of 1,190,000 contained Au Eq ounces, a total increase
of 435,000 ounces or 22% over the 2024 MRE (assumptions for Au Eq are described in the Notes to Table One).
• Project-wide average grade for the Indicated Mineral Resource is 0.78 g/t Au Eq ; the average grade of the Project-wide
Inferred Mineral Resource is 0.61 g/t Au Eq (please see Table One).
• Shallow Slab and York oxide resources expand dramatically : Indicated oxide Resources for the two deposits total
12.09 Mt grading 0.33 g/t Au Eq for 128,000 Au Eq ounces and Inferred oxide Resources total 8.34 Mt grading 0.36 g/t Au
Eq for 96,000 Au Eq ounces, an increase of over 37% compared to the resources reported in the 2024 MRE (please see
Table One).
• Santa Fe Deposit resources increase by over 26%: Indicated Mineral Resources of 31.15 Mt grading 0.99 g/t Au Eq
totaling 993,000 Au Eq ounces and Inferred Mineral Resources of 41.60 Mt grading 0.71 g/t Au Eq totaling 954,000 Au Eq
ounces (please see Table One).
• 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, including the increasingly important deep sulfide
mineralization at Santa Fe, and throughout the Slab-Calvada-York resource area (please see map below).
Kimberly Ann, Founder, Executive Chair, CEO, and President of Lahontan Gold Corp commented: “Lahontan is excited by the
results of this updated MRE for the Santa Fe Mine, particularly the large growth in total resource ounces and the continued
expansion of the shallow Slab and York oxide gold and silver deposits. The MRE will form the basis of an updated Preliminary
Economic Assessment (“PEA”) of the Santa Fe Mine. The PEA will examine mining and process options utilizing low-cost open-
pit mining and heap leach processing and very importantly, analyze the mining and processing of Santa Fe’s substantial sulfide
resources as a Second Phase in future mine operations. Our technical consultants, Kappes, Cassiday and Associates (“ KCA”)
and RESPEC Company LLC (“ RESPEC”), both based in Reno, Nevada, are well advanced at project planning, mine design,
finalizing the process flow sheet, and optimizing crushing throughput. The Company will use the Phase One oxide conventional
leach mine plan to complete its State level mine permitting process and the Company’s Mine Plan of Operation (“ MPOO”) with
the Federal Bureau of Land Management (“ BLM”). With the release of the updated MRE and the soon to be completed PEA,
Lahontan continues its transition from mine developer to mine operator, targeting 2027 for mine construction at Santa Fe.”
Table One. Mineral Resource summary, Santa Fe Mine project, Mineral County, Nevada
Notes:
1. The estimate of mineral resources was done by Michael S. Lindholm, C.P.G. of RESPEC in metric tonnes.
2. In-situ mineral resources are classified in accordance with CIM Standards.
3. The base case reported mineral resources at a cutoff grade based on a gold price of $3,200/oz Au and a silver price of
$40.00/oz Ag is shown in bold and has an effective date of August 13, 2026.
4. Mineral resources are reported using a cut-off grade of 0.10 g/t Au Eq for oxide and transitional resources which are
reported together, and 0.30 g/t Au Eq for sulfide resources. Au Eq for the purpose of cut-off grade and reporting the Mineral
Resources is based on the following assumptions: gold price/silver price ratio of 70:1, oxide gold recoveries ranging from
60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%,
transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York
deposit where non-oxide recoveries are estimated to be 0%.
5. 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$3,200/oz gold, silver price of US$40.00/oz silver, gold selling
costs of US$29.25/oz gold. Mining costs for ore and waste of US$2.50/t, processing cost (oxide) US$3.50/t, processing
cost (non-oxide) US$25/t, G&A cost US$1.06/t. Royalties for the Slab, York and Calvada deposits are 1.25%, and
maximum pit slope angles of 50 degrees.
6. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within the optimized
pits.
7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
8. Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.
Santa Fe Deposit Resources
Gold and silver resources in the Santa Fe deposit are a mix of oxide mineralization and sulfide mineralization. The oxide material
is typically processed with conventional cyanide heap leaching. The Company believes that Santa Fe sulfide mineralization may
be amenable to a two-step leaching process: Prior to conventional cyanide leaching, the rock is subjected to a low-cost oxidizing
pre-leach which may dramatically increase gold recoveries. Column leach tests of Santa Fe sulphide mineralization utilizing this
technology are underway.
Indicated oxide Resources for the Santa Fe deposit total 15.90 Mt grading 0.59 g/t Au Eq for 301,000 Au Eq ounces, Inferred
oxide Resources total 13.18 Mt grading 0.41 g/t Au Eq for 172,000 Au Eq ounces. Indicated sulfide Resources for the Santa Fe
deposit total 15.25 Mt grading 1.41 g/t Au Eq for 692,000 Au Eq ounces, Inferred sulfide Resources total 28.42 Mt grading 0.86
g/t Au Eq for 782,000 Au Eq ounces. The higher gold and silver grades in the sulfide portion of the deposit reinforce the
importance of on-going metallurgical test work. The updated combined sulphide and oxide resources for the Santa Fe deposit are
an increase of over 26% compared to the resources reported in the 2024 MRE (please see Table One for detailed information).
Plan map of the Santa Fe deposit with Mineral Resources projected to the surface. Note the multiple area where the block model
extends beyond the MRE pit outline, targets for future resource expansion.
Slab-Calvada-York Resources
Gold and silver resources for the Slab-Calvada-York (“SCY”) deposits are almost entirely oxide material. Drilling since the 2024
MRE was concentrated on the Slab and York deposits and has yielded an impressive increase in gold and silver resources in
these two deposits: Indicated oxide Resources total 12.09 Mt grading 0.33 g/t Au Eq for 128,000 Au Eq ounces and Inferred
oxide Resources total 8.34 Mt grading 0.36 g/t Au Eq for 96,000 Au Eq ounces, an increase of over 37% compared to the
resources reported in the 2024 MRE (please see Table One for detailed information).
Plan map of the Slab, Calvada, and York deposits with Mineral Resources projected to the surface. Like the Santa Fe deposit,
there are multiple areas where the block model extends beyond the MRE pit outline, targets for future resource expansion.
Estimation Approach
Lithology, alteration and low-grade gold and silver domain wireframes were modelled using Seequent Leapfrog Geo Version
2026.1.2 (with legacy project migration from Version 2025.1). More detailed mid- and high-grade domain polygons were modeled
in MinePlan on 30m-spaced sections using the lithology and low-grade wireframes as a guide. The polygons were snapped to drill
holes in 3D space and modeled on 6m-spaced plans or long-sections, depending on the orientation of the mineralization in each
deposit. Each plan or long-section was modeled at midblock locations in the block models. Gold and silver domains were
modeled separately, and the domain grade breaks were defined based on cumulative probability plots for all gold or silver data.
Metallurgical 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. Oxide and transition
material represent approximately 11% and 25% of tonnes, respectively, in the Santa Fe deposit MRE. Essentially all MRE
tonnes in the Slab, Calvada Central, Calvada East and York deposits are oxide material.
Two block models with a block size of 6 m x 6 m x 6 m were created, one for the Santa Fe deposit and the other for the SCY
deposits. Average bulk densities were assigned to the block model using a combination of lithology, alteration and gold domains.
The bedrock densities generally vary from 2.35 t/m 3 to 2.7 t/m 3; clay alteration, Quaternary alluvium and dump material were
assigned density values of 2.24 t/m3, 1.8 t/m 3 and 1.8 t/m 3, respectively.
Grade capping and outlier restrictions were evaluated independently for each gold and silver domain. Top cut values were not
determined to be necessary for low- and mid-grade gold domains but were applied to the high-grade and outside modeled gold
domains, and to all silver domains prior to compositing to 3.04 m lengths that honor domain boundaries. Estimation was
completed in MinePlan software using Inverse Distance cubed (ID 3) interpolants. The MRE’s were classified in accordance with
the 2014 CIM Definition Standards. The nominal drill-hole spacing for Indicated and Inferred Mineral Resources is 60 m or less
and 120 m or less, respectively.
Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with
the following parameters: gold price of US$3,200/oz gold, silver price of US$40.00/oz silver, selling costs of US$29.25/oz gold.
Mining costs for resource and waste of US$2.50/t, processing cost (oxide) US$3.49/t, processing cost (non-oxide) US$19/t, G&A
cost US$1.06/t. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope is 50 degrees. Processing
recoveries for oxide gold range from 60% to 79%, oxide silver recoveries range from 0% to 30%, transitional gold recoveries range
from 28% to 45%, transitional silver recoveries range from 0 to 13%, and non-oxide gold and silver recoveries are 68% except for
the York deposit where non-oxide recoveries are estimated to be 0%.
Filing of Technical Report
To support this Santa Fe MRE disclosure, a technical report prepared according to National Instrument 43-101 (“Report”) will be
filed on SEDAR+ within the next 45 days. The independent Qualified Persons responsible for the MRE disclosure for the Santa
Fe Mine in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects are Michael S. Lindholm,
C.P.G., and Thomas Dyer, PE, independent consultants to Lahontan Gold Corp. who have approved the technical content of this
news release.
Deferred Share Unit Grant
The Company is pleased to announce that on August 10, 2026, it granted an aggregate of 1,466,000 deferred share units (the
“DSUs”) convertible into common shares of the Company to certain officers and directors of the Company in accordance with the
terms of the Company’s Restricted Share Unit and Deferred Share Unit Plan.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Nevada-focused mine development company advancing a portfolio of four gold and silver projects in
mining-friendly Nevada’s prolific Walker Lane. The Company’s primary focus is the restart of its flagship, the 28.3 km² Santa Fe
Mine project, with a targeted return to production in 2027.
• Santa Fe historic production: 359,202 ounces of gold and 702,067 ounces of silver, open pit mining with heap-leach
processing (1988-1995; Nevada Bureau of Mines).
• Current Resources: The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq
(47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t Au Eq) and an Inferred Mineral Resource
of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t Au Eq), all pit
constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*).
• Objectives 2026:
◦ Complete an updated Preliminary Economic Assessment (“PEA”) for the Santa Fe Mine, including the first analysis
of mining and processing sulfide resources,
◦ Advancing mine permitting activities with the objective of commencing construction in 2027,
◦ Continue drill testing the satellite West Santa Fe project, with a maiden resource estimate targeted by year-end,
◦ Conduct exploration drilling at Santa Fe focused on expanding known gold and silver mineralization,
◦ Drill test historic heap-leach pads to evaluate residual gold and silver mineralization for potential future reprocessing
opportunities.
For more information, please visit our website: www.lahontangoldcorp.com
* Please see the “Updated Mineral Resource Estimate, NI 43-101 Technical Report, Santa Fe Project”, Authors: Michael S.
Lindholm, C.P.G., and Thomas Dyer, PE; Effective Date: August 13, 2026, Report Date: Maximum 45 days from August 17,
2026. The Technical Report will be available on the Company’s website and SEDAR+. Mineral resources are reported using a cut-
off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 g/t AuEq for non-oxide resources. AuEq for the purpose of
cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$3,250/oz gold, silver
price of US$40.00/oz silver, and oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%,
transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and
silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.
Qualified Person
Brian J. Maher, M.Sc., CPG-12342, is a “Qualified Person” as defined under Canadian National Instrument 43-101, Standards of
Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical
disclosure other than the Mineral Resource Estimate as noted above. Mr. Maher is Vice President, Mine Development &
Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, analytical and test
data underlying the disclosure.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, Executive Chair
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, CEO, President, Executive Chair
Phone: 1-530-414-4400
Email: [email protected]
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news
release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information
is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements
including but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties
inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation
to update forward-looking information if circumstances or management's estimates or opinions should change except as required
by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks
and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators,
which filings are available at www.sedar.com
Photos accompanying this announcement are available at:
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