Lahontan Drills 30.5 Metres Grading 0.74 G/T Au Eq Oxide, Expands York Mineralized Zone at Santa Fe
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
LAHONTAN DRILLS 30.5 METRES GRADING 0.74 g/t Au Eq OXIDE, EXPANDS
YORK MINERALIZED ZONE at SANTA FE
Toronto, Ontario, July 18, 2023. Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF) (the
"Company" or "Lahontan") is pleased to announce results from an additional six reverse-circulation
rotary (“RC”) drill holes from the Company’s 2023 7,000 metre Phase Three drilling campaign at the
Company’s 19 km2 Santa Fe Mine Project in Nevada’s Walker Lane. These drill holes are first exploratory
drill holes completed in the York pit area in over 30 years, historic drilling had outlined significant oxide
domain gold and silver resources (Canadian NI 43-101 compliant) that remained open along strike and
down-dip*. The six drill holes reported herein, totaling 1,271 metres, targeted potential extensions to these
gold and silver resources. Highlights include:
• 30.5 metres grading 0.74 g/t Au and 0.5 g/t Ag (0.74 g/t Au Eq) of oxide metallurgical domain
mineralization in drill hole YOR23-006R including 10.7 metres grading 1.01 g/t Au and 1.9 g/t
Ag (1.03 g/t Au Eq). This drill hole shows that oxide gold and silver mineralization extends below
the York pit and opens the entire York area for resource expansion (please see location map, cross
section, and table below).
• The York drill holes intercepted significant widths of oxide and transition metallurgical domain
gold and silver mineralization below and east of the Mineral Resource Estimate (“MRE”)
conceptual pit shell and the as-mined York pit. The York drill holes confirm the historic drill data
and will greatly expand the scale of the conceptual pit shell used to constrain mineral resources in
future resource estimates (note the small size of the conceptual pit shell in the cross section below).
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
YORK FAULT: N-S striking,
steeply west-dipping fault,
focused mineralization
COLUMBIA FAULT: ENE-striking,
steeply-dipping fault zone, shrinking
and swelling mineralization
York pitMRE conceptual
pit shell
Oblique view looking NE
Section is 300 m thick
YOR23-005R
YOR23-006R
YOR23-004R
YOR23-002R
YOR23-001R
YOR23-003R
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Plan view of the York pit area, Santa Fe Mine, Nevada. The outline of the York pit is shown in black with MRE conceptual pit
shell shown in dashed red. Resource blocks are color-coded for Au Eq grade in g/t. The six drill holes reported herein are shown
with heavy green drill hole traces, the line of the cross section (above) is also shown. The plan view map shows only Au Eq blocks
that are within the conceptual pit and therefore included in the MRE. The cross section shows all Au Eq blocks modeled from
historic drilling, both within and outside of the conceptual pit shell.
In the cross section (above), the York drill holes are east of the known resources targeting mineralization
under historic drilling (please see plan view and cross section above), therefore the intercepts expand the
area of known gold mineralization. Also, during the pit optimizing process, the new intercepts can
potentially “pull-down” the conceptual pit shell to capture resource blocks outside the current conceptual
shell, which should expand the pit constrained MRE.
Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: “These York drill holes are
vital in validating historic drilling in the York target area. The grades seen these drill holes is similar to
that reported from the mine operations at York and confirm the presence of extensive oxide domain gold
and silver mineralization beneath and adjacent to the York open pit. The geologic interpretation of the
York drill holes also identified important north-south (the “York” fault) and east-northeast (the “Columbia”
fault) structural controls to mineralization, opening new target areas for resource expansion drilling (please
see cross section above). The Columbia hosts higher grades, e.g. 3.0m grading 2.07 g/t Au (YOR23-006R,
94.5-97.5m) that may be outlining important “feeders” to the hydrothermal system. Together with the
successful Calvada area drill results announced earlier (press release dated June 27, 2023), our Phase Three
resource expansion drill campaign is off to a great start, and we look forward to announcing more drill
results in the weeks and months ahead.”
Drill Hole Total
Depth (m)
From
(m) To (m) Interval
(m) Au (g/t) Ag (g/t) Au Eq
(g/t) Metallurgical Domain
YOR23-001R 182.9 158.5 178.3 19.8 0.30 0.3 0.30 Fresh
YOR23-002R 304.8 74.7 93.0 18.3 0.26 0.8 0.27 Oxide
YORK PIT
Collars 2023
Trace 2023
Cross Section Line
YOR23-001R
Resource Pit
Outline
YOR23-002R
Columbia Fault
York Fault
YOR23-003R
YOR23-004R
YOR23-005R
YOR23-006R
Santa Fe Pit Slab Pit
Calvada
Pit
York
Pit
Map Area
Santa Fe Property Map
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
also: 106.7 149.4 42.7 0.28 0.1 0.28 Transition
YOR23-003R 182.9 144.8 158.5 13.7 0.30 15.5 0.44 Transition
including: 153.9 157.0 3.1 1.11 3.5 1.14 Oxide
YOR23-004R 249.9 128.0 131.1 3.1 0.61 0.7 0.62 Transition
YOR23-005R 198.1 0.0 7.6 7.6 0.54 0.2 0.54 Oxide (Mine Dump)
also: 77.7 97.5 19.8 0.31 0.2 0.31 Oxide
YOR23-006R 152.4 0.0 7.6 7.6 0.31 0.1 0.31 Oxide (Mine Dump)
also: 44.2 131.1 86.9 0.39 0.3 0.39 Oxide
including: 94.5 125.0 30.5 0.74 0.5 0.74 Oxide
also
including: 88.4 99.1 10.7 1.01 1.9 1.03 Oxide
Notes: Au Eq equals Au (g/t) + ((Ag g/t/75)*0.66). Ag grade for calculating Au Eq is adjusted to consider historic metallurgical
recovery as described in the Santa Fe Project Technical Report*. True thickness of the intercepts is estimated to be 80-90% of the
drilled interval. Numbers may not total precisely due to rounding.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC
program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the
sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to
20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately
1.5% of the total samples. CRM’s were inserted at a rate of one CRM for every 20 samples or approximately
5% of the total samples.
The standards utilized include three gold CRM’s and one blank CRM that were purchased from MEG, LLC
of Lamoille, Nevada (formerly Shea Clark Smith Laboratories of Reno, Nevada). Expected gold values are
0.188 g/t, 1.107 g/t, 10.188 g/t, and -0.005 g/t, respectively. The coarse blank material comprised of
commercially available landscape gravel with an expected gold value of -0.005 g/t.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval
at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the
drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled
with a “D” suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses.
Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and
core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element
geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium
or 50-element analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach
analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select
drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses
to ensure proper sample preparation and equipment calibration. We have all results reported in grams per
tonne (g/t).
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries,
four 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, had past production of 345,000 ounces of gold
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
and 711,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing
(Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has Canadian National Instrument 43-
101 compliant Indicated Mineral Resources 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 (Au Eq is
inclusive of recovery, please see Santa Fe Project Technical Report*). The Company will continue to
aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to
bring the Santa Fe Mine back into production. Quentin 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. For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
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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