LAHONTAN DRILLS 41 METRES GRADING 0.90 g/t Au Eq incl. 16.8 METRES GRADING 1.41 g/t Au Eq 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 41 METRES GRADING 0.90 g/t Au Eq incl. 16.8 METRES
GRADING 1.41 g/t Au Eq at SANTA FE
Toronto, Ontario, July 9, 2024. Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF) (the
"Company" or "Lahontan") is pleased to announce results from six reverse-circulation rotary (“RC”)
drill holes from the Company’s 2024 Phase One drilling campaign at the Company’s 26 km2 Santa Fe Mine
project located in Nevada’s prolific Walker Lane gold and silver belt. These drill holes were completed in
the Slab-Calvada Complex at the Santa Fe Mine where previous Lahontan drilling had outlined significant
shallow 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 1,309 metres, targeted potential
extensions to these gold and silver resources and were also designed to confirm pit boundaries for the
upcoming updated Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment (“PEA”)
for the Santa Fe Mine project. Highlights include:
• 41.2 metres grading 0.88 g/t Au and 2.1 g/t Ag (0.90 g/t Au Eq) of very shallow oxide
mineralization in drill hole CAL24-003R including 16.8 metres grading 1.39 g/t Au and 2.2 g/t
Ag (1.41 g/t Au Eq). This drill hole, and others previously completed by Lahontan, intercepted
significant widths of oxide metallurgical domain gold and silver mineralization below the MRE
conceptual pit shell at the Slab open pit (please see location map, cross section, and table below).
These drill holes will expand the scale of the conceptual pit shell used to constrain mineral resources
for the updated MRE, expected in August 2024.
• 16.8 metres grading 0.48 g/t Au and 2.1 g/t Ag (0.50 g/t Au Eq) in drill hole CAL24-006R
including 3.1 metres grading 1.42 g/t Au and 3.3 g/t Ag (1.44 g/t Au Eq). This drill hole
demonstrates that mineralization remains unconstrained by drilling at depth and provides important
information regarding the depth of the sulfide/oxide transition at Calvada, crucial data for mine
planning in the PEA process.
Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: “The drill results at the Slab
open pit target area were successful on two fronts: Identifying additional high grade oxide gold and silver
mineralization at depth and while also increasing drill hole density along the eastern margin of the Slab
deposit to aid in mine planning. As we enter the PEA process, it is crucial to have the proper drill hole
density to build an accurate mine plan including designing an optimized open pit for each resource area at
Santa Fe. Drill hole CAL24-003R was very encouraging as it cut a thick zone of oxide mineralization below
the current MRE pit shell, including some very high grade intervals, e.g. 3.1 metres grading 1.91 g/t Au,
2.3 g/t Ag (53.3 – 56.4m; 1.93 g/t Au Eq) at shallow levels. The Phase Two portion of our 2024 focused
on stepping out to the north of this drill hole in order to expand oxide resources at Slab.”
It should be noted that all the drill holes were drilled at an angle with inclinations ranging from -45 to -70
degrees. Therefore, the depth from the surface to any given intercept is less than the down-hole distance
of the intercept (please see 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.
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
The cross section above shows all Au Eq blocks modeled from historic drilling, both within and outside of
the current MRE pit shell. The drill hole coloration in the cross section uses the same grades as the resource
blocks, but the value only includes g/t Au rather than Au Eq. For the updated MRE, reinterpretation of the
block model will increase grade between the current pit shell (red) and the potential new pit shell (black).
Note the shallow depth of the new intercepts in the 2024 drill holes.
Plan view of the Calvada Central and Slab pit area, Santa Fe Mine, Nevada. The outline of the MRE
conceptual pits is shown in dashed red, which encompass both the current Slab and Calvada East pits shown
in dashed black. Resource blocks are color-coded for Au Eq grade in g/t. The six drill holes reported herein
are shown with heavy black drill hole traces, the line of the cross section (above) is also shown.
MRE Pit Outline
Section looks south
CAL24-002R
CAL24-003R
CAL24-003R
41.2 m (51.8 –93.0 m) @
0.88 g/t Au and 2.1g/t Ag
(0.90 g/t Au Eq)
Including: 16.8 m (53.3–
71.1 m) @ 1.39 g/t Au and
2.2 g/t Ag (1.41 g/t Au Eq)
CAL24-002R
16.7 m (67.1 –83.8 m) @
0.49 g/t Au and 0.8 g/t Ag
(0.50 g/t Au Eq)
AND:
22.8 m (143.3 –166.1 m)
@ 0.18 g/t Au and 3.5 g/t
Ag (0.22 g/t Au Eq)
2022 modeled
AuEq blocks from
historic drilling
E
W
Potential Expanded
Pit
2024 Drill Trace
2021-23 Drill Trace
CAL24-004R
CAL24-003R
Cross Section Line
CAL24-002R
Slab Resource
Pit Outline
SLAB PIT
Calvada Resource Pit
Outline
CAL24-001R
CAL24-005R
CAL24
-006R
Santa Fe Pit
Slab
Pit
Calvada
Pit
York
Pit
Map AreaSanta Fe
Property Map
CALVADA PIT
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Notes: Au Eq equals Au (g/t) + ((Ag g/t/75)*0.66). Silver 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. CRM’s with similar grades are inserted as the
initial CRM’s run out. 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 mine development and 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 26.4 km2 Santa Fe Mine project, had past
production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open pit
Drill Hole Total De pth
(m)
Az imuth,
InclinationFrom (m)To (m)Inte rval
(m) Au (g/t) Ag (g/t) Au Eq
(g/t)
Metallurgical
Domain Targe t/Note s
CAL24-001R 222.5 270, -60 134.1 140.2 6.1 0.12 4.4 0.16 Oxide Confirm eastern limit of Slab pit
CAL24-002R 213.4 270, -60 67.1 83.8 16.7 0.49 0.8 0.50 Oxide
also: 143.3 166.1 22.8 0.18 3.5 0.21 Oxide Confirm eastern limit of Slab pit
also: 181.4 185.9 4.5 0.19 3.1 0.22 Oxide
CAL24-003R 190.5 120, -45 51.8 93.0 41.2 0.88 2.1 0.90 Oxide
including: 51.8 85.3 33.5 1.05 2.3 1.07 Oxide De e pe n Slab pit
also including: 53.3 71.1 16.8 1.39 2.2 1.41 Oxide
CAL24-004R 170.7 155, -70 94.5 105.2 10.7 0.31 5.1 0.35 Oxide North Slab stepout; lost hole above target
CAL24-005R 274.3 240, -50 240.8 248.4 7.6 0.29 0.1 0.29 Trans ition Oxide boundary at Calvada
CAL24-006R 237.8 190, -50 202.7 219.5 16.8 0.48 2.1 0.50 Fresh
including: 202.7 205.8 3.1 1.42 3.3 1.44 Fresh
Oxide boundary at Calvada
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine
has a Canadian National Instrument 43-101 compliant 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 (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The
Company will continue to aggressively explore Santa Fe during 202 4 and complete a Preliminary
Economic Assessment evaluating development scenarios to bring the Santa Fe Mine back into production.
The technical content of this news release and the Company's technical disclosure has been reviewed and
approved by Quentin J. Browne, P.Geo., Independent Consulting Geologist to Lahontan Gold Corp., who
is a Qualified Person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral
Projects. 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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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