Lahontan Drills More Shallow Oxide GOLD at Slab: 69m Grading 0.45 G/T Au Eq Including 17m Grading 0.81 G/T Au Eq
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE
LAHONTAN DRILLS MORE SHALLOW OXIDE GOLD AT SLAB: 69m GRADING
0.45 g/t Au Eq INCLUDING 17m GRADING 0.81 g/t Au Eq
Toronto Ontario, January 27, 2026 – Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF, FSE:Y2F)
(the "Company" or "Lahontan") is pleased to announce new assay results from our 2025 Phase Two
drilling program at the Company’s flagship Santa Fe Mine Project located in Nevada’s prolific Walker
Lane. Lahontan has received analytical results for two additional reverse-circulation rotary (“RC”) drill
holes in the south Slab pit area totaling 396 metres (please see table below). Significant results include:
• CAL25-011R: 68.6 metres (45.7 – 114.3m) grading 0.45 g/t Au Eq including 16.8 metres (65.5 –
82.3m) grading 0.81 g/t Au Eq: A shallow, thick, intercept of oxide gold mineralization below
the current mineral resource pit shell*, expanding the footprint of oxide gold mineralization,
especially when coupled with the results from CAL25-012R (please see plan map of drilling and
cross section below).
- When the entire drill hole is composited without regard to cutoff grade, it averages
0.23 g/t Au Eq over 213.4 metres (0.21 g/t Au, 1.4 g/t Ag).
• CAL25-012R: 41.2 metres (32.0 – 73.2m) grading 0.32 g/t Au Eq correlating with the structurally
controlled gold mineralization seen in hole CAL25-011R (above) and extending shallow oxide
gold mineralization to the southwest and below of the Mineral Resource Estimate (“MRE”)
pit shell*.
Notes: Au Eq equals Au (g/t) + ((Ag g/t/60)*0.70). 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 80-100% of the
drilled interval. Numbers may not total precisely due to rounding.
Kimberly Ann, Lahontan Executive Chair, President, CEO, and Founder commented: “The assay results
from the final two 2025 RC drill holes at Slab continue to extend gold mineralization to the south, west,
and at depth from the current MRE pit shell*, enhancing the potential mining economics of the Slab gold
and silver resource. Lahontan will integrate these new drill holes into an updated MRE for Slab as well as
the entire Santa Fe project. The MRE is expected to be completed in the coming months. With a new MRE,
combined with updated metallurgy and escalating metal prices, the Company will also complete an updated
Preliminary Economic Assessment (“PEA”) as well. More 2025 drill results will be forthcoming as the
analytical lab catches up on a busy 2025 exploration season.”
CAL25-011R and -012R are particularly important as they establish large volumes of gold and silver
mineralization below and adjacent to the conceptual pit shell used in the current MRE. When modeled
Total
Depth (m)
Azimuth,
InclinationFrom (m)To (m) Interval
(m) Au (g/t)Ag (g/t)Au Eq (g/t)Metallurgical
Domain Target/Notes
CAL25-011R 213.4 270, -71 0.0 10.7 10.7 0.48 9.0 0.59 Oxide
Also: 45.7 114.3 68.6 0.43 1.7 0.45 Oxide
Including: 65.5 82.3 16.8 0.78 2.8 0.81 Oxide
Also: 140.2 169.2 29.0 0.20 2.3 0.23 Oxide
CAL25-012R 182.9 245, -70 32.0 73.2 41.2 0.30 2.0 0.32 Oxide South Slab, deepen and expand
pit
South Slab, deepen and expand
pit
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
using updated metal prices and this additional drilling, these drill holes have the potential to significantly
expand the Slab area MRE and contribute to a positive update to the current PEA. Of equal importance,
these new pit shells will be used in our Nevada State and Federal mine permit applications, to be submitted
later this year.
Cross section through RC drill hole CAL25-011R, Slab gold deposit, Santa Fe Mine project, NV. The current conceptual MRE pit
shell is shown in black, an example of a potential new pit outline is shown in red. Deeper gold mineralization in CAL25-011R
associated with the Calvada Fault zone is unconstrained by drilling.
These two RC drill holes also confirm the strong structural control of gold mineralization in this portion of
the Slab deposit and emphasize the importance of the east-west striking Calvada fault as a major control of
gold mineralization on a district scale. The extensive gold mineral ization seen in CAL25-011R
demonstrates the strength of the hydrothermal system with large volumes of disseminated gold
mineralization adjacent to the controlling fault structures. With the Company’s recently approved
Exploration Plan of Operations (“EPOO”), Lahontan can now explore the Calvada Fault between the Slab
deposit and the main Santa Fe deposit, an area that has seen virtually no exploration drilling over the last
35 years.
In the plan view map of the south Slab pit area below, the key intercepts in drill holes CAL25-011R and -
012R can be seen to extend into areas west of the current MRE conceptual pit shell. Previously reported
RC drill hole CAL25-010R, a vertical hole, also intercepted significant gold mineralization (please see
Lahontan Gold press release dated January 13, 2026). Similar to the cross section above, the plan map
highlights the potential to increase gold and silver resources in the Slab pit area of the Santa Fe Mine project.
35m wide slice
Au (ppm)
West East
Flower Structure Fault
Controlled Mineralization
Including 16.8m @ 0.78g/t Au, 2.8g/t Ag from 65.5m
68.6m @ 0.43g/t Au, 1.7g/t Ag from 45.7m
Drilling Completed Pre-Mining
CAL25-011R
10.7m @ 0.48g/t Au, 9.0g/t Ag from surface
Including 4.57m @ 0.83g/t Au from 50.3m
Intercept Deepest Tested in
Calvada Flt Footwall
Bedding Controlled Mineralization
TD 213.36m
??
??
Resource
Pit Design
Legend
Resource Pit Design
Luning Formation
Faults
Drillholes
Potential New Pit Outline
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Drill location map and plan view of the south Slab pit area, Santa Fe Mine project, NV. The current Slab pit outline is shown in
black, the conceptual MRE pit shell is shown in dashed orange, and an example of a potential new pit outline is shown in red.
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.
LGC Project Location Map
CAL25-011R: 68.6m @ 0.43g/t Au,
1.7g/t Ag from 45.7m
CAL25-012R: 41.2m @ 0.30g/t Au,
2.0g/t Ag from 32m
CAL25-010R: 29m @ 0.25g/t Au,
0.8g/t Ag from 97.5m
metres
Potential new
pit outline
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
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 gold and silver exploration properties in the Walker Lane of mining
friendly Nevada. Lahontan’s flagship property, the 28.3 km2 Santa Fe Mine project, had past production
of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines
utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant
Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t
Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000
grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained (Au Eq is
inclusive of recovery, please see Santa Fe Project Technical Report and note below*). The Company plans
to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary
Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more information,
please visit our website: www.lahontangoldcorp.com
* Please see the “Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project”, Authors: Kenji Umeno, P.
Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM;
Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company’s website
and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 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$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to
79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%.
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-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, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
Email:
Website: www.lahontangoldcorp.com
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