LG.V · 2022-05-02 12:00:00

Lahontan Drills Thick Intervals of High-Grade Gold at Santa Fe: 100.3M Grading 3.79 GPT Au Eq Incl. 4.9M Grading 12.45 GPT Au Eq

Drill Results

Lahontan Drills Thick Intervals of High-Grade Gold at Santa Fe:

100.3M Grading 3.79 GPT Au Eq Incl. 4.9M Grading 12.45 GPT Au

TORONTO, ON / ACCESSWIRE / May 2, 2022 / Lahontan Gold Corp. (formerly, 1246765

B.C. Ltd.) (the "Company" or "Lahontan") is pleased to announce the results from five core

holes, totaling 1,368 metres, completed in 2021 at the Company's 19 km2 Santa Fe Project in

Nevada's Walker Lane. These core drill holes explored down-rake and on-strike extensions to the

high-grade BH Zone and shallow, potentially open pit minable, Au and Ag mineralization

southeast of the past producing Santa Fe open pit. High-grade intercepts from the BH zone

include:

• 100.3m grading 2.96 gpt Au and 62.2 gpt Ag (3.79 gpt Au Eq), including 37.3m grading

3.78 gpt Au and 96.1 gpt Ag (5.06 gpt Au Eq), also including 4.9m grading 10.76 gpt Au

and 126.7 gpt Ag (12.45 gpt Au Eq) in drill hole SF21-001C.

Highlights from shallow oxide drilling include:

• 23.9m grading 0.84 gpt Au and 4.6 gpt Ag (0.90 Au Eq), and 20.7m grading 0.45 gpt Au

and 3.4 gpt Ag (0.50 gpt Au Eq) in drill hole SF21-004C.

A complete table of drill results from these five core holes is shown below, along with detailed

descriptions of results, drill hole location maps, core photos, and a representative cross section.

Drill

Hole

Total

Depth

(m)

Fro

(m)

Interva

l (m)

(gpt)

Host

Rock

Metallurgica

l Domain

SF21

001C 326.4 90.1

190.

4 100.3 2.96 62.2 3.79

Jasperoi

breccia

Fresh and

Transition

includin

108.

145.

8 37.3 3.78 96.1 5.06

Jasperoi

breccia Fresh

also

includes

176.

181.

7 4.9

10.7

126.

12.4

Jasperoi

breccia Fresh

SF21

002C 270.1

146.

169.

2 22.5 1.04 21.6 1.33

Jasperoi

breccia Fresh

includin

151.

157.

9 6.7 2.37 58.3 3.14

Jasperoi

breccia Fresh

SF21

003C 251.8

121.

149.

4 27.9 0.98 8.5 1.09

Jasperoi

breccia Fresh

includin

124.

138.

4 14.2 1.34 17.4 1.57

Jasperoi

breccia Fresh

SF21

004C 195.4 56.4 80.3 23.9 0.84 4.6 0.90

Jasperoi

breccia Oxide

and

106.

126.

8 20.7 0.45 3.4 0.50

Jasperoi

breccia Transition

SF21

005C 354.5

260.

293.

1 32.8 1.09 21.6 1.37

Jasperoi

breccia Fresh

includin

261.

270.

2 8.5 3.13 37.7 3.63

Jasperoi

breccia Fresh

*Notes: Au Eq equals Au (gpt) + (Ag gpt/75). Metallurgical recovery has not been factored as

insufficient test-work is available to determine potential Ag recoveries. True thickness in the BH

Zone (drill holes SF21-001C, -002C, -003C, and -005C) is estimated to be 50-75% of the drilled

interval; true thickness for the SE extension of shallow mineralization in SF21-004C is estimated

to be 75-80% of the drilled interval.

BH Zone: Core drill holes SF21-001C, -002C, and -003C all targeted portions of the BH Zone

with different objectives. SF21-001C was oriented to the southeast and angled to test a down-

rake portion of the BH Zone and verify continuity of high-grade Au and Ag mineralization

similar in tenor and thickness to that seen in historic core drill holes BH-3 and BH-6 drilled by

Victoria Gold in 2009 and 2010 respectively. SF21-001C expands the volume and thickness of

high-grade mineralization, in particular the 4.9 metre interval of 12.45 gpt Au Eq (please see

cross section below). It is important to note the very high Ag grades which characterize the BH

Zone, e.g. 0.8m grading 6.98 gpt Au and 201 gpt Ag (95.5 - 96.3m), 1.25m grading 5.17 gpt

Au and 309 gpt Ag (131.64 - 132.89m), and 1.61m grading 15.04 gpt Au and 107.2 gpt Ag

(176.78 - 179.22m), please see core photos below. The Company believes that a significant Ag

byproduct in potential future mining operations could have an important impact on project

economics. The hydrothermal alteration and mineralogy seen in SF21-001C is identical to that

seen in previous drill campaigns (Lahontan has all the core, assays, and drill logs from the

Victoria core drilling program for comparitive purposes) adding further confidence to the

interpreted continuity of high-grade Au and Ag mineralization in the BH Zone.

SF21-001C, 96m depth, 6.98 gpt Au, 201 gpt Ag (9.66 gpt Au Eq). Jasperoid-sulfide

hydrothermal breccia: Clasts are composed of black jasperoid in silica-sulfide matrix, the matrix

has abundant colloform melnikovite (likely recrystallized to alternating pyrite and marcasite)

with minor pods of interstitial calcite and occasional leached voids are present.

SF21-001C, 2.1m grading 11.81 gpt Au, 161.6 gpt Ag (13.96 gpt Au Eq) (178.6 - 180.7m). From

the footwall of an intensely argillically-altered and brecciated (dacite?) dike: Jasperoid-sulfide

hydrothermal and structural breccia, clasts are predominantly black to dark grey jasperoid that

locally includes clasts of brecciated dike (white to light-grey).

Drill hole location map, Santa Fe Project, Mineral County, Nevada.

Core drill holes SF21-002C and -003C were collared approximately 150 metres and 245 metres

southeast of SF21-001C respectively (please see map above). These drill holes were targeting

high-grade, Au and Ag mineralization up-rake and along strike from the main BH Zone. The

core drill holes hit significant zones of precious metal mineralization: 6.7m grading 2.37 gpt Au

and 58.3 gpt Ag (3.14 gpt Au Eq) in SF21-002C (151.2 - 157.9m) and fill in gaps between

historic drill holes (please see cross section below). This mineralization carries the distinctive

geochemical signature of the high-grade BH Zone, elevated Ag grades: 1.62 m grading 2.64 gpt

Au and 93.9 gpt Ag in SF21-002C (153.62 - 155.24m) and 2.5m grading 2.25 gpt Au and 28.5

gpt Ag in SF21-003C (135.9 - 138.4m).

North-south (left to right, please see map above) cross section through the BH Zone, Santa Fe

Project, Mineral County, Nevada. The grade shell outlining the BH Zone is based upon modeling

historic drilling, now confirmed and expanded by Lahontan drilling. Drill hole SF21-005C is

projected into the section for illustrative purposes.

Based on these drill results and modeling historic drilling, it appears that the BH zone may

consist of multiple, repeating or cyclic, down to the southeast raking zones, within the Santa Fe

Fault and sympathetic structures. This interpretation greatly expands that target size of the BH

Zone, especially given that older drill holes, located hundreds of metres to the south and

southeast of SF21-003C have high-grade intercepts that have not been drill tested since the

nineties, i.e., reverse-circulation drill hole CSF-89-19 cut 16.8m grading 6.10 gpt Au including

3.3m 11.65 gpt Au (please the Company's website and Corporate Presentation for more

information on this drill hole; www.lahontangoldcorp.com ). These southeast extensions to the

BH Zone have significant, high-grade, resource potential.

Shallow Drilling: Core drill hole SF21-004C targeted shallow Au mineralization to the

southeast of the Santa Fe open pit (please see map and cross section above). Historic drilling in

this area suggested that shallow, potentially open pit minable, Au and Ag mineralization

extended into the target area. SF21-004C cut two intervals of shallow, low-grade Au

mineralization with grades within the range that was historically mined at Santa Fe. Importantly,

this mineralization occurs in rocks assigned to the oxide and "transitional" metallurgical domains

(please see core photo below). The transitional metallurgical domain is characterized as a mixed

zone of oxidized and partially oxidized Au mineralization that maybe cyanide extractable.

Several additional reverse-circulation drill holes were completed late in 2021 in the vicinity of

SF21-004C, results from these drill holes are expected shortly.

SF21-004C, 1.1m grading 1.03 gpt Au, 5.5 gpt Ag (1.10 gpt Au Eq) (64.8 - 65.9m). Jasperoid

breccia: silicified and decalcified breccia c lasts; clasts are subround to subangular silicified

limestone with leached voids. The matrix is composed of geothite+hematite+jarosite clays.

New High-Grade Zone: Lahontan geologists, utilizing surface geological mapping, modeling of

historic drill holes, and structural re-interpretation, developed a new drill target along an inferred

east-west trending structure extending from the northeast highwall of the Santa Fe open pit

toward the Slab and Calvada open pits located several kilometres to the east. Core drill hole

SF21-005C, collared approximately 170 metres east of the edge of the Santa Fe pit, intercepted a

deep, thick interval of Au and Ag mineralization (see drill hole location map and cross section

above). Significantly, within this interval, there an important intercept of BH-style

mineralization: 8.5m grading 3.13 gpt Au and 37.7 gpt Ag (261.7 - 270.2m), including 1.5m

grading 5.11 gpt Au and 57.2 gpt Au (5.87 gpt Au Eq) from 262.8 - 264.3m. These intercepts

have the same mineralogy, hydrothermal alteration, and elevated Ag content that characterizes

the BH Zone. Given the potential strike length of this east-west fault (the Calvada Fault), the

high precious metal grades, and the analogy to the BH Zone, this drill hole may represent a new

discovery and target area at the Santa Fe Project. Two additional drill holes were completed east

of SF21-005C late in 2021, results are pending.

Kimberly Ann, President & CEO commented: "The excellent drill results seen in our BH Zone

drilling confirms what Lahontan has long expected: The BH Zone has the potential to host a

large, high-grade gold and silver resource that could be potentially exploited with bulk

underground mining methods. While these first drill results are focused on the deeper, higher

grade BH Zone style mineralization, the Company looks forward to receiving additional drill

results from shallower targets focused on potentially heap-leachable oxide and transitional style

mineralization. SF21-004C targeted this style of mineralization and shows that shallow oxidized

and transitional mineralization extends to the southeast of the Santa Fe pit, yet another new target

for resource expansion at the Santa Fe Project. We expect to release drill results for an additional

23 drill holes over the coming weeks as assays arrive from the lab, QA/QC is completed, and

data is verified. Truly an exciting time for Lahontan Gold Corp".

QA/QC Protocols:

Lahontan conducts an industry standard QAQC program for its core and RC drilling programs.

The QAQC 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 QAQC 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

Shea Clark Smith Laboratories (MEG) of Reno, Nevada. Expected gold values are 0.188 gpt,

1.107 gpt, 10.188 gpt, and -0.005 gpt, respectively. The coarse blank material comprised of

commercially available landscape gravel with an expected gold value of -0.005 gpt.

As part of the RC drilling QAQC 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 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 (gpt)

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 Project, is a past producing

gold and silver mine with excellent potential to host significant gold and silver resources (past

production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992;

Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic

drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and

silver mineralization as well as deeper high grade potential resources. The Company plans an

aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-

101 ("NI 43-101") compliant mineral resource estimate in 2022. For more information, please

visit our website: www.lahontangoldcorp.com

All scientific and technical information in this press release has been reviewed and approved by

Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., who is a qualified

person under the definitions established by National Instrument 43-101.

On behalf of the Board of Directors Kimberly Ann

Founder, Chief Executive Officer, 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: [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 historic 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. There are no assurances that the

commercialization plans for the technology described in this news release will come into effect

on the terms or time frame described herein. 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.

SOURCE: Lahontan Gold Corp.

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