Lahontan Gold Corp. announced results from an additional eight reverse- circulation rotary (RC) drill holes from the Company's 2023 Phase Three drilling campaign at the Company's 19 km2 Santa Fe Mine Project in Nevada's Walker Lane. These drill holes were completed in the Slab-Calvada Complex at the Santa Fe Mine where previous Lahontan drilling had outlined significant oxide domain gold and silver resources (Canadian NI 43-101 compliant) that remained open along strike and down-dip.

The eight drill holes reported herein, totaling 1,533 metres, targeted potential extensions to these gold and silver resources. Highlights include: 35.0 metres grading 1.02 g/t Au and 3.6 g/t Ag (1.05 g/t Au Eq) of shallow mineralization in drill hole CAL23-006R including 21.3 metres grading 1.37 g/t Au and 5.1 g/t Ag (1.42 g/t Au Eq) also including 4.6 metres grading 3.05 g/t Au and 10.6 g/t Ag (3.14 gpt Au Eq). This drill hole, and others completed by Lahontan (e.g. CAL23-006R highlighted below), intercepted significant widths of oxide and transition metallurgical domain gold and silver mineralization below the Mineral Resource Estimate (MRE) conceptual pit shell at Calvada Central.

These drill holes should expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates (please see location map, cross section, and table below). A shallow intercept of 21.4 metres grading 0.90 g/t Au and 6.1 g/t Ag (0.96 g/t Au Eq) in drill hole CAL23-007R including 16.8 metres grading 1.07 g/t Au and 7.4 g/t Ag (1.14 g/t Au Eq) also including 4.6 metres grading 2.07 g/t Au and 16.7 g/t Ag (2.21gpt Au Eq). This drill hole bottomed in gold and silver mineralized rock and demonstrates that mineralization remains unconstrained by drilling at depth in the Calvada Central area and further opens the Calvada Fault area for resource expansion.

Two drill holes completed at the north end of the Slab resource (see plan map below), both intercepted gold mineralization. Hole CAL23-011R cut a thick zone of gold mineralized rock (85.3m grading 0.33 gpt Au Eq) and shows that the Slab resource extends to the north and remains open for further expansion. The cross section demonstrates that gold and silver mineralization remains open down-dip from the high- grade intercepts in CAL23-007R providing an excellent opportunity for resource expansion at Calvada.

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.