Lahontan Gold Corp (LG) controls three gold and silver exploration projects in the heart of Nevada’s prolific Walker Lane. Our flagship asset, the 100% controlled 19.1 km² Santa Fe Mine, has past production of 345,000 ounces of gold and 710,000 ounces of silver from shallow, oxidized precious metal mineralization utilizing open pit mining and heap-leach processing.  On January 17 2023, the Company announced a maiden Mineral Resource Estimate (“MRE”) for Santa Fe based upon 1,275 drill holes totaling 125,435 metres, including 50 drill holes totaling 13,118 metres drilled by Lahontan since 2021.

Highlights of the MRE include:

• Project-wide pit constrained Indicated Mineral Resources of 1,112,000 contained gold equivalent (“Au Eq”) ounces and Inferred Mineral Resources of 544,000 contained Au Eq ounces.
• Project-wide average grade for the Indicated Mineral Resource is 1.14 g/t Au Eq; the average grade of the Project-wide Inferred Mineral Resource is 1.00 g/t Au Eq.
• Indicated Oxide Resources total 21.6 Mt grading 1.03 g/t Au Eq for 712,000 Au Eq ounces and Inferred Oxide Resources total 11.1 Mt grading 0.73 g/t Au Eq for 262,000 Au Eq ounces.

The MRE is constrained by conceptual pit shells and the block model shows that gold and silver mineralization extends well beyond the pit shells, generating high-quality targets for additional drilling and resource growth.  Within the pits, gold and silver deposits crop out at the surface providing opportunities for rapid, low-cost mining operations (please see Santa Fe mine technical report, available on SEDAR or the Company’s website).

Lahontan believes the Santa Fe Mine has the potential to host a multi million-ounce oxide gold deposit. In 2023, LG will continue an integrated program of surface sampling, geologic mapping, metallurgical test work, reverse-circulation, and core drilling. The goal of this program is to expand the oxide resource and provide a MRE update later this year. Our other projects, the high-grade Moho Project and the Redlich Silver Project, are drill- ready and have the potential to add additional gold and silver resources.