Announcement • Apr 21

Lahontan to Drill Historic Santa Fe Heap Leach Pads for Residual Gold & Silver

Lahontan Gold Corp. announced that the Company will soon commence drill testing the historic heap leach pads at the Company’s Santa Fe Gold Mine Project, located in Nevada’s prolific Walker Lane. Full permits to drill the HL pads are expected shortly, when received, Lahontan will mobilize a Boart Longyear LS 450 sonic core drill rig and support crew to the Santa Fe Mine. From 1988 through 1994, the Santa Fe Mine produced approximately 359,000 ounces of gold and 700,000 ounces of silver from 16,000,000 tonnes of mineralized material. Factoring in estimated gold and silver recovery, the historic HL pads may contain a significant gold and silver resource. The potential of reprocessing the historic HL material at very low cost, already crushed and requiring no stripping, may augment the robust preliminary mine economics already demonstrated for the Santa Fe Mine Project. Lahontan plans to drill 95 sonic core holes totalling 1,740 metres across the four historic HL pads. Core drill hole spacing will be approximately 30 metres, sufficient to generate an Inferred mineral resource if core drilling confirms historic production data. HL pads, created by crushing and stacking relatively uniform grade material, tend to show less variability in gold and silver grade distribution than naturally occurring materials. 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,. The Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and continue drill testing its satellite West Santa Fe project during 2026. 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 USD 1,950/oz gold, silver price of USD 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%. 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.

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