Lahontan Gold Corp. Drills 189 m Grading 1.75 gpt Gold and 9.9 gpt Silver at Santa Fe

TORONTO, June 8, 2021 - Lahontan Gold Corp. (the "Company" or "Lahontan") is pleased to announce the first results from its Phase One exploration drilling program at its 100% owned flagship Santa Fe Project in Nevada's prolific Walker Lane gold belt. Lahontan is reporting results from six recently completed reverse-circulation drill holes totalling 1,218 meters, highlights include:

- 188.9 meters grading 1.75 gpt Au and 9.9 gpt Ag in drill hole SF21-001R including 56.4 meters grading 2.78 gpt Au and 17.6 Ag and also including 6.1 meters grading 4.29 gpt Au and 31 gpt Ag. Gold and Ag mineralization starts at the surface and the hole bottomed in mineralized rock.

- 86.9 meters grading 1.08 gpt Au and 3.7 gpt Ag in drill hole SF21-002R. A complete table of drill results is below.

The first portion of the drilling program was centered on the past-producing Santa Fe pit and had two principal objectives: 1) Verify assay data from historic drilling that outlined substantial gold and silver mineralization below and adjacent to the Santa Fe pit; and 2) Confirm metallurgical domains identified by modeling historic drilling, especially at the margins of the deposit. Lahontan believes that early results from the Phase One drilling program is already achieving these objectives.

Drill holes SF21-001R and -002R were collared in the Santa Fe pit and targeted portions of the high-grade BH Zone. Both drill holes intercepted extensive thicknesses of gold and silver mineralization with structurally controlled, higher-grade intervals that characterize the BH Zone as seen in the cross section and plan view below:

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The assay results compare favorably with nearby historic drill holes giving confidence in the use of historic data in future resource estimates. The 0.1 gpt outline of gold mineralization, based on modeling of historic drill holes and shown in red in the cross section above, corresponds with thick intervals of gold mineralization seen in drill holes SF21-001R and -002R. The high silver grades are also similar to historic drill results and previous mine production, underscoring the potential for important silver by-product credits in any future mining operation.

As part of the systematic organization of the drill campaign, drill holes SF21-003R through -006R were collared at the margins of the known gold and silver deposit to confirm depths of oxidation (metallurgical domains) and test the limits of mineralization. Drill holes SF-003R and -004R both intercepted low-grade gold and silver mineralization: 19.9 meters grading 1.04 gpt Au and 2.3 gpt Ag in -003R and 22.8 meters grading 0.51 gpt Au and 4.5 gpt Ag in -004R. Unfortunately, drill hole -003R lost circulation prior to reaching its targeted depth. Drill holes SF-005R and -006R did not hit significant gold and silver mineralization, however, when combined with the results from -003R and -004R, these drill holes show that the depth of oxidation below the central and northwest portions of the Santa Fe pit is somewhat deeper than what was modeled using historic drill holes and that extensive volumes of oxidized gold and silver mineralization remain unmined. For additional plan maps and cross sections, please visit our website: www.lahontangoldcorp.com


Reverse-Circulation Drill Results, Santa Fe Project, Nevada

             From     To  Interval    Au     Ag    Au Eq 
Drill Hole    (m)    (m)       (m)  (gpt)  (gpt)   (gpt)       Notes
SF21-001R    4.6   193.5    188.9   1.75    9.9    1.88     Bottomed
includes:   96.0   152.4     56.4   2.78   17.6    3.01           in
                                                      mineralization	
also
includes:  117.3   123.4      6.1   4.29   31.0   4.70
and:       146.3   152.4      6.1   4.25   21.4   4.54   TD = 193.5m
SF21-002R   44.2    68.6     24.4   0.46    6.5   0.55
            91.4   178.3     86.9   1.08    3.7   1.13	 	 
includes:  144.8   175.3     30.5   1.88    4.9   1.95
also 
includes:  160.0   170.7     10.7   2.60    6.1   2.68
           185.9   222.5     36.6   0.49    1.3   0.51   TD = 304.8m	 	 
SF21-003R   61.0    80.8     19.9   1.04    2.3   1.07   TD = 85.3m, 
                                                    lost circulation	 
SF21-004R   74.7    83.9      9.1   0.43    2.6   0.46
           137.2   160       22.8   0.51    4.5   0.57   TD = 329.2m
SF21-005R

NSI                  TD = 102.1, lost circulation prior to reaching target
SF21-006R  102.1   109.7      7.6   0.39    2.4   0.42     TD = 304.8	

Notes: NSI = No Significant Intercepts. Au Eq = Au (gpt) + (Ag (gpt) / 75). No correction for metallurgical recovery has been made due to lack of sufficient testing.


Kimberly Ann, Chairman, President and CEO of Lahontan Gold Corp. commented: "The Company is very pleased with results obtained from our maiden drill campaign at Santa Fe. We have confirmed all of our initial objectives: Verify the continuity, depth, and grade of the BH Zone; corroborate data from historic drilling that shows extensive volumes of oxidized gold and silver mineralization lie below the Santa Fe pit; and that metallurgical domains generated by modeling historic drill holes are generally accurate, and in some areas, oxidation is deeper than previously modeled. Lahontan plans to resume drilling soon, depending on drill rig availability, with a focus on expanding the known footprint of gold and silver mineralization, drilling in and around the Slab and Calvada pits, and stepping out from the pits along un-drilled structures."


About Lahontan Gold Corp:

Lahontan Gold Corp. is a privately held 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, 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 345,000 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 meters 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 meter drilling program with the goal of a NI 43-101 resource estimate in Q4 2021. 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
Chairman, President and Chief Executive Officer



FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.
Kimberly Ann, Chairman, President and Chief Executive Officer
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com



Cautionary Statement:

Certain disclosure in this release, could constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that could cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Company's filings with the appropriate securities commissions, and could include, among others, market conditions, and delays in obtaining or failure to obtain required regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Lahontan Gold Corp.