Lahontan Announces 3,000 Metre Drill Program for Santa Fe

TORONTO, May 8, 2024 - Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the " Company " or " Lahontan "), is pleased to announce that it is planning a 3,000 metre drill program at its flagship Santa Fe Mine project in the Walker Lane of mining friendly Nevada. The program will consist of approximately 15 reverse-circulation drill holes in the Slab-Calvada and Santa Fe pit areas. Following last year's very successful drill campaign totaling 3,700 metres of reverse-circulation drilling, the Company reviewed all drill data and determined that there were multiple clear targets to potentially expand mineral resources prior to completing the recently announced Preliminary Economic Assessment ("PEA") for the project. This year's drilling will be integrated with the 2023 drill data and the combined near 7,000 metres of new drilling will be used to update the project's Mineral Resource Estimate ("MRE") that forms the basis of the PEA.

Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: "The Company is excited to announce our 2024 drill program for Santa Fe. The areas being targeted have the potential to greatly expand the projects MRE and help support a robust PEA. We will be announcing the mobilization of the drill rig shortly. All the drill sites are on previously permitted locations and/or on patented lode mining claims".

As illustrated in the cross section below, the drill holes will target areas were previously defined Mineral Resources* extend below the conceptual pit shells used to constrain the MRE. The drilling also allows the Company to fine-tune its geologic, structural, and metallurgical domain models in anticipation of the PEA.

Section through proposed drill holes at the Calvada East target. Proposed drill holes are shown in black, previous drill holes with gold grade are also illustrated. Note that the conceptual pit (shown in red) which constrains the project's MRE does not capture the deeper resource blocks. Successful drilling will extend mineralization deeper, and potentially, the conceptual pit shell as well.

About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 km ² Santa Fe Mine project, had past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq (grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The Company will continue to aggressively explore Santa Fe during 2024 and complete a Preliminary Economic Assessment evaluating development scenarios to bring the Santa Fe Mine back into production. Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this news release. For more information, please visit our website: www.lahontangoldcorp.com

* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December 7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company's website and SEDAR.

On behalf of the Board of Directors

Kimberly Ann
Founder, CEO, 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: Kimberly.ann@lahontangoldcorp.com
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 historical 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. 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.