Lahontan Gold Corp. announced that it is has completed Phase Two of its 2024 drilling program at the Company's Santa Fe Mine project located in Nevada's prolific Walker Lane gold and silver mineralized belt. Lahontan completed an additional five reverse-circulation ("RC") drill holes totaling 1,044 metres, three at the Slab target area and two at the Santa Fe open pit target.

In total, Lahontan has completed 11 RC drill holes totaling 2,347 metres at the Santa Fe Mine project in 2024. All samples from the drilling have been delivered to the assay lab with initial results expected shortly. The drilling successfully addressed all three objectives: Define open pit geometries that will be used in an updated Mineral Resource Estimate ("MRE") and block model.

In several areas, additional drill holes were needed to increase drill hole density in order to accurately define boundaries to gold and silver mineralization. This data will be used to optimize open pit designs for the updated MRE, and mine scheduling/sequencing in the planned Preliminary Economic Assessment ("PEA"); Certain drill holes were designed to extend gold and silver mineralization at depth below resource blocks identified in the current MRE. The purpose of these drill holes is to deepen and expand the conceptual open pit designs to capture previously identified oxide gold and silver mineralization in addition to new mineralization identified in the 2024 RC drilling program; Several step-out drill holes were also completed in the Slab target area where northerly extensions to gold and silver mineralization remain open and unconstrained by drilling and geology.

Since Lahontan was founded in 2020, the Company has completed 79 drill holes totaling 19,152 metres. In addition, 115,123 metres of drilling in 1,206 holes were completed prior to Lahontan acquiring the Santa Fe Mine project; the historic drilling being an important component of the MRE.