Ms. Kimberly Ann reports

LAHONTAN DRILLS 30.5 METRES GRADING 0.74 G/T AUEQ OXIDE, EXPANDS YORK MINERALIZED ZONE AT SANTA FE

Lahontan Gold Corp. has released results from an additional six reverse circulation rotary drill holes from the company's 2023 7,000-metre phase 3 drilling campaign at the company's 19-square-kilometre Santa Fe mine project in Nevada's Walker Lane. These drill holes are the first exploratory drill holes completed in the York pit area in over 30 years. Historical drilling had outlined significant oxide domain gold and silver resources (Canadian National Instrument 43-101 compliant) that remained open along strike and down dip. The six drill holes reported herein, totalling 1,271 metres, targeted potential extensions to these gold and silver resources. Highlights include:

• 30.5 metres grading 0.74 gram per tonne gold and 0.5 g/t silver (0.74 g/t gold equivalent) of oxide metallurgical domain mineralization in drill hole YOR23-006R, including 10.7 metres grading 1.01 g/t Au and 1.9 g/t Ag (1.03 g/t AuEq). This drill hole shows that oxide gold and silver mineralization extends below the York pit and opens the entire York area for resource expansion (please see an attached table).
• The York drill holes intercepted significant widths of oxide and transition metallurgical domain gold and silver mineralization below and east of the mineral resource estimate (MRE) conceptual pit shell and the as-mined York pit. The York drill holes confirm the historical drill data and will greatly expand the scale of the conceptual pit shell used to constrain mineral resources in future resource estimates.

The York drill holes are east of the known resources targeting mineralization under historical drilling; therefore, the intercepts expand the area of known gold mineralization. Also, during the pit-optimizing process, the new intercepts can potentially pull down the conceptual pit shell to capture resource blocks outside the current conceptual shell, which should expand the pit-constrained MRE.

Kimberly Ann, founder, chief executive officer, president and director, commented: "These York drill holes are vital in validating historic drilling in the York target area. The grades seen these drill holes is similar to that reported from the mine operations at York and confirm the presence of extensive oxide domain gold and silver mineralization beneath and adjacent to the York open pit. The geologic interpretation of the York drill holes also identified important north-south and east-northeast structural controls to mineralization, opening new target areas for resource expansion drilling. The Columbia hosts higher grades, e.g. 3.0 m grading 2.07 g/t Au (YOR23-006R, 94.5 to 97.5 m), that may be outlining important feeders to the hydrothermal system. Together with the successful Calvada area drill results announced earlier (press release dated June 27, 2023), our phase 3 resource expansion drill campaign is off to a great start, and we look forward to announcing more drill results in the weeks and months ahead."

Quality assurance/quality control protocols

Lahontan conducts an industry-standard quality assurance/quality control program for its core and RC drilling programs. The quality assurance/quality control program consisted of the insertion of coarse blanks and certified reference materials into the sample stream at random intervals. The targeted rate of insertion was one quality assurance/quality control sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples, or approximately 1.5 per cent of the total samples. CRMs were inserted at a rate of one CRM for every 20 samples, or approximately 5 per cent of the total samples.

The standards utilized include three gold CRMs and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nev. Expected gold values are 0.188 g/t, 1.107 g/t, 10.188 g/t and minus-0.005 g/t, respectively. The coarse blank material comprised commercially available landscape gravel with an expected gold value of minus-0.005 g/t.

As part of the RC drilling quality assurance/quality control process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95-to-100-foot (28.96 m to 30.48 m) mark and labelled with a "D" suffix on the sample bag. No duplicates were submitted for core.

All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nev., United States, for analyses. Delivery to the laboratory was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing the two-acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing the ICP-MS method. Cyanide leach analyses, using a tumble time of two hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts its own blanks and standards, and conducts duplicate analyses to ensure proper sample preparation and equipment calibration.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mineral exploration company that holds, through its United States subsidiaries, four top-tier gold and silver exploration properties in Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 19-square-kilometre Santa Fe mine, 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. The Santa Fe mine has NI 43-101-compliant indicated mineral resources of 1,112,000 ounces gold equivalent (grading 1.14 g/t AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading one g/t AuEq), all pit constrained (AuEq is inclusive of recovery). The company will continue to aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe mine back into production.

Quentin J. Browne, PGeo, consulting geologist to Lahontan Gold, the qualified person for the company, has approved the technical content of this news release.

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