Ms. Kimberly Ann reports

LAHONTAN SAMPLES UP TO 14.60 G/T GOLD EQ AT WEST SANTA FE

Lahontan Gold Corp. has released the results from rock-chip sampling and geologic mapping at its 19.7-square-kilometre West Santa Fe project. West Santa Fe is located only 13 km from the company's flagship Santa Fe mine project in mining-friendly Nevada's Walker Lane. New geologic mapping and sampling have identified high-grade gold and silver mineralization in an area north of the historic Mindora shaft with individual samples containing up to 2.61 grams per tone gold and 899 g/t silver (14.60 g/t gold equivalent). Samples range in value from 0.02 to 2.61 g/t gold and 0.7 to 899 g/t silver, and average 1.97 g/t AuEq.

Eleven surficial rock chip samples were collected in an area proximal to the historic Mindora shaft area in order to further expand potential drill targets and better understand distribution of epithermal gold and silver mineralization at the surface. Previous drilling in this area defined a large oxide gold and silver system that remains open along strike and at depth. The highest grades, 2.61 g/t gold and 899 g/t silver in sample 503416, come from a gossan-rich fault gouge where a major northeast-striking high-angle fault intersects an older low-angle thrust fault. These intersections of multiple fault sets and the intersection of faults with fold axes are proving to be crucial controls on gold and silver mineralization at West Santa Fe.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "The work by our geologic team at West Santa Fe has proven vital in understanding the controls to gold and silver mineralization at West Santa Fe. High-grade gold and silver seem to be associated with fault intersections and provide excellent drill targets for expanding the footprint of this already very large hydrothermal system. We will use this data to design Lahontan's phase 1 drill program with the goal of defining a maiden mineral resource estimate for West Santa Fe in 2024."

Sampling protocols and quality assurance/quality control

Lahontan geologists collect grab samples based upon mappable geologic features. Samples are approximately one to two kilograms in weight. After collection, the samples are sealed, labelled and stored in a secure area prior to shipment to a certified assay laboratory. Analyses conducted include Au analysis using 30-gram fire assay with inductively coupled plasma finish, along with a 37-element geochemistry analysis performed on each sample utilizing two-acid digestion inductively coupled plasma atomic emission spectroscopy method. Blanks and standards are inserted by the laboratory approximately every 15 samples, and duplicate samples are created and analyzed approximately every 10 samples.

About Lahontan Gold Corp.

Lahontan Gold is a Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 26.4 square km 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 (Nevada Bureau of Mines and Geology, 1995). The Santa Fe mine has Canadian National Instrument 43-101 compliant indicated mineral resource of 1,112,000 oz AuEq (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, please see Santa Fe project technical report). 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. Anthony Gesualdo, CPG, consulting geologist to Lahontan Gold, is the qualified person for the company and approved the technical content of this news release.

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