Lahontan to begin drilling at Santa Fe

Executive Summary

• Lahontan Gold Corp. has mobilized a track-mounted reverse circulation (RC) drill rig to its Santa Fe mine project in Nevada to begin a fall 2025 drilling program.
• The program aims to upgrade gold and silver resources from inferred to indicated categories and expand resource numbers at the Slab and York areas, supporting the company's pivot toward mine planning and permitting in 2026.
• The drilling initiative is part of a broader strategy to advance the Santa Fe mine toward production, including ongoing metallurgical testing and updates to the preliminary economic assessment.

Key Details

• Drilling Equipment: MPD-1500 RVC track-mounted drill rig.
• Program Scope: Up to 25 drill holes totaling 4,000 metres.
• Target Mineralization: Shallow oxide gold and silver mineralization.
• Primary Objectives:
  • Infill drilling to upgrade resources from inferred to indicated category.
  • Expansion of overall resource numbers at the Slab and York areas.
• Strategic Context: The program supports the transition from resource definition to mine planning and permitting in 2026.
• Personnel: Brian Maher, Vice-President of Exploration and co-founder, is personally overseeing the drill program.
• Current Resource Estimates (Santa Fe Mine):
  • Indicated: 1,539,000 ounces gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t AuEq).
  • Inferred: 411,000 oz AuEq (16.76 million tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t AuEq).
  • Note: AuEq is inclusive of recovery and pit-constrained.
• Historical Production: 359,202 ounces of gold and 702,067 ounces of silver (1988–1995) from open-pit heap-leach processing.
• Future Plans: Continue advancing Santa Fe toward production, update the preliminary economic assessment, and drill-test the satellite West Santa Fe project during 2025.

Notable Quotes

• Kimberly Ann, Executive Chair, Founder, CEO, and President: "Lahontan is excited to begin its fall 2025 drilling program at the Santa Fe mine. Utilizing the results from our phase 1 2025 drill program, the geologic team has carefully targeted multiple areas at the Slab and York deposits, where gold and silver resources can be upgraded and expanded. The drill program is vital as the company pivots from resource definition to mine planning and permitting in 2026. Combined with ongoing metallurgical testing, this drilling program sets the stage for detailed mine scheduling, planning and the mine permitting process."
• Brian Maher, Vice-President, Exploration: "At Lahontan Gold Corp., it's all hands on deck."