Lahontan Drills 16.5m Grading 2.72 g/t Au and 2.8 g/t Ag at Santa Fe Heap Leach Pad Two

Initial Sonic drilling on Santa Fe’s Heap Leach Pad Two shows residual grades above prior expectations, supporting evaluation of reprocessing potential.

Rhea-AI Summary

Lahontan Gold Corp (LGCXF) reported new 2026 Sonic core drill results from Heap Leach Pad Two at the Santa Fe Mine Project in Nevada.

Ten vertical drill holes totaling 168.9 m were completed on HLP Two, with intervals of 0.76 m, including a highlight intercept of 16.5 m grading 2.72 g/t Au and 2.8 g/t Ag. Historic records show that 3.76M tonnes at 0.55 g/t Au and 2.9 g/t Ag (0.58 g/t Au Eq) were originally placed on the pad, with expected residual grades of about 0.29 g/t Au and 2.5 g/t Ag (0.32 g/t Au Eq). Based on the first ten holes, the weighted average grade of all samples is 0.50 g/t Au and 3.3 g/t Ag (0.54 g/t Au Eq), above the estimated residual grade. Cyanide leach (CN) analyses range from 5% to 82% of corresponding fire assay Au and average 40%, which the company says suggests potential amenability to conventional CN reprocessing.

Positive

• Weighted average residual grade 0.50 g/t Au, 3.3 g/t Ag (0.54 g/t Au Eq) from first 10 holes, above expected 0.29 g/t Au and 2.5 g/t Ag (0.32 g/t Au Eq)
• Best reported intercept 16.5 m grading 2.72 g/t Au and 2.8 g/t Ag on HLP Two
• Cyanide leach results 5–82% of fire assay Au, averaging 40%, indicating potential CN leach reprocessing according to the company
• Existing Santa Fe resources 1,195,000 oz Au Eq indicated and 1,190,000 oz Au Eq inferred, all pit constrained

Negative

• None.

News Explained

The program has not yet converted heap-pad grades into a defined resource or committed reprocessing plan.

The HLP Two work remains an evaluation: results from 10 of 26 completed holes are reported, and the company says further results are needed before a Mineral Resource can be calculated; reprocessing remains a potential future opportunity rather than a committed operation.

The specific resolution path is additional drilling and assay results: the company says 86 additional Sonic drill holes are spread across the four historic heap leach pads.

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TORONTO, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF, FSE:Y2F) (the “Company” or “Lahontan”) is pleased to announce additional results from its 2026 Sonic core drilling program at the Santa Fe Mine Project. The ten drill holes reported below were all located on Santa Fe Mine Heap Leach Pad Two (“HLP Two”) and total 168.9 metres. Nearly every drill interval (0.76m) contains meaningful gold and silver mineralization, not unexpected given that the program is evaluating a historic heap leach pad (please see table and map below).

Notes: Au Eq equals Au (g/t) + ((Ag g/t/60)*0.70). Silver grade for calculating Au Eq is adjusted to consider historic metallurgical recovery as described in the Santa Fe Project Technical Report*. All drill holes are vertical, true thickness of the intercepts are approximately 100% of the drilled interval. Numbers may not total precisely due to rounding.

HLP Two was utilized by Corona Gold to process run-of mine (“ROM” or uncrushed) gold and silver mineralized rock from the Santa Fe open pit during the late 1980’s and early 1990’s. Detailed production records show that 3.76M tonnes of rock grading 0.55 g/t Au, 2.9 g/t Ag (0.58 g/t Au Eq) was loaded on HLP Two and, based on reported recoveries (47% Au, 13% Ag), the expected residual grade would average about 0.29 g/t Au and 2.5 g/t Ag (0.32 g/t Au Eq). Based on these first ten drill holes (out of 26 completed), the weighted average grade of all samples to date is 0.50 g/t Au, 3.3 g/t Ag (0.54 g/t Au Eq). CN Au analyses vary from to 5 to 82% of the coresponing fire assay Au value and average 40%, suggesting that the heap leach pad material may be amenable to reprocessing using conventional CN leaching. Unique to drilling heap leach pads, mine dumps, or tailings, is a lack of systematic geologic or other technical controls to grade distribution, so grade variability is expected.

Kimberly Ann, Founder, Chair, CEO, and President of Lahontan Gold Corp commented: “The results from the Sonic core drilling of HLP Two are very encouraging. The drill holes confirm the presence of significant residual gold and silver mineralization in HLP Two. Additional drill results will be needed before Mineral Resources can be calculated; however, the program is clearly off to an excellent start. There are 86 additional Sonic drill holes spread across the four historic heap leach pads, so expect additional results as assays are provided by the lab.”

Drill hole location, Heap Leach Pad Two, Santa Fe Mine Project, Mineral County, Nevada. Drill holes shown are the SF26-XXXS series of Sonic core drill holes.

QA/QC Protocols

Lahontan conducts an industry standard QA/QC program for its core, Sonic, and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC 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% of the total samples. CRMs were inserted at a rate of one CRM for every 20 samples or approximately 5% of the total samples.

The standards utilized include three gold CRMs and one blank CRM that were purchased from MEG, LLC of Lamoille, Nevada (formerly Shea Clark Smith Laboratories of Reno, Nevada). Expected gold values are 0.188 g/t, 1.107 g/t, 10.188 g/t, and -0.005 g/t, respectively. CRMs with similar grades are inserted as the initial CRM’s run out. The coarse blank material comprised of commercially available landscape gravel and unaltered Tertiary volcanic rock have an expected gold value of -0.005 g/t.

As part of the RC drilling QA/QC process, duplicate samples were collected of every 20^th 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 - 30.48m) mark and labeled with a “D” suffix on the sample bag. No duplicates were submitted for Sonic core drill holes.

All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses. Delivery to the lab 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 two acid digestion ICP-AES method. Tellurium or 50-element analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. We have all results reported in grams per tonne (g/t).

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Nevada-focused mine development company advancing a portfolio of four gold and silver projects in mining-friendly Nevada’s prolific Walker Lane. The Company’s primary focus is the restart of its flagship, the 28.3 km² Santa Fe Mine project, with a targeted return to production in 2027.

• Santa Fe Mine historic production: 359,202 ounces of gold and 702,067 ounces of silver, open pit mining with heap-leach processing (1988-1995; Nevada Bureau of Mines).
• Current Resources: The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t Au Eq) and an Inferred Mineral Resource of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*).
• Objectives 2026:
  • Complete an updated Preliminary Economic Assessment (“PEA”) for the Santa Fe Mine, including the first analysis of mining and processing sulfide resources,
  • Advancing mine permitting activities with the objective of commencing construction in 2027,
  • Continue drill testing the satellite West Santa Fe project, with a maiden resource estimate targeted by year-end,
  • Conduct exploration drilling at Santa Fe focused on expanding known gold and silver mineralization,
  • Drill test historic heap-leach pads to evaluate residual gold and silver mineralization for potential future reprocessing opportunities.

For more information, please visit our website: www.lahontangoldcorp.com

* Please see the “Updated Mineral Resource Estimate, NI 43-101 Technical Report, Santa Fe Project”, Authors: Michael S. Lindholm, C.P.G., and Thomas Dyer, PE; Effective Date: August 13, 2026, Report Date: Maximum 45 days from August 17, 2026. The Technical Report will be available on the Company’s website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$3,250/oz gold, silver price of US$40.00/oz silver, and oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.

Qualified Person

Brian J. Maher, M.Sc., CPG-12342, is a “Qualified Person” as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical disclosure other than the Mineral Resource Estimate as noted above.‎ Mr. Maher is Senior Vice President, Mine Development & Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the disclosure.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, Executive Chair

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann

Founder, CEO, President, Executive Chair

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.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/20a2bb0c-6da0-4051-9a55-564b48955150
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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Heap Leach Pad Two and what material does it contain?

Heap Leach Pad Two was used by Corona Gold in the late 1980s and early 1990s to process run-of-mine gold and silver mineralized rock from the Santa Fe open pit. Detailed production records indicate that 3.76M tonnes of material grading 0.55 g/t Au and 2.9 g/t Ag (0.58 g/t Au Eq) were stacked on HLP Two, with reported recoveries of 47% for gold and 13% for silver.

How were the expected residual grades on HLP Two estimated?

Expected residual grades on Heap Leach Pad Two were derived from historic production records and reported recoveries. Based on 3.76M tonnes loaded and recoveries of 47% Au and 13% Ag, the expected average residual grade was estimated at about 0.29 g/t Au and 2.5 g/t Ag (0.32 g/t Au Eq).

What QA/QC procedures were used for Lahontan’s drilling programs?

The QA/QC program included insertion of coarse blanks and Certified Reference Materials (CRMs) into the sample stream at random intervals, targeting one QA/QC sample every 16–20 samples. Coarse blanks were inserted at about 1.5% of samples and CRMs at about 5%. CRMs with expected gold values of 0.188 g/t, 1.107 g/t, 10.188 g/t, and -0.005 g/t were used. American Assay Laboratories also inserted its own blanks, standards and duplicates.

What are Lahontan Gold’s stated objectives for the Santa Fe Mine in 2026?

The 2026 objectives include completing an updated Preliminary Economic Assessment for Santa Fe, advancing mine permitting to support a targeted construction start in 2027, continuing drill testing at the West Santa Fe satellite project with a maiden resource estimate targeted by year-end, conducting exploration drilling to expand known mineralization, and drilling historic heap-leach pads to evaluate residual mineralization for potential future reprocessing.

What is the current NI 43-101 mineral resource at the Santa Fe Mine?

The Santa Fe Mine has an NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together 0.78 g/t Au Eq) and an Inferred Mineral Resource of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together 0.61 g/t Au Eq), all reported as pit constrained.