Lahontan Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 sq. 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 an 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 1.00 g/t AuEq), all pit constrained. The Company will continue to aggressively explore Santa Fe during 2024 and begin the process of evaluating development scenarios to bring the Santa Fe Mine back into production.

Newly acquired West Santa Fe has the potential to add significant shallow oxide resources to compliment Santa Fe. Lahontan Gold's other Walker Lane projects, Moho and Redlich Silver, have excellent exploration potential and are drill ready. When you think oxide gold in Nevada, think Lahontan Gold.

Investment Highlights

Nevada

• # 1 Jurisdiction in the USA
• Straight Forward Permitting

Size & Scale

• + 1.7 Million Ounces & Growing
• District Scale Land Package
• Multi-Million Ounce District

Excellent Infrastructure

• Year-round access, substation on site, access to three water wells
• Adjacent to an operating mine

Past Producer

• Santa Fe Mine is a mine under closure – enables fast-track back to production

Management & Board – Proven Track Record

• Strong support, Institutional support 30%, Victoria Gold 24% stakeholder, Management ownership 10%

Projects in Hand

Flagship Santa Fe Mine Project, Nevada

Ownership: 100% Lahontan Gold

Location: Nevada's prolific Walker Lane gold and silver mineral belt

Land Package: 26.4 sq. km with five known deposits

Heap Leach Gold & Silver Operation; Open between deposits, along strike, and at depth

Maiden Mineral Resource Estimate 2023

• Indicated: 1,112,000 ounces AuEq grading 1.14 g/t AuEq
• Inferred: 544,000 ounces AuEq grading 1.1 g/t AuEq
• Average grade 1.12 g/t AuEq
• Occur in five separate deposits: Santa Fe, Slab, Calvada Central, Calvada East and York deposits
• Resource constrained by conceptual pits

Oxide Resources:

• Indicated: 712,000 ounces AuEq grading 1.03 g/t AuEq
• Inferred: 262,000 ounces AuEq grading 0.73 g/t AuEq

2024 Work Plan

• Comprehensive metallurgical work review, complete and submit plan of operation, updated technical report: Preliminary Economic Assessment (PEA)

Key Takeaway

• Work on the asset has outlined shallow, oxidized Au & Ag mineralization as well as deeper high-grade potential

Metallurgical Testing

On July 16, 2024, Lahontan Gold announced that it has commenced metallurgical testing in support of its planned Preliminary Economic Assessment (PEA) of the Santa Fe Mine project.

Previous test work and mining at Santa Fe established excellent heap leach recoveries for gold and silver (e.g. 79% gold recovery in the Santa Fe deposit, please see Lahontan press release dated January 22, 2024). This test work is focused on developing precise economic parameters for processing gold and silver mineralized rock at Santa Fe.

The Company is focused on developing the best cost/metallurgical data set available to support the PEA of returning the Santa Fe Mine project back into production.

West Santa Fe Project, Nevada

Ownership: 100% Lahontan Gold via 7 year low-cost option agreement

Location: Located only 13 km west of the Flagship Santa Fe Mine

Land Package: 11.8 sq. km

Oxide Starts at the Surface

Project History

• Previous drilling totals over 13,000 metres in 171 drill holes; only five holes are deeper than 165 metres

2024 Work Plan

• Complete mapping and sampling, obtain drill permit for 5,000 metres, Drone Magnetic Survey

The West Santa Fe gold-silver project hosts an oxidized gold-silver mineralized system in a geologic setting nearly identical to Santa Fe.

Modeling of historical drill hole data by Lahontan geologists outlines a shallow gold and silver system with a sufficient volume to host 0.5 to 1.0M ounces of oxidized gold and silver mineralization in an open-pit mining configuration.

Management

Management and Directors

Kimberly Ann, Founder, Executive Chair, Chief Executive Officer & President

Ms. Ann is a mining executive who has founded multiple junior mining companies and served in a variety of senior executive positions including CEO, President, CFO and Board Member. In the past twelve years, Ms. Ann has raised over $210M in project financing and collaborated on three Junior Mining M&A projects. While at Prodigy Gold, she was responsible for all aspects of the company's corporate communication program, facilitating equity financings, generating analyst coverage, participating in key aspects of corporate M&A leading to the $340M buyout of Prodigy by Argonaut Gold. She was CFO and VP Corporate Development at PPX Mining Corp., successfully bringing the high-grade Callanquitas gold-silver underground mine into production in Northern Peru. In 2017, she founded Latin America Resource Group (“LARG”), building Jasperoide from two small concessions into a 57 square kilometre strategic project in the heart of Peru's most prolific copper-gold mineralized belt. In 2020, LARG merged with Carube Copper Corp. to create C3 Metals Inc., setting the stage for value creation throughout C3's project portfolio. She is also the Managing Partner of KA Gold LLC, a private company with a portfolio of advanced gold-silver exploration projects in Nevada.

Brian Maher, Founder, Vice President of Exploration

Mr. Maher is an economic geologist with over 45 years of experience in the international mining and exploration industry. Prior to Lahontan, he was the President, CEO and Director of Prodigy Gold Inc. where he guided the company through a period of expansive growth, exploring and developing the 6.6M ounce Magino gold deposit in northern Ontario, culminating in the $341M acquisition of Prodigy Gold by Argonaut Gold in 2012. From 2013 to 2022, he was the President and CEO of PPX Mining, developing, and operating a high-grade underground gold and silver mine in northern Peru. He is also the Managing Partner of KA Gold LLC, a private company with a portfolio of advanced gold-silver exploration projects in Nevada.

John McNeice, Chief Financial Officer

Mr. McNeice is a Chartered Professional Accountant registered in Ontario, Canada with over 30 years of experience. Currently he is the CFO of Gold79 Mines Ltd., C3 Metals Inc. and Northern Graphite Corp.

Chris Donaldson, Independent Director

Josh Serfass, Independent Director

Bob Mc Knight, Independent Director

News Update

On November 11, 2024, Lahontan Gold Corp. has submitted its Santa Fe mine project exploration plan of operations (POO) to the federal Bureau of Land Management (BLM) for approval and determination of formal completeness. The company and its consultants have completed draft baseline study reports which are included in the updated POO being submitted to the BLM. Environmental baseline reports to be submitted include general biology, bats, avian and terrestrial wildlife, vegetation, and survey results for any sensitive or protected species. Other baseline reports to be submitted include cultural, visual, surface hydrology, environmental justice and socio-economic values. Once BLM has completed its review, the company should be able to begin the National Environmental Protection Act (NEPA) process and complete the permitting process.

Kimberly Ann, founder, executive chair, chief executive officer and president of Lahontan Gold, commented: "With the submission of the POO, the BLM can begin its review process and issue a formal completeness determination that allows the NEPA process to commence. The permitting process remains on schedule and we anticipate final approval of the POO by Q3 2025. Importantly, all the environmental and cultural baseline studies completed for the POO can be integrated into a mining plan of operation as all the contemplated mining activity will take place within the footprint of the exploration POO. The company has already begun work on the mining POO and anticipates submitting a draft mining POO to the BLM early in 2025."

On October 15, 2024, Lahontan Gold Corp. announced an updated Mineral Resource Estimate ("MRE") for its flagship Santa Fe Mine, a past-producing open pit, heap leach, gold and silver mine, located in Nevada's prolific Walker Lane. The MRE for Santa Fe is based upon 988 drill holes totaling 97,281 metres, including 79 drill holes totaling 19,151 metres drilled by Lahontan since 2021. Highlights of the MRE include:

• Project-wide pit constrained resources increase significantly: Indicated Mineral Resources of 1,539,000 contained gold equivalent ("Au Eq") ounces and Inferred Mineral Resources of 411,000 contained Au Eq ounces (assumptions for Au Eq are described in the Notes to Table 1).
• Indicated Resources increased by 427,000 Au Eq ounces compared to the 2023 MRE, an increase of 38% .
• Project-wide average grade for the Indicated Mineral Resource is 0.99 g/t Au Eq ; the average grade of the Project-wide Inferred Mineral Resource is 0.76 g/t Au Eq (please see Table 1).
• Shallow Slab-Calvada-York oxide resources expand dramatically: Indicated Oxide Resources total 9.72 Mt grading 0.65 g/t Au Eq for 204,000 Au Eqounces and Inferred Oxide Resources total 11.55 Mt grading 0.53 g/t Au Eq for 198,000 Au Eq ounces, accounting for 47% of the total oxide gold and silver resources at the project and nearly double the number ounces reported in the 2023 MRE.
• The MRE block model shows that gold and silver mineralization extends well beyond the conceptual pit shells, generating high-quality targets for additional drilling and resource growth, especially the northern extension of the Slab deposit (please see map below).

Kimberly Ann, Founder, Executive Chair, CEO, and President of Lahontan Gold Corp commented: "Lahontan is excited by the results of this updated MRE for the Santa Fe Mine, particularly the large growth of Indicated Resources and the continued expansion of the shallow Slab and Calvada oxide gold and silver deposits. The MRE will form the basis of a Preliminary Economic Assessment ("PEA") of the Santa Fe Mine. The PEA will examine mining and process options for resuming production utilizing low-cost open-pit mining and heap leach processing. Our technical consultants, Kappes, Cassiday and Associates ("KCA") and RESPEC Company LLC ("RESPEC"), both based in Reno, Nevada, are well advanced at project planning, mine design, finalizing the process flow sheet, and optimizing crushing throughput. The Company has been using these preliminary designs to begin its State level mine permitting process while simultaneously completing it Exploration Plan of Operation ("EPOO") with the Federal Bureau of Land Management ("BLM"). Once the EPOO is submitted to the BLM, a draft Mine Plan of Operations ("MPOO") will be completed utilizing all the technical sections from the EPOO and both documents can proceed in parallel. With the release of the updated MRE and the soon to be completed PEA, Lahontan is at an exciting inflection point in its growth and we look forward to continuing our evolution from a junior explorer to a mine development company."

On September 04, 2024, Lahontan Gold Corp. has released results from metallurgical testwork spread across all four deposits at the company's 26-square-kilometre Santa Fe mine project located in Nevada's prolific Walker Lane gold and silver belt. A total of 205 pulp samples from previous Lahontan drilling representing five of the principal mineralization types present throughout the Santa Fe mine project area, were subjected to cyanide (CN) shake analysis to determine the amount of CN-soluble gold in the samples and pregnant solution robbing (preg-robbing) analysis to identify/eliminate any potential problem areas for preg-robbing in the four deposits. The testwork was completed by Kappes, Cassiday and Associates (KCA) of Reno, Nev., a global leader in metallurgical and process consulting. Highlights of the testwork are described herein and in the subsequent table.

• Calvada deposit: The CN soluble gold analyses show a potential upside in gold recovery compared with previously reported metallurgical results with 91.5 per cent of the fire assayed gold to be CN soluble compared with the currently estimated gold recoveries of 71 per cent (please see Lahontan press release dated Jan. 22, 2024). Additional metallurgical testwork including bottle-roll and column leach tests are planned to follow up on the potential shown by CN solubility analyses.
• York deposit: York samples also demonstrated a potential upside in gold recovery, with up to 91.0 per cent of the fire assayed gold to be CN soluble and averaging 78.4 per cent compared with the currently estimated gold recoveries of 60 per cent (please see Lahontan press release dated Jan. 22, 2024).
• Slab deposit: CN soluble gold analysis for Slab were elevated compared with previous test work, averaging 69.0 per cent of fire assayed gold compared with the currently estimated 50-per-cent gold recovery (please see Lahontan press release dated Jan. 22, 2024). Additional testing is planned to further optimize recoveries.
• Santa Fe deposit: Sampling concentrated on two mineralization types and CN soluble gold contents were moderate compared with previous testwork. Additional testwork, including mineralogical analysis, are planned for these two mineralization types.

Preg robbing potential: Only three of 205 samples analyzed exhibited aggressive preg robbing potential (Santa Fe deposit), with one showing moderate preg robbing (Slab deposit, although this sample maintained high cyanide solubility of fire assayed gold, which makes the preg robbing result questionable). Preg robbing is determined by comparing the results of a standard cyanide shake test with that obtained by spiking the leach solution with a known amount of soluble gold providing a semi-quantitative assessment of preg robbing, typically referred to as the preg robbing index (PRI) or preg robbing percentage.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "The company is excited to receive these results from KCA which continue to confirm the high-potential recoveries from oxide gold mineralization at the Santa Fe mine project. The absence of any significant preg robbing potential across multiple mineralization types bodes well for future mine operations. We will continue met testing based on recommendations from KCA to further optimize the processing flow sheet which will be utilized in our upcoming preliminary economic assessment that will analyze the economic upside of resuming precious metal production at Santa Fe."

August 27, 2024, Lahontan Gold Drills 49 Metres Grading 0.51 g/t AuEq Incl. 7.6 Metres Grading 1.16 g/t AuEq at Santa Fe

PR-August-2024-Drill-Results-27AUG2024-FINAL.pdf

August 23, 2024, Lahontan Gold Provides Corporate Update. Lahontan Gold reported that Ms. Kimberly Ann, Lahontan Founder, CEO, President, and Director, has been appointed Executive Chair by the Company's Board of Directors, effective immediately.

PR-August-KA-Becomes-Chair-VGCX-shares-update-23AUG2024-FINAL.pdf

August 16, 2024, Lahontan Gold reported that Mr. John McConnell has tendered his resignation as a director and Chair of the Board of Directors of Lahontan.

PR-August-JM-Resignation-16AUG2024-FINAL.pdf

July 16, 2024, Lahontan Gold Begins Metallurgical Testing For Santa Fe PEA

PR-Begin-Met-Testing-16JUL2024-FINAL.pdf

July 9, 2024, Lahontan Drills 41 Metres Grading 0.90 g/t AuEq Incl. 16.8 Metres Grading 1.41 g/t AuEq at Santa Fe

PR-First-2024-Drill-Results-09JUL2024-FINAL.pdf

July 2, 2024, Lahontan Gold Provides AGM Results

PR-AGM-Results-02JUL2024-FINAL.pdf

June 25, 2024, Lahontan Gold announced that it has completed phase 2 of its 2024 drilling program at the Santa Fe mine project. 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.

PR-Complete-Phase-Two-Drilling-at-Santa-Fe-25JUN2024-FINAL.pdf

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