LAHONTAN GOLD CORP - LGCXF STOCK NEWS

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) announced that the Ontario Superior Court of Justice has granted permission for Price Waterhouse Cooper (PwC), acting as Receiver, to proceed with the transfer of Victoria Gold Corp's common shares in Lahontan. The company has been coordinating with institutional and private investors to ensure an orderly transfer of these shares.

The transfer is expected to occur soon, which should help alleviate the overhang affecting Lahontan's equity investors. The company views this development as a significant step toward placing these shares with secure, long-term investors while continuing to focus on advancing the Santa Fe Mine towards production.

Lahontan Gold Corp has filed an independent Technical Report and updated Mineral Resource Estimate (MRE) for its Santa Fe Mine gold and silver project in Nevada. The report, effective October 9, 2024, and dated November 27, 2024, confirms the information previously disclosed in the October 15, 2024 news release with no material differences. The Technical Report is now available on SEDAR+ and the company's website. Lahontan expects to release a Preliminary Economic Assessment (PEA) of the Santa Fe Mine project in December 2024.

Lahontan Gold Corp has submitted its Santa Fe Mine project Exploration Plan of Operations (POO) to the Bureau of Land Management for approval. The submission includes comprehensive draft baseline study reports covering environmental aspects such as biology, wildlife, vegetation, and protected species, along with cultural, visual, hydrology, and socio-economic assessments. The company expects final POO approval by Q3 2025. Notably, all environmental and cultural baseline studies can be integrated into a future Mining Plan of Operation, which the company plans to submit in draft form to BLM in early 2025.

Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) has announced an updated Mineral Resource Estimate (MRE) for its Santa Fe Mine in Nevada. The MRE shows significant increases in resources:

- Indicated Mineral Resources: 1,539,000 contained gold equivalent (Au Eq) ounces, a 38% increase from 2023

- Inferred Mineral Resources: 411,000 contained Au Eq ounces

- Project-wide average grade: 0.99 g/t Au Eq for Indicated and 0.76 g/t Au Eq for Inferred

- Shallow oxide resources at Slab-Calvada-York expanded dramatically, nearly doubling from 2023

The company plans to use this MRE for a Preliminary Economic Assessment (PEA) to examine resuming production using open-pit mining and heap leach processing. Lahontan is progressing with state-level mine permitting and federal land management processes.

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) has announced promising results from metallurgical test work across all four deposits at its Santa Fe Mine project in Nevada. The study, conducted by Kappes, Cassiday and Associates, focused on cyanide-soluble gold analysis and preg-robbing potential. Key findings include:

- Calvada Deposit: 91.5% CN-soluble gold, up from 71% previously estimated
- York Deposit: Up to 91.0% CN-soluble gold, averaging 78.4% (previously 60%)
- Slab Deposit: 69.0% CN-soluble gold on average (previously 50%)
- Santa Fe Deposit: Moderate CN-soluble gold content

Importantly, only 3 out of 205 samples showed aggressive preg-robbing potential, indicating favorable conditions for future mine operations. The company plans additional testing to optimize recoveries and processing flow sheets for its upcoming Preliminary Economic Assessment.

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) has announced promising results from five reverse-circulation rotary drill holes at its Santa Fe Mine project in Nevada. The drilling campaign targeted potential extensions to existing gold and silver resources and aimed to refine pit boundaries for an upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA).

Key highlights include:

• 48.8 metres grading 0.51 g/t Au Eq of shallow oxide mineralization in drill hole CAL24-007R
• 7.6 metres grading 2.22 g/t Au Eq in drill hole CAL24-009R
• Significant expansion of the mineralization footprint north of the Slab open pit
• Potential for resource expansion in the Slab pit area

The results will be incorporated into a new MRE block model, forming the basis for mining planning in the upcoming PEA, expected in September 2024.

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) has announced two significant updates. Firstly, Ms. Kimberly Ann, the company's Founder, CEO, President, and Director, has been appointed Executive Chair by the Board of Directors, effective immediately. Secondly, the company provided an update on the block of Lahontan common shares held by Victoria Gold Corp (VGCX).

Following a court order, PricewaterhouseCoopers Inc. has been appointed as the receiver and manager of VGCX's assets. As a result, the VGCX share block cannot be sold without court approval. Lahontan's management believes this will allow for an orderly sale of the Lahontan common shares held by VGCX. The company is actively working to assist in any potential sale process to ensure the best outcome for Lahontan shareholders.

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) has announced the resignation of John McConnell from his positions as director and Chair of the Board of Directors. Kimberly Ann, the company's Founder, CEO, President, and Director, expressed gratitude for McConnell's service and wished him well in his future endeavors. This management change represents a significant shift in the company's leadership structure.

The press release does not provide details on the reasons for McConnell's departure or any immediate plans for his replacement. As this change could potentially impact the company's strategic direction and governance, investors and stakeholders may be keen to monitor further announcements regarding the composition of Lahontan's Board of Directors.

Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) has initiated metallurgical testing for its planned Preliminary Economic Assessment (PEA) of the Santa Fe Mine project in Nevada. The testing, conducted by Kappes, Cassiday and Associates, focuses on:

• Comminution test work for assessing crushing and abrasion characteristics
• Compacted permeability tests to determine cement requirements for agglomeration
• Pregnant solution robbing analysis to identify potential problem areas

Previous testing and mining operations at Santa Fe demonstrated excellent heap leach recoveries for gold (79%) and silver. The company aims to develop precise economic parameters for processing mineralized rock at Santa Fe, with the PEA expected to be completed in September 2024.