Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has provided an update on development and exploration activities at its Santa Fe Mine Project in Nevada, stating the project remains on track to begin construction in 2027. The company expects to complete an updated mineral resource estimate within weeks and a revised preliminary economic assessment by the end of August 2026, both of which are key milestones supporting state and federal permitting.
Lahontan reported completing 87 drill holes totaling 7,751 meters this year, with the newly identified Slab West gold discovery remaining open in all directions. The company said permitting work continues to advance, including groundwater studies and waste rock characterization. Drilling is also underway to evaluate the potential reprocessing of historic heap leach pads as a possible low-cost source of future gold and silver production.
The Santa Fe Mine project, Lahontan's flagship property, spans 26.4 km² in the Walker Lane of mining-friendly Nevada. The site had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. According to the company, the Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained.
Lahontan also announced shareholder approval of a new restricted share unit and deferred share unit plan designed to support the attraction and retention of key personnel. The company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025.
For more information, visit the company's website at www.lahontangoldcorp.com. The full press release is available at https://ibn.fm/ohBUb.
