Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has announced additional results from its 2026 drilling program at the Santa Fe Mine project in Nevada, highlighted by a geotechnical diamond drill hole at the Calvada deposit that also intersected significant oxide gold mineralization. The company reported that hole CAL26-03C returned 30.8 meters grading 0.93 grams per tonne gold equivalent (“Au Eq”), including a higher-grade interval of 10.7 meters grading 2.18 g/t Au Eq. According to Lahontan, this intercept ranks among the highest-grade results drilled to date within the Central Calvada deposit and supports confidence in advancing the project toward a targeted mine construction start in 2027.
The company also reported additional reverse-circulation drilling at the southern end of the Slab open pit, which encountered near-surface oxide mineralization, including 15.2 meters grading 0.40 g/t Au Eq and 9.1 meters grading 0.22 g/t Au Eq. These results help define mineralization near the Calvada Fault. Lahontan noted that drilling continues across the Santa Fe project, with additional results expected from its RC program and Sonic drilling campaign. The Sonic drilling is evaluating historic stockpiles and heap leach pads as part of broader efforts to update the project’s mineral resource estimate, complete a preliminary economic assessment, and advance permitting activities.
The Santa Fe Mine project, covering 26.4 km² in the Walker Lane of Nevada, 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. The project currently hosts 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. 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.
These drilling results are significant for Lahontan Gold as they demonstrate the potential for high-grade mineralization within the Calvada deposit, which could enhance the project's economics. The intercept at CAL26-03C, with 10.7 meters grading 2.18 g/t Au Eq, is among the highest-grade intervals in the Central Calvada deposit, suggesting that the deposit may contain zones of higher-grade material that could be targeted for future mining. The near-surface intercepts at the Slab pit also indicate potential for additional oxide mineralization near the Calvada Fault, which could be readily accessible for open-pit mining.
For investors and the mining industry, these results underscore the progress Lahontan is making toward its goal of restarting production at the Santa Fe Mine. The company's focus on updating the mineral resource estimate, completing a preliminary economic assessment, and advancing permitting activities are critical steps toward a potential mine construction start in 2027. If successful, the Santa Fe Mine could become a significant gold and silver producer in Nevada, a jurisdiction known for its favorable mining policies and infrastructure.
The technical content of this news release has been reviewed and approved by Michael Lindholm, CPG, Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101. For more information, visit the company's website at www.lahontangoldcorp.com.
