Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has announced additional drilling results from its 2026 program at the Santa Fe Mine Project in Nevada, highlighting a significant new gold discovery and further expansion of the project's resource potential. The results, which include the first gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, signal a new exploration target for the company and reinforce the district-scale opportunity beyond its current resource base.
Drill hole CAL26-11R returned 13.7 meters grading 1.10 g/t gold equivalent (Au Eq), establishing the new exploration target in the volcanic rocks. Meanwhile, drill hole CAL26-12R intersected 12.2 meters grading 1.26 g/t Au Eq near the base of the current resource pit shell, adding to the high-grade oxide mineralization at the Calvada East resource area. These results are part of a broader program that also tested the Slab West exploration target, where shallow oxide gold and silver mineralization was encountered in drill holes CAL26-13R and CAL26-15R, returning 35.1 meters grading 0.21 g/t Au Eq and 18.3 meters grading 0.22 g/t Au Eq, respectively.
Management noted that Slab West remains open in multiple directions, and additional assay results from recently completed drill holes are expected shortly. The company views these findings as validation of the project's exploration upside, with the potential to expand resources beyond the currently defined pit-constrained mineral resources.
The Santa Fe Mine project, Lahontan's flagship property, spans 26.4 square kilometers in the Walker Lane of Nevada, a jurisdiction known for its mining-friendly environment. The project has a history of past production, with 359,202 ounces of gold and 702,067 ounces of silver extracted between 1988 and 1995 via open pit mining and heap-leach processing. According to the company's latest technical report, the project hosts a National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and an Inferred Mineral Resource of 411,000 ounces of Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag). These resources are reported using cut-off grades of 0.15 g/t Au Eq for oxide and 0.60 g/t Au Eq for non-oxide materials, based on assumptions of a gold price of $1,950 per ounce and a silver price of $23.50 per ounce.
The company plans to continue advancing the Santa Fe Mine towards production, update its Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. These efforts are expected to further delineate the project's economic potential and support future development decisions.
The technical content of this news release has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist to Lahontan Gold, who is a Qualified Person as defined by National Instrument 43-101. The full press release is available at https://ibn.fm/UQWit, and additional information about the company can be found on its website at www.lahontangoldcorp.com.
These latest results underscore the ongoing success of Lahontan's exploration strategy at Santa Fe, highlighting the project's potential to grow its resource base and extend the mine's life. As the company continues to release results and advance its studies, the implications for shareholders and the regional mining industry are significant, particularly given the project's existing infrastructure and historical production record.
