Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has released additional results from its 2026 drilling program at the Santa Fe Mine Project in Nevada, revealing a new gold discovery and expanding the project's potential. The company reported the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, a new exploration target, as well as additional high-grade oxide mineralization at the Calvada East resource area.
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, 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 Calvada East. These results highlight the potential for expanding the resource base at Santa Fe.
Additionally, the company reported broad intervals of shallow oxide gold and silver mineralization at the Slab West exploration target. Drill holes CAL26-13R and CAL26-15R intersected 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 Santa Fe Mine Project is Lahontan's flagship property, covering 26.4 square kilometers in the Walker Lane of Nevada, a mining-friendly jurisdiction. The project has a past production history of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines using heap-leach processing. Currently, the Santa Fe Mine 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 efforts are part of a broader strategy to unlock the full potential of the district.
The technical content of the news release has been reviewed and approved by Michael Lindholm, CPG, an Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101. The full press release is available at https://ibn.fm/UQWit.
This discovery is significant for the mining industry as it demonstrates the potential for new mineralization styles at the Santa Fe project, which could extend the mine life and enhance the project's economics. For investors, the expansion of exploration targets could lead to resource growth and increased value. For the broader industry, it underscores the importance of continued exploration in mature mining districts, where modern techniques and deeper drilling can uncover new deposits.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company focused on top-tier gold and silver properties in Nevada. In addition to Santa Fe, the company holds three other exploration properties in the Walker Lane. The company's commitment to exploration and development is evident in its ongoing drilling program and plans for future studies.
