Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has reported additional results from its 2026 drilling program at the Santa Fe Mine project in Nevada, highlighting a geotechnical diamond drill hole at the Calvada deposit that also intersected significant oxide gold mineralization. The company announced 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 the press release, 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.
Additional reverse-circulation drilling at the southern end of the Slab open pit 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, helping define mineralization near the Calvada Fault. Lahontan said drilling continues across the Santa Fe project, with additional results expected from its RC program and Sonic drilling campaign 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, which 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, 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). 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.
The significance of these results lies in the confirmation of high-grade oxide mineralization within a known deposit, which could enhance the project's economics and de-risk the development timeline. The intercept at Calvada, in particular, suggests the potential for higher-grade zones that may improve resource quality and reduce processing costs. As Lahontan progresses with its drilling and study programs, the updated resource estimate and preliminary economic assessment will be critical milestones for investors and stakeholders. The company's progress is detailed in the full press release available at https://ibn.fm/eIjZy. For more information about Lahontan Gold Corp., visit www.lahontangoldcorp.com.
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. With the company's focus on advancing the Santa Fe project, these drilling results represent a positive step toward potential production in 2027, reinforcing the project's status as a promising gold development asset in the Walker Lane of Nevada.
