Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has reported 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. 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. The company said the 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.
These results are crucial for the company as it works toward updating the preliminary economic assessment (PEA) for the Santa Fe Mine project. The 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, 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 3.26 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 PEA, and drill test its satellite West Santa Fe project during 2025.
The high-grade intercept at Calvada is particularly significant as it demonstrates the potential for higher-grade zones within the deposit, which could improve project economics. For the mining industry, this news underscores the ongoing exploration success in Nevada's Walker Lane, a prolific gold-producing region. The advancement of the Santa Fe project toward a construction decision in 2027 could have positive implications for the local economy and the global gold supply chain, as new mine developments are critical to replacing depleting reserves.
For more details, the full press release is available at https://ibn.fm/eIjZy. Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. 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.
