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 known mineralization at the site. The company reported that drill hole CAL26-11R returned 13.7 meters grading 1.10 g/t gold equivalent (Au Eq), marking the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault. This intersection establishes a new exploration target that could extend the deposit's footprint.
Another drill hole, CAL26-12R, intersected 12.2 meters grading 1.26 g/t Au Eq near the base of the current resource pit shell, further confirming the continuity of high-grade oxide mineralization at the Calvada East resource area. These results are part of a broader effort to define additional resources that could enhance the project's economics.
In addition to the Calvada East findings, Lahontan 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. The mineralization at Slab West remains open in multiple directions, indicating significant potential for further expansion. Management noted that additional assay results from recently completed drill holes are expected shortly, which could provide more clarity on the extent of the mineralization.
The Santa Fe Mine project, which spans 26.4 square kilometers, has a history of past production, having yielded 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 through open pit mining and heap-leach processing. The project hosts a Canadian 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), all pit constrained. These resources were detailed in a Preliminary Economic Assessment (PEA) technical report with an effective date of December 10, 2024.
The new drilling results are significant because they suggest the potential to expand the resource base beyond the current pit-constrained estimates. The discovery of gold in Tertiary volcanic rocks along the Summit Fault opens a new geological setting for mineralization, which could lead to additional high-grade zones. The continued success at Slab West and Calvada East underscores the district's exploration upside, which is critical for the company's goal of advancing the Santa Fe project toward production.
Lahontan Gold is a Canadian mine development and exploration company focused on advancing its flagship Santa Fe property and other exploration targets in the Walker Lane of Nevada. The company plans to update the Santa Fe PEA and drill test its satellite West Santa Fe project during 2025. The technical content of this release has been reviewed by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person under NI 43-101.
These developments come at a time when gold prices remain elevated, making the expansion of oxide resources particularly valuable due to their lower processing costs. The results reinforce the project's potential to become a significant gold producer in a mining-friendly jurisdiction, which is likely to attract investor attention and support the company's ongoing exploration and development efforts.
For more information, visit the full press release or the company's website at Lahontan Gold Corp.
