Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has reported additional drill results from its 2026 drilling program at the Santa Fe Mine Project, revealing a new gold discovery that could significantly expand the project's potential. The company identified the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, a new exploration target, and also intersected 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 along the Summit Fault. 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 known mineralization. These results are pivotal as they suggest that the mineralized system extends into geological formations that were not previously considered in the resource model.
The company also reported broad intervals of shallow oxide gold and silver mineralization at the Slab West exploration target, with drill holes CAL26-13R and CAL26-15R intersecting 35.1 meters grading 0.21 g/t Au Eq and 18.3 meters grading 0.22 g/t Au Eq, respectively. These intercepts, while lower grade, are significant due to their shallow depth and oxide nature, which could be amenable to low-cost heap-leach processing, similar to the historical operations at Santa Fe.
Management emphasized that these results reinforce the district-scale exploration potential beyond the current resource base. The Slab West target remains open in multiple directions, and additional assay results from recently completed drill holes are expected shortly. This ongoing exploration is part of Lahontan's strategy to expand resources and advance the Santa Fe project towards production.
The Santa Fe Mine project, located in the Walker Lane of Nevada, has a past production history of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995. The project hosts a NI 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 project towards production, update the Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. The technical content of this 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.
These new discoveries are important because they could extend the mine life and improve the economics of the Santa Fe project. The identification of gold mineralization in Tertiary volcanic rocks along the Summit Fault opens a new target that was not previously explored, potentially adding significant ounces to the resource base. The shallow oxide mineralization at Slab West also suggests the possibility of additional low-cost, heap-leachable resources.
For more information, visit the company's website at www.lahontangoldcorp.com.
