Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has released additional drilling results from its 2026 program at the Santa Fe Mine Project in Nevada, revealing a new gold discovery and expanding the exploration potential of the district. The company reported the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, a new exploration target, as well as 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. These results are part of an ongoing drill program aimed at expanding the resource base and testing new geological concepts at the project.
The company also 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. These results reinforce the potential for additional oxide mineralization beyond the current resource areas, with Slab West remaining open in multiple directions. Additional assay results from recently completed drill holes are expected shortly.
The Santa Fe Mine project has a rich history, with past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines using heap-leach processing. The project hosts a 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 project towards production, update the preliminary economic assessment, and drill test its satellite West Santa Fe project during 2025.
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. The company's flagship property, the Santa Fe Mine, is located in the Walker Lane of mining-friendly Nevada, and Lahontan holds four top-tier gold and silver exploration properties in the region.
These new results are significant because they demonstrate the potential for additional gold mineralization in geological settings that have not been previously explored at Santa Fe. The discovery of gold in Tertiary volcanic rocks along the Summit Fault opens up a new target type that could significantly expand the project's resource base. Furthermore, the broad oxide intervals at Slab West suggest that the project has the potential for additional shallow, heap-leachable mineralization, which could be economically attractive in the current gold price environment.
Investors and stakeholders can view the full press release for more details. The company's latest news and updates are available in its newsroom at http://ibn.fm/LGCXF.
