Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has reported additional results from its 2026 drilling program at the Santa Fe Mine project in Nevada, including 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 stated that this intercept ranks among the highest-grade results drilled to date within the Central Calvada deposit, supporting 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. Drilling continues across the Santa Fe project, with further results expected from the RC program and a 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, Lahontan's flagship property, 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. According to the company's NI 43-101 technical report, the project hosts an 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 Mine project towards production, update the preliminary economic assessment, and drill test its satellite West Santa Fe project during 2025.
These results are significant as they demonstrate the potential for high-grade oxide mineralization at depth within the Calvada deposit, which could enhance the project's economics and support the targeted construction timeline. The ongoing drilling and resource update are critical steps toward de-risking the project and attracting investment. For investors, the intercept at Calvada may indicate the potential for resource expansion and improved grade, which could positively impact the project's valuation. The company's progress in permitting and engineering studies will be key milestones to watch as Lahontan moves toward a construction decision.
For more information, visit the company's newsroom at http://ibn.fm/LGCXF and the full press release at https://ibn.fm/eIjZy.
