Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has announced significant progress at its Santa Fe Mine Project in Nevada, stating that the project remains on track to begin construction in 2027. The company expects to complete an updated mineral resource estimate within weeks and a revised preliminary economic assessment by the end of August 2026, which are critical milestones for state and federal permitting.
This year, Lahontan completed 87 drill holes totaling 7,751 meters, with the newly identified Slab West gold discovery remaining open in all directions. Permitting work continues to advance, including groundwater studies and waste rock characterization, while drilling is underway to evaluate the potential reprocessing of historic heap leach pads as a possible low-cost source of future gold and silver production.
Lahontan also announced shareholder approval of a new restricted share unit and deferred share unit plan designed to support the attraction and retention of key personnel. This move underscores the company's commitment to advancing the project toward production.
The Santa Fe Mine project, covering 26.4 km² in the Walker Lane of Nevada, 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 compliant technical report, the project has 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 Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more details, the full press release is available at https://ibn.fm/ohBUb.
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. Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds four top-tier gold and silver exploration properties in the Walker Lane of Nevada.
The advancement of the Santa Fe project is important as it could bring a former producing gold mine back into operation, potentially contributing to local employment and tax revenues in Nevada. The project's large resource base and ongoing drilling successes suggest the potential for extended mine life and increased production. For investors, the project represents a near-term development opportunity in a mining-friendly jurisdiction. The company's progress on permitting and technical studies indicates a disciplined approach to de-risking the project ahead of a construction decision.
For the latest news and updates relating to LGCXF, visit the company's newsroom at http://ibn.fm/LGCXF.
