Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has reported new drilling results from its 2026 program at the Santa Fe Mine Project in Nevada, highlighting a new gold discovery and expanding the project's potential. The company announced the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, establishing a new exploration target, and reported additional high-grade oxide mineralization at the Calvada East resource area.
The drill hole CAL26-11R returned 13.7 meters grading 1.10 g/t gold equivalent (Au Eq), marking a new exploration target. Another hole, CAL26-12R, intersected 12.2 meters grading 1.26 g/t Au Eq near the base of the current resource pit shell. These results indicate the potential for expanding the resource base beyond the current defined pits.
At the Slab West exploration target, broad intervals of shallow oxide gold and silver mineralization were encountered. 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. Management noted that Slab West remains open in multiple directions, suggesting further expansion potential. Additional assay results from recently completed drill holes are expected shortly.
These findings are significant because they reinforce the district's exploration potential beyond its current resource base. The Santa Fe Mine project already hosts a substantial resource: an indicated mineral resource of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and an inferred resource of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag), all pit constrained. The project had 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 company is planning to advance the Santa Fe Mine towards production, update the Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. The technical content of the news release has been reviewed by Michael Lindholm, CPG, an independent consulting geologist, who is a Qualified Person under National Instrument 43-101.
For investors, these results could signal a potential expansion of the resource base, which might enhance the project's economics and extend its mine life. The discovery of gold in volcanic rocks along the Summit Fault opens a new geological setting that had not been previously explored, potentially unlocking additional mineralization.
Lahontan Gold Corp. is a Canadian mine development and exploration company holding four top-tier gold and silver properties in the Walker Lane of Nevada. The Santa Fe Mine project, its flagship, is located in a mining-friendly jurisdiction with existing infrastructure, which could facilitate future development.
The full press release is available at https://ibn.fm/UQWit.
