Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) has announced additional drill results from its 2026 program at the Santa Fe Mine Project in Nevada, revealing a new gold discovery that could significantly expand the project's resource base. The company reported the first significant gold mineralization hosted within Tertiary volcanic rocks along the Summit Fault, a previously underexplored target, and additional high-grade oxide mineralization at the Calvada East resource area.
The standout result comes from drill hole CAL26-11R, which intersected 13.7 meters grading 1.10 g/t gold equivalent (Au Eq), establishing a new exploration target in volcanic rocks. Meanwhile, CAL26-12R returned 12.2 meters grading 1.26 g/t Au Eq near the base of the current resource pit shell, further confirming the continuity of mineralization. These results are pivotal as they demonstrate that gold mineralization extends beyond the known resource areas, potentially increasing the overall project's viability.
In addition to these high-grade intercepts, Lahontan 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. While these grades are lower, the wide intervals and shallow depths could be economically significant for heap-leach operations, which the project historically utilized. Management noted that Slab West remains open in multiple directions, and additional assay results from recently completed drill holes are expected shortly.
The Santa Fe Mine project already hosts a substantial resource: 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) 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), all pit-constrained. These new discoveries could add to that resource and extend the mine's life. The company plans to update the Preliminary Economic Assessment (PEA) and continue drilling at its satellite West Santa Fe project in 2025.
The implications of this announcement are significant for Lahontan Gold and its investors. The discovery of gold in volcanic rocks along the Summit Fault opens up a new geological setting that was not previously considered, potentially unlocking substantial additional mineralization. The confirmation of high-grade oxide at Calvada East also supports the project's economic feasibility. As the company continues to release results, the market will be watching closely to see if these new zones can be expanded and ultimately incorporated into an updated resource estimate.
Lahontan Gold is a Canadian mine development and exploration company focused on advancing its flagship Santa Fe Mine project, which produced over 359,000 ounces of gold and 702,000 ounces of silver from 1988 to 1995 using open-pit and heap-leach methods. The company is committed to responsible exploration and development in mining-friendly Nevada, and these latest results reinforce the district's potential beyond its current resource base.
For more information on Lahontan Gold and its projects, visit the company's website at www.lahontangoldcorp.com. The full press release is available at https://ibn.fm/UQWit.
