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 hosted in Tertiary volcanic rocks along the Summit Fault. This finding not only expands the known mineralization at the project but also introduces a new exploration target that could significantly enhance the project's overall value.
The company reported that drill hole CAL26-11R returned 13.7 meters grading 1.10 g/t gold equivalent (Au Eq), marking the first significant gold mineralization in volcanic rocks along the Summit Fault. This intercept is particularly noteworthy because it lies outside the current resource pit shell, suggesting the potential for resource expansion. Additionally, drill hole CAL26-12R intersected 12.2 meters grading 1.26 g/t Au Eq near the base of the existing resource pit, further confirming high-grade continuity in the Calvada East area.
These results are crucial for Lahontan Gold as they demonstrate the project's capacity to deliver new discoveries and extend mineralization beyond known zones. The Summit Fault target, in particular, opens up a new geological setting for gold mineralization, which could lead to a substantial increase in the project's resource base if further drilling confirms its extent.
Beyond the high-grade intercepts, 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. While these grades are lower, the wide intervals and oxide nature suggest potential for low-cost heap-leach extraction, similar to the historical mining operations at Santa Fe.
Management emphasized that Slab West remains open in multiple directions, and additional assay results from recently completed drill holes are expected shortly. This ongoing exploration momentum is vital for the company as it aims to update the Santa Fe Preliminary Economic Assessment (PEA) and advance the project towards production.
The Santa Fe Mine project already boasts a substantial resource base, with 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. The new discoveries could enhance these figures and improve the project's economics.
Lahontan Gold's strategy includes drilling its satellite West Santa Fe project in 2025, and these latest results reinforce the district's potential for additional discoveries. The company's focus on expanding resources and advancing towards production is a positive signal for investors, as each new intercept adds value to the project.
The technical content of this news release has been reviewed and approved by Michael Lindholm, CPG, an Independent Consulting Geologist and a Qualified Person as defined by National Instrument 43-101. This ensures the accuracy and reliability of the reported data.
As Lahontan Gold continues to explore and develop the Santa Fe Mine project, the new gold discovery at the Summit Fault and the high-grade oxide results at Calvada East highlight the project's significant upside potential. The company's commitment to aggressive exploration is likely to yield further positive results in the near term, making this a development worth watching in the gold mining sector.
