Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF | FSE: Y2F) has provided an update on development, permitting and exploration activities at its Santa Fe Mine project in Nevada, outlining continued progress across multiple workstreams as the company advances toward production.
The company confirmed it is now fully funded into 2027, supported by proceeds from its recent C$13.6M financing and ongoing warrant exercises, positioning it to continue development and permitting activities without the need for near‑term capital raising.
Recent work has included completion of a 2,569m geotechnical drilling program across 11 holes, focused on groundwater monitoring and waste rock characterisation. Early results indicate minimal groundwater interaction within planned open pits, an important step in the permitting process. Samples from the program have been submitted for laboratory analysis, with results expected in the coming months.
An updated Mineral Resource Estimate (MRE) is now well advanced, with modelling underway ahead of release in the coming weeks. The updated MRE will form the basis for a revised Preliminary Economic Assessment (PEA), which is targeted for completion in September 2026.
Exploration activity is also ramping up, with the reverse‑circulation drilling programme shifting toward large‑scale step‑out drilling across multiple targets, including Slab West, South Slab, Guzzler and EM. Results from these holes are expected in the near term.
In parallel, sonic drilling of historic heap leach pads has commenced, targeting potential residual gold and silver. The programme will include approximately 1,700m across 96 holes, with sufficient density to define a mineral resource if results confirm historic production data.
At West Santa Fe, Lahontan has begun baseline environmental and cultural studies in collaboration with the Bureau of Land Management. These studies are expected to support future exploration and streamline permitting as the project progresses.
Kimberly Ann, chair, CEO and president of Lahontan Gold, commented, “Lahontan is advancing across multiple fronts, including mine development, permitting and exploration drilling at Santa Fe. With key milestones approaching, including an updated mineral resource estimate and ongoing engineering work, the company is well positioned to continue building value. We remain on track to complete permitting in 2027 and advance toward construction of a new Santa Fe mine.”
Lahontan also confirmed the grant of 4.9 million stock options to officers and consultants, exercisable at C$0.37 over five years, as part of its ongoing incentive programme.
The company continues to progress Santa Fe toward a construction decision, with permitting, resource evaluation and exploration activities advancing in parallel.
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