Lahontan Mobilizes Drill Rig to the Santa Fe Mine
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On November 10, 2025, Lahontan Gold Corp announced it has mobilized a track-mounted reverse-circulation (RC) drill rig to its flagship Santa Fe Mine project in Nevada. This marks the commencement of the Fall 2025 drilling program.
The program is planned for 4,000 metres across approximately 25 holes. The primary objectives are to conduct in-fill drilling to upgrade existing gold and silver resources from the Inferred to the Indicated category and to expand the overall resource at the Slab and York deposits.
CEO Kimberly Ann stated the program is vital as the company transitions from resource definition towards mine planning and permitting in 2026, and that the results will be combined with ongoing metallurgical testing to advance the project.
This news is a logical and expected operational update. Following the receipt of over C$4.3 million from warrant exercises (Oct 27) and the announcement of a further C$2 million private placement (Oct 29) intended to fund exploration, the market anticipated the start of a drill program.
The mobilization of a drill rig confirms that the company is executing its stated strategy and putting recently raised capital to work. This is a positive step in the de-risking and advancement of the Santa Fe project. However, the act of mobilizing a rig is routine and does not, in itself, constitute a material event. The market has already priced in the expectation of this drilling.
The materiality will be determined by the assay results from this 4,000-metre program. Successful results that significantly upgrade resource confidence or expand the known mineralization would be material. Conversely, poor results would be materially negative. Therefore, this announcement is a precursor to a potentially material event, but is itself routine. It confirms the company is on track with its plans for Q4 2025, which is a positive signal.
Lahontan Gold Corp. is a Canadian-based exploration and development company focused on precious metal projects in Nevada's Walker Lane district.
The company's flagship asset is the Santa Fe Mine Project, a past-producing open-pit, heap-leach gold and silver mine that operated from 1988 to 1995. Lahontan is focused on advancing Santa Fe back towards production. The project has a large, pit-constrained mineral resource and a positive Preliminary Economic Assessment (PEA) published in December 2024. The current strategy involves de-risking the project through infill and expansion drilling, ongoing metallurgical testing, and advancing through the mine permitting process.