Lahontan Drills 12.2m Grading 1.25 g/t Au Oxide at Calvada East
Lahontan’s Calvada East intercepts confirm oxide gold and a new volcanics target, though grades and widths remain incremental for bulk-tonnage open-pit mining.
Lahontan Gold Corp. (LG) has reported reverse circulation drill results from its Santa Fe Mine project, covering the Calvada East resource area, the Slab West exploration target, and a deep geophysical test.
In the Calvada East area, specifically within the Summit Fault Zone, hole CAL26-11R intersected 13.7m grading 1.10 g/t AuEq (1.01 g/t Au, 7.1 g/t Ag) in Tertiary volcanic rocks, marking the first significant gold intercept in this host rock. Near the base of the current resource pit shell in the same area, hole CAL26-12R returned 12.2m grading 1.26 g/t AuEq (1.25 g/t Au, 0.8 g/t Ag), with individual 1.5m samples reaching up to 3.29 g/t Au.
At the Slab West exploration target, hole CAL26-13R returned 35.1m @ 0.21 g/t AuEq, while hole CAL26-15R returned 18.3m @ 0.22 g/t AuEq. Two geophysical test holes, CAL26-08R and 09R, showed anomalous gold and silver values but did not yield significant intercepts.
Lahontan Gold Corp. (LG) reported drill results that are incremental to its existing 1.5 moz Indicated oxide resource, which averages 0.92 g/t Au. The company’s preliminary economic assessment (PEA) indicates a post-tax net present value (NPV) of US$472M.
The new volcanic-hosted intercept opens a new target but does not yet de-risk additional resources. One hole at 1 g/t Au over 14m in a new host cannot be modelled into tonnes. An infill hole at the base of the pit shell confirms resource continuity but does not materially grow the pit-constrained resource. Holes in the Slab West area are too low grade to be economic as primary feed; they might only help expand the low-grade halo.
The stock had drifted from C$0.49 to C$0.33 before the news. The drill program has been ongoing and widely anticipated.
Lahontan Gold Corp. is a junior explorer and developer focused on restarting the past-producing Santa Fe Mine in Nevada. The project holds an indicated resource of 1.54 moz AuEq at a grade of 0.92 g/t Au, supported by a preliminary economic assessment (PEA) demonstrating strong economics, including a post-tax net present value (NPV) of C$472M, an internal rate of return (IRR) of 66.6%, and a capital expenditure (capex) of US$135M.
The company completed a C$13.6M financing in early 2026 and remains funded into 2027. Lahontan Gold Corp. currently has a market capitalization of approximately C$135M, with 408.7M shares outstanding.