Lahontan Announces 22% Increase in Mineral Resources at Santa Fe: 1,195,000 Au Eq oz Indicated, and 1,190,000 Au Eq oz Inferred
Lahontan’s Santa Fe resource model shows an Indicated ounce miss offset by a surge in Inferred material that masks a decline in overall ore quality.
Lahontan Gold Corp. announced an updated Mineral Resource Estimate (MRE) for its Santa Fe Mine in Nevada, effective August 13, 2026. The update incorporates 103 new drill holes totaling 23,805 meters, drilled between 2021 and May 2026. Project-wide Indicated and Inferred Mineral Resources increased by 22%, or 435,000 ounces, compared to the 2024 MRE.
Indicated resources decreased to 1,195,000 AuEq ounces from a prior 1,539,000 ounces, while Inferred resources surged to 1,190,000 AuEq ounces from a prior 411,000 ounces. Total project-wide average grade is 0.78 g/t AuEq for Indicated resources and 0.61 g/t AuEq for Inferred resources. Significant growth was noted in shallow oxide resources at Slab and York deposits, which increased by 37%, and the Santa Fe deposit, which increased by 26%.
New cutoff grades were applied, setting 0.10 g/t AuEq for oxide and transitional resources and 0.30 g/t AuEq for sulfide resources. Metal price assumptions were updated to $3,200/oz Au and $40.00/oz Ag. The MRE will support an updated Preliminary Economic Assessment (PEA), with Phase One focusing on oxide heap leach and Phase Two targeting sulfide processing. Mine construction is targeted for 2027.
Lahontan Gold Corp. (LG) released an expected Mineral Resource Estimate (MRE) update that includes a notable reduction in the Indicated category, a classification critical for bankable feasibility studies and near-term production planning. Approximately 344,000 ounces shifted from Indicated to Inferred, increasing geological uncertainty and potentially complicating the updated Preliminary Economic Assessment (PEA) and permitting process. While lower cutoff grades drove the growth in the Inferred category, this increase does not offset the loss in Indicated resources for immediate mine planning purposes. The news is considered incremental and anticipated, though the reduction in Indicated resources represents a negative deviation from prior expectations for a company targeting 2027 production.
Lahontan Gold Corp. is a Nevada-focused junior explorer targeting a brownfields restart at the Santa Fe Mine in the Walker Lane gold belt. The company’s flagship project, the Santa Fe Mine, covers a district-scale land package of approximately 28.3 square kilometers. Historic production from 1988 to 1995 totaled 359,202 ounces of gold and 702,067 ounces of silver via open-pit mining and heap-leach processing.
The company’s strategy involves a two-phase approach: Phase One focuses on oxide heap leach processing, while Phase Two targets sulfide processing. Satellite projects include West Santa Fe, York, Slab, Calvada, and Moho Mine, all aimed at expanding the overall resource base. Management targets a return to production in 2027, leveraging existing infrastructure to lower capital costs and execution risk.