Drill Results

Lahontan Drills More Shallow Oxide Gold at West Santa Fe: 41m Grading 1.94 g/t Au Eq Including 9.1m Grading 4.14 g/t Au Eq

High-grade satellite intercepts at West Santa Fe set to bolster upcoming economic updates as stock tests multi-year highs.

By The Northwire Desk — AI Analysis Feb 10, 2026 · 07:00 LG · 0.31 Lahontan Gold Corp.

Executive Summary

The news release dated February 10, 2026, reports high-grade assay results from the maiden drilling program at the West Santa Fe project in Nevada. Key highlights include hole WSF25-03R, which returned 41.2 meters grading 1.94 g/t Au Eq, including a higher-grade sub-interval of 9.1 meters at 4.14 g/t Au Eq. These results follow the February 5, 2026, release which reported 54.9 meters of 1.00 g/t Au Eq.

The drilling validates historical data from the 1980s-90s and suggests the presence of a shallow, oxidized system that remains open along strike and down-dip. Simultaneously, the company provided final results from its York deposit (part of the flagship Santa Fe Mine), confirming mineralization extends beyond current resource pits. Management intends to integrate these results into an updated Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA) expected in Q2 2026.

Material Impact

Resource Expansion Potential: The West Santa Fe results are materially higher than the current average Indicated grade of the flagship Santa Fe project (0.99 g/t Au Eq). This suggests that West Santa Fe could provide high-grade "sweetener" ore for the proposed heap leach operations, potentially improving early-year cash flows in the upcoming PEA.
De-risking through Validation: Successfully "twining" or validating 171 historic drill holes (13,000 meters) at West Santa Fe allows the company to bring those ounces into a NI 43-101 compliant category with minimal new drilling costs.
Operational Synergy: West Santa Fe is located only 13km from the Santa Fe Mine. The ability to use centralized infrastructure for both deposits significantly enhances the probability of a "hub-and-spoke" mining model, reducing the economic hurdle for the satellite deposit.
Timeline Pressure: While results are positive, the company is targeting a 2027 ground-breaking. To meet this, they must transition rapidly from exploration to state-level permitting, which requires significant hydrologic and geochemical data currently being collected.

LG · Price

Company Overview

Lahontan Gold Corp. is focused on the Walker Lane Trend in Nevada. Its flagship is the Santa Fe Mine, a past producer (1988-1995) that produced ~345k oz Au and ~711k oz Ag. - Flagship Project: Santa Fe Mine. - Resource (Oct 2024): 1.54M oz Au Eq Indicated (0.99 g/t) and 0.41M oz Au Eq Inferred (0.76 g/t). - Economics (Dec 2024 PEA): Pre-tax NPV5% of US$265.1M and IRR 41% at $2,705 Au. - Mining Method: Open-pit, heap leach (oxide and transition ore).

Read the original news release →

Lahontan Drills More Shallow Oxide Gold at West Santa Fe: 41m Grading 1.94 g/t Au Eq Including 9.1m Grading 4.14 g/t Au Eq

More from Lahontan Gold Corp.

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’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’s stockpile grades exceed historic labels despite a low 30% cyanide recovery rate.

Lahontan’s Calvada Central oxide intercept adds incremental ounces, though low grades keep the result in an encouraging band rather than being transformational.

Lahontan Provides Corporate Update

Lahontan’s Santa Fe project faces challenges from low-grade oxide resources and a going-concern warning that test faith in its 2027 production timeline.