Lahontan Mobilizes Second Drill Rig to Santa Fe

Rhea-AI Summary

Lahontan Gold Corp (OTCQB:LGCXF) mobilized a second, track-mounted MPD-1500 reverse-circulation drill rig to the Santa Fe Mine project in Nevada to complement ongoing diamond drilling.

The company can now drill over 700 new holes, aims to advance the project toward a targeted 2027 production restart, and cites an Indicated Mineral Resource of 1,539,000 oz AuEq plus an Inferred 411,000 oz AuEq.

Positive

• Mobilized a second MPD-1500 RVC drill rig to expand exploration footprint
• Authority to drill over 700 new holes across under-explored areas
• Indicated Mineral Resource of 1,539,000 oz AuEq (48,393,000 tonnes)
• Past production: 359,202 oz Au and 702,067 oz Ag (1988–1995)

Negative

• Oxide gold recoveries range as low as 28%, potentially limiting heap-leach economics
• Oxide silver recoveries reported as low as 8%, reducing silver extraction efficiency

TORONTO, March 03, 2026 (GLOBE NEWSWIRE) -- Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF, FSE:Y2F) (the "Company" or "Lahontan") is pleased to announce that it has mobilized a track-mounted reverse-circulation (“RVC”) drill rig and crew to its Flagship Santa Fe Mine project in Nevada’s gold and silver-rich Walker Lane. The MPD-1500 RVC track-mounted drill rig will augment the diamond drill rig currently operating at Santa Fe with a focus on drilling areas of the project that have seen little or no exploration drilling.

Kimberly Ann, Lahontan Executive Chair, President, CEO, and Founder commented: “Since the Company’s inception, Lahontan drilling has focused on resource definition and expansion to support our goal of resuming gold and silver production and mining operations at Santa Fe. With the approval of our exploration Plan of Operations, Lahontan can now drill over 700 new holes, exploring areas of the project that have been under-explored or overlooked by previous operators. We are very proud of the progress the Company has made toward a re-start of mining at Santa Fe in 2027, however the resumption of true exploration drilling is yet another exciting chapter in the evolution of the Santa Fe Mine project, a chapter that has the potential to unlock the true mineral potential of our district-scale land package.”

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the 28.3 km² Santa Fe Mine project, had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*). The Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more information, please visit our website: www.lahontangoldcorp.com

* Please see the “Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project”, Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company’s website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%. 

Qualified Person

Brian J. Maher, M.Sc., CPG-12342, is a “Qualified Person” as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical disclosure other than the Mineral Resource Estimate as noted above.‎ Mr. Maher is Vice President-Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the disclosure.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, and Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann
Founder, Chief Executive Officer, President, Director

Phone: 1-530-414-4400

Email: Kimberly.ann@lahontangoldcorp.com

Website: www.lahontangoldcorp.com

Cautionary Note Regarding Forward-Looking Statements:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com

FAQ

Why did Lahontan (LGCXF) mobilize a second drill rig to Santa Fe on March 3, 2026?

To increase drilling capacity and test under-explored target areas at Santa Fe. According to the company, the MPD-1500 RVC rig will complement an existing diamond rig to accelerate drilling of new targets and expand resource definition across the district-scale land package.

How many new drill holes can Lahontan (LGCXF) now drill at Santa Fe after Plan of Operations approval?

The company can drill over 700 new exploration holes at Santa Fe. According to the company, Plan of Operations approval enables drilling in areas previously under-explored or overlooked by prior operators to better define mineralization.

What are the reported mineral resources for Santa Fe that investors should note (LGCXF)?

Santa Fe reports an Indicated Mineral Resource of 1,539,000 oz AuEq and an Inferred 411,000 oz AuEq. According to the company, these figures are pit-constrained and based on NI 43-101 assumptions and specified recovery rates.

Will the new drilling affect Lahontan’s timeline to resume production at Santa Fe (LGCXF)?

The company says drilling supports advancement toward a 2027 production restart target. According to the company, expanded drilling and updates to the Preliminary Economic Assessment are steps intended to progress the project toward restart.

What metallurgical recovery ranges did Lahontan (LGCXF) disclose for Santa Fe resources?

The company disclosed oxide gold recoveries from 28% to 79% and oxide silver recoveries from 8% to 30%. According to the company, non-oxide recoveries are around 71%, and these assumptions feed into AuEq and resource cut-offs.