TORONTO, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to provide an update on its drilling programs at its Flagship Santa Fe Mine Project and nearby West Santa Fe Project, located in mining friendly Nevada’s Walker Lane. Year to date, the Company has completed 11,565 metres of drilling at Santa Fe and 1,769 metres of drilling at West Santa Fe for a combined total of 13,334 metres as summarized below:
Santa Fe Mine Project:
- Diamond Core Drilling: Lahontan has completed eight core drill holes totaling 2,092 metres in the York, Calvada, and Santa Fe resource areas. Although the program was originally designed to gather geotechnical data for mine permitting, drilling also encountered significant gold mineralization. Highlights include CAL26-02C which intersected 90.8 metres (194.2 – 285.0 m) grading 0.43 g/t Au in oxide at Calvada Central (please see Lahontan press release dated June 9, 2026).
- Sonic Core Drilling: The Company also completed 1,976 metres of sonic core drilling to evaluate the tonnage and grade of residual gold and silver mineralization in historic heap leach pads and stockpiles at the Santa Fe Mine. A total of 104 of sonic core holes have been completed to date. Results have been reported for nine drill holes in the Low-Grade Stockpile and 10 of the 26 holes on Heap Leach Pad Two. Highlights include 9.9 metres (0.8 – 10.7 m) grading 2.40 g/t Au and 50.7 g/t Ag in SF26-003S in the Low-Grade Stockpile (please see Lahontan press release dated July 23, 2026). Results for the 85 remaining sonic core holes covering all four historic heap leach pads are expected in the coming weeks.
- Reverse-Circulation Drilling: Lahontan has completed 31 reverse-circulation (“RC”) drill holes totaling 7,497 metres at the Santa Fe Mine. Results for 14 drill holes have been reported with assays pending for the remaining 17 drill holes. The RC drilling program has resulted in the discovery of a new zone of gold mineralization at Slab West (Lahontan press release dated June 9, 2026) including 35.0 metres (164.6 – 199.6 m) grading 0.29 g/t Au and 4.5 g/t Ag in drill hole CAL26-03R (please see Lahontan press release dated June 9, 2026).
West Santa Fe Project: Lahontan is approximately halfway through a 19-hole RC drilling program at West Santa Fe comprising both in-fill and step-out drill holes designed to support resource evaluation and to test the potential for gold and silver mineralization beyond previously explored areas. A total of 3,275 metres of drilling are planned, nine drill holes totaling 1,769 metres have been completed, and all samples have been delivered to the laboratory for analysis. Like the Santa Fe Mine Project, analytical results are delayed due to the high level of exploration activity in Nevada. The Company will report results as soon as they become available.
Kimberly Ann, Founder, Chair, CEO and President of Lahontan Gold Corp., commented: “Lahontan is excited to have completed over 13,000 metres of drilling at the Santa Fe Mine and West Santa Fe Projects in 2026. The RC rig continues to turn at West Santa Fe and will return to the Santa Fe Mine for further drilling when the West Santa Fe program is complete. With samples from more than 100 drill holes currently at the laboratory, we anticipate significant news flow over the coming months. Results from the historic heap leach pads, the new Slab West discovery, and West Santa Fe will be important catalysts as we continue to advance our Walker Lane projects into 2027.”
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Nevada-focused mine development company advancing a portfolio of four gold and silver projects in mining-friendly Nevada’s prolific Walker Lane. The Company’s primary focus is the restart of its flagship, the 28.3 km² Santa Fe Mine project, with a targeted return to production in 2027.
- Santa Fe Mine historic production: 359,202 ounces of gold and 702,067 ounces of silver, open pit mining with heap-leach processing (1988-1995; Nevada Bureau of Mines).
- Current Resources: The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz Au Eq (47,532,000 tonnes grading 0.72 g/t Au and 5.55 g/t Ag, together grading 0.78 g/t Au Eq) and an Inferred Mineral Resource of 1,190,000 oz Au Eq (60,605,000 tonnes grading 0.59 g/t Au and 2.40 g/t Ag, together grading 0.61 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*).
- October 2026 PEA Highlights: 11 year mine life averaging 91,900 gold-equivalent ounces (“Au Eq”), increasing to approximately 112,500 Au Eq ounces during Years 4 through 11 of the mine life utilizing open-pit mining and heap leach processing. Post-tax net present value at a 5% discount rate (“NPV5”) of US$820.0 million and an internal rate of return (“IRR”) of 40.1%, based on the PEA base-case metal prices of US$3,600/oz gold and US$49/oz silver*. Estimated pre-production capital costs of US$172.0 million, including a US$22.2 million contingency with estimated gold cash costs of US$1,909/oz and all-in sustaining costs (“AISC”) of US$2,250/oz*. Mineral resources are not mineral reserves and do not demonstrate economic viability.
- Objectives 2026:
- Advancing mine permitting activities with the objective of commencing construction in 2027,
- Continue drill testing the satellite West Santa Fe project, with a maiden resource estimate targeted in early 2027,
- Continued exploration drilling at Santa Fe focused on expanding known gold and silver mineralization,
- Drill test historic heap-leach pads to evaluate residual gold and silver mineralization for potential future reprocessing opportunities.
For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Michael Lindholm C.P.G. and Caleb Cook, P. Eng., Effective Date: October 1, 2026, Report Date: October 4, 2026 and Lahontan Gold press release dated October 14, 2026. The Technical Report is available on the Company’s website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.10 g/t AuEq for oxide and transition resources and 0.30 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$3,250/oz, silver price of US$40.00/oz, and oxide gold recoveries ranging from 60% to 79%, oxide silver recoveries ranging from 0% to 30%, transitional gold recoveries ranging from 28% to 45%, transitional silver recoveries ranging from 0 to 13%, and non-oxide gold and silver recoveries of 68% except for the York deposit where non-oxide recoveries are estimated to be 0%.
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 and Preliminary Economic Assessment as noted above. Mr. Maher is Senior Vice President, Mine Development & 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:
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-Looking statements in this news release relate to, among other things: the Company's strategic plans; the results of the PEA; the economic potential and merits of the Project; the estimated amount and grade of mineral resources at the Project; precious metals prices; the PEA representing a viable development option for the Santa Fe Mine project (“the Project”); the timing and particulars of the development phases as identified in the PEA; estimates with respect to LOM, operating costs, sustaining capital costs, capex, AISC, cash costs, LOM production, processing plant throughput, NPV and after-tax IRR, payback period, production capacity and other metrics; the estimated economic returns from the Project; mining methods and extraction techniques; the exploration potential of the Project and its inclusion in future mining studies.
These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon several assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; tonnage to be mined and processed; grades and recoveries; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; reclamation estimates; reliability of the updated MRE and the assumptions upon which it is based; future operating costs; prices for energy inputs, labor, materials, supplies and services (including transportation); the availability of skilled labor and no labor related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled production; performance of available laboratory and other related services; availability of funds; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
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
