TORONTO, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF) (the "Company" or "Lahontan") is s pleased to announce plans to drill test the historic Santa Fe East Waste Rock Storage Facility (“WRSF”) at its flagship Santa Fe Mine Project in Nevada’s Walker Lane. The planned program will consist of up to 100 reverse-circulation (“RC”) drill holes averaging approximately 35 metres in depth. The Santa Fe East WRSF contains approximately 9.0 million tonnes of waste rock removed from the Santa Fe open pit during historic mining operations between 1988 and 1992.
During historic mining operations, the open-pit mining cut-off grade was approximately 0.55 g/t gold. Consequently, material classified as waste at the time may contain gold and silver mineralization that could potentially be economically recovered through heap leach processing. The planned drill program is designed to evaluate the distribution, tonnage, and precious metal grades of material within the Santa Fe East WRSF and assess its potential suitability for heap leach processing.
Kimberly Ann, Founder, Chair, CEO and President of Lahontan Gold Corp., commented: “Lahontan’s exploration team has completed the design of an RC drill program to evaluate the gold and silver potential of the Santa Fe East WRSF. Similar to the historic heap leach pads at Santa Fe, this material has the potential to provide an additional source of low-cost gold production early in the Santa Fe mine life and enhance the gold and silver production profile outlined in our recently announced Preliminary Economic Assessment (“PEA”) *.
“Importantly, the PEA mine production schedule already contemplates moving the Santa Fe East WRSF as part of the stripping required to access the underlying Santa Fe gold and silver resources. Since this material is scheduled to be moved as part of the mining operation, evaluating its potential for heap leach processing represents an opportunity to potentially generate additional value from material that would otherwise be handled as waste. We believe this is an important opportunity to further optimize the Santa Fe Mine development plan and potentially enhance the project's overall economics.”
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*.
- 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
No PDF is on file for this release. Lahontan's filings are available on SEDAR+.