Lahontan Mobilizes Second Drill Rig to Santa Fe
MWN-AI** Summary
Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF) announced the mobilization of a second drill rig to its flagship Santa Fe Mine project in Nevada, as of March 3, 2026. The new track-mounted reverse-circulation (RVC) drill rig, MPD-1500, will work alongside an existing diamond drill rig, allowing the company to focus on previously unexplored areas of the project. Kimberly Ann, the company’s Executive Chair, President, and CEO, highlighted that since its inception, Lahontan has aimed to define and expand resources in order to resume gold and silver production at Santa Fe.
With the recent approval of its exploration Plan of Operations, Lahontan will be able to drill more than 700 new holes in underexplored zones, potentially enhancing the project’s mineral profile. The Santa Fe project boasts a significant Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of gold equivalent and an Inferred Mineral Resource of 411,000 ounces. Historical production at Santa Fe yielded impressive figures, totaling 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995.
Looking ahead, Lahontan plans to advance the Santa Fe project towards resuming mining operations in 2027 and will also update the Preliminary Economic Assessment. Additionally, in 2025, the company will drill test its satellite West Santa Fe project. Lahontan Gold Corp. is committed to unlocking the full mineral potential of its district-scale land package in the mining-friendly Walker Lane region of Nevada.
For more information, Lahontan Gold Corp. can be accessed via their website. Investors should consider the various risks and uncertainties associated with forward-looking statements as outlined in the company's regulatory filings.
MWN-AI** Analysis
Lahontan Gold Corp. (TSXV:LG, OTCQB:LGCXF) has recently mobilized a second drill rig to its Santa Fe Mine project in Nevada, a strategic move that signals an intensified focus on resource expansion. This dual drilling initiative not only bodes well for the company's resource definition efforts but also positions it favorably as gold and silver prices remain volatile and potentially bullish in the medium term.
The Santa Fe Mine project presents a compelling narrative, particularly with its past production history and current resource estimates: 1.54 million ounces of gold equivalent is a substantial figure, highlighting the project's underlying value. The introduction of the MPD-1500 RVC drill rig will diversify drilling capabilities, enabling Lahontan to explore under-explored areas, which could yield significant new mineral resources. The company plans to drill over 700 new holes, opening up prospects for resource growth that could substantially enhance the mine's economic profile.
Investors should note that the market's appetite for gold continues to strengthen amid economic uncertainties and geopolitical tensions. As such, any successful drilling results could lead to a rapid reassessment of Lahontan's market valuation. Furthermore, the company's plans to update the Preliminary Economic Assessment (PEA) could provide fresh insights into the mine's potential and catalyze investor interest.
However, it is essential to remain cognizant of the risks involved. Regulatory approvals, operational challenges, and market fluctuations can impact timelines and financial performance. Despite these uncertainties, Lahontan's aggressive exploration strategy, combined with a solid resource base, positions it as an interesting prospect in the gold sector.
In conclusion, Lahontan Gold Corp. could be considered a buy for risk-tolerant investors looking for exposure in the mining sector, particularly with the ongoing exploration work at Santa Fe suggesting potential for substantial resource growth and enhanced shareholder value.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
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**
How does Lahontan Gold Corp.'s exploration strategy at the Santa Fe Mine project, as stated in the March 03, 2026 announcement, align with the potential market outlook for gold and silver prices, especially in relation to Long Chen Paper Co Ltd LGCXF?
What specific geological features of the Santa Fe Mine project is Lahontan Gold targeting with the new RVC drill rig, and how might these attributes impact its overall resource estimation, comparative to Long Chen Paper Co Ltd LGCXF?
Considering Lahontan's plans to resume mining operations by 2027, how does the company envision overcoming potential regulatory challenges that may arise, particularly in relation to operations involving Long Chen Paper Co Ltd LGCXF?
In what ways does Lahontan Gold Corp. intend to manage investor expectations and communicate developments about the Santa Fe Mine project, particularly for stakeholders interested in both Lahontan and Long Chen Paper Co Ltd LGCXF?
**MWN-AI FAQ is based on asking OpenAI questions about Long Chen Paper Co Ltd (OTC: LGCXF).
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