Lahontan Gold Corp. Advances Santa Fe Project with New Drilling Results and PEA Update Initiation

Lahontan Gold Corp. has initiated a significant phase of development at its Santa Fe project, combining new near-surface drilling results with the commencement of a formal update to the project's mineral resource estimate and preliminary economic assessment. The company recently reported initial assays from its maiden reverse-circulation drilling program at the satellite West Santa Fe project, located approximately 13 kilometers from the main Santa Fe Mine project. These initial results represent the first of six completed drill holes at West Santa Fe, totaling 593 meters of drilling.

Management has explicitly connected this drilling activity to a critical investor milestone: validating the historical database for future resource estimation work. This validation process is essential for establishing reliable geological models that can support resource growth projections. The company has retained RESPEC Company LLC and Kappes, Cassiday & Associates to update the Santa Fe Mine Project technical report, which will incorporate these new findings and reassess the project's economic potential.

The combination of repeatable, shallow oxide drill success and a clear path to updated economics represents a strategic shift for Lahontan Gold Corp., potentially moving the company from exploration story to development strategy for investors. The shallow nature of the oxide mineralization at West Santa Fe suggests potential for lower-cost mining operations, which could significantly impact the project's economic viability when incorporated into the updated preliminary economic assessment.

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The initiation of the technical report update process alongside new drilling results creates a dual catalyst scenario for Lahontan Gold Corp., with both exploration success and economic reassessment occurring simultaneously. This coordinated approach allows the company to potentially demonstrate both geological potential and economic viability within a compressed timeframe, which is particularly relevant for junior mining companies seeking to advance projects toward production decisions. The Santa Fe project's progression reflects broader trends in the mining sector where companies are focusing on validating historical data and updating economic assessments to meet modern investor expectations and regulatory requirements.