Lahontan Gold Corp. Advances Santa Fe Mine Project with Updated Mineral Resource Estimate and Preliminary Economic Assessment

Lahontan Gold Corp. (TSXV: LG / OTCQB:LGCXF / FSE:Y2F) announced on February 3, 2026 that it has retained RESPEC Company LLC and Kappes, Cassiday & Associates (“KCA”) to update the Santa Fe Mine Project Technical Report. The work will incorporate all drilling completed since October 2024, new metallurgical data, contemporary mining costs, and revised gold and silver prices. The updated Mineral Resource Estimate (MRE) will be pit‑constrained and will serve as the foundation for a new Preliminary Economic Assessment (PEA) expected to be released in Q2 2026.

Key Elements of the Updated MRE

  • Comprehensive Drilling Integration – All recent drill results will be modeled, improving grade interpolation across the 28.3 km² Santa Fe project.
  • Enhanced 3‑D Geological Model – A detailed three‑dimensional framework will enable more accurate resource estimation and pit‑design simulations.
  • Metallurgical and Cost Inputs – Updated recovery rates and mining cost parameters will be applied, reflecting current operational realities and higher metal prices.
  • Pit‑Constrained Design – The MRE will be constrained by a conceptual pit shell to reflect realistic mine geometry and operational feasibility.

Progress Toward the PEA

Once the MRE is finalized, the focus will shift to producing a revised PEA that incorporates the new technical data and metal price assumptions. The PEA will outline:

  • Process Plant Throughput – Detailed estimates of ore and waste rock handling volumes.
  • Mining Scenarios – Multiple production scenarios across a range of gold and silver prices.
  • Permitting Implications – Data essential for the company’s mine permitting program, facilitating regulatory approvals and stakeholder engagement.

Kimberly Ann, Executive Chair, President, CEO, and Founder, emphasized the importance of this update:

“Lahontan is excited to begin the process of updating the Santa Fe Mine MRE and PEA. Not only do we have additional drilling to incorporate, but also a revised and very detailed three‑dimensional geologic model, which will greatly aid gold and silver grade interpolation. Combined with new metallurgical data and upward‑trending metal prices, we look forward to an updated MRE. The PEA process is vital to Lahontan as it creates an operational model that can be used to evaluate multiple mining scenarios over a range of metal prices that in turn will provide key data—process plant throughput, waste rock tonnages, etc.—that will be used in our mine permitting program.”

Context and Future Outlook

The Santa Fe Mine has a historical record of production, having delivered 359,202 oz of gold and 702,067 oz of silver between 1988 and 1995 through open‑pit heap‑leach operations. The current Indicated Mineral Resource stands at 1,539,000 oz AuEq (48.4 Mt at 0.92 g/t Au and 7.18 g/t Ag, grading 0.99 g/t AuEq) and an Inferred Resource of 411,000 oz AuEq (16.8 Mt at 0.74 g/t Au and 3.25 g/t Ag, grading 0.76 g/t AuEq), all pit‑constrained. The company’s plan is to continue advancing the Santa Fe project toward production, update the PEA, and drill the West Santa Fe satellite project during 2025.

With the MRE and PEA slated for release in the second quarter, stakeholders can expect a more precise assessment of the Santa Fe Mine’s economic viability and a clearer roadmap toward operational commencement. The updated figures will also support Lahontan’s broader objective of expanding its portfolio of gold and silver projects in the mining‑friendly Walker Lane region of Nevada.