Lahontan Gold Strikes High-Grade Oxide Ore From Surface in Nevada

TORONTO, ON – February 24, 2026 – Lahontan Gold Corp. has announced significant high-grade gold and silver intercepts starting directly from the surface at its West Santa Fe project in Nevada, a discovery that bolsters the economic potential of the asset and adds fuel to the resurgent exploration boom in the state’s historic Walker Lane trend.

The Canadian exploration firm reported that the final drill hole from its 2025 maiden program, WSF25-04R, hit a continuous stretch of 36.6 metres grading 3.11 grams per tonne (g/t) gold equivalent (Au Eq). This impressive intercept included a richer, near-surface core of 10.7 metres grading 5.75 g/t Au Eq. The results, located just 13 kilometers from the company's flagship Santa Fe Mine project, confirm the presence of a shallow, high-grade mineralized system that could be highly attractive for development.

The Economic Edge of Surface Oxides

In the world of gold mining, not all discoveries are created equal. The results from West Santa Fe are particularly compelling for two key reasons: the mineralization is oxidized, and it begins at the surface. This combination is the ideal scenario for modern, low-cost mining operations.

Deposits that start at or near the surface eliminate the need to remove vast quantities of worthless overburden, a costly and time-consuming process. This immediately improves the economics of a potential mine. Furthermore, oxide ore, where the gold is not locked within sulfide minerals, is typically amenable to heap-leach processing. This method involves stacking the crushed ore on impermeable pads and percolating a cyanide solution through it to dissolve the gold, which is then recovered. It is a significantly cheaper and less complex processing route compared to the milling and flotation required for sulfide ores.

The grades reported by Lahontan are also noteworthy. While many profitable open-pit, heap-leach mines in Nevada operate on average grades between 0.5 g/t and 1.5 g/t, the multi-gram intercepts at West Santa Fe, such as the 5.75 g/t Au Eq core, are considered high-grade for this type of deposit. These results suggest the potential for a "starter pit" that could generate strong early cash flow and rapidly pay back initial capital investment. The company noted that individual assays within the mineralized zone ran as high as 12.04 g/t Au Eq over 1.52 metres, highlighting pockets of exceptional richness.

Validating the Past, Defining the Future

The recent drilling success is not just a new discovery but also a powerful validation of historical work. The West Santa Fe area was explored in the 1980s and 90s, but Lahontan's modern approach is the first to systematically confirm and connect the dots. The company stated that the "grade and geometry of these intercepts correlate well with adjacent historic drill holes," a crucial step that builds confidence in the geological model and validates the extensive historical database.

This confirmation now defines a substantial gold and silver mineralized zone with a surface footprint of 500 by 350 metres and a true thickness ranging from 35 to over 60 metres.

"The robust assay results from WSF25-04R confirm the high-grade core of the South Zone as defined by historic drilling and underground mine workings," commented Kimberly Ann, Lahontan's Founder, Chair, and CEO, in a press release. "We are continuing to model the West Santa Fe system to better understand the geology and geometry of gold and silver mineralization."

With this initial success, Lahontan is already planning its next moves. The company has identified a potential 1,000-metre eastward extension of the system, along with untested targets down-dip, where the mineralized structure may be repeated. These areas will be the focus of a follow-up drilling campaign slated to begin this spring. "West Santa Fe continues to be an exciting new exploration target for the Company, one with excellent potential to add important shallow, oxide gold and silver resource ounces to Lahontan’s mineral resource ledger," Ann added.

A Discovery in Nevada's Hotspot

Lahontan's work is taking place in the Walker Lane, a northwest-trending structural corridor that has become one of North America's most active and prospective gold regions. Stretching from northern California into southern Nevada, the belt has produced over 50 million ounces of gold equivalent and is home to numerous world-class deposits. In recent years, a "renaissance" of exploration activity has been sparked by major discoveries, such as AngloGold Ashanti’s Silicon project, and a wave of corporate consolidation.

Operating in such a prolific and mining-friendly jurisdiction provides significant advantages. Nevada offers established infrastructure, a skilled workforce, and a clear regulatory framework. For junior companies like Lahontan, a significant discovery in the Walker Lane can quickly attract the attention of larger producers looking to replenish their dwindling reserve pipelines, making them potential takeover targets. The positive market reaction to Lahontan's news, which saw its stock price jump over 18% on the OTCQB market, underscores investor appetite for promising discoveries in top-tier jurisdictions.

The geology of the West Santa Fe deposit, with gold and silver hosted in reactive Triassic limestone, fits well within the regional geological models that have led to other major discoveries. The thorough oxidization of the rock, accompanied by silver halides, helps explain historical metallurgical tests from 1982 by the reputable firm Kappes Cassiday, which suggested favorable gold and silver recoveries of 70% and 50%, respectively.

Brian J. Maher, Lahontan’s Vice President of Exploration, highlighted the significance of these characteristics. "The geologic setting and mineralogy observed in outcrop and drill holes help explain the good gold and silver recoveries reported previously," he stated. "The next phase of exploration at West Santa Fe will focus on testing the eastern extension of the main mineralized zone and exploring down-dip... Exciting early success with opportunities to significantly expand the size and volume of the gold and silver mineralized system."

With a validated historical model, high-grade oxide results from the surface, and a clear path to expand the known mineralization, Lahontan Gold's maiden drill program at West Santa Fe has successfully transitioned the project from a historical prospect into a tangible and exciting growth opportunity for the company. The upcoming spring drilling campaign will be closely watched by the market as the company works to determine just how large this Nevada gold system could be.