TORONTO — Lahontan Gold Corp. announced on April 13, 2026, promising results from cyanide extraction tests on samples from its West Santa Fe project in Nevada, indicating potential recoveries of 81 percent for gold and 60 percent for silver through heap leach processing. The findings, derived from analyses of pulp samples collected during the company's 2025 reverse-circulation drilling program, bolster confidence in the site's mineral processing viability and align with historical metallurgical data from the 1980s.
The West Santa Fe project forms part of Lahontan's broader Santa Fe Mine holdings in the Walker Lane mining district, a region known for its gold and silver deposits. According to the company's press release, 158 pulp samples representing key intercepts from the 2025 drilling were tested for cyanide-extractable gold and silver. These tests simulate the recovery rates possible with cyanide heap leach methods, a common technique in Nevada's open-pit mining operations.
Kimberly Ann, Lahontan's executive chair, president, CEO, and founder, highlighted the significance of the results in a statement. “The results of the CN extractable gold and silver analyses confirm our belief that precious metal mineralization at West Santa Fe is amenable to CN heap leach processing for gold and silver recovery,” Ann said. She added that combined with the drilling outcomes, which replicated historic results, the company is progressing toward a Mineral Resource Estimate later in 2026.
The cyanide extraction assays showed gold recoveries ranging from 41 percent to over 100 percent, with most clustering around the 81 percent average. Silver recoveries varied from 19 percent to 91 percent, averaging around 50 percent, though the release noted the silver average as 60 percent in highlights. Recoveries exceeding 100 percent for gold were attributed to analytical uncertainties in the procedures.
These contemporary results echo a 1982 summary report by Kappes Cassiday and Associates, which reviewed prior metallurgical tests on the project. That report concluded that a cyanide heap leach process could yield 70 percent recovery for gold and 50 percent for silver, involving crushing to below one inch and agglomeration. However, the company cautioned that the 1982 data is historical, compiled from archived reports, and has not been verified by a qualified person against modern standards. It should be viewed as illustrative rather than definitive, with further testing planned to confirm and optimize recoveries.
Lahontan's 2025 RC drilling program, detailed in press releases from February 5, 10, 18, and 24, 2026, targeted expansion of the known precious metal system at West Santa Fe. The samples tested came from significant intercepts disclosed in those updates. Previous metallurgical work on the project has included cyanide column leach tests and conventional grinding with carbon-in-pulp recovery, providing a foundation for the current assessments.
To ensure data reliability, Lahontan implemented a rigorous quality assurance and quality control (QA/QC) program for its drilling. This involved inserting coarse blanks and certified reference materials (CRMs) into the sample stream at rates of one QA/QC sample every 16 to 20 samples. Blanks were added every 65 samples, or about 1.5 percent of total samples, while CRMs made up 5 percent, with one every 20 samples.
The CRMs, sourced from MEG, LLC in Lamoille, Nevada, included standards with expected gold values of 0.188 g/t, 1.107 g/t, 10.188 g/t, and a blank at -0.005 g/t. Coarse blanks used commercially available landscape gravel with a similar low gold expectation. Additionally, duplicate samples were collected every 20th interval at the drill rig to assess sampling methodology, labeled with a “D” suffix, though none were submitted for core drilling.
All samples were analyzed at American Assay Laboratories (AAL) in Sparks, Nevada. Analyses included 30-gram fire assay with ICP finish for gold, a 36-element geochemistry suite via two-acid digestion ICP-AES, and select tellurium or 50-element ICP-MS tests. The cyanide extraction leach tests used a two-hour tumble time and ICP-AES finish for gold and silver recoveries. AAL conducted its own blanks, standards, and duplicates to maintain calibration and preparation standards. Results are reported in grams per tonne (g/t).
Brian J. Maher, M.Sc., CPG-12342, vice president of exploration for Lahontan and a qualified person under Canadian National Instrument 43-101, reviewed and approved the technical disclosures in the release, excluding the mineral resource estimate. Maher verified the sampling, analytical, and test data underlying the announcement.
The West Santa Fe project is a satellite to Lahontan's flagship Santa Fe Mine property, spanning 28.3 square kilometers. The Santa Fe Mine historically produced 359,202 ounces of gold and 702,067 ounces of silver from 1988 to 1995 via open-pit heap-leach operations. It holds an indicated mineral resource of 1,539,000 ounces gold equivalent (48,393,000 tonnes at 0.92 g/t gold and 7.18 g/t silver, equating to 0.99 g/t Au Eq) and an inferred resource of 411,000 ounces Au Eq (16,760,000 tonnes at 0.74 g/t gold and 3.25 g/t silver, or 0.76 g/t Au Eq), all pit-constrained.
These resources, reported in a December 10, 2024, effective Preliminary Economic Assessment NI 43-101 Technical Report by authors including Kenji Umeno, P. Eng., and others, use cut-off grades of 0.15 g/t Au Eq for oxide and 0.60 g/t for non-oxide materials. Au Eq calculations assume $1,950 per ounce gold, $23.50 per ounce silver, with oxide recoveries from 28 to 79 percent for gold and 8 to 30 percent for silver, and 71 percent for non-oxide gold and silver. The report is available on the company's website and SEDAR+.
Lahontan, a Canadian mine development and exploration firm, holds four gold and silver properties in Nevada through U.S. subsidiaries. The company intends to advance the Santa Fe Mine toward production, update its preliminary economic assessment, and continue drilling at West Santa Fe throughout 2026. Exploration efforts will focus on expanding the precious metal system's footprint in preparation for the anticipated Mineral Resource Estimate.
Additional metallurgical testing is slated to optimize recoveries and reduce costs, building on the positive cyanide results. Ann emphasized in her comments that the validations from the 2025 program are checking key boxes for project advancement. The announcement comes amid ongoing efforts to verify and modernize historical data, ensuring compliance with current regulatory standards.
As Lahontan progresses, the results could influence future investment and development in Nevada's Walker Lane district, a hub for precious metals mining. The company's shares trade on the TSX Venture Exchange under LG, OTCQB as LGCXF, and FSE as Y2F. Forward-looking statements in the release, including plans for resource estimation and production, carry inherent uncertainties, such as regulatory delays, and are based on current opinions without obligation for updates unless required by law.
Graphs accompanying the announcement, available via GlobeNewswire, illustrate the cyanide recovery distributions and drilling highlights, providing visual context to the analytical clusters reported.