News Summary
Lahontan Gold Corp. announced on December 16, 2025, that it has commenced its maiden drilling program at the West Santa Fe project in Nevada and has completed the 2025 Phase Two drilling at its flagship Santa Fe Mine project.
At West Santa Fe, the company is initiating its first drilling campaign, aiming to validate historical drill data (171 holes, 13,107 metres from 1980-1995) which indicated a shallow, oxidized gold and silver mineralized system. The CEO, Kimberly Ann, expressed excitement about testing this important exploration target.
For the Santa Fe Mine project, the company successfully completed its 2025 Phase Two drilling, marking the largest number of drill holes (20 this year, 99 total since 2021, totaling 22,431 metres) completed in a single year since Lahontan began drilling in 2021. This new data will be incorporated into an updated Mineral Resource Estimate (MRE) for the Santa Fe Mine in early 2026, followed by a Preliminary Economic Assessment (PEA) in the first half of 2026.
Material Impact
This news release represents the successful execution of previously announced operational plans and permits, rather than a new, unforeseen development.
* West Santa Fe Drilling: The commencement of maiden drilling at West Santa Fe directly follows the Bureau of Land Management (BLM) approval received on November 26, 2025, for this drill program. The company had stated its intention to begin drilling in December 2025, so this news confirms that objective has been met. This is a positive step in testing the potential of a new project, which the company previously noted has an exploration target of +0.5-1.0M ounces of shallow oxide Au & Ag.
* Santa Fe Mine Phase Two Completion: The completion of the 2025 Phase Two drilling at Santa Fe Mine is also a direct follow-up to previous announcements. On November 10, 2025, Lahontan announced the mobilization of a drill rig for this program, focusing on in-fill drilling to upgrade and expand resources. Furthermore, the expanded exploration permit (EPOO) for Santa Fe, approved by the BLM on November 13, 2025, significantly broadened the scope of potential drilling, allowing for over 700 holes across a 12.2 km² area. The completion of Phase Two drilling is an expected advancement under this expanded permit.
* MRE and PEA Timelines: The reiteration of plans to update the Santa Fe MRE in early 2026 and complete a PEA in H1 2026 aligns with the strategic direction the company has been communicating, particularly since the filing of the initial PEA and technical report in January 2025 and the subsequent focus on resource expansion and metallurgical work.
Overall, while confirming continued operational progress and adherence to timelines is positive, this news does not introduce new information that materially changes the company’s outlook beyond what was already anticipated. It is a routine but encouraging update on project execution.
Catalysts
* Drill Results from West Santa Fe: The market will be keenly watching for initial assay results from the maiden drilling program at West Santa Fe, expected to validate historical data and expand the known mineralization footprint.
* Updated Santa Fe Mine Mineral Resource Estimate (MRE): The company plans to release an updated MRE for the Santa Fe Mine in early 2026, incorporating the data from the recently completed Phase Two drilling. This update is critical for quantifying resource expansion and upgrades.
* Preliminary Economic Assessment (PEA) for Santa Fe Mine: Following the MRE, a new PEA for the Santa Fe Mine is slated for H1 2026. This will be a key document for evaluating the project’s economics and advancing it towards production.
* Metallurgical Test Work Results: Ongoing metallurgical testing, particularly for transition material (as noted in June 24, 2025 news), is crucial for improving gold recoveries. Any positive developments here could significantly impact project economics.
* Further Exploration Plans: Details regarding future exploration phases at both Santa Fe and West Santa Fe, potentially including targets identified from current drilling, will be important for long-term growth.
Materiality Conclusion
The news is a Routine – Positive update. It confirms the successful execution of planned exploration activities at both the West Santa Fe and Santa Fe Mine projects, adhering to previously communicated timelines and leveraging recent permitting approvals. This demonstrates sound operational management and consistent progress towards resource definition and economic assessment. However, it does not present new, unexpected information or a significant re-rating event for the stock, but rather confirms the company is on track with its development strategy.
