Lahontan Gold Corp. (TSXV: LG, OTCQB: LGCXF, FSE: Y2F), a Nevada-focused gold and silver developer operating in the Walker Lane, has announced the mobilisation of a track-mounted reverse-circulation drill rig to its West Santa Fe Project. The programme will cover approximately 3,500 metres across 20 holes targeting gold and silver resource definition and step-out targets. Separately, the company has granted 3,000,000 stock options to officers and consultants, exercisable at Cdn$0.40 per share for five years. Investors may be watching the campaign as a follow-up to the company's maiden West Santa Fe drill results disclosed in February 2026.

Key Points

  • Lahontan Gold Corp. (TSXV: LG, OTCQB: LGCXF, FSE: Y2F) is a Nevada-focused mine development company with four gold and silver projects in the Walker Lane
  • A Foremost MPD-1500 track-mounted reverse-circulation rig has been mobilised to the West Santa Fe Project for approximately 3,500 metres of drilling across 20 holes
  • Maiden drilling in December 2025 returned 36.6 metres grading 3.11 g/t AuEq from surface in hole WSF25-04R; 3,000,000 options granted at Cdn$0.40 vesting over 18 months
  • The company has stated it expects drill results from this programme later in 2026

Foremost MPD-1500 Rig Targets West Santa Fe Gold and Silver Mineralisation

Lahontan has mobilised a Foremost MPD-1500 track-mounted reverse-circulation drill rig to the West Santa Fe Project in Nevada's Walker Lane. The programme is designed to cover approximately 3,500 metres in 20 holes, focusing on both resource definition and step-out targets within the known gold and silver mineralised system. The track-mounted configuration is intended to allow multiple holes to be completed from single drill pads, reducing surface disturbance. West Santa Fe is situated approximately 13 kilometres from Lahontan's flagship 28.3 km² Santa Fe Mine Project and forms part of the company's broader regional Walker Lane exploration strategy.

December 2025 Maiden Campaign Confirmed High-Grade Oxide Results at Surface

The current programme builds on Lahontan's maiden West Santa Fe drilling campaign conducted in December 2025. That campaign successfully reproduced high-grade gold and silver mineralisation consistent with historic drilling at the property, with hole WSF25-04R returning 36.6 metres grading 3.11 g/t AuEq — comprising 1.47 g/t Au and 140.1 g/t Ag — from surface. The company confirmed the entire interval represents oxide mineralisation. Lahontan's geological team has since been modelling the distribution and geometry of the mineralised system, the announcement states, with particular emphasis on areas considered under-explored by previous operators.

3,000,000 Stock Options Granted to Officers and Consultants

Alongside the drilling update, Lahontan disclosed the grant of an aggregate of 3,000,000 options to purchase common shares, exercisable at Cdn$0.40 per share for a period of five years. The options are awarded to officers and consultants of the company and vest over an 18-month period. Common shares issuable upon exercise are subject to a four-month hold period from the original grant date. The immediate share price impact was not clear from available public information.