Lahontan Gold Corp. (TSX.V: LG) (OTCQB: LGCXF) is accelerating its efforts to revive the past-producing Santa Fe mine in Nevada, announcing the mobilization of a second drill rig to target areas that have seen little to no exploration drilling. The company, which has reported strong results from both its flagship Santa Fe and West Santa Fe projects, expects to receive final construction approval by the end of 2026 or early 2027.
The Santa Fe mine, which operated in the late 1980s and early 1990s, benefits from existing infrastructure including three wells, secured water rights, a substation, and a year-round access road. Lahontan’s land package in the Walker Lane region is positioned to capitalize on strong global gold and silver demand. The company previously reported a resource of just under two million ounces, but an updated resource estimate is expected to reflect further drilling successes.
The addition of a second drill rig underscores Lahontan’s commitment to expanding the resource base and de-risking the project as it moves toward a production decision. The new drilling program will focus on untested targets that could significantly enhance the project’s economics. Investors can follow the latest updates in the company’s newsroom at ibn.fm/LGCXF.
Lahontan Gold is part of a broader trend of mining companies seeking to bring dormant assets back into production amid rising demand for precious metals. The company’s strategy involves leveraging existing infrastructure to reduce capital costs and accelerate timelines. With final construction approval anticipated within the next two years, Lahontan is positioning itself as a near-term gold producer in a favorable jurisdiction.
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