Lahontan Gold is preparing for a series of major development milestones at its Santa Fe gold-silver project in Nevada, with an updated mineral resource estimate and revised preliminary economic assessment expected to define the next phase of the company’s planned restart strategy. The brownfields project, located in Nevada’s highly prospective Walker Lane gold district, is moving toward a potential return to production in 2027 as Lahontan advances technical studies, exploration drilling and permitting activities.
With several key catalysts expected in the coming months, Santa Fe is becoming one of the more closely watched restart opportunities in the U.S. gold sector.
Updated Mineral Resource Estimate Near Completion
Lahontan Gold said its updated Mineral Resource Estimate (MRE) for Santa Fe is nearing completion and is expected to be released within weeks. The resource update represents a critical step in defining the current scale and potential of the project after recent drilling campaigns.
Following completion of the MRE, the company plans to finalize an updated Preliminary Economic Assessment (PEA) by the end of August 2026.
The revised economic study is expected to provide updated details on key project infrastructure, including:
- heap leach facilities;
- open-pit mine designs;
- waste-rock storage areas;
- overall development requirements.
Once the PEA is completed, Lahontan intends to submit a Mine Plan of Operations to the U.S. Bureau of Land Management (BLM), advancing the project through the federal permitting process.
Santa Fe Targets Restart as Nevada Gold Development Gains Momentum
Santa Fe represents a brownfields redevelopment opportunity, combining a historic producing mine with new exploration potential. Lahontan said the project remains on track to begin construction activities in 2027, while continuing work on both state and federal permitting requirements.
The company has also maintained an active exploration programme.
During 2026, Lahontan completed:
- 87 drill holes;
- approximately 7,751 metres of drilling.
The drilling campaign has supported several objectives, including:
- resource expansion;
- exploration targeting;
- project development planning.
The continued drilling reflects the company’s effort to strengthen the geological foundation of Santa Fe ahead of major economic and permitting decisions.
New Slab West Discovery Expands Exploration Potential
Exploration success has added another potential growth opportunity within the Santa Fe project area.
Lahontan reported the discovery of a new gold mineralization zone west of the existing Slab resource, named Slab West.
Recent drilling returned encouraging results, including:
- 35.0 metres grading 0.34 grams per tonne gold equivalent;
- 61.0 metres grading 0.26 grams per tonne gold equivalent.
The company said the mineralized zone remains open in multiple directions, including:
- up-dip;
- down-dip;
- along strike.
Further drilling could determine whether Slab West represents a meaningful expansion opportunity for the overall resource base.
Historic Heap Leach Pads Could Provide Additional Gold Upside
Another important part of Lahontan’s development strategy involves evaluating the potential value of historic heap leach pads at Santa Fe.
The project has a previous production history, with historical records showing that Santa Fe produced:
- 359,202 ounces of gold;
- 702,067 ounces of silver
between 1988 and 1995 through open-pit mining and heap-leach processing.
Lahontan is now investigating whether residual precious metals remain within the old leach material.
The company is drilling the historic pads to determine:
- remaining gold and silver grades;
- recoverable metal potential;
- material volumes.
If successful, the historic pads could provide a lower-cost source of additional ounces compared with developing entirely new mining areas.
Permitting Progress Provides Additional Support
Alongside resource and economic studies, Lahontan is continuing environmental and permitting work.
The company reported that groundwater drilling conducted in proposed open-pit areas did not encounter the water table. If confirmed through additional studies, this could simplify certain aspects of Nevada state permitting by reducing potential groundwater-related development concerns.
Nevada remains one of the world’s leading mining jurisdictions, but successful project advancement still requires careful management of environmental approvals, water issues and regulatory requirements.
Multiple Catalysts Could Shape Santa Fe’s Future
For investors, Lahontan Gold’s Santa Fe project is entering a potentially important period with several value-driving events ahead.
Key upcoming catalysts include:
- completion of the updated Mineral Resource Estimate;
- release of the revised Preliminary Economic Assessment;
- results from heap leach pad evaluation;
- continued exploration success;
- progress through the permitting process.
Each milestone could influence market expectations around project economics, development timing and the potential restart pathway.
Santa Fe Moves From Historic Mine to Future Gold Development Opportunity
Lahontan Gold is positioning Santa Fe as a potential near-term gold restart project supported by historic production, existing infrastructure advantages and new exploration opportunities.
The combination of updated resources, economic studies and permitting progress could provide a clearer picture of the project’s long-term potential before the end of 2026.
While construction and financing decisions remain ahead, Santa Fe is moving beyond its historic status and emerging as a modern Nevada gold-silver development story with multiple catalysts capable of reshaping investor perception.
