[1] The colt was named by Aaron Jones for an old gold mining site at Lemhi Creek in Idaho where he owned a cabin retreat.
Lemhi Gold made a return to racing on July 9 with a fourteen-length win on turf in a division of the Westwood Stakes at Hollywood Park Racetrack in California.
In September, Lemhi Gold was sent to run on the dirt at Belmont Park in the Marlboro Cup where he beat the heavily favored Timely Writer by 8¾ lengths.
[4] At the end of October, in his final race of 1982, Lemhi Gold ran fifth on the grass to winner John Henry in the Oak Tree Invitational Stakes at Santa Anita Park.
In the closest vote since the Eclipse Awards were created in 1971, he finished second in the American Horse of the Year balloting to Conquistador Cielo.
[7] On May 29, 1983, Lemhi Gold made his European racing debut, finishing last in a seven-horse field in the Prix Dollar at Longchamp Racecourse in Paris.