Lahontan Gold Corp. has mobilized a track-mounted reverse-circulation drill rig and crew to its flagship Santa Fe Mine project in Nevada's Walker Lane district. The MPD-1500 rig will complete up to 25 drill holes totaling 4,000 meters, with the program focused on upgrading gold and silver resources from the Inferred to Indicated category and expanding overall resources at the Slab and York areas. Executive Chair, Founder, and CEO Kimberly Ann described the program as vital as the company pivots from resource definition to mine planning and permitting in 2026. Vice President of Exploration Brian Maher is overseeing the drill campaign.
The Santa Fe Mine project covers 26.4 km² and had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. The project currently holds a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq, all pit constrained. The technical content of the company's disclosure has been reviewed and approved by Michael Lindholm, CPG, Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101.
For additional technical details, the Preliminary Economic Assessment, NI 43-101 Technical Report for the Santa Fe Project is available through the company's regulatory filings. The company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. The full press release detailing these developments can be accessed at https://ibn.fm/ZALOm, while corporate information is available at https://www.lahontangoldcorp.com.
This drill program represents a critical step in Lahontan Gold Corp.'s strategy to transition from exploration to development. By upgrading resources from Inferred to Indicated categories, the company enhances the project's economic viability and technical confidence, which is essential for securing financing and advancing through regulatory processes. The expansion of resources at the Slab and York areas could significantly increase the project's overall value and mine life, positioning it as a more substantial asset in Nevada's prolific Walker Lane district.
The implications of this announcement extend beyond immediate operational progress. Successful resource upgrades could lead to a revised Preliminary Economic Assessment with improved metrics, potentially attracting investor interest and partnerships. As global demand for precious metals remains robust, particularly for gold as a hedge against economic uncertainty, advancing projects like Santa Fe Mine contributes to North American supply security. The company's timeline targeting mine planning and permitting by 2026 indicates a clear pathway toward production, which could generate local employment and economic benefits in Nevada while adding to the region's mining legacy.
