Lahontan Gold Corp. announced the signing of a binding term sheet to acquire 27 unpatented lode mineral claims from Emergent Metals Corp., adding approximately 2.1 square kilometers of mineral rights to its Santa Fe Mine Project in Nevada. The claims, known as the York Claims, are positioned immediately south and southeast of the existing York open pit and gold resource area. This acquisition is strategically important because it consolidates land holdings around a known mineralized zone, potentially enabling more efficient and extensive mining operations.
A Preliminary Economic Assessment conducted for the Santa Fe Mine Project indicated that gold-silver mineralization extends toward the York Claims, suggesting significant potential for resource expansion. The geological continuity between the existing resource and the newly acquired claims could allow for the expansion of the York open pit and increase the overall mineral resources in the region. The Santa Fe Mine Project already hosts substantial mineral resources, with a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces gold equivalent and an Inferred Mineral Resource of 411,000 ounces gold equivalent. These resources are pit-constrained and based on specific cut-off grades and metal price assumptions detailed in the technical report available through the company's filings.
For additional technical details, readers can access the full press release which provides comprehensive information about the acquisition terms and geological assessments. The company's technical disclosure has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist who serves as a Qualified Person under National Instrument 43-101 standards. This strategic acquisition aligns with Lahontan Gold's ongoing development plans for the Santa Fe Mine Project, which includes updating the Preliminary Economic Assessment and conducting drill testing programs throughout 2025.
The addition of the York Claims represents a calculated expansion of the company's mineral rights portfolio in the productive Walker Lane mining district of Nevada. This region is known for its mineral wealth, and securing adjacent claims can significantly enhance the economic viability of mining projects by allowing for larger-scale operations and potentially reducing per-unit extraction costs. The transaction demonstrates Lahontan Gold's commitment to systematically growing its asset base through strategic acquisitions that complement existing resources. By expanding its land position around the York open pit, the company positions itself to potentially increase resource estimates and extend the mine life of the Santa Fe Project, which could have positive implications for long-term shareholder value and regional economic development.
