Lahontan Gold Corp. has mobilized a Super 90 track-mounted core drill rig to its flagship Santa Fe Mine Project in Nevada's Walker Lane. The drilling program is focused on collecting samples for waste rock geochemical characterization and further defining groundwater distribution in areas proposed for open pit mining. These activities are key components of the state-level permitting process required for the project's advancement. The company expects the data generated to support its plans for the resumption of open pit mining and heap leach processing at Santa Fe. The objective is to remain on schedule to break ground at the project in 2027.
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. According to the company's technical disclosure, the Santa Fe Mine has 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 announcement 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 more detailed technical information, the Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project is available on the Company's website and SEDAR+. 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. Additional company information can be found at www.lahontangoldcorp.com.
The initiation of this drilling program represents a significant step in the project's development timeline. The data collected on waste rock geochemistry and groundwater distribution is not merely exploratory but serves a direct regulatory purpose. Nevada's stringent environmental and mining regulations require comprehensive characterization of these factors before open pit mining permits can be granted. By proactively gathering this information, Lahontan Gold is addressing potential environmental concerns and regulatory hurdles early in the process. This approach can streamline the permitting phase, which is often a critical bottleneck for mining projects, potentially reducing delays and associated costs.
The importance of this activity extends beyond permitting logistics. The Santa Fe Mine's historical production and substantial existing resource base indicate a project with proven mineralization. Successfully navigating the permitting process to resume operations could unlock significant value. The project's location in the established Walker Lane mineral belt adds to its strategic significance, as the region hosts numerous past-producing and active mines. A return to production at Santa Fe would contribute to domestic gold and silver supply, commodities with enduring importance in financial markets and industrial applications. The company's parallel plans to update its economic assessment and explore satellite targets in 2025 suggest a broader, long-term strategy to maximize the asset's potential, making the current foundational work on the main deposit all the more critical for future growth.
