Lahontan Gold Corp. has announced new assay results from its 2025 Phase Two reverse-circulation drilling program at the flagship Santa Fe Mine Project in Nevada's Walker Lane region. The results highlight expanded oxide gold and silver mineralization at the Slab pit area beyond the current mineral resource estimate pit shell, with two additional drill holes showing 68.6 meters grading 0.45 g/t gold equivalent and 41.2 meters grading 0.32 g/t gold equivalent. The findings extend shallow mineralization to the south, west, and at depth, which supports the company's plans to update both the mineral resource estimate and preliminary economic assessment while advancing permitting efforts later this year.
The Santa Fe Mine project, which covers 26.4 km², 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 currently 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 news release was 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.
The company plans to continue advancing the Santa Fe Mine project toward production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more detailed information about the project's technical aspects, the Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project is available on the company's website and through SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. The gold equivalent calculations for cut-off grade and mineral resource reporting are based on assumptions including a gold price of US$1,950/oz, silver price of US$23.50/oz, and varying recovery rates for oxide and non-oxide materials.
The expanded mineralization findings come as the company works to develop its four gold and silver exploration properties in Nevada's Walker Lane region, known for its mining-friendly environment. The latest results suggest potential for increased resource estimates at the Santa Fe project, which could impact the project's economic viability and development timeline. Investors seeking additional information about the company can find updates in the company's newsroom at http://ibn.fm/LGCXF.
