Lahontan Gold Corp. has mobilized a track-mounted MPD-1500 reverse-circulation drill rig to its flagship Santa Fe Mine project in Nevada's Walker Lane, augmenting the diamond drill currently operating onsite. The new rig will focus on under-explored areas of the project following approval of the company's exploration Plan of Operations, which allows for more than 700 additional drill holes. Management said the expanded drilling program supports Lahontan's objective of restarting gold and silver production at Santa Fe in 2027 while advancing broader district-scale exploration potential.
The Santa Fe Mine project covers 26.4 square kilometers 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 property currently has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces of gold equivalent and an Inferred Mineral Resource of 411,000 ounces of gold equivalent, all pit constrained. 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.
This expanded drilling initiative represents a significant step forward in Lahontan's strategy to revitalize a historically productive mining district. The mobilization of additional drilling capacity enables more comprehensive testing of the property's geological potential, particularly in areas that have received limited exploration attention previously. The company's approach combines focused resource definition with broader district-scale exploration, aiming to both confirm existing resources and discover new mineralization.
The timing of this expanded program aligns with Lahontan's stated goal of restarting production within three years, suggesting an accelerated timeline for project development. The ability to conduct more than 700 additional drill holes under the approved Plan of Operations provides the company with substantial flexibility to test multiple targets and optimize resource understanding. This development comes as the company continues to advance its four gold and silver exploration properties in Nevada's Walker Lane region, with Santa Fe serving as the flagship project driving corporate strategy.
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 for the Santa Fe Project is available on the Company's website and SEDAR+. The Technical Report, effective December 10, 2024 and reported January 24, 2025, provides comprehensive data on the mineral resources and economic assessment of the project.
