Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) is making significant progress at its Santa Fe Mine project in Nevada, having completed a 2,569-meter geotechnical drill campaign to support mine permitting and waste rock characterization. The company expects to release an updated mineral resource estimate in the coming weeks and plans up to 7,000 meters of exploration drilling across multiple targets. Following a recent Cdn$13.6 million private placement and ongoing warrant exercises, Lahontan Gold is fully funded into 2027, positioning it to complete permitting that year and move toward construction of a new Santa Fe Mine.
The Santa Fe Mine project, located in the Walker Lane of Nevada, had historical production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines using heap-leach processing. According to a National Instrument 43-101 compliant technical report, the project hosts an Indicated Mineral Resource of 1,539,000 ounces of gold equivalent (Au Eq) (48,393,000 tonnes grading 0.92 g/t gold and 7.18 g/t silver) and an Inferred Mineral Resource of 411,000 ounces Au Eq (16,760,000 tonnes grading 0.74 g/t gold and 3.25 g/t silver). The company plans to update the Santa Fe Preliminary Economic Assessment and drill test its satellite West Santa Fe project during 2025.
The geotechnical drilling campaign, which has been completed, is a key step in the permitting process, providing data for waste rock characterization and mine design. The upcoming mineral resource estimate will incorporate results from previous drilling and is expected to refine the project's economic potential. Exploration drilling planned for up to 7,000 meters will target several high-priority areas, including extensions of known mineralization and new zones identified through geophysical surveys.
Lahontan Gold's funding position, with cash on hand from the private placement and potential proceeds from warrant exercises, ensures the company can advance permitting and exploration without near-term financing risk. The company remains on track to obtain all major permits by 2027, after which it could begin construction of a new mining operation. The Santa Fe Mine project is one of four top-tier gold and silver properties held by Lahontan Gold in Nevada, a mining-friendly jurisdiction.
The technical content of this news release has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person under NI 43-101. The company's newsroom can be accessed at http://nnw.fm/LGCXF for the latest updates. The full press release is available at https://nnw.fm/Ksm15.
