The recently approved Exploration Plan of Operations (“EPOO”) will allow Lahontan to conduct exploration drilling across a 12.2 km² area of the Santa Fe mine project, allowing the company to test multiple new targets well beyond the currently defined gold and silver resources (see map below)*. Previous drilling programs in Lahontan have focused on validating historical drilling results, defining and expanding resources adjacent to the past-producing open-pit mines, and collecting data to support detailed mine planning and scheduling.
With the EPOO in place, Lahontan can now initiate real exploration programs in the wider project area. The EPOO includes more than 700 permitted drill holes targeting well-defined geological and geochemical anomalies, as well as previously drilled areas that have produced significant gold and silver intercepts requiring follow-up drilling. Priority objectives include the Pinnacles area, hosted in a similar geological setting to Fortitude Gold’s nearby Isabella Pearl Mine, as well as significant historical drilling in the Guzzler target south of the Santa Fe open pit, along with multiple untested zones among known resource areas in Santa Fe (see map below).
Map of the recently approved EPOO for Santa Fe. The yellow shading outlines the area included in the EPOO, dark red indicates the historic wells including the Isabella Pearl well west of the project boundary, the red lines show the surface projection of known gold and silver resources*.Kimberly Ann, Executive Chairman, Founder, CEO and President of Lahontan Gold Corp., commented: “Receiving approval for the Santa Fe Mine Project EPOO represents a milestone for Lahontan. Until now, the Company’s exploration activities have been limited to a five-acre disturbance area, significantly limiting the Company’s ability to step out of known resources and fully assess the exploration potential of the Santa Fe Mine Project. With the approval of the EPOO, Lahontan can now cover an area of Exploring 12.2 km². It includes multiple well-defined geological and geochemical targets located between and adjacent to existing gold and silver resources. The expanded permit area also allows drilling to be conducted on the historic heap-leach pads, which may contain residual mineralization of potential economic interest for efficient and timely completion of the EPOO.”
Map of exploration targets at the Santa Fe Mine Project.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that, through its U.S. subsidiaries, owns four gold and silver exploration properties in the Walker Lane area of mining-friendly Nevada. Lahontan’s flagship, the 28.3 km2 The Santa Fe mine project produced 359,202 ounces of gold and 702,067 ounces of silver from open-pit mines using heap-leach processing between 1988 and 1995. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, along with a grading of 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, along with grading 0.76 g/t Au Eq), all confined in the pit (Au Eq includes recovery, see Santa Fe Project Technical Report and note below*). The company plans to continue to develop the Santa Fe mine project toward production, update Santa Fe’s preliminary economic assessment and test its West Santa Fe satellite project in 2025. Visit our website for more information: www.lahontangoldcorp.com
*See the “Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project,” authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company’s website and on SEDAR+. Mineral resources are reported at a limit of 0.15 g/t AuEq for oxide sources and 0.60 g/t AuEq for non-oxide sources. AuEq for the purposes of Mineral Resources cut-off grade and reporting is based on the following assumptions: gold price of US$1,950/oz of gold, silver price of US$23.50/oz of silver, and oxide gold recoveries ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%.
Qualified person
Brian J. Maher, M.Sc., CPG-12342, is a “qualified person” as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the contents of this press release with respect to all technical disclosures other than mineral resource estimates, as noted above. Mr. Maher is vice president of exploration for Lahontan Gold and verified the data disclosed in this press release, including sampling. Analytical and testing data underlying the disclosure.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President and Director
FOR MORE INFORMATION PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, CEO, President, Director
Phone: 1-530-414-4400
E-mail:
Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Statement Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate” and other similar words, or statements that certain events or circumstances “may” or “will” occur. Forward-looking statements are based on the opinions and estimates as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, including but not limited to delays or uncertainties with regulatory approvals, including those of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the company’s control. The Company assumes no obligation to update any forward-looking information if circumstances or management’s estimates or opinions should change, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is included in the Company’s filings with Canadian securities regulators. These documents are available at www.sedar.com
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