Lahontan Gold Corp. (TSX.V:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce the maiden Mineral Resource Estimate ("MRE") for its flagship Santa Fe Mine, a past-producing open pit, heap leach gold and silver mine located in Mineral County, Nevada. The MRE for Santa Fe is based upon 1,275 drill holes totaling 125,435 metres, including 50 drill holes totaling 13,118 metres drilled by Lahontan since 2021.
Highlights of the MRE include:
Kimberly Ann, Founder, CEO, and President of Lahontan Gold Corp commented: "Lahontan is thrilled with the results of this MRE for the Santa Fe Mine, validating our business concept focusing on brownfield exploration and development opportunities. The MRE demonstrates the presence of a large, readily exploitable, oxide gold resource and importantly, higher-grade non-oxide gold resources. Shallow, good grade oxide gold mineralization in the high-wall of the Santa Fe pit and outcropping oxide resources in Slab-Calvada-York complex, give the Company a clear option for rapid mine development at a significant production rate. We intend to take advantage of the technical and metallurgical data generated over six years of historical mining and heap-leach processing to quickly evaluate the economic potential of the oxide portion of the mineral resource. All deposits comprising the Santa Fe Mine remain open for resource expansion and we look forward to continued drilling at Santa Fe as we grow and expand the size and scale of the project".
Table 1: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada.
Notes to Tables 1 and 2:
About the Santa Fe Mine:
The Santa Fe Mine is in the Walker Lane mineral belt of western Nevada approximately 50 km from the town of Hawthorne in Mineral County. Nearby operating gold and silver mines include Isabella Pearl (Fortitude Gold) and Borealis (Waterton). The Santa Fe Mine consists of four past-producing open-pits, including the Santa Fe, Slab, Calvada East, and York deposits, within a 19 km2 land package 100% controlled by Lahontan. Gold and silver production occurred between 1988 and 1995 utilizing heap-leach processing that produced a reported 345,000 oz of gold and 711,000 oz of silver (Nevada Bureau of Mines and Geology, 1995). Mineralization occurs as disseminated gold and silver hosted by Triassic age calcareous rocks. Strong stratigraphic and structural controls of mineralization is evident. Considerable exploration potential remains at Santa Fe and the Company intends to continue its aggressive exploration program during 2023.
Location of MRE deposits with conceptual pit shells, Santa Fe Mine, Mineral County, Nevada
Table 2: Project-wide Oxide Resources, Santa Fe Mine, Mineral County, Nevada
Oxide Resources:
Oxide resources at the Santa Fe Mine occur at both the Santa Fe deposit and the Slab-Calvada Complex which includes the Slab, Calvada East, York, and Calvada Central deposits. The contained Au Eq oxide ounces for the Slab-Calvada Complex accounts for approximately 19% of the total Indicated Au Eq oxide ounces and 29% of the total Inferred Au Eq oxide ounces. Mineral Resources at the Slab-Calvada Complex are exposed at surface. Oxide resources are open to the north and east of the Slab open pit, along the Calvada Fault, and at the York open pit.
The Santa Fe deposit accounts for 81% of Indicated contained Au Eq oxide ounces, and 71% of Inferred contained AuEq oxide ounces. Oxide Mineral Resources within the Santa Fe deposit are primarily located in the high wall of the Santa Fe open pit. The average grade of the Santa Fe deposit Indicated oxide resource is 1.10 g/t Au Eq, and Inferred oxide resource is 0.77 g/t Au Eq. Oxide resources at the Santa Fe deposit are open to the northeast, south, and southeast.
Santa Fe Non-Oxide Resources:
Non-oxide resources at the Santa Fe Mine are principally located in the Santa Fe deposit below the oxide resources within the resource pit shell. The average grade of the Santa Fe deposit Indicated non-oxide resource is 1.41 g/t Au Eq and the Santa Fe deposit Inferred non-oxide mineral resource is 1.50 g/t Au Eq. Gold is very fine-grained and associated with pyrite. Within the southeastern portion of the Santa Fe deposit, higher-grade gold and silver resources may positively influence project economics. Higher grade gold and silver mineralization extends to the southeast of the Santa Fe deposit, along strike and down-rake, providing excellent exploration opportunities to grow the non-oxide resources at Santa Fe.
Estimation Approach:
Lithology and gold and silver bearing domains were modelled using Leapfrog Geo 2022. These domains are mainly defined by logged jasperoid and limestone-breccia lithologies and continuity of gold grades above 0.1 g/t gold. Ore type domains for oxide, transition and non-oxide were modelled based on ratio of cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording abundance of pyrite and oxidation intensity. Transition material represents less than 5% of oxide tonnes and is included in the oxide resource. Domains representing lithology, weathering and mineralization models were assigned to a block model with a block size of 5 m x 5 m x 6 m. Average bulk densities representative of the mineralization and lithology models were assigned to the block model and vary from 2.4 t/m3 to 2.6 t/m3.
Grade capping and outlier restrictions were applied to gold and silver values and interpolation parameters respectively. Top cut values for gold and silver were evaluated for each domain independently prior to compositing to 1.52 m lengths that honor domain boundaries. Estimation was completed using Micromine Origin with Ordinary Kriging (OK) and Inverse Distance cubed (ID3) interpolants. Blocks were classified in accordance with the 2014 CIM Definition Standards. The nominal drillhole spacing for Indicated Mineral Resources is 50 m or less. The nominal drillhole spacing for Inferred Mineral Resources is 100 m or less.
Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with the following parameters: gold price of US$1,770/oz gold, silver price of US$22/oz silver, gold selling costs of US$56/oz gold, and silver selling costs of US$3/oz silver. Mining costs for ore and waste of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t, G&A cost US$3.99/t. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope of 50 degrees. Processing recoveries range from 60% to 77% for oxide, silver recoveries range from 40% to 55% for oxide and non-oxide gold and silver recoveries are 71%.
Filing of Report:
To support this Santa Fe MRE, a technical report prepared according to National Instrument 43-101 ("Report") will be filed on SEDAR within the next 45 days.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Mine, is a past producing gold and silver mine that utilized heap-leach processing (past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995; Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has an Indicated Mineral Resource of 1,112,000 oz Au Eq(grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained. The Company plans to continue to aggressively explore the entire property during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe Mine back into production. For more information, please visit our website: www.lahontangoldcorp.com
The independent Qualified Person responsible for the MRE disclosure for the Santa Fe Mine is Trevor Rabb, P.Geo., of Equity Exploration Consultants Ltd. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Quinton J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this news release.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at 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 that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update 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 contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
Lahontan Gold is on track to become a leading gold developer in Nevada’s Walker Lane district, presenting a compelling investment opportunity by combining a high-quality resource base with a clear path to production in Nevada’s premier mining jurisdiction — all in a rising gold price environment.
Lahontan Gold (TSXV:LG,OTCQB:LGCXF) is focused on advancing its portfolio of high-quality gold and silver projects in Nevada. The company’s flagship Santa Fe mine was a past producer that operated from 1988 to 1992, yielding 356,000 ounces of gold and 784,000 ounces of silver. Lahontan aims to unlock the mine’s full potential by expanding its resources and pushing forward on permitting.
The company recently completed a robust preliminary economic assessment( PEA) outlining a clear pathway to production. Permitting efforts are progressing with the Bureau of Land Management, and Lahontan anticipates being in a position to break ground by 2026.
Additionally, strategic drilling campaigns are planned to further expand the existing resource base.
The company's strategy to unlock shareholder value is to advance the Santa Fe mine toward production by derisking the project through permitting and feasibility studies, while optimizing heap leach processing for maximum recoveries and economic efficiency. Concurrently, it is unlocking value from satellite deposits, including West Santa Fe, which has high-grade oxide potential, and Moho, an early-stage project with promising historic gold and silver intercepts.
Positioned as a low-cost developer in a top-tier jurisdiction, the company maintains strong institutional support with minimal dilution risk, ensuring capital efficiency and sustainable growth.
The Santa Fe mine, located in Mineral County, Nevada, spans 26.4 sq km and represents Lahontan Gold’s flagship development project. With an updated mineral resource estimate of 1.95 Moz gold equivalent, the project hosts multiple oxide and sulfide zones that remain open for expansion.
Historical production from the Santa Fe mine yielded 356,000 oz gold and 784,000 oz silver from an open-pit heap leach operation. Modern exploration and metallurgical testing have identified additional high-grade mineralization that could support an expanded operation.
The recently completed PEA indicates strong economic potential, with favorable heap leach recoveries and low operating costs. Lahontan is actively working with the Bureau of Land Management to advance the permitting process, with the goal of achieving production readiness by 2026.
The West Santa Fe project, situated just 13 km from the Santa Fe mine, is a highly prospective satellite project that could serve as an extension of the main operation. Historic drill data suggest the presence of a shallow oxide deposit, with early resource modeling indicating a potential gold equivalent resource of 0.5 to 1 Moz.
West Santa Fe’s excellent resource growth potential
Lahontan is preparing for an extensive drill program in 2025 to validate and expand this resource. Geophysical surveys and geochemical sampling have identified strong structural controls on mineralization, further supporting the potential for economic extraction. Given its proximity to Santa Fe, West Santa Fe offers a compelling low-cost, high-margin opportunity for future production.
The Moho project is another 100 percent owned asset within the Walker Lane district in Nevada, presenting a longer-term growth opportunity for Lahontan. The project is characterized by historic high-grade gold and silver intercepts from past drilling, with reported grades exceeding 20 g/t gold and 300 g/t silver. Initial exploration has confirmed the presence of oxidized tertiary epithermal vein systems, which are ideal for conventional heap leach processing. Core drilling in 2019 further validated the high-grade nature of Moho’s mineralization, with significant intercepts occurring at relatively shallow depths. Lahontan plans to conduct additional exploration drilling to refine resource estimates and assess potential economic viability.
Kimberly Ann is a mining executive who has founded multiple junior mining companies and served in a variety of senior executive positions including CEO, president, CFO and board member. In the past 12 years, she has raised over $210 million in project financing and collaborated on three junior mining M&A projects. While at Prodigy Gold, she was responsible for all aspects of the company’s corporate communication program, facilitating equity financings, generating analyst coverage, and participating in key aspects of corporate M&A leading to the $340 million buyout of Prodigy by Argonaut Gold. Kimberly was CFO and VP corporate development at PPX Mining, successfully bringing the high-grade Callanquitas gold-silver underground mine into production in Northern Peru. In 2017, she founded Latin America Resource Group, building Jasperoide from two small concessions into a 57 sq km strategic project in the heart of Peru’s most prolific copper-gold mineralized belt. In 2020, LARG merged with Carube Copper to create C3 Metals, setting the stage for value creation throughout C3’s project portfolio.
Brian Maher is an economic geologist with over 45 years of experience in the international mining and exploration industry. Prior to Lahontan, Maher was the president, CEO and director of Prodigy Gold, where he guided the company through a period of expansive growth, exploring and developing the 6.6 Moz Magino gold deposit in northern Ontario, culminating in the $341 million acquisition of Prodigy Gold by Argonaut Gold in 2012. In 1982, he began a 16-year career with ASARCO, exploring for gold and copper deposits in a variety of geologic environments throughout North and South America. From 1998 and 2004, he was project manager for Metallic Ventures Gold, supervising underground and surface exploration, mine development and operations at an underground gold mine in Nevada.
John McNeice is a chartered professional accountant registered in Ontario, Canada, with over 30 years of experience in public company reporting, financial management, accounting and audit. Currently McNeice is the CFO of Gold79 Mines (TSXV:AUU), C3 Metals (TSXV:CCCM) and Northern Graphite (TSXV:NGC), where he is responsible for financial and regulatory reporting as well as day-to-day financial management. He has held CFO roles in seven public resource companies over the past 17 years and has overseen IPOs, RTOs and many quarterly, annual and periodic public company filings. From 2004 to 2007, McNeice was CFO of Ur-Energy, a uranium exploration and development company now a US-based producer of uranium. During his tenure, Ur-Energy raised an aggregate of $150 million in a series of private placements, the IPO and several significant secondary financings.
Chris Donaldson is an experienced executive with a 25-year track record of raising funds and building out new investment channels for both public and private companies. He is the CEO and director of Valkea Resources (TSXV:OZ), CEO and executive chairman of TinOne Resources (TSXV:TORC), and a non-executive director of Vizsla Copper (TSXV:VCU). From 2013 to 2020, Donaldson held the dual role of director, corporate development with Western Copper and Gold (TSX:WRN,NYSE:WRN) as well as director, corporate development and Community with Casino Mining Corporation. He holds a Bachelor of Arts in Economics from the University of Western Ontario.
Josh Serfass is the executive vice-president of corporate development and investor relations at Integra Resources. Previously, he was the manager of corporate communications at Integra Gold. He was a key member of the team at Integra Gold that grew, developed and sold the past producing Lamaque mine in Val-dOr, Québec to Eldorado Gold for C$590 million in 2017. Committed to thinking differently about mining, Serfass worked with the team at Integra Gold to host the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining Challenge, initiatives that encouraged innovation and technology disruption in the mining industry.
Currently, executive VP, corporate development and CFO at NevGold, Bob McKnight is a geological engineer and mining executive with over 40 years of experience in copper, gold, base metals, coal and potash. Directly involved in over $1.5 billion in project debt, equity, stream financings and M&A transactions, he was an executive VP and CFO at Nevada Copper arranging over $500 million in debt, equity and metal stream financings to develop the Pumpkin Hollow copper mine. He was also CFO and VP at Expatriate Resources, which spun out Stratagold, Yukon Zinc and Selwyn Resources. In 2004, Stratagold acquired what is now Victoria Gold’s Eagle deposit from a subsidiary of Vedanta for $6 million cash and 5 million Stratagold shares.
Near-term gold production pathway in the highly prolific Walker Lane district in Nevada
Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF)Â Positioned in Nevada's prolific mining region, Lahontan Gold Corp. is advancing a proven gold asset with a strategy focused on near-term production and resource expansion. By fast-tracking development in a stable jurisdiction, the company aims to generate cash flow while continuing to grow its gold resource.
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Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF)
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Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (the "Company" or "Lahontan") is pleased to announce that, further to its press release of January 17, 2025, the Company has closed its non-brokered private placement financing for gross proceeds of Cdn$720,000 through the issuance of 36,000,000 common shares (each, a "Common Share") in the capital of the Company at a price of Cdn$0.02 per Common Share (the "Offering").
The Company also wishes to announce that Victoria Gold Corp. ("Victoria") has completed the sale of 42,132,139 Common Shares of Lahontan (the "Victoria Sale"), representing 17.4% of the Company's outstanding Common Shares, after giving effect to the Offering. The sale was made through a share purchase agreement in reliance upon the prospectus exemptions contained in NI 45-102. Lahontan understands the purchasers to be comprised of existing shareholders, including two prominent precious metals institutional investors.
Kimberly Ann, Lahontan Gold Corp CEO, Chair, and Founder commented: "The Company is very pleased to close this fully subscribed no-warrant Offering and to see the completion of the Victoria Sale. Following closing of the Offering and completion of the Victoria Sale, a significant majority of the Company's Common Shares are now held by a group of very supportive long-term investors, including Company management, who share a common vision of the Company's future and the full development of the Santa Fe Mine project. In particular, the Victoria Sale removes a significant share overhang which we believe has negatively affected the Company's share price since Victoria announced on August 15, 2024 that it had entered into receivership. With management aligned with our key shareholders, Lahontan looks forward to a successful 2025, driving forward our mine permitting activities and targeting opportunities to enhance the Santa Fe Mine project Preliminary Economic Assessment."
Gross proceeds raised from the Offering will be used for general working capital purposes as follows: (i) approximately 29% will be used for general and administrative purposes; (ii) approximately 29% will be used for exploration at the Company's Santa Fe Mine project; (iii) approximately 17% will be used for metallurgical testing and supporting consultants for the Company's Santa Fe Mine project; and (iv) approximately 25% will be used at the Company's Santa Fe Mine project for exploration permitting. Less than 10% of the proceeds from the Offering will be used for payments to non-arm's length parties of the Company other than normal course compensation of its officers, directors, employees and consultants as part of general working capital purposes or to persons conducting investor relations activities.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance (June 5, 2025) and the resale rules of applicable securities legislation.
The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as an insider of the Company acquired 10,000,000 Common Shares pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4km2 Santa Fe Mine project, had past production of 356,000 ounces of gold and 784,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing (Nevada Division of Minerals, www.ndomdata.com). The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). 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. For more information, please visit our website: www.lahontangoldcorp.com.
* Please 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 Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company's website and SEDAR+.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at 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 that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update 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 contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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Company: Lahontan Gold Corp.
TSX-Venture Symbol: LG
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Resumption (ET): 8:00 AM 1/20/2025
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Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (the "Company" or "Lahontan") is pleased to announce a non-brokered private placement financing for gross proceeds of up to $720,000 through the issuance of up to 36,000,000 common shares (each, a "Common Share") in the capital of the Company at a price of $0.02 per Common Share (the "Offering"). The offering is nearly fully subscribed by existing major shareholders.
Gross proceeds raised from the Offering will be used for general working capital purposes as follows: (i) approximately 29% will be used for general and administrative purposes; (ii) approximately 29% will be used for exploration at the Company's Santa Fe Mine Project; (iii) approximately 17% will be used for metallurgical testing and supporting consultants for the Company's Santa Fe Mine Project; and (iv) approximately 25% will be used at the Company's Santa Fe Mine Project for exploration permitting. Less than 10% of the proceeds from the Offering will be used for payments to non-arm's length parties of the Company other than normal course compensation of its officers, directors, employees and consultants as part of general working capital purposes or to persons conducting investor relations activities.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 km2 Santa Fe Mine project, had past production of 356,000 ounces of gold and 784,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing (Nevada Division of Minerals, www.ndomdata.com). The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and Kenji Umeno, P. Eng., Effective Date: October 9, 2024, Report Date: November 27, 2024. The Technical Report is available on the Company's website and SEDAR+.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email:
Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at 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 that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update 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 contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
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Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce results from an additional five reverse-circulation rotary ("RC") drill holes from the Company's Phase Two drilling campaign exploring the Slab pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The five drill holes, totaling 1,111 metres, are the final drill holes of the Company's Phase Two drilling campaign. The drill holes targeted down-dip extensions of oxidized gold and silver mineralization east and northeast of the Slab pit. Past mining and historic drilling had outlined significant potential oxide and transition domain resources east of the Slab pit that remained open down dip from the pit. Highlights include
West-East (left to right, please see map below) cross section through drill holes CAL21-001C, CAL22-009R, and new drill hole CAL22-016R east of the Slab pit, Santa Fe Project, Mineral County, Nevada. The interpreted 0.2 gpt Au grade shell (cross-hatched) shows the stacked nature of the mineralization and greatly expands oxide and transition domain gold mineralization east of the Slab pit and across a prominent post-mineral fault. The drilling confirms the potential for additional shallow gold and silver mineralization north and east of the Slab pit.
Kimberly Ann, CEO, President, Director, and Founder of Lahontan Gold Corp commented: "Lahontan is excited to release the final results from our 2022 Phase Two reverse-circulation drilling campaign. The entire program was successful in extending mineralization to the north and east of the Slab Pit and along the Calavada Fault. The drilling also confirmed the important correlation between thick, tabular, gold and silver mineralization and areas of low magnetic response. This correlation generates multiple large-scale drilling targets throughout the property and underscores the huge size of the Santa Fe hydrothermal system. The next benchmark for Lahontan will be the release of our maiden mineral resource estimate ("MRE") for the entire Santa Fe Project, expected early in Q1 2022. Work on the MRE is well underway and on schedule".
Drill hole location map with reduced to pole residual magnetics, Slab-Calvada pit area, Santa Fe Project, Mineral County, Nevada.
Drill Hole | Total Depth | From | To | Interval | Au | Ag | Au Eq | Metallurgical |
CAL22-012R | 249.9 | 53.3 | 59.4 | 6.1 | 0.25 | 0.9 | 0.26 | Oxide |
and: | 70.1 | 89.9 | 19.8 | 0.20 | 1.8 | 0.22 | Oxide | |
CAL22-013R | 249.9 | 33.5 | 44.2 | 10.7 | 0.20 | 8.9 | 0.32 | Oxide |
CAL22-014R | 198.2 | 4.6 | 13.7 | 9.1 | 0.39 | 1.4 | 0.41 | Oxide |
and: | 91.4 | 102.1 | 10.7 | 0.22 | 0.5 | 0.23 | Oxide | |
CAL22-015R | 199.6 | 21.3 | 83.8 | 62.5 | 0.33 | 2.6 | 0.36 | Oxide |
including: | 50.3 | 56.4 | 6.1 | 1.04 | 1.4 | 1.06 | Oxide | |
CAL22-016R | 213.4 | 140.2 | 172.2 | 32.0 | 0.59 | 4.4 | 0.65 | Oxide and Transition |
including: | 140.2 | 146.3 | 6.1 | 1.18 | 14.4 | 1.37 | Oxide and Transition | |
and: | 199.6 | 208.8 | 9.2 | 0.14 | 20.6 | 0.41 | Oxide and Transition |
*Notes: Au Eq equals Au (gpt) + (Ag gpt/75). Metallurgical recovery has not been factored as insufficient test-work is available to determine potential Ag recoveries. True thickness of the intercepts shown above are estimated to be 90-95% of the drilled interval.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately 1.5% of the total samples. CRM's were inserted at a rate of one CRM for every 20 samples or approximately 5% of the total samples.
The standards utilized include three gold CRM's and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nevada. Expected gold values are 0.188 gpt, 1.107 gpt, 10.188 gpt, and -0.005 gpt, respectively. The coarse blank material comprised of commercially available landscape gravel with an expected gold value of -0.005 gpt.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled with a "D" suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. We have all results reported in grams per tonne (gpt).
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company is continuing an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in Q1 2023. For more information, please visit our website: www.lahontangoldcorp.com.
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., who is a qualified person under the definitions established by National Instrument 43-101
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at 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 that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update 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 contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE:Lahontan Gold Corp.
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