Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) announced significant progress at its Santa Fe Mine project in Nevada, including the completion of 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.
The company is fully funded into 2027 following a recent Cdn$13.6 million private placement and ongoing warrant exercises. This financial runway allows Lahontan to remain on track to complete permitting in 2027 and advance toward construction of a new Santa Fe Mine. The Santa Fe Mine had past 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 the company, 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) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag), all pit constrained. The company plans to update the Santa Fe Preliminary Economic Assessment and drill test its satellite West Santa Fe project during 2025.
The news is important for investors and the mining industry as it signals a potential restart of a historically productive gold and silver mine. The Santa Fe Mine, located in the mining-friendly jurisdiction of Nevada, could contribute to domestic mineral production and job creation. The company's fully funded status reduces financing risk and allows for systematic advancement of the project through permitting and construction.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds four top-tier gold and silver exploration properties in the Walker Lane of Nevada. The technical content of the news release 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 information, visit the company's website at www.lahontangoldcorp.com.
The latest news and updates relating to LGCXF are available in the company’s newsroom at http://nnw.fm/LGCXF. To view the full press release, visit https://nnw.fm/Ksm15.
