Lahontan Gold Corp. has completed the purchase of 27 unpatented lode mining claims known as the York claims from Emergent Metals Corp., significantly expanding its land position in Nevada's mineral-rich Walker Lane. The newly acquired claims adjoin the southeast corner of Lahontan's Santa Fe Mine Project and present substantial potential for expanding oxide gold and silver resources identified at the York deposit.
Recent drilling results support the extension of mineralization onto the newly acquired claims, with hole YOR25-001R intercepting 89.9 meters grading 0.23 g/t gold. This geological evidence indicates continuity of mineralized zones across the property boundaries, suggesting the potential for resource expansion through additional exploration and development work.
Kimberly Ann, Founder, Chair, CEO, and President of Lahontan Gold, emphasized the strategic importance of the acquisition, stating that the gold and silver resource expansion potential, combined with the ability to further lay back the York pit in future operations, makes this a valuable addition to the company's portfolio. The transaction strengthens Lahontan's position in one of the world's premier gold belts.
With this acquisition, Lahontan now controls 506 claims totaling over 2,832 hectares across the Walker Lane region. The company's flagship Santa Fe Mine project has a significant history, with 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. Current resources include a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq.
The terms of the acquisition include a US$10,000 payment, a US$50,000 promissory note, 2 million Lahontan shares to Emergent, and a 1% NSR royalty on the York claims, which is buyable for up to US$1 million within seven years. Additional technical information about the Santa Fe Project is available in the Preliminary Economic Assessment, NI 43-101 Technical Report dated January 24, 2025.
This expansion comes at a time when global gold demand remains strong, and strategic land acquisitions in proven mining districts like Nevada's Walker Lane are crucial for long-term resource development. 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. The technical content has been reviewed and approved by Michael Lindholm, CPG, Independent Consulting Geologist to Lahontan Gold Corp.
