Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has provided an update on development, permitting and exploration activities at its Santa Fe Mine project in Nevada, highlighting completion of a 2,569-meter geotechnical drill campaign supporting mine permitting and waste rock characterization. The company is also progressing toward an updated mineral resource estimate expected 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. The company remains on track to complete permitting in 2027 and advance toward construction of a new Santa Fe Mine. This funding certainty allows the company to execute its development plans without near-term financing risk, a critical factor for investors in the current capital markets environment.
The Santa Fe Mine project, covering 26.4 km² in the Walker Lane of Nevada, had 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. According to the company's NI 43-101 Technical Report, the project has an 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. These resources position the Santa Fe Mine as a significant gold-silver asset in a mining-friendly jurisdiction.
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 industry observers, the advancement of this project underscores the ongoing interest in Nevada's gold-rich Walker Lane trend, which hosts several producing and development-stage mines. The updated resource estimate and PEA will be key catalysts for the company's valuation.
Lahontan Gold holds, through its US subsidiaries, four top-tier gold and silver exploration properties in Nevada. The technical content of this 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. This update highlights the company's disciplined approach to project development, combining technical advancement with financial prudence. For leaders in business and technology, the Santa Fe Mine project exemplifies how responsible resource development can create long-term value while meeting environmental and permitting standards.
