Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has announced an updated Mineral Resource Estimate (MRE) for its Santa Fe Mine in Nevada, revealing a 22% increase in project-wide pit-constrained resources compared to the 2024 MRE. The updated estimate now includes 1.195 million indicated gold equivalent (Au Eq) ounces and 1.19 million inferred Au Eq ounces. The Santa Fe deposit itself saw a more than 26% increase in resources, while indicated and inferred oxide resources at the Slab and York deposits increased by more than 37%. This significant resource growth underscores the potential of the Santa Fe Mine as a cornerstone asset for Lahontan Gold.
The updated MRE will form the basis for a forthcoming preliminary economic assessment (PEA) that will evaluate open-pit mining, heap-leach processing, and the potential future processing of Santa Fe sulfide resources. Lahontan Gold is targeting 2027 for mine construction, signaling a clear path toward production. The company's flagship Santa Fe Mine property, which spans 26.4 square kilometers, has a history of past production, with 359,202 ounces of gold and 702,067 ounces of silver extracted between 1988 and 1995 using open-pit mining and heap-leach processing.
The updated MRE reflects the company's commitment to advancing the project. According to the NI 43-101 compliant estimate, the Santa Fe Mine now hosts indicated mineral resources of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and inferred mineral resources of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit-constrained. The gold equivalent calculation is inclusive of recovery, as detailed in the Santa Fe Project Technical Report.
The company plans to continue advancing the Santa Fe Mine towards production, with an update to the Santa Fe Preliminary Economic Assessment and drill testing of its satellite West Santa Fe project scheduled for 2025. The technical content of this news release has been reviewed and approved by Michael Lindholm, CPG, an Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101. Mr. Lindholm confirmed that the grade and ounces in this press release match those in the Technical Report.
The updated resource estimate is a key milestone for Lahontan Gold as it positions the Santa Fe Mine as a significant gold and silver project in the Walker Lane of Nevada. The increase in resources enhances the project's economic viability and supports the company's strategic goal of becoming a producer by 2027. Investors and stakeholders can find more details in the full press release at https://nnw.fm/OPm3C.
For more information about Lahontan Gold Corp., visit their website at www.lahontangoldcorp.com.
