Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has released 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 estimate. The new MRE includes 1.195 million indicated gold equivalent (Au Eq) ounces and 1.19 million inferred Au Eq ounces, with a notable 26% increase in resources at the Santa Fe deposit itself. Additionally, indicated and inferred oxide resources at the Slab and York deposits have grown by more than 37%.
This updated estimate is a critical milestone for Lahontan, as it will form the foundation 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. The company is targeting 2027 for mine construction, signaling a clear path toward production.
The Santa Fe Mine has a rich history, having produced 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's latest NI 43-101 compliant resource statement, the project hosts indicated mineral resources of 1,539,000 oz Au Eq (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 resources of 411,000 oz Au Eq (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 updated MRE underscores Lahontan's commitment to advancing the Santa Fe project. The company plans to continue exploration and development activities in 2025, including updating the Santa Fe Preliminary Economic Assessment and drilling its satellite West Santa Fe project. The technical content of this release has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person under National Instrument 43-101.
The increase in resources is likely to have significant implications for Lahontan's stakeholders, including investors and the local economy in Nevada. With a more robust resource base, the company is better positioned to attract financing and partnerships for the project's development. The forthcoming PEA will provide a detailed economic analysis, including capital and operating costs, which will be crucial for assessing the project's viability.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds four top-tier gold and silver properties in the Walker Lane of Nevada. The Santa Fe Mine project, spanning 26.4 square kilometers, is the company's flagship asset. The company's strategic focus on this region, known for its mining-friendly environment, further enhances the project's appeal.
For more information about Lahontan Gold Corp., visit the company's website at www.lahontangoldcorp.com. The full press release is available at https://nnw.fm/OPm3C. The latest news and updates regarding LGCXF can be found at http://nnw.fm/LGCXF.
