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 MRE. The new estimate comprises 1.195 million indicated gold equivalent (Au Eq) ounces and 1.19 million inferred Au Eq ounces, with the Santa Fe deposit itself seeing a more than 26% increase in resources. Additionally, indicated and inferred oxide resources at the Slab and York deposits have grown by over 37%.
This updated MRE is a key milestone for Lahontan as it prepares to conduct a preliminary economic assessment (PEA) that will evaluate open-pit mining, heap-leach processing, and the potential future processing of sulfide resources at Santa Fe. The company is targeting 2027 for mine construction, signaling a clear path towards production. The significant resource growth underscores the project's expanding economic potential and strengthens Lahontan's position in the mining-friendly Walker Lane region of Nevada.
The Santa Fe Mine has a rich history, with past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open-pit operations using heap-leach processing. The current NI 43-101 compliant indicated Mineral Resource stands at 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), while the inferred resource is 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. These figures are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources, with assumptions of a gold price of US$1,950/oz and silver price of US$23.50/oz.
The updated MRE will be the foundation for the forthcoming PEA, which is expected to provide a comprehensive assessment of the project's viability. Lahontan's strategy includes not only advancing the Santa Fe Mine but also drill testing its satellite West Santa Fe project during 2025. The company holds four top-tier gold and silver exploration properties in the Walker Lane, with Santa Fe being its flagship asset.
Michael Lindholm, CPG, an Independent Consulting Geologist to Lahontan Gold Corp., has reviewed and approved the technical content of this release. Mr. Lindholm confirmed that the grades and ounces in this announcement match those in the Technical Report, although he was not an author of the report and does not take responsibility for the resource calculation.
For investors, this resource increase is a positive indicator of the project's growth and the company's commitment to advancing towards production. The potential for a new open-pit, heap-leach operation in Nevada, a top-tier mining jurisdiction, could present a significant opportunity in the gold market. As Lahontan moves forward with the PEA and exploration activities, the coming years will be critical in determining the project's full economic potential.
For more information on Lahontan Gold Corp., visit the company's website at www.lahontangoldcorp.com.
