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 new estimate includes 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.
The updated resource estimate also highlights significant growth at the Slab and York deposits, where indicated and inferred oxide resources increased by more than 37%. This expansion underscores the potential of the Santa Fe project, which has a history of past production: between 1988 and 1995, the mine produced 359,202 ounces of gold and 702,067 ounces of silver from open pit operations using heap-leach processing.
According to the company, the updated MRE will serve as the foundation for a forthcoming preliminary economic assessment (PEA) that will examine open-pit mining, heap-leach processing, and the potential future processing of Santa Fe sulfide resources. Lahontan is targeting 2027 for mine construction, indicating a clear path toward production.
The significance of this resource upgrade lies in its potential to enhance the economic viability of the Santa Fe Mine. With a larger resource base, the project may attract further investment and support the company's goal of becoming a producer in the mining-friendly jurisdiction of Nevada. The Walker Lane region, where the project is located, is known for its rich mining history and supportive regulatory environment.
Lahontan Gold Corp. is a Canadian mine development and exploration company that holds four top-tier gold and silver properties in Nevada. The flagship Santa Fe Mine project spans 26.4 square kilometers and has a National Instrument 43-101 compliant indicated mineral resource of 1,539,000 ounces Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and an inferred resource of 411,000 ounces Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag).
The updated MRE will be detailed in a technical report to be filed on SEDAR+, and the company plans to advance the project by updating the Santa Fe PEA and drilling its satellite West Santa Fe project during 2025. The technical content of this release has been reviewed by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person as defined by NI 43-101.
The increase in resources at Santa Fe is a positive development for Lahontan Gold, as it strengthens the project's fundamentals. The company's focus on advancing towards production, combined with the resource growth, positions it well in the gold and silver mining sector. Investors and stakeholders will be watching closely as the PEA is completed, which will provide further insights into the project's economic potential.
For more information about Lahontan Gold Corp., visit the company's website at www.lahontangoldcorp.com.
