Lahontan Gold Corp. [LG-TSXV; LGCXF-OTCQB] reported results from the first seven reverse-circulation rotary drill holes of the phase 2 drilling campaign exploring the Slab-Calvada pit area of the company’s 19 km2 Santa Fe project in Nevada’s Walker Lane. The seven drill holes, totaling 1,710 metres, targeted down-dip extensions of oxidized gold and silver mineralization along the Calvada fault and northerly step-out drilling from the Slab pit. Historic drilling in both areas had outlined significant potential oxide and transition domain resources. Highlights include 25.9 metres grading 2.55 g/t gold and 3.4 g/t silver (2.60 g/t gold equivalent (AuEq)) of oxide and transition metallurgical domain mineralization in drill hole CAL22-006R. This is the farthest north step-out drill hole from the Slab pit, with gold mineralization starting at a depth of only 68.6 metres down-hole.
Drill hole CAL22-002R returned 47.2 metres grading 0.78 g/t gold and 1.3 g/t silver (0.80 g/t AuEq), including 32 metres grading 1.04 g/t gold and 1.4 g/t silver (1.06 g/t AuEq) of oxidized mineralization down-dip along the Calvada fault, farther expanding the envelope of oxide gold mineralization along this important structure.
Kimberly Ann, CEO, president, director, and founder of Lahontan Gold, commented: “The company is excited about these first results from our 2022 phase 2 drilling campaign. The results from drilling the northern extension of the Slab pit confirm that gold mineralization remains wide open in this direction with excellent grades.
“The Calvada fault drilling continues to impress, with thick intervals of oxide gold mineralization extending at depth along this district-scale structure. Drilling continues and Lahontan will integrate these results into our upcoming maiden resource estimate for the entire Santa Fe project.”
The drone magnetic survey data clearly outlines a magnetic low extending north from the Slab pit. Lahontan’s Phase Two drilling confirms that gold and silver mineralization extends at least 200 metres north of the pit at shallow depths. The magnetic data supports multiple drilling targets north and northwest of the Slab pit as well as along the Calvada fault, highlighting the large resource potential of the Slab-Calvada area.
Lahontan’s flagship property, is a past-producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992.
The company is continuing a 25,000-metre drilling program with the goal of publishing a NI 43-101 compliant mineral resource estimate in 2022.