Lahontan Gold Corp. [LG-TSXV] reported drill results from the final three core drill holes exploring the Slab-Calvada pit area on the 100%-owned 19-km2 Santa Fe project in the Walker Lane trend, Mineral County, Nevada. The three drill holes, totaling 552 metres, were completed in late 2021 and targeted down-dip extensions of oxidized gold and silver mineralization along the Calvada fault. Historical drilling in this area outlined significant potential oxide resources.
Highlights include 21 metres grading 0.89 g/t gold and 2.7 g/t silver (0.93 g/t gold equivalent – AuEq) of oxidized mineralization in drill hole CAL21-007C, confirming oxidized precious metal mineralization over a vertical range of over 150 metres; 32.1 metres grading 0.54 g/t gold and 3.7 g/t silver (0.58 g/t AuEq), starting at a vertical depth of only 60 metres in drill hole CAL21-006C.
These three drill holes intercepted shallow, oxidized gold and silver mineralization along the Calvada fault zone, an east-west-trending structure that links the previously mined Slab and Calvada pits. Gold and silver mineralization crops out on the surface and now has been traced down dip over a vertical range of almost 200 metres; mineralization remains open at depth.
Kimberly Ann, CEO, president, director and founder of Lahontan Gold, commented: “These drill holes confirm the exciting oxide gold resource potential of the Calvada fault zone. Oxidized mineralization extends to at least 200 metres depth and historic drilling suggests even greater depths of oxidation. As can be seen in the cross sections, the topography of this area is very favorable for a very low strip ratio in potential open pit mining scenarios. With over 1,500 metres of strike length to explore, oxidized gold and silver mineralization along the Calvada fault will be one focus of our 2022 drilling campaign which is expected to begin shortly.”
Lahontan Gold is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the Santa Fe Project, 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). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The company plans an aggressive 25,000-metre drilling program with the goal of publishing a NI 43-101 compliant mineral resource estimate in 2022.