Lahontan Gold Corp. [LG-TSXV] reported drill results from two reverse circulation rotary drill holes exploring the Santa Fe pit area of the 100%-owned 19-km2 Santa Fe project in the Walker Lane belt, Mineral County, Nevada. The two drill holes, totalling 518.2 metres, were completed in late 2021. These drill holes targeted northwest and down-dip step-outs from known gold and silver mineralization along the Santa Fe fault. Highlights include:
SF21-014R: This RC drill hole is located approximately 350 metres northwest of the newly discovered, high-grade Big Horn zone and intercepted yet another area of high-grade gold mineralization: a 25.9-metre interval grading 20.36 g/t gold. This newly discovered, high-grade zone, called Bonanza, has set a new standard with the highest-grade gold assay in project history: 4.6 metres grading 112.3 g/t gold. The company has now identified three distinct, high-grade gold zones along nearly 800 metres of strike length on the Santa Fe fault that remain open at depth and to the northwest.
SF21-009R: This hole was drilled from the same site as SF21-014R and intercepted shallow transition and oxide gold mineralization, including 35.1 metres grading 1.07 g/t gold, expanding the envelope of oxide and transition mineralization in this corner of the Santa Fe pit and producing new targets for further step-out drilling.
Kimberly Ann, CEO, president, director and founder of Lahontan Gold, commented: “The discovery of yet another high-grade zone along the Santa Fe fault underscores the opportunity for finding additional high-grade zones at the Santa Fe project. The grades seen in the Bonanza and Big Horn zones are exceptional for a Carlin-style gold deposit. The distribution of high-grade gold and silver mineralization occurs in a â€˜string of pearls’ manner, with each â€˜pearl’ corresponding to the intersection between the northwest-trending Santa Fe fault and easterly trending structures. This interpretation generates multiple high-grade targets northwest of the Bonanza zone and can also be applied elsewhere in the district as we search for additional high-grade mineralization. The BH, Big Horn and Bonanza high-grade zones are open down dip and down rake, and the Bonanza zone remains open to the northwest, with the high-grade resource potential unconstrained at depth by drilling.”
The upper portions of SF21-014R and SF21-009R both intercepted shallow oxide and transition mineralization, expanding the envelope of oxide and transition mineralization in this corner of the pit and producing new targets for further step-out drilling.
The discovery of a third high-grade zone, with the highest gold grades seen to date at Santa Fe, is a significant development for the company. Potential future mining of these high-grade zones requires that significant tonnages must be discovered, with three distinct, high-grade zones already identified. Rock volumes in these zones continue to grow. It should be noted that the high-grade intercepts in SF21-014R are approximately 140 metres below the bottom of the Santa Fe pit and, therefore, easily accessible. In the high-grade Bonanza zone, two previous drill holes were drilled above the high-grade zone and missed the target, highlighting the value of deeper drilling.
To the northwest, outside of the pit, additional structural targets have been developed, in search of the next high-grade zone along the Santa Fe fault. In this area, termed the Atchison target, high-grade surface rock chip samples and historical soil sampling highlight another structural intersection between easterly and northwest-trending faults. Drilling of this potential high-grade target is planned for this summer.
Lahontan Gold holds, through its United States subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane trend of mining-friendly Nevada. Lahontan’s flagship property, the 19 km2 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). Modelling of over 110,000 metres of historical drilling, geologic mapping and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper, high-grade potential resources. The company is completing a 25,000-metre drilling program with the goal of publishing a NI 43-101-compliant mineral resource estimate in 2022.