Lahontan Gold receives BLM approval for drill program at West Santa Fe Project, Nevada
Lahontan Gold Corp. [TSXV: LG; OTCQB: LGCXF; FSE: Y2F] has received approval from the Federal Bureau of Land Management (BLM) for its maiden drill program at the West Santa Fe project, located 13 km from Lahontan’s flagship Santa Fe Mine project in Nevada’s prolific Walker Lane. The BLM approved Lahontan’s Notice of Intent (NOI) for drill sites on unpatented lode mining claims located on BLM administered Federal lands at West Santa Fe. The drilling program will focus on validating historic drilling and testing significant extensions to the known gold and silver mineralized system at West Santa Fe.
The company currently has a drill rig active at the Santa Fe Mine project and will move the drill rig to West Santa Fe when that drill program is complete.
Kimberly Ann, CEO, Executive Chair, and Founder commented: “The company is excited to receive approval of the West Santa Fe NOI from the BLM. We appreciate the efficiency of the BLM in processing the permit. We can now focus on confirming the positive results from historic drilling at West Santa Fe which outlined a very shallow, oxidized, gold and silver system. Our geologic work at West Santa Fe shows that the gold and silver mineralization identified by historic drilling extends for several kilometres to the east along strike as well as down-dip to the north. The company expects the drilling program to commence in December.”
The company has granted an aggregate of 9,000,000 options to purchase common shares of the company exercisable at a price of $0.15 per common share for five years to directors, officers and consultants of the Company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.
Lahontan Gold holds, through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of Nevada. Lahontan’s flagship property, the 28.3 km2 Santa Fe Mine project, had past production of 359,202 oz gold and 702,067 oz silver between 1988 and 1995 from open pit mines utilizing heap-leach processing.
The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,539,000 oz AuEq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz AuEq (16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained.
The company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025.
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