Ms. Kimberly Ann reports
LAHONTAN EXPANDS WEST SANTA FE PROJECT TO 19.7 KM2 BY STAKING, NOW CONTROLS 57 KM2 IN THE WALKER LANE
Lahontan Gold Corp. has acquired an additional 794 hectares of mineral rights at its West Santa Fe project, located only 15 kilometres west of Lahontan's flagship asset, the Santa Fe mine, in Nevada's prolific Walker Lane. West Santa Fe now covers a total of 19.7 square km. The new mineral rights were acquired by low-cost staking of 95 unpatented lode mining claims by Lahontan's technical and management team.
Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "Our geologic team studied the data we acquired by optioning the West Santa Fe project and concluded that there is room for significant resource expansion outside the previously existing claim group. The new unpatented mining claims also cover areas that could be used for potential future mining infrastructure such as heap-leach pads and waste rock dumps. Lahontan's landholdings in Nevada now total 57 square km, giving the company a dominant land position in the Walker Lane."
West Santa Fe hosts an oxidized gold-silver mineralized system in a geologic setting similar to the Santa Fe mine. Previous exploration drilling at West Santa Fe totals over 13,000 metres in 171 drill holes; only five holes are deeper than 165 metres. Preliminary modelling of historical drill hole data by Lahontan geologists outlines a shallow gold and silver system with a sufficient volume to host 500,000 to one million ounces of oxidized gold and silver mineralization in an open-pit mining configuration. The new unpatented mining claims will be subject to the same 1.5-per-cent net smelter return royalty terms outlined in the previously announced binding term sheet and option agreement for West Santa Fe, including the low-cost buydown provision (please see Lahontan Gold press release dated May 15, 2023, for more details on the NSR royalty).
Qualified person review
The technical and scientific information contained within this news release has been reviewed and approved by Quentin J. Browne, MSc, a qualified person as defined by National Instrument 43-101 policy. The qualified person has not completed sufficient work to verify the historical information on West Santa Fe; the company believes the historical resource estimates to be both relevant and reliable. The information provides an indication of the exploration potential of West Santa Fe but may not be representative of expected results.
About Lahontan Gold Corp.
Lahontan Gold is a Canadian mineral exploration company that holds, through its U.S. subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 19 square km Santa Fe mine, had past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe mine has an indicated mineral resource of 1,112,000 oz gold equivalent (grading 1.14 grams per tonne AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading one g/t AuEq), all pit-constrained (AuEq is inclusive of recovery; please see Santa Fe project technical report). The company will continue to aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe mine back into production. Mr. Browne, PGeo, consulting geologist to Lahontan Gold, is the qualified person for the company and approved the technical content of this news release.
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