Lahontan Gold Corp. has received Federal Bureau of Land Management approval for its inaugural drill program at the West Santa Fe project in Nevada's Walker Lane mineral belt. The approval clears the company to validate historic drilling results and test extensions of the shallow, oxidized gold and silver system once its current Santa Fe Mine drilling operations are completed. This regulatory milestone enables Lahontan to advance its 2025 exploration strategy, which includes continuing development of the Santa Fe Mine project toward production, updating the Santa Fe Preliminary Economic Assessment, and conducting the newly approved drilling at West Santa Fe.
The West Santa Fe project represents a significant exploration opportunity adjacent to Lahontan's flagship Santa Fe Mine property, which previously produced 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines using heap-leach processing methods. The company's technical disclosure, reviewed and approved by independent consulting geologist Michael Lindholm, confirms the Santa Fe Mine contains substantial mineral resources, including an indicated resource of 1,539,000 gold equivalent ounces and an inferred resource of 411,000 gold equivalent ounces. The technical resources reported use cut-off grades of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources, based on established gold and silver price assumptions and recovery rates.
The company's comprehensive technical documentation, including the Preliminary Economic Assessment and NI 43-101 Technical Report for the Santa Fe Project, is available through the company's website at https://www.lahontangoldcorp.com and regulatory filings. Concurrent with the drilling approval announcement, Lahontan granted 9 million stock options at an exercise price of $0.15, exercisable for five years and subject to a standard four-month hold period. The company maintains four gold and silver exploration properties in Nevada's Walker Lane region, known for its mining-friendly jurisdiction and significant mineral endowment.
The West Santa Fe drill program approval represents a critical step in validating the property's potential and expanding the company's understanding of the mineralized system. For additional information and updates regarding Lahontan Gold Corp., investors can access the company's newsroom at http://ibn.fm/LGCXF. This development positions Lahontan to systematically explore and develop its Nevada portfolio while advancing its flagship project toward production, potentially adding significant value through resource expansion and confirmation of historical mineralization at West Santa Fe.
