Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has announced an updated Mineral Resource Estimate for its Santa Fe Mine in Nevada, revealing a 22% increase in project-wide pit-constrained resources compared to the 2024 estimate. The updated MRE now includes 1.195 million indicated gold equivalent ounces and 1.19 million inferred gold equivalent ounces, underscoring the growing significance of the project.
The Santa Fe deposit itself saw a resource increase of more than 26%, while the Slab and York deposits, which are oxide resources, grew by over 37% in both indicated and inferred categories. This substantial growth is expected to serve as the foundation for a forthcoming preliminary economic assessment (PEA) that will examine open-pit mining, heap-leach processing, and the potential future processing of Santa Fe sulfide resources. The company is targeting 2027 for mine construction, indicating a clear path toward production.
Lahontan Gold is a Canadian mine development and mineral exploration company with four top-tier gold and silver properties in the Walker Lane region of Nevada. Its flagship Santa Fe Mine project, spanning 26.4 square kilometers, has a history of past production, yielding 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995. The project currently holds a National Instrument 43-101 compliant indicated mineral resource of 1,539,000 ounces of gold equivalent (48,393,000 tonnes grading 0.92 g/t gold and 7.18 g/t silver) and an inferred resource of 411,000 ounces of gold equivalent (16,760,000 tonnes grading 0.74 g/t gold and 3.25 g/t silver).
The updated resource estimate is a key milestone for Lahontan Gold as it advances the Santa Fe project toward production. The company plans to update the Santa Fe PEA and drill test its satellite West Santa Fe project during 2025. These activities are part of a broader strategy to leverage the project's enhanced resource base and capitalize on the favorable mining jurisdiction of Nevada.
The technical content of this announcement has been reviewed and approved by Michael Lindholm, CPG, an independent consulting geologist and Qualified Person as defined by National Instrument 43-101. This validation adds credibility to the reported figures and supports the company's confidence in the project's viability.
The increase in resources at Santa Fe is particularly notable given the current gold price environment. With gold prices hovering near historic highs, the economic viability of projects like Santa Fe is significantly enhanced. The updated MRE, which uses a gold price assumption of $1,950 per ounce and a silver price of $23.50 per ounce, reflects a robust economic outlook.
Lahontan Gold's progress at Santa Fe is part of a broader trend in the mining industry, where companies are focusing on optimizing existing assets to meet growing demand for gold and silver. The company's commitment to advancing the Santa Fe project is evident in its planned activities for 2025, including the PEA update and further exploration.
For more information about Lahontan Gold Corp., visit the company's website at www.lahontangoldcorp.com. The latest news and updates relating to LGCXF are available in the company's newsroom at http://nnw.fm/LGCXF.
