FAQ: Lahontan Gold Corp.'s York Claims Acquisition and Santa Fe Mine Project Expansion
Summary
Lahontan Gold Corp. has acquired 27 unpatented lode mining claims known as the York claims, adjacent to its Santa Fe Mine Project in Nevada. This strategic acquisition expands the company's land position to over 2,832 hectares and presents significant potential to expand oxide gold and silver resources.
What did Lahontan Gold Corp. announce in this news release?
Lahontan Gold Corp. announced the completion of its purchase of 27 unpatented lode mining claims, known as the York claims, from Emergent Metals Corp. These claims adjoin the southeast corner of Lahontan’s Santa Fe Mine Project in Nevada’s Walker Lane.
Why is this acquisition significant for Lahontan Gold?
The acquisition presents significant potential to expand oxide gold and silver resources identified at the York deposit and allows for further pit layback in future operations. It also increases Lahontan’s control to 506 claims totaling over 2,832 hectares in one of the world’s premier gold belts.
What evidence supports the mineralization potential on the York claims?
Recent drilling, including hole YOR25-001R intercepting 89.9 meters grading 0.23 g/t gold, supports mineralization extending onto the new claims, indicating continuity of the mineralized system from the existing Santa Fe Mine Project.
What were the terms of the acquisition deal?
The terms include a US$10,000 payment, a US$50,000 promissory note, 2 million Lahontan shares to Emergent, and a 1% NSR royalty on the York claims that is buyable for up to US$1 million within seven years.
Where is the Santa Fe Mine Project located and what is its history?
The Santa Fe Mine Project is located in Nevada’s Walker Lane and had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing.
What are the current mineral resources at the Santa Fe Mine Project?
The Santa Fe Mine has an Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq, all pit constrained. These resources include significant gold and silver grades across millions of tonnes of material.
What are Lahontan Gold’s future plans for the Santa Fe Mine Project?
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.
Who approved the technical content of this news release?
The technical content was reviewed and approved by Michael Lindholm, CPG, Independent Consulting Geologist to Lahontan Gold Corp., who is a Qualified Person as defined in National Instrument 43-101.
Where can I find more information about Lahontan Gold Corp.?
For more information, please visit the company’s website at www.lahontangoldcorp.com or view the full press release at https://ibn.fm/HNSDt
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