Lahontan Mobilizes Drill Rig to Santa Fe
Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF) has mobilized a reverse-circulation drill rig to its Santa Fe Mine project in Nevada. The drill rig will begin operations immediately in the Slab open pit target area, with a planned drill program totaling approximately 3,000 meters. This effort aims to expand the project's Mineral Resource Estimate (MRE) and support a Preliminary Economic Assessment (PEA) planned for later this year. CEO Kimberly Ann stated that the company is accelerating its update of the MRE and has initiated scoping studies for the PEA. The company plans to provide updates on drill results, permitting, and PEA progress in the coming months.
- Mobilization of state-of-the-art MPD-1500 drill rig to Santa Fe Mine.
- Immediate commencement of a 3,000-meter drill program targeting the Slab open pit area.
- Potential to greatly expand the Mineral Resource Estimate (MRE).
- Support for a Preliminary Economic Assessment (PEA) planned for later this year.
- Engineering team has begun scoping studies on costing and equipment sizing.
- Ongoing updates on drill results, permitting, and PEA progress.
- No immediate impact on revenue or earnings until MRE updates and PEA are completed.
- Potential delays in drilling and assessment could affect timelines.
- High expenses associated with mobilizing drill rig and conducting drilling operations.
- Risks associated with exploration drilling, including the possibility of not discovering additional resources.
TORONTO, ON / ACCESSWIRE / May 20, 2024 / Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) (the " Company " or " Lahontan "), is pleased to announce that it is has mobilized a reverse-circulation drill rig and support equipment to its flagship Santa Fe Mine project located in the Walker Lane of mining friendly Nevada. The drill rig, a track-mounted MPD-1500, will begin drilling immediately in the Slab open pit target area at Santa Fe. The previously announced drill program will total approximately 3,000 metres (please see Lahontan press release dated May 8, 2024). The drill program will target areas that have the potential to greatly expand the project's Mineral Resource Estimate ("MRE") and help support a Preliminary Economic Assessment ("PEA") of the project planned for later this year.
Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: "With the arrival of the drilling equipment at Santa Fe, the Company is accelerating its program of updating the MRE for the project. Work has begun on the PEA, with the engineering team beginning scoping studies on costing and equipment sizing. The Company will continue to support strong market momentum and deliver drill results, updates on permitting, and PEA progress reports in the months ahead".
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 km 2 Santa Fe Mine project, 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 a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq (grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The Company will continue to aggressively explore Santa Fe during 2024 and complete a Preliminary Economic Assessment evaluating development scenarios to bring the Santa Fe Mine back into production. Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this news release. For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December 7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company's website and SEDAR.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
SOURCE: Lahontan Gold Corp.
View the original press release on accesswire.com
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