Lahontan to Begin Base-Line Environmental Studies at Santa Fe
Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) has announced the start of base-line environmental studies at its Santa Fe Mine in Nevada's Walker Lane. These studies are essential for the Company's Plan of Operations (POO) submission to the Bureau of Land Management (BLM), allowing for increased exploration activities like road building and drilling in a 12.2 km2 area. The environmental data will aid future production permitting if the Company chooses to resume operations. Lahontan is also pursuing resource expansion drilling under an approved Notice of Intent (NOI), aiming for an updated Mineral Resource Estimate by the end of the year. The Santa Fe Mine has an Indicated Mineral Resource of 1,112,000 oz Au Eq, with future exploration targeting significant potential.
- Commencement of base-line environmental studies to facilitate exploration and potential production.
- Plan of Operations will allow increased surface disturbance for resource expansion.
- Indicated Mineral Resource of 1,112,000 oz Au Eq indicates significant gold and silver potential.
- No immediate financial metrics or specific timelines provided regarding the approval of the Plan of Operations.
TORONTO, ON / ACCESSWIRE / April 12, 2023 / Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce that it will commence base-line environmental studies at its Flagship Santa Fe Mine in the heart of Nevada's prolific Walker Lane. The base-line studies will be utilized in the Company's Plan of Operations ("POO") submittal to the Bureau of Land Management ("BLM") which, when approved, will allow Lahontan to conduct exploration activities including road building and drilling, in a 12.2 km2 area within the Mine area. Furthermore, the base-line environmental data can be used in future submissions should the Company elect to put the Santa Fe Mine back into production, greatly streamlining that process. Lahontan will continue its current resource expansion drilling program under an approved Notice of Intent ("NOI"), with the goal of an updated Mineral Resource Estimate ("MRI") by year-end.
Kimberly Ann, Lahontan Gold Founder, CEO, President, and Director commented: "The Company is excited to begin these crucial environmental studies which will not only facilitate far more widespread exploration drilling throughout the majority of the Santa Fe Mine property, but very importantly, these studies can also be utilized to obtain permits to bring Santa Fe back into production if Lahontan elects to pursue that path. As we have noted, Santa Fe is a target-rich environment; we believe that there are multiple excellent exploration targets external to our current Resources that could change the narrative about Santa Fe underscoring the multi-million ounce potential of the property."
Lahontan Gold has signed a contract with Great Basin Environmental Services, LLC ("GBES") to advise and act as permitting agent for the preparation of a Plan of Operations for the Santa Fe Mine. GBES will coordinate with government oversight agencies and obtain proposals from multiple environmental contractors to complete the work. The POO will allow the Company more surface disturbance on the property, allowing Lahontan to continue expanding the current Resources. Furthermore, it will allow the Company to drill exploration targets more distal to known Resources, unlocking the full potential of the property.
The POO will cover 12.2 km2 of the 19 km2 Santa Fe Mine property. Environmental baseline studies will be conducted that will lead to an Environmental Assessment document. Biological studies will include botanical surveys, raptor surveys, migratory bird surveys, and potentially, bat roost surveys. Cultural resources will be surveyed and documented. These studies will guide how the exploration disturbance will proceed. Currently, Lahontan is operating under a NOI level permit allowing for up to five acres of disturbance within the 19 km2 property. Lahontan will continue resource expansion drilling under the NOI permit until the POO is completed and approved.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 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 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 available on SEDAR or the Company's website). 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. 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
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 historic 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 varietyof 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.
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FAQ
What are the environmental studies Lahontan Gold is starting at the Santa Fe Mine?
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What is the current resource estimate for Lahontan Gold's Santa Fe Mine?
When does Lahontan Gold expect to update its Mineral Resource Estimate?
What potential production plans does Lahontan Gold have for the Santa Fe Mine?
