Lahontan Gold adds RC drill rig to Santa Fe

Executive Summary

• Lahontan Gold Corp. has mobilized a second drill rig (MPD-1500 RVC track-mounted) to its Santa Fe mine project in Nevada to augment existing diamond drilling operations.
• The new rig will focus on exploring underexplored or overlooked areas of the project, with the goal of drilling over 700 new holes following the approval of an exploration plan of operations.
• The company aims to resume gold and silver production at Santa Fe in 2027, while continuing to advance the project toward production and update the preliminary economic assessment in 2025.

Key Details

• Drilling Activity: Mobilization of an MPD-1500 reverse circulation (RVC) track-mounted drill rig and crew to the Santa Fe project.
• Strategic Focus: Drilling areas that have seen little or no exploration drilling, aiming to unlock the mineral potential of the district-scale land package.
• Exploration Plan: Approval received to drill over 700 new holes.
• Production Goal: Targeting a restart of mining operations at Santa Fe in 2027.
• 2025 Plans: Continue advancing the Santa Fe mine project toward production, update the Santa Fe preliminary economic assessment, and drill test the satellite West Santa Fe project.
• Historical Production: 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.
• Mineral Resources (Santa Fe):
  • Indicated: 1,539,000 ounces gold equivalent (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t AuEq).
  • Inferred: 411,000 ounces AuEq (16.76 million tonnes grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t AuEq).
  • Note: All resources are pit-constrained and inclusive of recovery.
• Property Details: Flagship property is 28.3 square kilometres in the Walker Lane of Nevada.

Notable Quotes

• "Since the company's inception, Lahontan drilling has focused on resource definition and expansion to support our goal of resuming gold and silver production and mining operations at Santa Fe. With the approval of our exploration plan of operations, Lahontan can now drill over 700 new holes, exploring areas of the project that have been underexplored or overlooked by previous operators. We are very proud of the progress the company has made toward a restart of mining at Santa Fe in 2027; however, the resumption of true exploration drilling is yet another exciting chapter in the evolution of the Santa Fe mine project, a chapter that has the potential to unlock the true mineral potential of our district-scale land package." — Kimberly Ann, Executive Chair, President, CEO, and Founder