Lahontan Gold Corp (TSXV: LG | OTCQB: LGCXF) has announced results from five reverse-circulation rotary (RC) drill holes from the company’s 2024 Phase One drilling campaign at the 26km2 Santa Fe Mine project located in Nevada’s prolific Walker Lane gold and silver belt.
These drill holes were completed in the Slab and Santa Fe pit areas at the Santa Fe Mine where previous Lahontan drilling had outlined significant shallow oxide domain gold and silver resources that remained open along strike and down-dip. The five drill holes, totaling 1,053m targeted potential extensions to these gold and silver resources and were also designed to confirm and limit pit boundaries for the upcoming updated mineral resource estimate (MRE) and preliminary economic assessment (PEA) for the Santa Fe Mine project.
Kimberly Ann, Lahontan founder, CEO, president, and director, commented, “These final drill results from the Phase One drill programme have produced excellent results, expanding Slab oxide gold and silver mineralization hundreds of metres north of the 2023 MRE conceptual pit shell. We see a definite trend toward thicker zones of mineralization with up to 50m down-hole intercepts. Also, silver grades seem to be increasing along this north-northeast trend.”
Highlights include:
- 48.8m grading 0.44g/t Au and 7.4g/t Ag (0.51 g/t Au Eq) of shallow oxide mineralization in drill hole CAL24-007R including 7.6m grading 1.08g/t Au and 8.3g/t Ag (1.16g/t Au Eq). This drill hole intercepted significant widths of oxide gold and silver mineralization approximately 350m north of the Slab open pit and almost 100m north of the MRE conceptual pit shell, greatly expanding the footprint of gold and silver mineralization at the Slab open pit. These drill holes will be used to update the 2023 MRE, expected in September 2024
- 7.6m grading 2.06g/t Au and 18.2g/t Ag (2.22g/t Au Eq) in drill hole CAL24-009R including 3.1m grading 4.26g/t Au and 18.2g/t Ag (4.41 g/t Au Eq) within a 50.4m total thickness of gold and silver mineralized rock. This drill hole contains some of the highest gold and silver grades seen at the Slab deposit: 5.22g/t Au (77.7 -79.2m) and 151g/t Ag (112.8 – 114.3m). This drill hole, coupled with CAL24-007R, open a large area for resource expansion north and northeast of the Slab Pit
“These exciting results point to the tremendous potential of the Santa Fe Mine project; the technical team will continue to define areas for future resource expansion drilling throughout the project area. All the results reported herein, as well as the results from the 2023 drilling campaign, are being integrated into a new MRE block model which will form the basis for mining planning and scheduling in the upcoming PEA.” Added Kimberly Ann.
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