Lahontan Gold Corp. has mobilized a track-mounted MPD-1500 reverse-circulation drill rig to its flagship Santa Fe Mine project in Nevada's Walker Lane region, augmenting the diamond drill currently operating onsite. The company announced the expansion following approval of its exploration Plan of Operations, which allows for more than 700 additional drill holes at the property. Management stated that this expanded drilling program supports Lahontan's objective of restarting gold and silver production at Santa Fe in 2027 while advancing broader district-scale exploration potential.
The Santa Fe Mine project represents a significant mineral resource in mining-friendly Nevada, with 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. According to the company's technical disclosure, the property holds a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq, all pit constrained. The technical content of the company's disclosure has been 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.
The new reverse-circulation rig will focus on under-explored areas of the project, representing a strategic expansion of the company's exploration activities. This development comes as Lahontan plans to continue advancing the Santa Fe Mine project toward production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. The company holds four top-tier gold and silver exploration properties in the Walker Lane through its US subsidiaries, positioning it as a significant player in Nevada's mining sector.
For investors seeking additional information, the company maintains a newsroom at http://ibn.fm/LGCXF where updates relating to the company are available. The full technical details of the Santa Fe Project are documented in the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project" with an effective date of December 10, 2024, which is available on the company's website and SEDAR+. Mineral resources are reported using specific cut-off grades and assumptions including a gold price of US$1,950/oz and silver price of US$23.50/oz.
The mobilization of additional drilling equipment represents a concrete step toward realizing the Santa Fe Mine's production potential and underscores the company's commitment to systematic exploration and development. With the expanded drilling capacity, Lahontan aims to better define the mineral resources at Santa Fe while exploring new areas that could contribute to the project's overall value. The 2027 production restart target provides a clear timeline for investors and stakeholders monitoring the project's progression from exploration to potential production.
