Lahontan Gold Expands Nevada Footprint with Strategic York Claims Acquisition
TL;DR
Lahontan Gold's strategic acquisition of the York claims expands their resource base and provides potential for future pit optimization, enhancing their competitive position in Nevada's gold belt.
Lahontan Gold acquired 27 mining claims through a structured transaction involving cash payments, shares, and royalty agreements to expand their Santa Fe Mine Project resources.
This expansion of mining resources contributes to economic development in Nevada while advancing responsible mineral extraction practices for future generations.
Recent drilling revealed 89.9 meters of gold mineralization, showcasing the exciting exploration potential of Lahontan's newly acquired York claims in Nevada.
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Lahontan Gold Corp. has completed the purchase of 27 unpatented lode mining claims known as the York claims from Emergent Metals Corp., significantly expanding its land position in Nevada's mineral-rich Walker Lane. The newly acquired claims adjoin the southeast corner of Lahontan's flagship Santa Fe Mine Project and present substantial potential for expanding oxide gold and silver resources identified at the York deposit.
Recent drilling results support the mineralization extending onto the newly acquired claims, with hole YOR25-001R intercepting 89.9 meters grading 0.23 g/t gold. This acquisition represents a strategic move for the company, as it not only provides resource expansion potential but also enables future pit optimization at the York deposit. Kimberly Ann, Founder, Chair, CEO, and President of Lahontan Gold, emphasized the strategic importance of the acquisition, stating that the gold and silver resource expansion potential, combined with the ability to further lay back the York pit in future operations, makes this a valuable addition to their portfolio.
The transaction terms include a US$10,000 payment, a US$50,000 promissory note, 2 million Lahontan shares issued to Emergent, and a 1% net smelter return royalty on the York claims. The royalty is buyable for up to US$1 million within seven years, providing Lahontan with flexibility in managing future production costs. With this acquisition, Lahontan now controls 506 claims totaling over 2,832 hectares across one of the world's premier gold belts, strengthening its position in the competitive Nevada mining landscape.
The Santa Fe Mine Project, Lahontan's flagship property covering 26.4 square kilometers, has a significant production history with 359,202 ounces of gold and 702,067 ounces of silver produced between 1988 and 1995 from open pit mines utilizing heap-leach processing. The project currently holds a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces gold equivalent and an Inferred Mineral Resource of 411,000 ounces gold equivalent. The company 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.
This expansion comes at a time when global gold demand remains strong, and strategic land acquisitions in proven mining districts like Nevada's Walker Lane are crucial for mining companies seeking to increase their resource base and extend mine life. The technical content of the announcement was 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. Additional details about the acquisition can be found in the full press release available at https://ibn.fm/HNSDt.
Curated from InvestorBrandNetwork (IBN)
