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Lahontan Expands West Santa Fe Project to 19.7 km2 by Staking, Now Controls 57 km2 in the Walker Lane
TORONTO, ON / ACCESSWIRE / May 31, 2023 / Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) (the " Compa...
About this update from Lahontan Gold Corp.
[{"type":"text","content":"Lahontan Expands West Santa Fe Project to 19.7 km2 by Staking, Now Controls 57 km2 in the Walker LaneTORONTO, ON / ACCESSWIRE / May 31, 2023 / Lahontan Gold Corp (TSXV:LG)(OTCQB:LGCXF) (the \"Company\" or \"Lahontan\") is pleased to announce that it has acquired an additional 794 hectares of mineral rights at its West Santa Fe Project, located only 15 km West of Lahontan's Flagship asset, the Santa Fe Mine, in Nevada's prolific Walker Lane. West Santa Fe now covers a of total 19.7 km2, the new mineral rights were acquired by low-cost staking of 95 unpatented lode mining claims by Lahontan's technical and management team.Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: \"Our geologic team studied the data we acquired by optioning the West Santa Fe Project and concluded that there is room for significant resource expansion outside the previously existing claim group. The new unpatented mining claims also cover areas that could be used for potential future mining infrastructure such as heap-leach pads and waste rock dumps. Lahontan's land holdings in Nevada now total 57 km2, giving the Company a dominant land position in the Walker Lane.\"New unpatented lode mining claims (DORA 1-95), West Santa Fe Project, Nevada West Santa Fe hosts an oxidized gold-silver mineralized system in a geologic setting similar to the Santa Fe Mine. Previous exploration drilling at West Santa Fe totals over 13,000 metres in 171 drill holes; only five holes are deeper than 165 metres. Preliminary modeling of historical drill hole data by Lahontan geologists outlines a shallow gold and silver system with a sufficient volume to host 0.5 to 1.0M ounces of oxidized gold and silver mineralization in an open-pit mining configuration1. The new unpatented mining claims will be subject to the same 1.5% NSR Royalty terms outlined in the previously announced Binding Term Sheet and option agreement for West Santa Fe, including the low-cost buydown provision (please see Lahontan Gold press release dated May 15, 2023 for more details on the NSR royalty).Qualified Persons ReviewThe technical and scientific information contained within this news release have been reviewed and approved by Quentin J. Browne, MSc., a Qualified Person as defined by National Instrument 43-101 policy. The Qualified Person has not completed sufficient work to verify the h...