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Lahontan Gold Corp Announces Updated Mineral Resource Estimate For Santa Fe Mine
Lahontan Gold Corp. announced an updated Mineral Resource Estimate for its flagship Santa Fe Mine, a past-producing open pit, heap leach, gold and silver mine, located in Nevada’s Walker Lane. The Mineral Resource Estimate for Santa Fe is based upon 1,275 drill holes totaling 136,515 metres, including 103 drill holes totaling 23,805 metres drilled by Lahontan from 2021 through May 2026. Project-wide pit constrained resources increase significantly: Indicated Mineral Resources of 1,195,000 contained gold equivalent ounces and Inferred Mineral Resources of 1,190,000 contained gold equivalent ounces, a total increase of 435,000 ounces or 22% over the 2024 Mineral Resource Estimate. Project-wide average grade for the Indicated Mineral Resource is 0.78 g/t gold equivalent; the average grade of the Project-wide Inferred Mineral Resource is 0.61 g/t gold equivalent. Shallow Slab and York oxide resources expand dramatically: Indicated oxide Resources for the two deposits total 12.09 million tonnes grading 0.33 g/t gold equivalent for 128,000 gold equivalent ounces and Inferred oxide Resources total 8.34 million tonnes grading 0.36 g/t gold equivalent for 96,000 gold equivalent ounces, an increase of over 37% compared to the resources reported in the 2024 Mineral Resource Estimate. Santa Fe Deposit resources increase by over 26%: Indicated Mineral Resources of 31.15 million tonnes grading 0.99 g/t gold equivalent totaling 993,000 gold equivalent ounces and Inferred Mineral Resources of 41.60 million tonnes grading 0.71 g/t gold equivalent totaling 954,000 gold equivalent ounces. The Mineral Resource Estimate block model shows that gold and silver mineralization extends well beyond the conceptual pit shells, generating high-quality targets for additional drilling and resource growth, including deep sulfide mineralization at Santa Fe, and throughout the Slab-Calvada-York resource area. The Mineral Resource Estimate will form the basis of an updated Preliminary Economic Assessment of the Santa Fe Mine. The Preliminary Economic Assessment will examine mining and process options utilizing open-pit mining and heap leach processing and analyze the mining and processing of Santa Fe’s sulfide resources as a Second Phase in future mine operations. The Company will use the Phase One oxide conventional leach mine plan to complete its State level mine permitting process and the Company’s Mine Plan of Operation with the Federal Bureau of Land Management. Indicated oxide Resources for the Santa Fe deposit total 15.90 million tonnes grading 0.59 g/t gold equivalent for 301,000 gold equivalent ounces, Inferred oxide Resources total 13.18 million tonnes grading 0.41 g/t gold equivalent for 172,000 gold equivalent ounces. Indicated sulfide Resources for the Santa Fe deposit total 15.25 million tonnes grading 1.41 g/t gold equivalent for 692,000 gold equivalent ounces, Inferred sulfide Resources total 28.42 million tonnes grading 0.86 g/t gold equivalent for 782,000 gold equivalent ounces. The updated combined sulphide and oxide resources for the Santa Fe deposit are an increase of over 26% compared to the resources reported in the 2024 Mineral Resource Estimate. Gold and silver resources for the Slab-Calvada-York deposits are almost entirely oxide material. Indicated oxide Resources total 12.09 million tonnes grading 0.33 g/t gold equivalent for 128,000 gold equivalent ounces and Inferred oxide Resources total 8.34 million tonnes grading 0.36 g/t gold equivalent for 96,000 gold equivalent ounces, an increase of over 37% compared to the resources reported in the 2024 Mineral Resource Estimate. Lithology, alteration and low-grade gold and silver domain wireframes were modelled using Seequent Leapfrog Geo Version 2026.1.2. More detailed mid- and high-grade domain polygons were modeled in MinePlan on 30m-spaced sections using the lithology and low-grade wireframes as a guide. Gold and silver domains were modeled separately, and the domain grade breaks were defined based on cumulative probability plots for all gold or silver data. Metallurgical domains for oxide, transition and non-oxide were modelled based on ratio of cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording abundance of pyrite and oxidation intensity. Two block models with a block size of 6 m x 6 m x 6 m were created, one for the Santa Fe deposit and the other for the Slab-Calvada-York deposits. Grade capping and outlier restrictions were evaluated independently for each gold and silver domain. Estimation was completed in MinePlan software using Inverse Distance cubed interpolants. The Mineral Resource Estimates were classified in accordance with the 2014 CIM Definition Standards. The nominal drill-hole spacing for Indicated and Inferred Mineral Resources is 60 m or less and 120 m or less, respectively. Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with the following parameters: gold price of USD 3,200/oz gold, silver price of USD 40.00/oz silver, selling costs of USD 29.25/oz gold. Mining costs for resource and waste of USD 2.50/tonne, processing cost (oxide) USD 3.49/tonne, processing cost (non-oxide) USD 19/tonne, G&A cost USD 1.06/tonne. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope is 50 degrees. Processing recoveries for oxide gold range from 60% to 79%, oxide silver recoveries range from 0% to 30%, transitional gold recoveries range from 28% to 45%, transitional silver recoveries range from 0 to 13%, and non-oxide gold and silver recoveries are 68% except for the York deposit where non-oxide recoveries are estimated to be 0%. To support this Santa Fe Mineral Resource Estimate disclosure, a technical report prepared according to National Instrument 43-101 will be filed on SEDAR+ within the next 45 days. The independent Qualified Persons responsible for the Mineral Resource Estimate disclosure for the Santa Fe Mine in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects are Michael S. Lindholm, C.P.G., and Thomas Dyer, PE, independent consultants to Lahontan Gold Corp. The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,195,000 oz gold equivalent (47,532,000 tonnes grading 0.72 g/t gold and 5.55 g/t silver, together grading 0.78 g/t gold equivalent) and an Inferred Mineral Resource of 1,190,000 oz gold equivalent (60,605,000 tonnes grading 0.59 g/t gold and 2.40 g/t silver, together grading 0.61 g/t gold equivalent), all pit constrained. Mineral resources are reported using a cut-off grade of 0.10 g/t gold equivalent for oxide and transition resources and 0.30 g/t gold equivalent for non-oxide resources.
