FAQ: Lahontan Gold Corp.'s Acquisition of York Claims Adjacent to Santa Fe Mine Project
Summary
Lahontan Gold Corp. has acquired 27 unpatented lode mining claims known as the York claims, which adjoin its Santa Fe Mine Project in Nevada's Walker Lane. This strategic acquisition expands the company's land position and presents significant potential to expand oxide gold and silver resources, supported by recent drilling results showing mineralization extending onto the new claims.
What did Lahontan Gold Corp. announce in this news release?
Lahontan Gold Corp. announced the completion of its purchase of 27 unpatented lode mining claims known as the York claims from Emergent Metals Corp., which adjoin the southeast corner of the company’s Santa Fe Mine Project in Nevada.
Why is this acquisition significant for Lahontan Gold?
The acquisition presents significant potential to expand oxide gold and silver resources identified at the York deposit and provides the ability to further lay back the York pit in future operations, making it a strategic addition to the company’s portfolio.
What evidence supports the mineral potential of the newly acquired claims?
Recent drilling, including hole YOR25-001R intercepting 89.9 meters grading 0.23 g/t gold, supports mineralization extending onto the new York claims, indicating potential resource expansion.
What are the specific terms of the acquisition agreement?
The terms include a US$10,000 payment, a US$50,000 promissory note, 2 million Lahontan shares to Emergent, and a 1% NSR royalty on the York claims that is buyable for up to US$1 million within seven years.
How does this acquisition affect Lahontan’s overall land position in Nevada?
With this addition, Lahontan now controls 506 claims totaling over 2,832 hectares across Nevada’s Walker Lane, one of the world’s premier gold belts.
Where exactly are the York claims located in relation to Lahontan’s existing operations?
The York claims adjoin the southeast corner of Lahontan’s Santa Fe Mine Project in Nevada’s Walker Lane region.
What is the Santa Fe Mine Project’s historical significance and current resource status?
The Santa Fe Mine had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995, and currently has a Canadian NI 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq and an Inferred Mineral Resource of 411,000 oz Au Eq.
What are Lahontan’s future plans for the Santa Fe Mine Project?
The Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025.
Who provided the technical review and approval for this news release?
The technical content 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.
Where can I find more detailed information about Lahontan Gold Corp. and this acquisition?
For more information, visit the company’s website at www.lahontangoldcorp.com or view the full press release at https://ibn.fm/HNSDt.
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