Lahontan Gold Corp (TSXV: LG | OTCQB: LGCXF) has acquired an additional 794ha of mineral rights at its West Santa Fe Project, located only 15km west of Lahontan’s Flagship asset, the Santa Fe Mine, in Nevada’s prolific Walker Lane.
West Santa Fe now covers a of total 19.7km2, the new mineral rights were acquired by low-cost staking of 95 unpatented lode mining claims by Lahontan’s technical and management team.
“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,” commented Lahontan CEO, founder, president, and director Kimberly Ann.
“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 57km2, giving the company a dominant land position in the Walker Lane.”
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 13,000m in 171 drill holes; only five holes are deeper than 165m.
Preliminary modeling of historical drill hole data by Lahontan geologists outlines a shallow gold and silver system with a sufficient volume to host 0.5Moz to 1.0Moz of oxidized gold and silver mineralization in an open-pit mining configuration.
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.
For further information, please visit: www.lahontangoldcorp.com/
