Lahontan Gold reports significant resource increase at Santa Fe, October 2024
- Lahontan Gold Corp. announced an updated Mineral Resource Estimate for its Santa Fe Mine, revealing significant increases in both Indicated and Inferred Mineral Resources.
- The Indicated Mineral Resources are reported at 1,539,000 Au Eq ounces, while Inferred Mineral Resources stand at 411,000 Au Eq ounces.
- The results indicate a positive outlook for the company's exploration efforts and potential economic viability of the resources.
On October 15, 2024, Lahontan Gold Corp. announced an updated Mineral Resource Estimate for its flagship Santa Fe Mine, located in Nevada's Walker Lane. This past-producing open pit, heap leach gold and silver mine has shown substantial growth in its mineral resources, with Indicated Mineral Resources now totaling 1,539,000 Au Eq ounces and Inferred Mineral Resources at 411,000 Au Eq ounces. The average grades for these resources are reported at 0.99 g/t Au Eq for Indicated and 0.76 g/t Au Eq for Inferred resources. The increase in resources is attributed to continued exploration and the expansion of the shallow Slab and Calvada oxide gold and silver deposits. Kimberly Ann, the company's CEO, expressed excitement over the results, emphasizing the potential for upgrading Inferred resources to Indicated status with further exploration. The report also outlines the metallurgical domains and recovery rates, which are crucial for understanding the economic viability of the resources. It is important to note that mineral resources are not the same as mineral reserves and do not guarantee economic viability. The company has used a combination of ordinary kriging and inverse distance cubed methods for estimating the resources, adhering to industry standards. Overall, the updated Mineral Resource Estimate reflects a positive development for Lahontan Gold Corp., indicating a promising future for the Santa Fe Mine and its potential contributions to the gold and silver market.