Lahontan Receives BLM Approval for Additional Santa Fe Drilling

Rhea-AI Summary

Lahontan Gold Corp (LGCXF) has received BLM approval for additional drill sites at its flagship Santa Fe Mine project in Nevada's Walker Lane. The approval, an amendment to the Notice of Intent (NOI), allows drilling on unpatented lode mining claims on BLM-administered Federal lands. The drilling program will focus on testing extensions of known gold and silver resources in the Slab and York areas, forming part of Phase One of Lahontan's 2025 drilling campaign. The company has already completed several drill holes and submitted samples for analysis, with initial assay results expected in the coming weeks. CEO Kimberly Ann highlighted the BLM's efficient processing and the strategic importance of the new drill sites for targeting step-outs from previous high-grade gold and silver intercepts.

Positive

• BLM approval enables expansion of drilling program at flagship Santa Fe Mine project
• New drill sites target extensions of known gold and silver resources
• Initial assay results from completed drill holes expected soon

Negative

• None.

TORONTO, ON / ACCESS Newswire / June 9, 2025 / Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF)(FSE:Y2F) (the "Company" or "Lahontan") is pleased to announce that the Company has received approval from the Federal Bureau of Land Management ("BLM") for additional drill sites at its flagship Santa Fe Mine project ("Santa Fe") in Nevada's prolific Walker Lane. The BLM approved an amendment to Lahontan's Notice of Intent ("NOI") for drill sites on unpatented lode mining claims located on BLM administered Federal lands at Santa Fe. The drill holes will allow the Company to test significant extensions to the known gold and silver resources in the Slab and York areas of the project. Drilling in these areas will commence shortly as part of Phase One of Lahontan's 2025 drilling program at Santa Fe.

Kimberly Ann, Lahontan Gold Corp CEO, Executive Chair, and Founder commented: "The Company is excited to receive approval of its amended NOI from the BLM. We appreciate the efficiency of the BLM in processing the amendment. We can now complete our proposed drill holes in an efficient manner, minimizing moving distance between holes, whether on patented or unpatented lode mining claims. These proposed drill holes target exciting step outs from previous high-grade gold and silver intercepts north of the Slab resource area and in the York resource area. Lahontan has already completed several drill holes at Santa Fe and has submitted samples for geochemical analysis. We expect to have initial assay results in the coming weeks."

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4 km² Santa Fe Mine project, had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq(48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*). 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. The technical content of this news release and the Company's technical disclosure has been 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 -- Standards of Disclosure for Mineral Projects. Mr. Lindholm was not an author for the Technical Report* and does not take responsibility for the resource calculation but can confirm that the grade and ounces in this press release are the same as those given in the Technical Report. For more information, please visit our website: www.lahontangoldcorp.com

* Please see the "Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project", Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company's website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30% and non-oxide gold and silver recoveries of 71%.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, and Executive Chair

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann
Founder, Chief Executive Officer, President, and Executive Chair

Phone: 1-530-414-4400

Email: Kimberly.ann@lahontangoldcorp.com

Website: www.lahontangoldcorp.com

Cautionary Note Regarding Forward-Looking Statements:

Neither TSX Venture Exchange("TSXV") nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.com

SOURCE: Lahontan Gold Corp

View the original press release on ACCESS Newswire

FAQ

What approval did Lahontan Gold Corp (LGCXF) receive from BLM in June 2025?

Lahontan received BLM approval for an amendment to their Notice of Intent (NOI) for additional drill sites at the Santa Fe Mine project in Nevada, allowing drilling on unpatented lode mining claims on BLM-administered Federal lands.

Where are the new drill sites located at Lahontan's Santa Fe project?

The new drill sites are located in the Slab and York areas of the Santa Fe Mine project in Nevada's Walker Lane region.

What is the purpose of Lahontan's new drill sites at Santa Fe?

The drill sites will allow Lahontan to test significant extensions to the known gold and silver resources in the Slab and York areas of the project.

When does Lahontan expect initial assay results from Santa Fe drilling?

Lahontan expects to receive initial assay results from their completed drill holes in the coming weeks.

Who is the CEO of Lahontan Gold Corp?

Kimberly Ann serves as the CEO, Executive Chair, and Founder of Lahontan Gold Corp.