Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) has completed the purchase of 27 unpatented lode mining claims, known as the York claims, from Emergent Metals Corp. The acquisition strategically adjoins the southeast corner of Lahontan's Santa Fe Mine Project in Nevada's Walker Lane, one of the world's premier gold belts. This expansion is expected to significantly enhance the company's resource base, as recent drilling results indicate mineralization extends onto the new claims.
Drilling highlights include hole YOR25-001R, which intercepted 89.9 meters grading 0.23 g/t gold, supporting the potential for resource growth. Kimberly Ann, Founder, Chair, CEO, and President of Lahontan Gold, emphasized the strategic value of the acquisition: "The gold and silver resource expansion potential, combined with the ability to further lay back the York pit in future operations, makes this a strategic acquisition." The company now controls 506 claims totaling over 2,832 hectares across the Walker Lane.
Terms of the acquisition include a US$10,000 cash payment, a US$50,000 promissory note, the issuance of 2 million Lahontan shares to Emergent, and a 1% NSR royalty on the York claims, which Lahontan can buy back for up to US$1 million within seven years. The full press release is available at https://ibn.fm/HNSDt.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company focused on gold and silver properties in Nevada. Its flagship Santa Fe Mine project, covering 26.4 km², had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open-pit heap-leach operations. The project hosts a NI 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) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag). The company plans to update the Santa Fe Preliminary Economic Assessment and drill test its West Santa Fe satellite project during 2025. The technical content has been approved by Michael Lindholm, CPG, a Qualified Person under NI 43-101.
This acquisition marks a significant step for Lahontan Gold as it continues to consolidate land in the Walker Lane, a region known for its prolific gold and silver deposits. The York claims not only provide immediate resource expansion potential but also offer operational flexibility for future mining activities. With a strengthened land position, Lahontan is well-positioned to advance its Santa Fe project toward production. For more information, visit http://www.lahontangoldcorp.com.
