Lahontan Gold Higher As Provides Santa Fe Mine Development and Permitting Update
Lahontan Gold (LG.V) is fully funded into 2027 with proceeds from its recently completed private placement for gross proceeds of $13.6 million, combined with ongoing warrant exercises, it said on Wednesday in providing an update on mine development, permitting, and exploration activities at its flagship Santa Fe Mine project located in Nevada's Walker Lane.Among highlights of recent technical and permitting work, the company said it has completed an extensive geotechnical drill campaign totalling 2,569 metres in 11 diamond core and reverse-circulation (RC) drill holes. An updated Mineral Resource Estimate (MRE) is expected to be announced in the weeks ahead, and when completed, the company will focus on updating the Santa Fe Preliminary Resource Assessment (PEA), expected to be completed in September of this year, utilizing the new MRE, it said.For Santa Fe Mine exploration drilling, key geotechnical drilling has been completed, with the RC drill rig now focused on large scale step-out drilling throughout the Santa Fe Mine project. The company plans up to 7,000 metres of exploration drilling across multiple areas including the Slab West, South Slab, Guzzler, and EM targets. Several drill holes have been completed, and analytical results are expected soon.The company also plans 1,700 metres of drilling in 96 holes across the four heap leach pads at Santa Fe. Based on the success of its exploration program at West Santa Fe, the company, in consultation with the Federal Bureau of Land Management, has begun baseline environmental and cultural studies over the entire project area, it said.Shares were last seen up $0.01 at $0.37 having closed down 8.9% to $0.36 on Tuesday.Price: $0.38, Change: $+0.02, Percent Change: +4.17%
