Lahontan Gold Expands Nevada Mining Portfolio with Strategic York Claims Acquisition
TL;DR
Lahontan Gold's strategic acquisition of the York claims expands their resource base and provides potential for future pit optimization, enhancing their competitive position in Nevada's gold belt.
Lahontan Gold acquired 27 mining claims through a structured transaction involving cash payments, shares, and royalty agreements to expand their Santa Fe Mine Project resources.
This expansion of mining resources contributes to economic development in Nevada while advancing responsible mineral extraction practices for future generations.
Recent drilling revealed 89.9 meters of gold mineralization, showcasing the exciting exploration potential of Lahontan's newly acquired York claims in Nevada.
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Lahontan Gold Corp. has completed the purchase of 27 unpatented lode mining claims known as the York claims from Emergent Metals Corp., significantly expanding its land position in Nevada's mineral-rich Walker Lane region. The newly acquired claims adjoin the southeast corner of Lahontan's flagship Santa Fe Mine Project and present substantial potential for expanding oxide gold and silver resources identified at the York deposit.
Recent drilling results support the extension of mineralization onto the newly acquired claims, including hole YOR25-001R which intercepted 89.9 meters grading 0.23 g/t gold. This geological data indicates continuity of the mineralized system across the property boundary, validating the strategic value of the acquisition. Kimberly Ann, Founder, Chair, CEO, and President of Lahontan Gold, emphasized the significance of the transaction, stating that 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 for the company.
The acquisition terms included a US$10,000 payment, a US$50,000 promissory note, 2 million Lahontan shares issued to Emergent Metals Corp., and a 1% net smelter return royalty on the York claims. The royalty agreement includes a buyback provision allowing Lahontan to purchase the royalty for up to US$1 million within seven years. With this addition, Lahontan now controls 506 claims totaling over 2,832 hectares across one of the world's premier gold belts, strengthening its position in the competitive Nevada mining landscape.
The Santa Fe Mine project, which forms the core of Lahontan's Nevada operations, has a substantial history of production with 359,202 ounces of gold and 702,067 ounces of silver produced between 1988 and 1995 from open pit mines utilizing heap-leach processing. Current resources include a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 ounces gold equivalent and an Inferred Mineral Resource of 411,000 ounces gold equivalent. The company plans to continue advancing the Santa Fe Mine project toward production while updating the Preliminary Economic Assessment and conducting drill testing at its satellite West Santa Fe project during 2025.
Curated from InvestorBrandNetwork (IBN)
