Santa Fe Mine!!!!
QUICK FACTS
OWNERSHIP
100% Lahontan Gold
LOCATION
Mineral County, Walker Lane – Nevada
LAND PACKAGE
28.3 Km2
MINERAL RESOURCE ESTIMATE
1,539,000 Au Eq and 411,000oz Au Eq Inferred. A total of nearly 2,000,000 oz.
2026 WORK PLAN
For 2026 the Company plans continued optimization of the Santa Fe mine plan, resource expansion drilling, and refining the metallurgical flow sheet, in parallel with our permitting activities.
KEY TAKEAWAY
Work on the asset has outlined shallow, oxidized Au & Ag mineralization as well as deeper high-grade potential. The Santa Fe mine is currently finishing up the permitting process to once again be an operating Gold mine.
REPORT
- GEOLOGY
- EXPLORATION TARGETS
- CLAIM OWNERSHIP
- SLAB-CALVADA AREA
- PINNACLE TARGET AREA
- 2024 DRILLING
- 2025 DRILLING
- 2025 DRILLING PHASE TWO
• Walker Lane, a 60-80km wide Physiographic province of northwest striking faults. Triassic sediments (predominantly carbonates) are intruded by Jurassic to Cretaceous diorite and granite, and overlain by Tertiary volcanic rocks.
• Alteration and gold mineralization controlled by NW, NE and EW structures.
• The Triassic Luning carbonate rocks are often brecciated, decalcified, silicified and sulfidized. Tertiary volcanic rocks are typically clay altered, sulfidized, and locally silicified.
• Generally, Luning Formation carbonate rocks outcrop in the southern half of the property while Tertiary volcanic rocks outcrop in the northern half of the property.
• Productive open pit mines are related to east-west and northwest trending faults. Exploration and development focused on outcropping gold mineralization with little drilling between the pits.
• The Pinnacle target area is underlain by Miocene volcanic rocks and is geologically similar to the Isabelle-Pearl Deposit (P&P Reserves: 2.3M tonnes grading 3.05 gpt Au, 18 gpt Ag (220,100 oz Au, 1.2M oz Ag).
28.3 km² Land Package:
• 307 unpatented lode mining claims
• 67 unpatented mill site clams
• 24 patented lode mining claims.
• Except for 45 optioned unpatented lode mining claims, all mining claims are 100% owned by Lahontan
Past Production:
• Open pit mines processed by heap leach. Reported recoveries were approximately 70% for gold and approximately 30% for silver. Strip ratio for Santa Fe Pit was 1.7, for Slab Pit < 1.
East Santa Fe District with the three past producing open pits (Slab, Calvada, and York) with the Calvada heap leach facility in the foreground. Mining took place in 1992 and 1993 with residual leaching into 1994.
View of the Slab pit looking South. Average grade of crushed ore in the Slab-Calvada area was excellent: 1.18 g/t Au and 5.8 g/t Ag. Mineralization crops out at the surface making Slab-Calvada an important resource for potentially restarting mining operations.
Exploration drilling has focused expanding known resources in and around the Slab and Calvada pits and linking the two areas in what is termed Calvada Central.
- Target Area
- Isabella Pearl
• The Pinnacle target area is host to a large (2,500 by 500m) zone of intense hydrothermally altered and gold mineralized Miocene volcanic rock.
• The system is defined by gold in-soil anomalies and rock chip samples grading up to 6.6 gpt Au associated with northwest trending structures.
• The target is on strike with the Isabella Pearl open pit gold mine operated by Fortitude Gold.
• The Isabella Pearl mine has P&P Reserves of 2.3M tonnes grading 3.05 gpt Au, 18 gpt Ag (220,100 oz Au, 1.2M oz Ag). The higher grade Pearl zone averages over 4 gpt Au.
• Fortitude Gold reported 2021 production over 45,000 ounces Au, and projects LOM cash costs of US$650/ oz Au, excellent heap leach recoveries (>81%).
• The Pinnacle target is contiguous with the Isabella Pearl and shares a nearly identical geologic setting and has not been drilled: an excellent opportunity to add resource ounces to the Santa Fe Project.
The final five drill holes of the 2024 drill program were completed in the Slab and Santa Fe pit areas at the Santa Fe Mine where previous outlined significant shallow oxide domain gold and silver resources that remained open along strike and down-dip. The 1,053 metres of drilling targeted potential extensions of gold and silver resources and the confirmation of pit boundaries for the updated Mineral Resource Estimate.
- • 48.8 metres grading 0.44 g/t Au 48.8 metres grading 0.44 g/t Au and 7.4 g/t Ag (0.51 g/t Au Eq) of shallow oxide mineralization in drill hole CAL24-007R including 7.6 metres grading 1.08 g/t Au and 8.3 g/t Ag (1.16 g/t Au Eq). This drill hole, and CAL24-009R reported below, intercepted significant widths of oxide gold and silver mineralization approximately 350 metres north of the Slab open pit and almost 100 metres north of the MRE conceptual pit shell, greatly expanding the footprint of gold and silver mineralization at the Slab open pit.
- • 7.6 metres grading 2.06 g/t Au and 18.2 g/t Ag (2.22 g/t Au Eq) in drill hole CAL24-009R including 3.1 metres grading 4.26 g/t Au and 18.2 g/t Ag (4.41 g/t Au Eq) within a 50.4 metre total thickness of gold and silver mineralized rock. This drill hole contains some of the highest gold and silver grades seen at the Slab deposit: 5.22 g/t Au (77.7 -79.2m) and 151 g/t Ag (112.8– 114.3m). This drill hole, coupled with CAL24-007R, open a large area for resource expansion north and northeast of the Slab Pit
Lahontan Gold Corp. completed a Phase One reverse-circulation (RC) drill campaign totaling 1,210 metres across seven holes at the Santa Fe Mine in Nevada’s Walker Lane region.
Key highlights include:
York Deposit – Hole YOR25-001R:
89.9 m interval (45.7–135.6 m) averaging 0.23 g/t Au, representing a very shallow and wide oxide gold intercept that notably expands the potential mine pit area at York
York Deposit – Hole YOR25-002R:
18.3 m interval (141.7–160.0 m) averaging 0.73 g/t Au, including a higher-grade 12.2 m subinterval at 1.00 g/t Au. This mineralization remains open up- and down-dip, and along strike—establishing a second, distinct gold trend at York
Slab Area – Hole CAL25-004R:
39.6 m interval (67.1–106.7 m) averaging 0.30 g/t Au, positioned immediately below the south end of the Slab open pit. This intercept defines a new, stratiform oxide gold horizon that mirrors the geometry of existing Slab resources and points to untapped expansion potential
The 2025 drilling program has delivered strong results that continue to demonstrate the growth potential of the Santa Fe Mine project. At the York Deposit, drilling intersected long intervals of shallow oxide gold mineralization, including nearly 90 meters of continuous gold-bearing rock from surface. These wide intercepts significantly expand the potential pit footprint and highlight the opportunity to increase near-surface resources that could be amenable to open-pit mining. In addition, a second gold trend was confirmed at York, where drilling cut higher-grade intervals of over 1.0 g/t Au. This discovery not only provides upside for future resource growth, but also emphasizes the continuity and strength of mineralization across the deposit.
At the Slab Area, drilling has outlined a completely new stratiform zone of oxide gold beneath the existing pit. This zone mirrors the geometry of previously defined resources at Slab and is interpreted to extend along strike, opening the door for further resource expansion. Importantly, these results show that Slab continues to hold untapped potential, with mineralization extending beyond the limits of current resource models.
Taken together, the 2025 drill campaign underscores the robust exploration upside and scalability of the Santa Fe project. The combination of shallow, broad oxide intercepts at York and the discovery of new horizons at Slab provides Lahontan Gold with multiple pathways to expand resources and improve project economics. As drilling progresses and geological models are updated, the Company is well-positioned to strengthen the overall resource base, optimize mine planning, and advance the Santa Fe Mine project toward future production.
Santa Fe Mine 2025 Phase Two Drill Results Summary:
Lahontan Gold Corp’s 2025 Phase Two drilling at the flagship Santa Fe Mine Project continued to confirm and expand shallow oxide gold mineralization at both the Slab and York zones. The program, conducted during the latter part of the year, was designed to test extensions of gold systems below and beyond existing Mineral Resource Estimate (“MRE”) pit shells, refine the geological model, and support future resource and economic assessments.
This Phase Two effort produced multiple noteworthy drill intercepts that demonstrate significant continuity and expansion of gold mineralization in both structurally controlled and oxide domains.
2025 Santa Fe Phase Two Drilling Key Highlights:
Slab Zone – South Slab Pit Area
Two additional RC drill holes in the Slab area returned strong oxide gold results, expanding the mineralized footprint and supporting potential resource growth.
CAL25-011R (South Slab)
68.6 m @ 0.45 g/t Au Eq from 45.7 m to 114.3 m
Including 16.8 m @ 0.81 g/t Au Eq from 65.5 m to 82.3 m
Represents a thick, shallow intercept of oxide gold below the current MRE pit shell
When composited without a cutoff, the full hole averages 0.23 g/t Au Eq over 213.4 m (0.21 g/t Au, 1.4 g/t Ag)
CAL25-012R (South Slab)
41.2 m @ 0.32 g/t Au Eq from 32.0 m to 73.2 m
Correlates with mineralization seen in CAL25-011R
Extends shallow oxide gold mineralization southwest and below the current pit outline
These results confirm continuity of shallow oxide gold mineralization and expand the zone’s footprint beyond modeled boundaries — important for refining the Santa Fe Slab geological interpretation.
York Zone – Northern Extension
The first set of analytical results from the York drill program included a deep, thick gold intercept that significantly extends the known mineralized footprint.
YOR25-004R (York)
114.3 m @ 0.33 g/t Au Eq from 76.2 m to 190.5 m
Including 18.3 m @ 0.90 g/t Au Eq from 172.2 m to 190.5 m
A thick, shallow zone of gold mineralization that lies north of the current York MRE pit shell
Mineralization remains open to the north and beyond, providing targets for additional resource expansion
This result demonstrates the potential to grow the York gold zone in previously undrilled directions, underscoring both the structural complexity and exploration upside of this area.
