GSN Winnemucca Chapter Meeting – April 12, 2023

Description

Contact: Nancy Wolverson: nancyjeanw@aol.com

Winnemucca GSN April Meeting – Wednesday, April 12, 2023

 The Martin, 94 W. Railroad St.

 Food and Drinks at 6 pm; Talk at 7 pm

 Speaker:  Tony Gesualdo, Exploration Manager, Lahontan Gold Corp.

 Talk:  “The Santa Fe Mine: from Abandoned Mine to a Million-Ounce Resource”

 FOOD AND BEER SPONSOR:  NEILSEN EXPLORATION!

For more information on Neilsen Exploration LLC contact Steve Neilsen,

neilsenexploration@gmail.com; 775-340-9191

 ABSTRACT:  The Santa Fe Mine: from Abandoned Mine to a Million-Ounce Resource

Lahontan Gold’s Santa Fe Project is a historic Au-Ag mine in the Santa Fe mining district within the Walker Lane mineral belt, in the Gabbs Valley Range, Mineral County, Nevada. The property is adjacent to the operating Isabella-Pearl mine and includes both private and public lands. The project is over 19.1 km2 and includes the historic Santa Fe mine site.

Corona Gold’s Santa Fe mine was in production from 1988 to 1992 with leaching operations continuing until 1994. Mining was an open-pit, heap leach operation with ore produced from four deposits: Santa Fe, Slab (or Calvada West), Calvada East, and York. Total production is reported at 345,500 ounces of Au and 710,600 ounces Ag (Nevada Bureau of Mines and Geology, 1995).

Au-Ag mineralization on the Santa Fe project occurs along the east-west Calvada Fault and is concentrated at northwest- and north-striking fault intersections. Mineralization is mainly sediment-hosted in the Triassic Luning Formation and has not been observed in the overlying volcanic rocks. Silicification, brecciation, and decalcification are associated with Au-Ag mineralization, which overprints localized Cu skarn mineralization. While spatially and temporally connected, the four deposits, Santa Fe, Slab, Calvada East, and York, each have unique defining characteristics.

In 2020, Lahontan Gold was formed with the Santa Fe Project as its flagship asset. Initial data verification and building a drill hole database allowed completion of an Order of Magnitude Resource Estimate based on historic drilling. Lahontan completed surface work including mapping and sampling in preparation for the 2021 and 2022 drill programs. In 2021, Lahontan drilled 4,997 meters of reverse circulation (RC) and 4,413 meters of core near the Santa Fe and Slab-Calvada deposits. Follow up work in 2022 included further QAQC of the historic drill database and another 3,734 meters of RC drilling in the Slab-Calvada deposits. Drilling expanded the Santa Fe and Slab-Calvada deposits, with future drill plans for the York deposit and other earlier-stage targets in 2023.

Lahontan announced a maiden Mineral Resource Estimate in January 2023. The project-wide pit constrained Indicated Mineral Resources total 30.4 Mt grading 1.14 g/t gold equivalent (“Au Eq”) for 1,112,000 contained Au Eq ounces. Au The overall Ag/Au ratio is approximately 8:1. The project-wide Inferred Mineral Resources add another 17 Mt grading 1.00 Au Eq for 544,000 contained Au Eq ounces. All resources are constrained by multiple factors including assumed recoveries and conceptual pit shells. Au Eq is calculated by dividing Ag g/t by 75, adjusting for historic lower recoveries for Ag, and adding to Au g/t. Please see Lahontan Gold Corp press release dated January 17, 2023, for further details.

If you have any questions, contact Nancy Wolverson at nancyjeanw@aol.com or 775-770-4615