Metallurgical Data Review Shows High Heap Leach Oxide GOLD Recoveries at Santa Fe
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
METALLURGICAL DATA REVIEW SHOWS HIGH HEAP LEACH OXIDE GOLD
RECOVERIES AT SANTA FE
Toronto, Ontario, January 22, 2024 . Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF)
(the "Company" or "Lahontan"), is pleased to announce the results of a review of metallurgical data
for its 26.4 km2 flagship Santa Fe Mine project. The data review was completed by Kappes, Cassiday and
Associates (“KCA”) of Reno, Nevada, a global leader in metallurgical and process consulting. KCA
reviewed metallurgical test work on oxide gold and silver mineralization completed by previous operators
of the Santa Fe Mine as well as production data. Gold and silver recovery estimates were primarily based
upon prior metallurgical test work for the Santa Fe Mine as described below. When recovery estimates of
the individual deposits are applied to the Mineral Resource Estimate (“MRE”) shown in the Santa Fe Mine
Technical Report*, it results in weighted project-wide gold recoveries of 74.4% for gold and 29.0% for
silver at a ½-inch crush size from oxide mineralization.
Recovery estimates were primarily based upon prior metallurgical test work from the Project. This review
included considerations from the following quantity of bottle roll and column leach tests:
Bottle Roll Tests Column Tests
Santa Fe 32 25
Slab 30 5
Calvada East 45 8
York 15 3
It is typical to apply lab-to-field recovery discounts as a scale up factor when projecting commercial heap
leach performance. This is generally a 2% to 5% deduction on the recovery, depending on the amount of
available information. For the estimate, a 3 % gold recovery deduction was applied to Santa Fe and 5%
gold recovery deductions were applied to the other deposits. Five percent silver recovery deductions were
applied to all the deposits.
Based on the review and applied discounts, the recovery estimates for oxide mineralization are as follows:
Au Ag
Santa Fe 79% 30%
Slab 50% 20%
Calvada East 71% 13%
York 60% 0%
When recovery estimates of the individual deposits are applied to the Mineral Resource Estimate (“MRE”)
shown in the Santa Fe Project Technical Report*, it results in weighted project-wide gold recoveries from
oxide mineralization of 74.4% for gold and 29.0% for silver at a ½ -inch crush size. Preliminary review of
the data indicates little benefit to recovery from crushing finer than this.
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December 7,
2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
The data reviewed included the results of a 1,860-ton crushed and agglomerated test heap of Santa Fe pit
oxide mineralization. The heap was agglomerated with 5.5 kg/t cement addition yielding a 73.8% overall
gold recovery, and 80.3% gold recovery on the flat surfaces for the ¾” crushed test heap.
Operational data review indicates a total crushed oxide mineralization recovery of 65.5% over the life of
the mine from 1988 to 1995 . However, crush size seemed to vary throughout the life of the operation,
ranging from 1-1/2 inches down to 5/8 inches towards the later stages of the mining operation. Consistent
crushing at ½-inch should improve precious metal recoveries.
Reagent consumption estimates were primarily based upon bottle roll information and are as follows:
Cyanide Lime
kg/t kg/t
Santa Fe 0.37 2.9
Slab 0.13 1.5
Calvada East 0.33 5.5
York 0.48 6.7
KCA believes that there is sufficient data available to establish recovery ranges of oxide gold and silver
mineralization for inclusion in a Preliminary Economic Assessment (“PEA”). This is a result of previous
operational data, and the amount of column leach testing available on the component that makes up the
bulk of the resource (the Santa Fe pit resource).
In order to reduce risk for the Project, KCA recommends that two more agglomerated column tests on each
of Slab and Calvada East oxide mineralization at ½” crush size be performed to confirm gold and silver
recoveries for these areas where recovery data is sparse. KCA also recommends development of preg -
robbing indices for the various types of mineralization in order to better understand metallurgical risks of
the Project.
Kimberly Ann, Lahontan Founder, CEO, President, and Director commented: “Lahontan truly appreciates
the data review completed by KCA for the Santa Fe Mine Project. The conclusion by KCA that the existing
Santa Fe metallurgical data is sufficient in quantity and detail to use for our planned PEA this year greatly
benefits the Company and will help streamline the PEA process. The high heap leach oxide gold and silver
recoveries estimated by KCA project -wide underscore the economic potential of restarting mining
operations at Santa Fe”.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a fully financed Canadian mine development and mineral exploration company
that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker
Lane of mining friendly Nevada. Lahontan’s flagship property, the 26.4 km2 Santa Fe Mine, had past
production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open pit
mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine
has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq
(grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq),
all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). The
Company will continue to aggressively explore Santa Fe during 2024 and begin the process of evaluating
development scenarios to bring the Santa Fe Mine back into production. Anthony Gesualdo , CPG,
Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the
technical content of this news release. For more information, please visit our website:
www.lahontangoldcorp.com
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email:
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of
historical fact, this news release contains certain "forward-looking information" within the meaning of applicable
securities law. Forward -looking information is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events
or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the
date the statements are made and are subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There
are uncertainties inherent in forward -looking information, including factors beyond the Company’s control. The
Company undertakes no obligation to update forward -looking information if circumstances or management's
estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance
on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial
results is contained in the Company’s filings with Ca nadian securities regulators, which filings are available at
www.sedar.com