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WASHINGTON — Senate Republicans are buzzing with optimism that they’ve found a viable path to reopen the Department of Homeland Security, four sources familiar with negotiations between the White House and Congress told NBC News.

Republicans believe the framework could gain the support of President Donald Trump and secure enough Democratic support to quickly fund TSA and bring an end to long lines at airports.

Asked after a White House meeting whether Republicans have a solution, Sen. Katie Britt, R-Ala., said: “We do.”

The path involves funding all of DHS with the exception of immigration enforcement and deportation operations under ICE.

Once DHS is largely functioning again, Republicans would attempt to use the filibuster-proof “reconciliation” process to fund the rest of ICE and pass limited portions of the SAVE America Act, an election bill that is Trump’s top priority.

A White House official told NBC News that conversations are still ongoing but that it seems to be an acceptable solution.

Senate Majority Leader John Thune, R-S.D., also sounded upbeat about the proposal, without making any guarantees.

“I feel good about it,” he told reporters Monday night as the Senate wrapped up business for the day, adding that there are some particulars to nail down, but “I think we’re in a good spot.”

“All I can say is that the discussions have been very positive and productive and hopefully headed in the right direction,” he said.

The inclusion of some election provisions in the party-line bill could be the clincher that secures Trump’s support. The president has not yet commented publicly on the new plan.

One source with knowledge of the discussions warned that budgetary constraints would severely limit what provisions of the SAVE America Act the Senate can pass through reconciliation, with only Republican votes. That process is seen as the only viable path to pass any provisions in the SAVE America Act since all Democrats oppose the legislation.

One idea is to provide financial incentives to states to implement voter ID laws; another idea is to send money to DHS to “monitor elections” and conduct election security, the source said.

The burgeoning agreement to fund DHS comes after Trump rejected a similar idea pushed by Sens. John Kennedy, R-La., and Ted Cruz, R-Texas, in recent days.

The two-track plan would also need approval from House Republicans, who have a slim majority, before TSA can return to functionality. Some conservatives have already indicated skepticism online, but Trump’s endorsement, if he gives it, could go a long way toward securing enough support to pass it.

Democrats are open to the Republicans’ proposal but aren’t ready to endorse the plan until they see the specific text, a source familiar with the negotiations said.

Democrats also expect that they will still ask for additional concessions after seeing the concrete GOP proposal. While they are anxious to get DHS funding approved, with hourslong lines plaguing airports across the country and TSA workers quitting by the hundreds, they are still asking for specific restrictions from the administration on ICE operations before voting yes on any proposal.

Britt, who chairs the appropriations subcommittee responsible for writing bills to fund DHS, was seen Monday talking on the Senate floor with Senate Minority Leader Chuck Schumer, D-N.Y., and the top Democrat on the Appropriations Committee, Sen. Patty Murray, D-Wash.

As she left the Capitol late Monday, Britt said she’d be “working through the night” to try to “land this plane.”

Sen. Mike Lee, R-Utah, the chief sponsor of the SAVE America Act, warned that the bill as written is ineligible for the reconciliation process.

“It’s hard to imagine how the SAVE America Act could be passed through reconciliation,” Lee wrote Tuesday on X. “And by ‘hard’ I mean ‘essentially impossible.’”

If attempted, it would be an arduous process that is subject to unlimited amendments by Democrats, who could seek to force politically uncomfortable votes on Republicans facing voters in the fall elections, when control of the Senate is up for grabs.

Sen. Susan Collins, R-Maine, said Tuesday she has reservations about attempting to pass elements of the SAVE America Act, a bill that she has otherwise endorsed.

“I don’t think that’s a good approach,” she said.

Delta Air Lines has cut off special services for members of Congress at airports, as the industry continues to feel the effects of the government’s failure to pay Transportation Security Administration workers.

On Tuesday morning, Delta issued a statement saying it would temporarily suspend specialty services for members of Congress “due to the impact on resources from the longstanding government shutdown.”

Members of Congress are given special treatment at airports, including expedited screening, escorts through airports to bypass long security lines, and dedicated reservation desks that, among other things, allow them to make last-minute changes.

TSA workers hit their third period without a paycheck since funding for parts of the Department of Homeland Security was halted because of an impasse between the White House and Congress over immigration enforcement and voting policies.

“Next to safety, Delta’s No. 1 priority is taking care of our people and customers, which has become increasingly difficult in the current environment,” the airline said in a statement.

NBC News has requested comment on the ongoing situation from other major airlines.

A Southwest Airlines spokesperson said the company is watching the lines closely at its stations and is “working with Customers who might miss flights as the result of unexpected delays. For those Customers, we do our best to accommodate them without penalty on the next flight to their destination,” the spokesperson said.

“Southwest continues to engage with our federal partners and joins the airline industry in urging Congress to fund the TSA and CBP without further delay,” the spokesperson said.

Two industry sources pointed at the amount of business that airlines have before Congress — one of them specifically cited periodic bailouts — in contending that the companies should avoid alienating or angering lawmakers as they push for a solution.

“Get through this,” said one airline lobbyist. “Don’t be doing things to members.”

Several airports have been hit with security lines that are so backed up they snake through check-in areas and have taken travelers over four hours or more to clear.

As of Monday, 10.93% of TSA employees across the country had called in sick or notified employers they couldn’t work their scheduled shifts — what is known as a callout rate.

In Houston’s William P. Hobby Airport as of Monday, the callout rate was 40.3% and in Hartsfield-Jackson Atlanta International Airport, it was 37.4%.

Meanwhile, TSA employees have said they are unable to pay bills and feed their families because they have not been paid. Airports, unions and charities have been holding food drives, meals and collections for TSA workers.

Johnny Jones, a member of American Federal Government Employees Council for TSA workers and a local unit that represents workers at Texas airports, noted in a press call on Tuesday that employees have contended with shutdowns on and off for months.

He said employees have told the union that they are paying fees of about $75 a day for late rent for apartments or other amounts for car loans. They also are charged bank fees when payments can’t be automatically paid from their accounts.

“Even after the [last] shutdown was over … the back pay doesn’t cover the fact that you just lost and have lost pay to all these fees,” Jones said.

AFGE national president Everett Kelley said Coast Guard workers also are doing their jobs, including rescues, not knowing whether they will have the money for groceries. He called it a “national embarrassment and a disgrace.”

And he warned members of Congress, “Don’t even think about going home for Easter recess while tens of thousands of American families are going without paychecks.”

On Monday, the administration deployed ICE agents to several airports to help with some security tasks, while trained TSA agents focus on screenings.

“People are not quitting the job because they want to quit the job. They love the job. They aren’t showing up to work because they have no choice,” said Hydrick Thomas, president of AFGTSA Council 100, which represents TSA officers.

One union leader said some TSA employees are selling plasma to pay for food, another said some members are now experiencing hunger.

Duncan McGuire, AFGE Region 5 vice president, said he’s been asked about the federal employees’ insurance policies regarding suicide.

“Some people are actually considering suicide as the only option to get their loved ones money when they can’t bring in anymore,” McGuire said.

Other union leaders said people can’t pay for child care, gas to get to work, copays for doctor’s appointments, medicine or food.

“This is what happens when the system is strained and staffing stretched too thin,” said Kelley said. “But instead of solving the problem of paying [transportation officers], the administration sent ICE agents to airports as replacement workers.”

If you or someone you know is in crisis, call or text 988, or go to 988lifeline.org, to reach the Suicide & Crisis Lifeline. You can also call the network, previously known as the National Suicide Prevention Lifeline, at 800-273-8255, or visit SpeakingOfSuicide.com/resources.

The clock that was ticking toward a dramatic new escalation in the Iran war may now be counting down to a deal that would end it.

That’s the latest stunning turn of events delivered by President Donald Trump’s social media account.

Trump announced Monday that he was postponing his threatened military strikes against Iranian power plants for at least five days, hours ahead of his deadline for Tehran to reopen the crucial Strait of Hormuz shipping route.

He said the U.S. and Iran were in “productive” talks toward a “complete and total” resolution of the war, though Tehran denied any direct talks.

Follow live updates

Now in its fourth week, the conflict has consumed the Middle East, pushed up the prices of energy and food and threatened the global economy with a far-reaching crisis.

Trump’s reversal delays what many feared would be a significant new escalation for civilians across the region.

Iran’s Foreign Affairs Ministry appeared to counter Trump’s version of events, though, saying in a statement published by the semiofficial news agency Mehr News that there was “no dialogue between Tehran and Washington.”

It said Trump’s delay was “part of efforts to reduce energy prices and buy time to implement his military plans” but acknowledged “there are initiatives from regional countries to reduce tensions.” Iranian state media said Trump had “backed down” after Iran vowed swift retaliation for any attacks on its energy infrastructure.

WASHINGTON — On Sunday, Senate Majority Leader John Thune, R-S.D., discussed an off-ramp with President Donald Trump to reopen TSA and end the long lines and delays at airports.

It would fund all of the Department of Homeland Security except for ICE, which Democrats have refused to support without new limitations on immigration enforcement operations, two sources with knowledge of the conversation told NBC News.

White House aides initially conveyed the idea to Trump and, after that briefing, Thune spoke with the president, the two sources said. Thune discussed the idea with Republicans on Capitol Hill, one of the sources said. The second source said it’s seen by numerous Republicans as a viable path to break the logjam.

ICE would be funded separately by Republicans in a party-line “reconciliation” bill that can pass without the need for any Democratic support later in the year.

The Department of Homeland Security has been shut down for more than a month, and while key operations, such as TSA and the Federal Emergency Management Agency, are still operating, many of those employees are working without pay. As NBC News reported this weekend, more than 400 TSA officers have quit since the shutdown began. Immigration and Customs Enforcement is also shut down, but its employees are being paid through Trump’s big beautiful bill passed last year.

Republicans believe that the off-ramp Trump and Thune discussed would win support from Democrats, who have offered to fund noncontroversial parts of the Department of Homeland Security on the Senate floor while the two parties continue to negotiate on immigration.

But Trump rejected it — as he made clear in a Truth Social post Sunday night.

“I don’t think we should make any deal with the Crazy, Country Destroying, Radical Left Democrats unless, and until, they Vote with Republicans to pass ‘THE SAVE AMERICA ACT,’” Trump wrote, while instead calling on Republicans to “Kill the Filibuster, and stay in D.C. for Easter, if necessary.”

Trump’s first two ideas aren’t viable. Democrats are determined to sink the SAVE America Act, which doesn’t have enough support to pass. And Republicans have made clear they lack the votes to nuke the filibuster. They may, however, cancel recess if there’s still no deal by the end of this week.

The conversation with Thune and Trump was first reported by Punchbowl News.

Speaking Monday in Memphis, Tennessee, the president doubled down on his demands to pair Homeland Security funding with the voting bill.

“You don’t have to take a fast vote. Don’t worry about Easter, going home. In fact, make this one for Jesus. OK, make this one for Jesus,” Trump said, adding: “The most important part of homeland security is voter ID and proof of citizenship. Nobody can vote on Homeland Security without voter ID or proof of citizenship.”

Senate Minority Leader Chuck Schumer’s office said that Democrats will again seek unanimous consent to fund just the TSA on the Senate floor Monday, for the eighth time.

Republicans have so far rejected those stand-alone bills.

If Trump were to change his mind and accept the Thune-GOP idea, it carries benefits for both parties. For Republicans, they could avoid giving into Democratic demands, such as requiring immigration enforcement officers to remove their masks and requiring judicial warrants to conduct raids. For Democrats, they could keep their fingerprints off ICE funding, which has become toxic with their base since Homeland Security agents killed protesters Alex Pretti and Renee Good in Minneapolis.

“We can be out of this shutdown by the end of the week,” Sen. John Kennedy, R-La., said Sunday. “Here’s what we do. The Democrats are amenable to opening up everything at DHS but ICE. We should accept that. The very next day, we should file a budget resolution through reconciliation that funds ICE as we deem appropriate. We don’t need Democratic votes to do that.”

Democrats are also planning to seize on the Trump social media post to argue that he owns the shutdown and travel chaos.

Reconciliation bills are arduous, requiring near-unanimous support among Republicans, especially given the tiny House majority. There has been deep skepticism that the party could pull it off, even if it tried. But needing to fund an agency like ICE would raise the impetus to use that path.

Under the “big, beautiful bill” passed by Republicans last year, ICE received a cash infusion of about $75 billion for the next four years to help carry out Trump’s mass deportation program.

The path comes with another possible upside for the White House: Some Trump allies have proposed reconciliation to approve supplemental funding for Trump’s war in Iran. It’s not clear that could win enough Democratic support.

The Defense Department will remove media offices from the Pentagon after a federal judge sided with The New York Times in a lawsuit challenging limits on reporters’ access to the building, a department official announced Monday.

An area of the Pentagon known as “Correspondents’ Corridor” that reporters have used for decades to cover the U.S. military will close immediately, department spokesperson Sean Parnell said. Journalists will eventually be able to work from an “annex” outside the building, which he said “will be available when ready.” He offered no detail about how long that will take.

The Pentagon Press Association said the announcement “is a clear violation of the letter and spirit of last week’s ruling.”

“At such a critical time, we ask why the Pentagon is choosing to restrict vital press freedoms that help inform all Americans,” the association said.

The new policy is the latest dispute over press access to President Donald Trump’s administration, which has limited legacy media while boosting conservative and pro-Trump outlets.

The Times sued the Pentagon and Defense Secretary Pete Hegseth in December, claiming the agency’s new credentialing policy violated journalists’ constitutional rights to free speech and due process. Dozens of reporters had walked out of the building rather than agree to government-imposed restrictions on their work.

U.S. District Judge Paul Friedman in Washington, D.C., last week sided with the newspaper. He ordered the Pentagon to reinstate the press credentials of seven Times journalists and struck down some of the agency’s restrictions on news reporting.

Friedman said the “undisputed evidence” shows that the policy is designed to weed out “disfavored journalists” and replace them with those who are “on board and willing to serve” the government, a clear instance of illegal viewpoint discrimination.

Parnell said the Defense Department disagrees with the ruling and is pursuing an appeal. He said security concerns prompted restrictions on press access, a claim that journalists have rejected.

Under the latest Pentagon rules announced Monday, journalists will still have access to the Pentagon for press conferences and interviews arranged through the department’s public affairs team, but they will have to be escorted, Parnell wrote on social media.

The current Pentagon press corps is comprised mostly of conservative outlets that agreed to the policy. Reporters from outlets that refused to consent to the new rules, including from The Associated Press, have continued reporting on the military.

The AP, meanwhile, is awaiting a decision by a three-judge panel of the U.S. District Court of Appeals on its separate lawsuit against President Donald Trump’s administration. The AP contends that Trump’s White House team punished it by reducing its access to presidential events because the outlet hasn’t followed his lead in renaming the Gulf of Mexico.

The two pilots killed in the collision between a passenger jet and a Port Authority fire truck at New York’s LaGuardia Airport late Sunday have been identified as Antoine Forest and Mackenzie Gunther.

The pair have yet to be officially named by authorities, who have said only that both pilots of the Canada Air Express plane died and that they were based in Canada. Their identities were confirmed by Canadian news reports and by a college that one pilot attended.

Antoine Forest, one of the pilots who reportedly died in the LaGuardia plane collision.via Facebook

The Federal Aviation Administration, the National Transportation Safety Board and other agencies are investigating the crash. They will seek to determine how the truck was able to cut across the jet’s path moments after it touched down on the runway.

Here’s what we know about the fatal crash.

At a news conference Tuesday afternoon, NTSB officials released preliminary information gleaned from the final three minutes of the plane’s cockpit voice recorder that showed that the fire truck was cleared to cross the runway 20 seconds before the crash.

At 2 minutes and 22 seconds, the flight crew checked in with the tower at LaGuardia, said Doug Brazy, NTSB’s senior aviation investigator.

At 2 minutes and 17 seconds, the tower cleared the airplane to land on Runway 4.

Brazy said that at 1 minute and 3 seconds, an airport vehicle made a radio transmission to the tower but that the transmission was “stepped on” by another radio transmission. NTSB Chairwoman Jennifer Homendy said that means there was some sort of interference with the transmission.

At 54 seconds, the tower advised the flight crew that the plane was at a stable approach, Brazy said.

At 40 seconds, the LaGuardia tower asked which vehicle needed to cross a runway. Brazy said the fire truck made a transmission to the tower, which the tower acknowledged. At 25 seconds, the truck requested permission to cross Runway 4. Brazy said that at 20 seconds, the tower cleared the truck to cross.

At 17 seconds, the fire truck read back the runway crossing clearance, he said. According to Brazy, the tower instructed a Frontier Airlines flight to hold position, and at 9 seconds, the tower told the fire truck to stop.

At 8 seconds, there was a sound consistent with the airplane’s landing gear touching down on the runway, he said. At 6 seconds, there was a pilot transfer of controls. Homendy told reporters that the first officer was flying the plane and transferred control to the captain.

At 4 seconds, the tower again instructed the fire truck to stop, Brazy said.

U.S. stocks surged Monday, after President Donald Trump announced that he was postponing all military strikes on Iranian power plants for a five-day period.

Trump said the U.S. and Iran had engaged in what he called “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”

Reporting about the nature and timing of these “conversations” evolved over the course of the day, and included conflicting accounts from various stakeholders.

But for markets, the talks offered a glimmer of hope that a path toward the de-escalation of the conflict — and the oil crisis it created — were within reach.

Iranian state media responded to Trump’s post by saying the U.S. president has “backed down” after Iran’s firm response.

Trump, however, said that Iran had “called” to discuss trying to resolve the war diplomatically.

“They want to make a deal, and we are very willing to make it,” Trump told reporters before boarding Air Force One in Florida.

The Strait of Hormuz, a crucial transit point for global oil supplies, could be “open very soon,” Trump added, but he provided few details.

Experts and analysts quickly pointed out that even if the fighting were to end this week, it would still take months for the strait to reopen.

The S&P 500 and Nasdaq 100 futures initially soared about 3% on Trump’s post shortly after 7 a.m. ET. By the time the closing bell rang, both indexes still recorded significant gains, but less than futures had indicated early in the morning. The S&P 500 closed up 1.1% and the Nasdaq Composite ended the day higher by 1.4%.

The gains were also broad based, with every S&P sector ending the day higher.

The Dow Jones Industrial Average also shot higher immediately after Trump’s statement. By the end of the trading session, the Dow was higher by 631 points, and the Russell 2000 index closed up 2.7%.

It was the best day for the S&P, Nasdaq and Dow since Feb. 6.

Oil prices plunged around 11% and U.S. crude oil settled for the day at $88.13 per barrel. International Brent crude oil fell to $99.94 per barrel, settling under $100 per barrel for the first time since March 11.

Still, crude oil prices have risen more than 30% since the war began on Feb. 28, and more than 50% since the start of the year.

Trump’s Monday announcement on social media came after the president on Saturday said that he had given the Iranian regime 48 hours to “fully open, without threat, the Strait of Hormuz.” That ultimatum was set to expire Monday night.

U.S. natural gas prices dropped 6% Monday, European natural gas futures slid 9% and heating oil prices dropped 12%. Heating oil futures can also be a proxy for the price of jet fuel.

U.S. Treasury bonds also rose in the minutes after Trump’s comments, and the yields which guide borrowing rates for consumers dropped after posting big moves higher on Thursday and Friday on rising inflation fears stemming from soaring energy prices. Yields were down only slightly in mid-morning trading after the statements from Iranian media and Trump.

Investors were already grappling with how to trade headlines about the war before Monday’s volatility.

“Investors have two related problems in pricing risks around the Gulf war,” UBS economist Paul Donovan said in a note on Monday before Trump’s post. “Statements from top U.S. administration officials give different and at times contradictory assessments of the war; in the absence of measurable objectives, this is all markets have to respond to. The result is volatility.”

At least 40% of Russia‘s oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers, according to Reuters calculations based on market data.

The shutdown is the most severe oil supply disruption in the modern history of Russia, the world’s second largest oil exporter, and has hit Moscow just as oil prices exceeded $100 a barrel due to the Iran war.

Russia’s oil output is one of the main sources of revenue for the national budget and is central to the $2.6 trillion economy.

An oil tanker moored in Novorossiysk, Russia, in 2022.AP

Ukraine intensified drone attacks on Russia‘s oil and fuel export infrastructure this month, hitting all three of Russia‘s major western oil export ports, including Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic Sea.

According to Reuters calculations, about 40% of Russia‘s crude oil export capabilities — or around 2 million barrels per day, were shut as of Wednesday after the most recent attack.

That includes Primorsk and Ust-Luga as well as the Druzhba pipeline, which runs through Ukraine to Hungary and Slovakia.

Kyiv has also targeted pipeline oil pumping stations and refineries. Kyiv says it aims to diminish Moscow’s oil and gas revenue, which accounts for around a quarter of Russia‘s state budget proceeds, and weaken its military might.

Russia says the Ukrainian strikes are terrorist attacks and has tightened security across its 11 time zones.

Firefighters extinguish a blaze at a chemical transport terminal at Russia’s Ust-Luga port on Jan. 21, 2024. Local media reported that Ukrainian drones attacked the port.Telegram Channel of head of the Kingisepp district via AP

Ukraine said that part of the Druzhba pipeline was damaged by Russian strikes at the end of January, while both Slovakia and Hungary demanded Kyiv restart the supplies immediately.

The Novorossiysk oil terminal, which can handle up to 700,000 bpd, has been loading oil below plan since damage from a heavy Ukrainian drone attack early this month.

In addition, frequent seizures of Russia-related tankers in Europe have disrupted 300,000 bpd of Arctic oil exports flowing from the port of Murmansk, traders said.

With its westward export routes under fire, Moscow must rely on oil exports to Asian markets, but those routes are limited due to capacity, traders said.

Russia continues uninterrupted supplies via pipelines to China, including the Skovorodino-Mohe and Atasu-Alashankou routes, as well as ESPO Blend exports by sea via the port of Kozmino.

Together, the three routes account for some 1.9 million bpd of oil.

Russia also continues to load oil from its two far eastern Sakhalin projects, shipping about 250,000 bpd from the island.

Traders also say that Russia is supplying the refineries in neighboring Belarus with around 300,000 bpd of oil.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Lahontan Gold Corp. (TSXV:LG,OTC:LGCXF, OTCQB:LGCXF, FSE:Y2F) (the ‘Company’ or ‘Lahontan’) is pleased to announce that it intends to complete a non-brokered private placement of up to 24,390,244 units (each, a ‘Unit’) in the capital of the Company at a price of Cdn $0.41 per Unit for gross proceeds of up to Cdn $10,000,000 (the ‘Offering’).

Each Unit shall be comprised of one common share (each, a ‘Common Share‘) in the capital of the Company and one-half of one whole Common Share purchase warrant (each whole warrant, a ‘Warrant‘). Each Warrant entitles the holder thereof to purchase one Common Share at a price of Cdn $0.60 per Common Share for a period of two (2) years from the date of issuance, provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is equal to or exceeds Cdn $1.00 for ten (10) consecutive trading days at any time following the date that is four months and one day after the date of issuance, the Company may accelerate the Warrant Term (the ‘Reduced Warrant Term‘) such that the Warrants shall expire on the date which is 30 business days following the date a press release is issued by the Company announcing the Reduced Warrant Term.

Gross proceeds raised from the Offering will be used for general working capital purposes and for exploration at the Company’s Santa Fe Mine and West Santa Fe Projects.

All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Subject to compliance with applicable regulatory requirements, all securities to be issued pursuant to the Offering in jurisdictions outside of Canada and the United States pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada will not be subject to any statutory hold period under applicable Canadian securities laws. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Lahontan Gold Corp.

Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan’s flagship property, the 28.3 km2 Santa Fe Mine project, had past production of 359,202 ounces of gold and 702,067 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing. The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag, together grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 grading 0.74 g/t Au and 3.25 g/t Ag, together grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report and note below*). The Company plans to continue advancing the Santa Fe Mine project towards production, update the Santa Fe Preliminary Economic Assessment, and drill test its satellite West Santa Fe project during 2025. For more information, please visit our website: www.lahontangoldcorp.com

* Please see the ‘Preliminary Economic Assessment, NI 43-101 Technical Report, Santa Fe Project’, Authors: Kenji Umeno, P. Eng., Thomas Dyer, PE, Kyle Murphy, PE, Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and John M. Young, SME-RM; Effective Date: December 10, 2024, Report Date: January 24, 2025. The Technical Report is available on the Company’s website and SEDAR+. Mineral resources are reported using a cut-off grade of 0.15 g/t AuEq for oxide resources and 0.60 g/t AuEq for non-oxide resources. AuEq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, and oxide gold recoveries ranging from 28% to 79%, oxide silver recoveries ranging from 8% to 30%, and non-oxide gold and silver recoveries of 71%. 

Qualified Person

Brian J. Maher, M.Sc., CPG-12342, is a ‘Qualified Person’ as defined under Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the content of this news release in respect of all technical disclosure other than the Mineral Resource Estimate as noted above.‎ Mr. Maher is Vice President-Exploration for Lahontan Gold and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the disclosure.

On behalf of the Board of Directors

Kimberly Ann

Founder, CEO, President, Executive Chair

FOR FURTHER INFORMATION, PLEASE CONTACT:

Lahontan Gold Corp.

Kimberly Ann
Founder, CEO, President, Executive Chair

Phone: 1-530-414-4400

Email:
Kimberly.ann@lahontangoldcorp.com

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 Canadian securities regulators, which filings are available at www.sedar.com.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

Summit Royalties Ltd. (TSXV: SUM,OTC:SUMMF, OTCQB: SUMMF) (the ‘Corporation’ or ‘Summit’) is pleased to announce that it has entered into an agreement to acquire a 1.0% net smelter return (‘NSR’) royalty on the Saddle North deposit (‘Saddle North’) owned by Newmont Corporation (‘Newmont’) for consideration of C$5 million paid in shares of Summit (‘Common Shares’). The acquisition is subject to conditions precedent which are customary for a transaction of this nature. Subject to satisfaction of conditions precedents, Summit expects to complete the acquisition in the near future.

‘We are excited to announce this proposed acquisition of a large, high-quality royalty on Newmont’s Saddle North project,’ commented Drew Clark, President and CEO of Summit. ‘The acquisition of the Saddle North royalty is highly accretive on a net asset value per share basis and provides exposure to a large gold-copper deposit under the stewardship of the world’s largest gold producer. Having royalty coverage on a porphyry target that boasts nearly 9 Moz of gold and 4.8 Blbs of copper supports our mandate of providing Summit shareholders with high-quality precious metals exposure, and we are excited to have Newmont as the operator of the underlying asset as we continue to build our company on an accretive per-share basis.’

Transaction Key Terms

  • Royalty Interest: 1% NSR royalty on the Saddle North deposit
  • Owner/Operator: Saddle North is owned by Newmont Corporation
  • Consideration: C$5 million, to be paid in 2,832,861 Common Shares at a deemed price of $1.765 per Common Share, being the 20-day weighted average price of the Common Shares as of the date of the royalty purchase agreement for the NSR
  • Buyback Option: Newmont may repurchase 50% of the NSR royalty for C$750,000 at any time during the five-year period commencing on the date Saddle North is put into commercial production
  • Mineral Resource: The Saddle North Technical Report (as defined herein) reported indicated resources containing approximately 3.47 Moz Au and 1.81 Blbs Cu and inferred resources containing approximately 5.46 Moz Au and 2.98 Blbs Cu(1)

Saddle North is a gold-rich copper porphyry deposit located in the Golden Triangle in northwest British Columbia, Canada. Newmont acquired Saddle North in 2021, prior to which Saddle North was owned by GT Gold Corp., which published a maiden mineral resource estimate for the project in 2020 (see Saddle North Technical Report (as defined herein)). The maiden mineral resource estimate in the Saddle North Technical Report includes 1.81 Blbs of copper and 3.47 Moz of gold contained in indicated mineral resource category, and 2.98 Blbs of copper and 5.46 Moz of gold contained in the inferred mineral resource category. Mineralization at Saddle North remains open at depth and to the northwest and southeast, while additional upside potential exists from near-mine exploration success.(1)

Saddle North is located in a top-tier mining jurisdiction in the Golden Triangle, with strong access to existing infrastructure, power, and a capable workforce.(1) Saddle North is situated near the Red Chris mine, which is currently operated by Newmont.

Saddle North Resources(1)

      Grade
    Contained
    Tonnes Cu Au Ag Cu Au Ag
  Category (Mt) (%)
(g/t) (g/t) (Mlbs) (Koz) (Koz)
O/P Indicated 217 0.25% 0.29 0.65 1,177 2,014 4,550
Inferred 254 0.22% 0.24 0.53 1,232 1,956 4,350
Total 471 0.23% 0.26 0.59 2,409 3,970 8,900
U/G Indicated 81 0.35% 0.56 1.16 635 1,457 3,030
Inferred 289 0.27% 0.38 0.78 1,750 3,499 7,290
Total 370 0.29% 0.42 0.87 2,385 4,956 10,320
Total Indicated 298 0.28% 0.36 0.79 1,809 3,471 7,580
Inferred 543 0.25% 0.31 0.67 2,982 5,455 11,640
Total 841 0.26% 0.33 0.71 4,791 8,926 19,220


Notes:

(1) Scientific and technical information regarding Saddle North in this news release has been derived from, and is supported by, the technical report titled ‘NI 43-101 Technical Report on the Saddle North Copper-Gold Project, Tatogga Property’ dated August 20, 2020 (with an effective date of July 6, 2020), which was prepared for GT Gold Corp. by Richard Flynn, P.Geo, Next Mine Consulting (the ‘Saddle North Technical Report’). Readers are encouraged to review the full text of the Saddle North Technical Report for the assumptions, qualifications and limitations contained therein, which is available on SEDAR+ (www.sedarplus.ca) under GT Gold Corp.’s issuer profile.
   

About Summit Royalties Ltd.

Summit Royalties Ltd. is a precious metals royalty and streaming company. Its current portfolio is anchored by cash-flowing production with additional royalties on advanced development- and exploration-stage properties. Summit’s mandate is to build its portfolio on a disciplined, per-share accretive basis through royalty and streaming acquisitions that deliver high-quality precious metals exposure and long-term cash flow growth. The Corporation has no debt and has sufficient cash on hand for future acquisitions. The Corporation’s registered office is located at One First Canadian Place, Suite 3400, Toronto, ON, M5X 1A4.

ON BEHALF OF THE BOARD OF DIRECTORS OF Summit Royalties Ltd.

Drew Clark
President and Chief Executive Officer
Summit Royalties Ltd.

For more information, contact:

Connor Pugliese, Vice President, Corporate Development
info@summit-royalties.com
+1 (289) 380-1960

Follow Summit Royalties:

Linkedin: https://www.linkedin.com/company/Summit-Royalties
X: https://x.com/SummitRoyalties

Technical and Third-Party Information

Information regarding Saddle North in this news release is based on information publicly disclosed by the current or former owners or operators of Saddle North and information available in the public domain as at the date hereof. Such information has not been independently verified by the Corporation. Although the Corporation does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Qualified Person

Scientific and technical information contained in this news release has been reviewed and approved by Richard Breger, who is independent of the Corporation and a ‘qualified person’ within the meaning of NI 43-101 – Standards of Disclosure for Mineral Projects.

Forward-looking Statements

Certain statements contained in this news release may be deemed ‘forward‐looking statements’ within the meaning of applicable Canadian securities laws. These forward‐looking statements, by their nature, require the Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward‐looking statements. Forward‐looking statements are not guarantees of performance. Words such as ‘may’, ‘will’, ‘would’, ‘could’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘intend’, ‘estimate’, ‘continue’, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward‐looking statements. Information contained in forward‐looking statements, including with respect to, the completion of acquisition of the NSR royalty on timing anticipated (or at all); the ability of Summit and the vendors to satisfy the conditions precedent to the acquisition (if at all); the repurchase of Summit’s NSR royalty by Newmont and the corresponding payment and reduction of the NSR royalty; the impact of acquiring the NSR royalty on Saddle North on Summit’s portfolio of precious metals royalties and stream; the commercial production of Saddle North; the mineral resource estimates for Saddle North; the Corporation’s ability to build its portfolio on a disciplined, per-share accretive basis through royalty and streaming acquisitions that deliver high-quality precious metals exposure and long-term cash flow growth; and the Corporation having sufficient cash on hand for future acquisitions, are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, current information available to the management of the Corporation, as well as other considerations that are believed to be appropriate in the circumstances. The Corporation considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Corporation, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Corporation and its businesses.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements made in this news release concerning the Corporation, see the section entitled ‘Risks and Uncertainties’ in the most recent management discussion and analysis of Summit which is filed with the Canadian securities commissions and available electronically under the Corporation’s issuer profile on SEDAR+ (www.sedarplus.ca). In addition, in respect of the scientific and technical information derived from the Saddle North Technical Report, such information is subject to the parameters, assumptions and qualifications as outlined in the Saddle North Technical Report. The forward‐ looking statements set forth herein concerning the Corporation reflect management’s expectations as at the date of this news release and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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