Steady progress made at all sites to
advance development and growth plans
RENO,
Nev., July 11, 2023 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce that significant
progress has been realized in the Company's advanced-exploration,
development and production initiatives at its Granite Creek,
McCoy-Cove, Ruby Hill, and Lone Tree Properties.
- Granite Creek – The Company is advancing underground
development, surface and underground drilling, increasing mining
rates, and progressing updated resource work for economic
studies.
- McCoy-Cove – The Phase 1 underground development program
is nearing completion, and the underground drill program is
realizing substantial success.
- Ruby Hill – Gold is being produced from the residual
leaching program while drilling continues to define and expand
mineralization in multiple zones. A Preliminary Economic Assessment
is near completion while metallurgical work and associated
permitting is being advanced for underground development and
processing planning. The Company also received approval to drill
test the Hilltop Corridor.
- Lone Tree - Gold production continues from the residual
leach program and detailed engineering is being completed for the
restart of the autoclave facility.
"We have realized numerous successes in the first half of 2023
in what is expected to be a catalyst-rich year with exploration,
development, and mining underway at our three primary projects.",
stated Ewan Downie, CEO of i-80. "As
a company, and where possible, we intend to implement "proof of
concept" mining to ensure that proper mining methods are employed,
and continuity of mineralization is established, prior to full mine
development. By completing more detailed initial work, we aim to
have a more fluid transition from explorer to miner than often seen
in new start-ups."
Granite Creek Property
The Company continues to advance a decline to provide multiple
levels to access the Ogee Zone. Better ground conditions
encountered, as the development has deepened, have allowed for
successful mining and reconciliation to the Granite Creek resource
estimate and related Preliminary Economic Assessment has been
positive (see Tables 1 & 2). Four levels have now been
completed and mining rates continue to ramp up. A fifth level
is now under development which will be extended to the northeast to
provide initial access to the South Pacific Zone. A dedicated
drill bay has been completed on the 4th level and
surface drilling has resumed to allow the Company to better define
the South Pacific Zone in advance of its development.
Prior to declaring a production decision, initial mining is
being performed on several of the primary zones to establish
continuity and mineability. Practical Mining LLC, an independent
mining consultant, has been engaged to assist in constructing a
revised resource model and economic mine plan. As part of this
exercise, reconciliation work is being completed to compare actual
mined ounces versus resource estimates and related Preliminary
Economic Assessment. This will then be used to complete an updated
resource estimate and Feasibility Study.
"The team at Granite Creek continues to realize significant
progress in both development and mining rates.", stated
Matt Gili, President and Chief
Operating Officer of i-80. "Our focus has shifted to the Ogee Zone
with positive grade reconciliation, increased mining rates and
increasing production. We are accelerating infrastructure
development to access the high-grade South Pacific Zone as we
progress towards full commercial production."
Table 1 Granite
Creek Ogee Zone 4445 Level (based on Company stockpile
sampling)
|
|
Tonnage
|
Au
Grade
|
Gold
|
|
(tonnes)
|
(g/t)
|
(oz)
|
Actual
Mined
|
10,612
|
14.0
|
4,768
|
Table 2 Granite
Creek Ogee Zone 4490 Level (based on Company stockpile
sampling)
|
|
Tonnage
|
Au
Grade
|
Gold
|
|
(tonnes)
|
(g/t)
|
(oz)
|
Actual
Mined
|
10,874
|
11.1
|
3,870
|
Mining in the Ogee Zone continues to encounter a significant
amount of oxide mineralization and an ore sale agreement for this
material has been negotiated with a third-party. High-grade
refractory mineralization is being trucked to Nevada Gold Mines' "Sage Plant" at its Turquoise
Ridge/Twin Creeks Mine located to the north (See Figure 1) in
accordance with the Company's existing toll milling
agreement.
Installation of a sixth dewatering well is nearing completion
which is expected to lower the water level and contribute to
accelerated development and mining rates. Prior to completing a
Feasibility Study for the underground mineralization at Granite
Creek, additional surface and underground drilling is being
completed to better define mineralization in the South Pacific Zone
for mine planning and inclusion in the economic model.
McCoy-Cove Property
Construction of the Phase I underground decline and exploration
drift is expected to be completed in July
2023. The underground definition drill campaign, expected to
comprise of approximately 40,000 metres, is underway with extremely
positive initial results. Drilling has demonstrated strong
continuity of mineralization with consistent high-grade gold
mineralization. Highlight results from the first eleven holes of
the underground drill program include:
- 10.3 g/t Au over 7.8 m
(iCHU23-02)
- 13.0 g/t Au over 6.0 m
(iCHU23-03)
- 12.9 g/t Au over 36.1 m
(iCHU23-04)
- 12.8 g/t Au over 14.2 m &
13.8 g/t Au over 7.6 m
(iCHU23-05)
- 24.1 g/t Au over 14.0 m
(iCHU23-07)
- 44.2 g/t Au over 2.1 m &
11.4 g/t Au over 7.9 m
(iCHU23-08)
- 9.6 g/t Au over 22.8 m
(iCHU23-09)
- 14.9 g/t Au over 32.7 m
(iCHU23-10)
- 15.7 g/t Au over 22.5 m
(iCHU23-11)
- 18.9 g/t Au over 29.3 m
(iCHU23-11)
This program will be completed in advance of detailed mine
designs for a Feasibility Study and the future development of the
Cove underground mine. Installation of piezometers to advance
detailed water flow studies was also completed in the first half of
the year and support full mine permitting and long-term dewatering
plans. Cove represents one of North
America's highest-grade development-stage gold projects with
existing resources displayed in Table 3.
Table 3 – Cove
Deposit Resource
|
Mineral
Resources1
|
|
Tonnage
|
Au
Grade
|
Ag
Grade
|
Gold
|
Silver
|
|
(kt)
|
(g/t)
|
(g/t)
|
(koz)
|
(koz)
|
Indicated
|
1,007
|
10.9
|
29.1
|
351
|
943
|
Inferred
|
3,867
|
10.9
|
20.6
|
1,353
|
2,565
|
1. Mineral Resources were calculated at a gold price of
US$1500/oz, cut-off grade 0.141 opt Au, and is based on the
Preliminary Economic Assessment issued by i- 80
on April 13, 2021 with an effective date of January 1,
2021.
|
"The success we have realized early in our definition drill
program at Cove is confirming best-in-class grades and the
potential for it to become one of the highest-grade gold mines in
the United States.", stated
Tyler Hill, Chief Geologist of i-80.
"Grades and widths are reconciling very well against the model and
we are expecting to provide regular updates on results from this
large-scale program."
Ruby Hill Property
Five main initiatives are planned at Ruby Hill for 2023
including a residual leach program, a large-scale exploration
drilling program, initial economic work for the planned Ruby Deeps
underground gold mine to be developed at Ruby Hill, permitting to
allow for the commencement of underground development and advanced
metallurgical work for the recoveries of gold and polymetallic base
metal mineralization for mining and processing planning.
Following the acquisition of the nearby FAD deposit through the
completion of the Company's acquisition of Paycore Minerals Inc., a
major multi-drill program is underway focused on expanding
mineralization and also testing several new exploration targets on
the property including the Hilltop Corridor. New discoveries
have been made in the early part of the Ruby Hill drilling program
with Carlin (gold) and CRD
(polymetallic) mineralization intersected in several new target
areas located in close proximity to the underground infrastructure
being planned for the Property.
Drilling in the Upper Hilltop Zone continues to expand
mineralization with substantial expansion potential being
identified in the East Hilltop and Lower Hilltop areas (see Figures
2 & 3). Additionally, recent drilling has intersected zones of
high-grade mineralization in infill drilling at the Blackjack Zone
and the FAD deposit.
Multiple zones of high-grade Carbonate Replacement Deposit-type
mineralization (CRD) have been identified along the Hilltop fault
structure (see Figures 2 & 3) including 515.3 g/t Ag, 28.9 %
Pb, 10.5 % Zn & 0.9 g/t Au over 28.3
m, 1.9 g/t Au, 631.3 g/t Ag, 7.4 % Zn & 33.0 % Pb
over 18.3 m and 60.2 g/t Au,
908.7 g/t Ag, 1.1 % Zn & 15.7 % Pb over 10.0 m in the Upper Hilltop Zone and 226.1
g/t Ag, 9.7 % Zn & 10.0 % Pb over 8.4
m in the East Hilltop target area.
Early in the 2023 drill program, hole iRH23-09 intersected a
large zone of Carlin-type
alteration grading 7.3 g/t Au over 10.2
m approximately 200 metres south of known mineralization
in the Ruby Deeps deposit in addition to polymetallic
mineralization approximately 250 metres west of the Lower Hilltop
Zone that assayed 3.5 g/t Au and 6.7 % Zn over 18.3 m. Additional drilling is testing this
area (See Figures 2 and 3).
Final deposit modeling and mine planning are being completed in
advance of the release of a Preliminary Economic Assessment (PEA)
for the Ruby Deeps gold deposit. Permit submissions have been
made for approvals to commence underground development (portal and
decline) from the Archimedes pit. This underground development will
provide improved access for definition drilling of the multiple
gold, polymetallic and base metal deposits, test mining and
advanced economic studies prior to a production decision.
Detailed metallurgical test work is being completed for both
gold and polymetallic base metal mineralization at Ruby Hill. This
work will be utilized in economic plans for processing both types
of mineralization from the Ruby Hill Mine and advancing plans for
the construction of a floatation plant on the Property.
Lone Tree Property
Detailed engineering for the retrofit of the Lone Tree autoclave
facility is underway. Once complete, and the Company has
sufficiently advanced mine development at Granite Creek, Ruby Hill
and Cove, a comprehensive study will be completed. In the interim,
sulphide (refractory) gold mineralization will be processed at NGM
facilities pursuant to processing agreements that were previously
negotiated.
Please click here for further information on abbreviations and
conversions referenced in this press release.
QAQC Procedures
All samples were submitted to either American Assay Laboratories
(AAL) or ALS Minerals (ALS) both of Sparks, NV, which are ISO 9001 and 17025
certified and accredited laboratories, independent of the Company.
Samples submitted through AAL and ALS are run through standard prep
methods and analysed using Au-AA23 (ALS) or FA-PB30-ICP (AAL) (Au;
30g fire assay for both) and ME-ICP61a (35 element suite; 0.4g 4
acid/ICP-AES) for ALS and IO-4AB32 (35 element suite; 0.5g 4-acid
ICP-OES+MS) for AAL. Both AAL and ALS also undertake their own
internal coarse and pulp duplicate analysis to ensure proper sample
preparation and equipment calibration. i-80 Gold Corp's QA/QC
program includes regular insertion of CRM standards, duplicates,
and blanks into the sample stream with a stringent review of all
results.
Qualified Person
Tyler Hill, CPG-12146, Chief
Geologist at i-80 is the Qualified Person for the information
contained in this press release and is a Qualified Person within
the meaning of National Instrument 43-101.
About i-80 Gold Corp.
i-80 Gold Corp. is a Nevada-focused, mining company with
a goal of achieving mid-tier gold producer status through the
development of multiple deposits within the Company's
advanced-stage property portfolio with processing at i-80's
centralized milling facilities. i-80 Gold's common shares are
listed on the TSX and the NYSE American under the trading symbol
IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's
portfolio of assets and long-term growth strategy is available at
www.i80gold.com or by email at info@i80gold.com.
Cautionary Statement Regarding
Forward Looking Information
Certain statements in this press release constitute "forward
looking statements" or "forward looking information" within the
meaning of applicable securities laws, including but not limited
to, commencement of mining operations at the Granite Creek
project, the Ruby Hill mine, the McCoy-Cove project and the Lone
Tree project; reconciliation of actual mining results to resource
estimates and economic studies; mineral resource and reserve
estimates and exploration and development potential; completion of
updated resource estimates and feasibility studies; refractory
processing capabilities and production targets. Such statements and
information involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements of the company, its projects, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements or information Such statements can be identified by the
use of words such as "may", "would", "could", "will", "intend",
"expect", "believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "and other similar terminology, or state that certain
actions, events or results " may", "could", " would", "or " be
taken, occur or be achieved These statements reflect the Company's
current expectations regarding future events, performance and
results and speak only as of the date of this presentation. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise except as required by
applicable law.
Forward looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward looking statements or
information, including, but not limited to failure to satisfy of
the relevant conditions to the completion of the transactions
described herein, failure to obtain the relevant regulatory
approvals, material adverse changes, exercise of termination rights
by any relevant party, unexpected changes in laws, , rules or
regulations, or their enforcement by applicable authorities the
failure of parties to contracts with the Company to perform as
agreed social or labour unrest changes in commodity prices and the
failure of exploration, refurbishment, development or mining
programs or studies to deliver anticipated results or results that
would justify and support continued exploration, studies,
development or operations. Readers of this presentation are
encouraged to read the "Risk Factors" as more fully described in
the Company's filings with the Canadian Securities Administrators
and the U.S. Securities and Exchange Commission, including its
Annual Information Form for the year ended December 31, 2022, available on SEDAR at
www.sedar.com and on the SEC's website at www.sec.gov.
Cautionary Note to U S Investors
Concerning Estimates of Resources
This presentation uses the term "inferred resources." "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases Information contained in
the presentation containing descriptions of any mineral deposits
may not be comparable to similar information made public by U S
companies subject to the reporting and disclosure requirements
under the United States federal
securities laws and the rules and regulations thereunder that
disclose mineral reserves and mineral resources the SEC's new
mining disclosure rules in Regulation S-K Subpart 1300 ("S-K
1300"). Under S-K 1300 reserve and resource definitions are
substantially similar to the corresponding CIM Definition Standards
however, there are differences between NI 43-101 and S-K 1300 and
therefore information contained in the presentation may not be
comparable to similar information made public by public U S
companies pursuant to the Regulation S-K 1300.
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SOURCE i-80 Gold Corp