First Three Holes Return 26.1 g/t Au over
5.7 m, 25.6 g/t Au over 5.5 m & 15.5 g/t Au over 19.7 m
Mine Operations Achieve Record Month in
August
RENO,
Nev., Oct. 11, 2023 /PRNewswire/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce positive mine
developments with record monthly tonnage and gold mineralization
mined in August as well as high-grade results from a renewed drill
program targeting the South Pacific Zone at the Company's Granite
Creek Property ("Granite Creek" or "the Property")
located in Humboldt County,
Nevada.
Mining is focused on the extraction of high-grade gold
mineralization in the Ogee Zone while development progresses
towards the South Pacific Zone ("SPZ"). The SPZ is host to
high-grade gold mineralization located immediately north of the
underground mine workings and is expected to become the mine's main
horizon beginning in 2024.
Mine operations highlights for
August
- Record mine production, achieving 592 tons per day of
mineralized material production
- Completed 467 feet of lateral development, including 225
feet of capitalized advance
- Five Levels completed on the Ogee Zone to increase mining
face availability
- Completed installation of dewatering Well 6 and initiated
mobilization of the water treatment plant
- Began underground in-fill and stope delineation drilling in
the upper levels of the South Pacific Zone
New results from 2023 surface
drilling in the South Pacific Zone
- 26.1 g/t Au over 5.7 m (0.76
oz/ton Au over 18.7 feet) in hole iGS23-01
- 25.6 g/t Au over 5.5 m (0.75
oz/ton Au over 18.2 feet) in hole iGS23-03
- 15.5 g/t Au over 19.7 m (0.45
oz/ton Au over 64.6 feet) in hole iGS23-05
Mine Operations
Following successful test mining and definition drill programs
in the Upper Otto and Ogee Zone, efforts in the first half of 2023
shifted towards level development to accelerate the number of
available mining faces to increase production. Five full levels
have now been constructed on Ogee mineralization and a sixth level
is now being developed that will be extended to provide initial
access to the SPZ.
August 2023 was a record month for
Granite Creek in terms of mill feed production. Results from grade
control sampling indicate 10,916 tons of high-grade material mined
at an average grade of 0.344 ounces per ton (opt) Au (11.8 g/t),
and 7,450 tons of mid-grade oxide mined at 0.099 opt Au (3.5 g/t).
Mid-grade oxide material is sold within the region as part of our
previously disclosed Oxide Purchase agreement.
Mining operations continue to ramp-up with August being a record
month in terms of mined tonnage (final numbers for September still
being reconciled). A total of 18,367 tons were mined in August,
including tons in development and dilution, for an average of 592
tons per day.
"We are very pleased with progress made throughout the year
resulting in substantial monthly mining increases that will see
increased gold production.", stated Matt
Gili, President and Chief Operating Officer of i-80.
"Refractory mineralization is now being delivered from stockpiles
to Twin Creeks for processing and we continue to progress
development towards the SPZ that is expected to result in increased
production and enhanced mining operations."
South Pacific Zone Drill
Program
The 2021/2022 drilling campaigns were very successful in
identifying high-grade mineralization over a significant strike
length in the South Pacific Zone target. Drilling has now resumed
to upgrade resources and initial results confirm continuity of
mineralization with new intercepts from the first three holes of
the program returning assays of up to 15.5 grams per tonne gold
(g/t Au) over 19.7 m. The
2023 program is designed to provide improved definition for the
upgrading of gold resources in the SPZ and inclusion in an updated
resource estimate and future economic studies. The SPZ remains wide
open for expansion along strike to the north towards Nevada Gold Mines' Turquoise Ridge Mine, and at
depth (see Figure 1). Table 1 provides a summary of results
from initial drilling in the SPZ in 2023.
Table 1 – Summary of New Assay Results from 2023
Surface Drilling in SPZ
|
2023 Drill Results from Granite Creek, estimated true
widths 60-90%
|
Drillhole ID
|
Type
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
iGS23-01
|
Core
|
458.1
|
463.8
|
5.7
|
26.1
|
iGS23-02
|
Hole to be completed
(pending)
|
iGS23-03B
|
Core
|
459.1
|
464.7
|
5.5
|
25.6
|
iGS23-04
|
Hole to be completed
(pending)
|
iGS23-05
|
Core
|
465.9
|
485.6
|
19.7
|
15.5
|
Table 1a - Collar Coordinates
|
UTM
|
Drillhole ID
|
East m
|
North m
|
Elevation m
|
Azimuth
|
Dip
|
NAD83 Zone 11
|
iGS23-01
|
478547
|
4554155
|
1471
|
331
|
-51
|
iGS23-03B
|
478547
|
4554158
|
1471
|
329
|
-54
|
iGS23-05
|
478581
|
4554202
|
1467
|
332
|
-60
|
The SPZ is a priority for development and the Company is
currently extending the decline to depth in order to provide access
on an expedited basis with a target to bring the SPZ into the
Granite Creek mine plan in early 2024.
"Initial results from our ongoing drilling program in the South
Pacific Zone have confirmed high-grade gold mineralization over
mineable widths including some of the highest-grade results
received so far from the multiple programs that have been completed
on this zone.", stated Tyler Hill,
Chief Geologist of i-80. "The SPZ is expected to be the primary
mine zone at Granite Creek where high-grade mineralization has been
defined over a significant strike length. Mineralization remains
open at depth and along strike to the north with some of the best
intercepts in terms of grade and width occurring in the northern
extension area that is the focus of current drilling."
High-grade mineralization at Granite Creek occurs in a
near-identical geological setting as that at the
multi‑million-ounce Turquoise Ridge Mine located immediately to the
north (see Figure 2); proximal to a major regional fault (the
Getchell or Range Front fault) on the eastern edge of the large
Osgood Mountains intrusive complex. The Granite Creek deposit
remains open at depth and along strike from the existing
underground workings.
The Granite Creek Property is strategically located proximal to
Nevada Gold Mines' Turquoise Ridge
and Twin Creeks mines at the north end of the Battle
Mountain-Eureka Trend, at its intersection with the Getchell gold
belt in Nevada.
Please click here for further information on abbreviations and
conversions referenced in this press release.
QAQC Procedures
All samples were submitted to ALS Minerals (ALS) of Sparks, NV, which is an ISO 9001 and 17025
certified and accredited laboratory, independent of the Company.
Samples submitted through ALS are run through standard prep methods
and analysed using Au-AA23 (ALS) (Au; 30g fire assay) and ME-ICP41
(36 element suite; 0.5g Aqua Regia/ICP-AES). ALS also undertakes
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, reviewed the technical and scientific information
contained in this press release and is a Qualified Person within
the meaning of NI 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.
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including but not limited to, the
expansion or mineral resources at Granite Creek and the potential
of the Granite Creek project. 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", "predict" and other similar terminology, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" 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
release.
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: material adverse
changes, 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
programs or studies to deliver anticipated results or results that
would justify and support continued exploration, studies,
development or operations.
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SOURCE i-80 Gold Corp