Results Include 10.6 g/t Au 38.8 m, 11.1 g/t Au over 20.6 m, 27.0 g/t Au over 8.0 m, and 37.1 g/t Au over 3.6 m
RENO,
Nev., Sept. 7, 2023 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce positive results from
ongoing underground drilling at the Company's 100%-owned McCoy-Cove
Property ("Cove" or "the Property") located in
Lander County, Nevada. The new
results continue to confirm continuity of high-grade mineralization
in the CSD/Gap Zone.
This release provides the results from five new drill holes
including some of the widest and highest-grade results received so
far in the underground program. Hole iRH23-14 intersected four
zones of gold mineralization including the widest zone of
high-grade mineralization intersected so far in the 2023 program
assaying 10.6 g/t Au over 38.3 metres. Several of the new
holes returned intercepts in excess of 20 grams per tonne gold (g/t
Au) including associated silver.
Highlight new results from 2023 drilling program at Cove
include:
- iCHU23-12A:
-
- 27.0 g/t Au & 9.2 g/t Ag over 8.0
m
- iCHU23-13 :
-
- 49.3 g/t Au & 21.0 g/t Ag over 2.2 m
- 37.1 g/t Au & 19.1 g/t Ag over 3.6 m
- iCHU23-14:
-
- 13.3 g/t Au & 29.2 g/t Ag over 4.0 m
- 10.6 g/t Au & 5.2 g/t Ag over 38.8 m
- 12.8 g/t Au & 7.2 g/t Ag over 2.6
m
- 11.1 g/t Au & 3.4 g/t Ag over 20.6 m
- iCHU23-15:
-
- 8.3 g/t Au & 100.2 g/t Ag over 2.6 m
- 25.4 g/t Au & 7.1 g/t Ag over 3.0
m
- iCHU23-16:
-
- 6.9 g/t Au & 3.9 g/t Ag over 8.8
m
- 11.1 g/t Au & 3.4 g/t Ag over 3.3
m
- 12.5 g/t Au & 6.5 g/t Ag over 11.5 m
- iCHU23-18:
-
- 8.5 g/t Au & 5.7 g/t Ag over 3.6
m
- 14.0 g/t Au & 6.5 g/t Ag over 2.7
m
The Phase 1 development program, consisting of the decline and
exploration platform (Figures 1 & 2), is now complete. A
large-scale drill program, expected to comprise a total of more
than 40,000 metres, is being completed on 30 metre spacing in
advance of an updated resource estimate and economic study related
to the construction of mining operation at McCoy-Cove. This program
is focused on the CSD Gap and Helen Zone portions (Figure 3) of the
deposit while mineralization below the pit in the Cove South Deep
and 2201 deposits is not being drilled as part of this program
(Figure 3).
"The drilling program in the CSD/Gap continues to confirm that
Cove is one of North America's
highest-grade gold deposits with grades and widths that are
consistently exceeding expectations, frequently above the current
resource grade.", stated Ewan
Downie, CEO of i-80 Gold. "With true widths often in excess
of 20 metres, Cove is expected to be a core asset in our
longer-term development plans that will include three underground
mines feeding our central Lone Tree
processing facility."
Cove is one of three projects currently being advanced to
realize the Company's goal of becoming the second largest gold
producer in Nevada. In addition to
the underground drill program, the Company is also advancing
development plans and the approvals required for a mining operation
at Cove. Drilling for the purpose of installing piezometer wells
has also been completed and preparations for the 40-day pump test
are underway for the completion of a final hydrological model for
the Property.
To-date, 22 holes have been completed in the northwestern
portion of the CSD Gap. Drilling is now underway at the Helen Zone
where 7 holes have been completed with assays pending. The Helen
Zone comprises the northwestern portion of the Cove deposit (see
Figure 2). This drill program is expected to continue through 2023
and into 2024. New results are provided in Table 1.
Table 1 – Highlight Assay Results from Cove Underground
Drilling
New 2023 results from
McCoy-Cove, estimated true thickness 80-95%
|
|
Drillhole ID
|
Zone
|
Type
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
Ag (g/t)
|
iCHU23-12A
|
CSD Gap
|
Core
|
264.6
|
273.7
|
8.0
|
27.0
|
9.2
|
iCHU23-13
|
CSD Gap
|
Core
|
314.6
|
316.8
|
2.2
|
49.3
|
21.0
|
and
|
CSD Gap
|
Core
|
319.6
|
323.2
|
3.6
|
37.1
|
19.1
|
and
|
CSD Gap
|
Core
|
353.1
|
357.8
|
4.8
|
13.1
|
6.1
|
iCHU23-14
|
CSD Gap
|
Core
|
243.8
|
247.8
|
4.0
|
13.3
|
29.2
|
and
|
CSD Gap
|
Core
|
261.2
|
300.0
|
38.8
|
10.6
|
5.2
|
and
|
CSD Gap
|
Core
|
315.3
|
317.9
|
2.6
|
12.8
|
7.2
|
and
|
CSD Gap
|
Core
|
330.1
|
350.7
|
20.6
|
11.1
|
3.4
|
iCHU23-15
|
CSD Gap
|
Core
|
234.2
|
245.8
|
2.6
|
8.3
|
100.2
|
and
|
CSD Gap
|
Core
|
328.6
|
331.6
|
3.0
|
25.4
|
7.1
|
iCHU23-16
|
CSD Gap
|
Core
|
235.5
|
244.3
|
8.8
|
6.9
|
3.9
|
and
|
CSD Gap
|
Core
|
324.2
|
327.4
|
3.3
|
11.1
|
3.4
|
and
|
CSD Gap
|
Core
|
342.1
|
353.6
|
11.5
|
12.5
|
6.5
|
iCHU23-17
|
CSD Gap
|
Core
|
NSI
|
|
iCHU23-18
|
CSD Gap
|
Core
|
252.7
|
256.3
|
3.6
|
8.5
|
5.7
|
and
|
CSD Gap
|
Core
|
340.6
|
343.4
|
2.7
|
14.0
|
6.5
|
UTM
|
Drillhole ID
|
East m
|
North m
|
Elevation m
|
Azimuth
|
Dip
|
NAD83 Zone
11
|
iCHU23-12A
|
482201
|
4465760
|
1416
|
213
|
-87
|
iCHU23-13
|
482202
|
4465759
|
1416
|
210
|
-83
|
iCHU23-14
|
482176
|
4465774
|
1417
|
239
|
-83
|
iCHU23-15
|
482175
|
4465775
|
1417
|
267
|
-87
|
iCHU23-16
|
482175
|
4465776
|
1417
|
292
|
-83
|
iCHU23-17
|
482176
|
4465776
|
1417
|
320
|
-80
|
iCHU23-18
|
482176
|
4465776
|
1417
|
335
|
-85
|
The ongoing infill and step-out drill program will aid in the
advancement of the Company's plan to develop an underground mine at
Cove utilizing the current decline with material anticipated to be
trucked to the Company's Lone Tree
facility, once operational, for processing in addition to
Nevada Gold Mines pursuant to the
processing agreement between the two companies. Following the
underground drill program, i-80 plans to complete an updated
mineral resource estimate and a Feasibility Study.
Cove is one of the Company's primary assets and is host to a
resource of:
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, and an effective date of January 1,
2021.
|
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-MS61
(35 element suite; 0.4g 4 acid/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 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.
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 McCoy-Cove and the potential of
the Cove 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