i-80 Gold Announces Best Results To-date from Underground Drilling at Cove Results Include 18.9 g/t Gold 29.3 m and 14.9 g/t Gold over 32.7 m and 15.7 g/t Au over 22.5 m
i-80 Gold Announces Best Results To-date from Underground
Drilling at Cove
Results Include 18.9 g/t Gold
29.3 m
and
14.9 g/t Gold over
32.7 m
and
15.7 g/t Au over
22.5 m
RENO, Nev.
,
July 10, 2023
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80",
or the
"Company")
is pleased to announce
positive results from two additional underground drill holes at the Company's 100%
owned McCoy-Cove Property ("
Cove
" or "
the
Property
") located in
Lander County, Nevada
. The new results include the best intercepts to date and continue to demonstrate
continuity of high-grade mineralization in the CSD/Gap Zone.
Highlight results from recent 2023 drilling at Cove include:
iCHU23-10:
14.9 g/t Au over
32.7 m
, including 22.8 g/t Au over
14.8 m
iCHU23-11 :
15.7 g/t Au over
22.5 m
, including 21.
8 g/t Au over
11.5 m
and
18.9 g/t Au over
29.3 m
, including 27.8 g/t Au over
14.9 m
The ongoing program, expected to consist of approximately 40,000 metres of drilling, 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 (Figures 1 & 2) of the deposit which also includes mineralization below
the pit in the Cove South Deep and 2201 deposits that are not being drilled as part of this program.
"Grades and widths continue to meet or exceed expectations and are consistently at or above the current resource grade.", stated
Tyler
Hill
, Chief Geologist of i-80 Gold. "With the Phase 1 underground decline nearing completion, the focus will shift entirely to the drill
program, permitting and final mine approvals."
Figure 1 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
Figure 2 – 3D Section View Gap Drill Program (CNW Group/i-80 Gold Corp)
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 exploration and development program will also include the completion of the
first phase of the underground decline and drift, and detailed hydrological and metallurgical test work in advance of completing a
Feasibility Study following the underground definition drill program.
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)
iCHU23-10
CSD Gap
Core
303.0
335.7
32.7
14.9
including
CSD Gap
Core
320.8
335.7
14.8
22.8
iCHU23-11
CSD Gap
Core
306.6
329.2
22.5
15.7
including
CSD Gap
Core
317.6
329.2
11.5
21.8
and
CSD Gap
Core
334.4
363.6
29.3
18.9
including
CSD Gap
Core
334.4
349.2
14.9
27.8
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iCHU23-10
482202
4465759
1416
167
-85
iCHU23-11
482202
4465760
1417
184
-83
The ongoing infill and step-out drill program will aide 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 Resources
1
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
.
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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For further information:
Please contact: Ewan Downie - CEO, Matt Gili - President & COO, Matthew Gollat - Executive Vice-
President, 1.866.525.6450, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 10-JUL-23