i-80 Gold Announces High-Grade Results from Underground Drilling at Cove New results include 29.6 g/t Au over 7.2 m, 18.7 g/t Au over 8.3 m & 37.2 g/t Au over 3.7 m
i-80 Gold Announces High-Grade Results from Underground
Drilling at Cove
New results include 29.6
g/t
Au over 7.2
m, 18.7
g/t
Au over 8.3
m & 37.2
g/t
Au over 3.7
m
RENO, Nev.
,
April 15, 2024
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80",
or the
"Company")
is pleased to
announce additional results from 2023 drilling in the Helen Zone that continues to realize significant high-grade results from the
underground drilling program at the Company's 100%-owned McCoy-Cove Property ("
Cove
" or "
the Property
") located in
Lander
County, Nevada
.
The new results are from the 2023 underground drilling program to define the Helen Zone, the first horizon expected to be accessed at
the Cove Mine. The most recently received results from the Helen Zone compliment recently released intercepts that returned up to
22.6 g/t Au over
19.1 m
in hole iCHU23-37,
32.9 g/t Au over
14.9 m
in hole iCHU23-38 and
23.5 g/t Au over
12.8 m
in hole iCHU23-
39 (see Company Press Release dated
March 5, 2024
). Three of the new holes were drilled to only intersect the Upper Helen
mineralized horizon that typically contains thinner mineralized zones when compared to the Lower Helen. A complete summary of new
results is provided in Table 1.
Highlight new results from drilling at McCoy-Cove include:
iCHU23-40: 11.5 g/t Au over
3.7 m
(Upper Helen Zone)
iCHU23-41: 37.2 g/t Au over
3.7 m
(Upper Helen Zone)
iCHU23-42: 29.6 g/t Au over
7.2 m
(Lower Helen Zone)
iCHU23-43: 9.2 g/t Au over
5.3 m
(Upper Helen Zone)
and 12.3 g/t Au over
6.6 m
(Lower Helen Zone)
and 18.7 g/t Au over
8.3 m
(Lower Helen Zone)
The McCoy-Cove Property is strategically located in heart of the prolific Battle Mountain Trend immediately south of
Nevada Gold
Mines'
Phoenix Mine and the Company's
Lone Tree
processing facility (see Figure 1). Cove is one of three deposits being advanced
to realize the Company's goal of building one of the largest producers in
the United States
.
"Results received to-date continue to confirm that Cove is one of the highest-grade, development-stage, gold deposits in
North
America
", stated
Tyler Hill
, Chief Geologist of i-80 Gold. "New results continue to return significant high-grade gold mineralization,
consistently in excess of ten grams per tonne gold."
Carlin-style mineralization in the Helen and CSD Gap zones is hosted primarily in the Favret limestone rock unit with enhanced grades
and thicknesses of mineralized zones occurring at structural intersections, along the margins of dikes and sills, and within the axis of
the northwest striking Cove anticline. The Helen Zone has both "Upper" and "Lower" mineralized horizons with the Upper Zone
comprising a smaller, narrower, zone of gold mineralization hosted in the Panther Canyon and Home Station formations and the Lower
Zone comprising the main horizon hosted within the Favret limestone formation.
Polymetallic mineralization also occurs on the Property, particularly in the 2201 Zone that occurs below and to the east of Carlin-style
mineralization. This polymetallic mineralization remains a significant upside opportunity.
Figure 1 – Property Location Map (CNW Group/i-80 Gold Corp)
Table 1 – Highlight New Assay Results from Cove Underground Drilling
New 2023 results from McCoy-Cove, estimated true thickness 75-95%
Drillhole ID
Zone
Type
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
iCHU23-40
Upper Helen
Core
166.8
170.5
3.7
11.5
11.6
iCHU23-41
Upper Helen
Core
127.4
131.1
3.7
37.2
5.6
iCHU23-42
Lower Helen
Core
217.5
220.7
3.2
7.9
0.3
and
Lower Helen
Core
261.6
264.6
3.0
9.9
4.2
and
Lower Helen
Core
291.6
298.8
7.2
29.6
8.8
iCHU23-43
Upper Helen
Core
144.5
149.8
5.3
9.2
6.3
and
Lower Helen
Core
256.9
263.5
6.6
12.3
3.0
and
Lower Helen
Core
288.9
297.1
8.3
18.7
6.5
and
Lower Helen
Core
343.5
346.6
3.0
6.9
6.4
iCHU23-44
Upper Helen
Core
136.9
140.8
3.9
4.8
5.4
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iCHU23-40
481768
4465975
1427
182
-57
iCHU23-41
481766
4465976
1427
229
-62
iCHU23-42
481766
4465976
1427
248
-83
iCHU23-43
481767
4465977
1427
264
-87
iCHU23-44
481766
4465977
1428
260
-54
Figure 2 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
Figure 3 – Surface Plan View of the Cove Deposit (CNW Group/i-80 Gold Corp)
The McCoy-Cove Property comprises a large package of approximately 13,000 hectares covering an area roughly 15 km by 10 km
that offers substantial exploration upside as the bulk of work completed to-date has been focused on the main deposit areas. Earlier
exploration, mostly completed in 20214, resulted in several new discoveries that have received little to no follow-up
including polymetallic mineralization in the 2201 and Davenport targets. One of the primary future targets at McCoy-Cove is the
pediment area to the east of the Cove deposit where only two holes have drilled to a sufficient depth to intersect the favourable Favret
limestone unit. Both holes intersected broad zones of
Carlin
-type alteration with assays of up to
1.7 g/t Au and 364 g/t Ag over
11.4
m
proximal to an interpreted large untested structural trend that represents a major future exploration target.
Please
click here
for further information on abbreviations and conversions referenced in this press release.
Annual Report on Form 40-F for the year ended
December 31, 2023
As previously disclosed in its Annual Report on Form 40-F for the year ended
December 31, 2023
, which was filed on
March 12, 2024
with the Securities and Exchange Commission, the audited financial statements contained an unqualified audit opinion from its
independent registered public accounting firm that included an explanatory paragraph related to the Company's ability to continue as a
going concern. See further discussion in footnote 2 to the Company's financial statements included in the Company's Annual Report on
Form 40-F. This announcement is made pursuant to NYSE American LLC Company Guide Section 610(b), which requires public
announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any
change or amendment to the Company's financial statements or to its Annual Report on Form 40-F for the year ended
December 31,
2023
.
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:
Ewan Downie - CEO; Matt Gili - President & COO; Matthew Gollat - Executive Vice-President;
1.866.525.6450; 1.775.525.6450; 5190 Neil Road, Suite 460, Reno, Nevada
89502
CO: i-80 Gold Corp
CNW 06:00e 15-APR-24