i-80 Gold Announces High-Grade Results from Underground Drilling at Cove Results Include 24.1 g/t Gold over 14.0 m
i-80 Gold Announces High-Grade Results from Underground
Drilling at Cove
Results Include 24.1 g/t Gold over
14.0 m
– 12.8 g/t Gold over
14.2 m
– 9.6 g/t Gold over
22.8 m
RENO, Nev.
,
June 7, 2023
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80",
or the
"Company")
is pleased to announce
additional positive results from underground drilling at the Company's 100%-owned McCoy-Cove Property ("
Cove
" or "
the Property
")
located in
Lander County, Nevada
. The ongoing ~40,000 metre drill program is focused on upgrading resources in the Helen and
CSD/Gap Zones in advance of completing an updated resource estimate and a full feasibility study.
Highlight results from recent 2023 drilling at Cove include:
12.8 g/t Au over
14.2 m
,
and
13.8 g/t Au over
7.6 m
(iCHU23-05)
11.1 g/t Au over
3.1 m
,
and
24.1 g/t Au over
14.0 m
,
and
44.2 g/t Au over
2.1 m
(iCHU23-07)
10.0 g/t Au over
3.6 m
,
and
20.0 g/t Au over
2.3 m
,
and
11.4 g/t Au over
7.9 m
(iCHU23-08)
9.6 g/t Au over
22.8 m
(iCHU23-09)
"The underground drilling program at Cove is focused on defining mineralization for ultimate mine planning.", stated
Tyler Hill
, Chief
Geologist of i-80 Gold. "The first nine holes drilled have demonstrated continuity of gold mineralization in the upper portion of the CSD
Gap horizon, confirming Cove as one of the highest-grade development-stage gold deposits in
North America
."
Figure 1 – 3D View of the Cove Deposit and 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)
iCHU23-05
CSD Gap
Core
322.0
336.2
14.2
12.8
and
CSD Gap
Core
342.9
350.5
7.6
13.8
and
CSD Gap
Core
374.4
377.3
2.9
8.8
iCHU23-06
CSD Gap
Core
NSI
iCHU23-07
CSD Gap
Core
301.1
304.3
3.1
11.1
and
CSD Gap
Core
317.3
331.3
14.0
24.1
iCHU23-08
CSD Gap
Core
320.3
322.5
2.1
44.2
and
CSD Gap
Core
327.1
330.7
3.6
10.0
and
CSD Gap
Core
334.9
337.2
2.3
20.0
and
CSD Gap
Core
342.6
350.5
7.9
11.4
iCHU23-09
CSD Gap
Core
317.8
340.6
22.8
9.6
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone
11
iCHU23-05
482204
4465760
1418
153
-82
iCHU23-06
482203
4465760
1417
111
-78
iCHU23-07
482202
4465760
1417
173
-86
iCHU23-08
482204
4465757
1416
174
-80
iCHU23-09
482204
4465757
1416
173
-86
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 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.
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-ICP61 (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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i-80 Gold Corp
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For further information:
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 07-JUN-23