i-80 Gold Announces New High-Grade Results From Underground Drilling at Cove 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
i-80 Gold Announces New High-Grade Results From
Underground Drilling at Cove
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."
Figure 1 – Portal and Decline at Cove (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 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
Figure 2 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
Figure 3 – Surface Plan View of the Helen-Cove Deposit (CNW Group/i-80 Gold Corp)
Figure 4 – 3D Section View Gap Drill Program (CNW Group/i-80 Gold Corp)
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 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:
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-SEP-23