i-80 Gold Commences Underground Development Program at McCoy-Cove Jon Laird Joins i-80 as Cove Mine Project Manager
i-80 Gold Commences Underground Development Program at
McCoy-Cove
Jon Laird Joins i-80 as Cove Mine Project Manager
RENO, Nev.
,
March 7, 2022
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (OTCQX: IAUCF)
("i-80", or the "Company")
is pleased to
announce that the underground, advanced-exploration, program at the Company's 100%-owned McCoy-Cove Property ("McCoy-
Cove" or "the Property") has commenced, achieving another item of its 2022 comprehensive plan (see press release dated
January
12, 2022
). Additionally,
Jon Laird
has joined the Company as the Manager of the Cove Mine Project and will oversee the development
program.
McCoy-Cove is one of four projects currently being advanced and is expected to be a key component in the Company's plans to
restart the Lone Tree autoclave. Construction of the decline is now underway (see Figure 1) and the Phase 1 program will include
construction of an initial level with multiple drill bays to provide access for upgrading resources. Approximately 40,000 metres of
underground definition and expansion drilling is anticipated to commence in H2-2022 followed by a Feasibility Study anticipated to be
completed in 2023. The Cove deposit represents one of
North America's
highest grade gold deposits with grades in excess of 10
grams per tonne gold (g/t Au) (see Table 1). The deposit remains open for expansion down-dip.
Table 1 – McCoy-Cove Resource
Mineral Resources
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
Notes: 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. Practical Mining LLC, under the supervision of
Dagny Odell, P.E., Laura Symmes, SME, and Robert Raponi, P. Eng., each being Qualified Persons within the meaning National Instrument (NI) 43-101, was the lead consultant for the Project PEA.
The Company is also pleased to announce that
Jon Laird
has joined i-80 to become the Cove Mine Project Manager. Mr. Laird is well
known to i-80 Gold having previously been the project manager responsible for bringing the El Niño mine (Nevada Gold Mines JV) into
production. Most recently, he worked at Hycroft Resources as well as Underground Mine Operations Superintendent at Barrick Gold's
Hemlo Mine in
Northwestern Ontario
"McCoy-Cove is one of three underground mining projects being advanced, ultimately with mineralization to be processed at the
Company's recently acquired Lone Tree Complex", stated
Matt Gili
, President & COO of i-80. "With interim processing arrangements
with
Nevada Gold Mines
, in addition to our autoclave, we have secured the required processing that will allow us to build our portfolio
of high-grade projects including the Cove Mine that is an important component in our growth plans."
The McCoy-Cove Property is strategically located approximately eighty-four kilometres south (by road) of the Company's Lone Tree
Complex and immediately south of
Nevada Gold Mines'
Phoenix Mine within the Battle Mountain-Eureka Trend (see Figure 2). The
Property is accessed via all-season road from Highway 55 in
Nevada
.
Figure 1 – Cove Mine Portal Site (CNW Group/i-80 Gold Corp)
Figure 2 – McCoy-Cove Property Location (CNW Group/i-80 Gold Corp)
Qualified Person
Tim George, PE, 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 well-financed, 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 anticipated to be processed at the
centrally located Lone Tree processing facility and autoclave.
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 McCoy-Cove Property, . 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 - EVP Business &
Corporate Development, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 07-MAR-22