i-80 Gold Initiates Underground Test Mining Program at Granite Creek, Nevada
i-80 Gold Initiates Underground Test Mining
Program at Granite Creek, Nevada
RENO, Nev.
, Sept.14, 2021 /CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (OTCQX: IAUCF)
("i-80", or
the "Company")
is pleased to announce that initial rehabilitation of the underground workings has
been completed at the Company's Granite Creek Mine ("Granite Creek" or "the Property") property
located in
Humboldt County, Nevada
and an underground test mining program is now underway.
Granite Creek hosts both open pit and underground resources and is located proximal to
Nevada
Gold Mines'
("
NGM"
) Twin Creeks and Turquoise Ridge mines at the north end of the Battle
Mountain-Eureka Trend at its intersection with the Getchell gold belt in
Nevada
. The underground
deposit at Granite Creek represents one of the highest-grade gold deposits in
North America
with
resource grades in excess of 10 grams per tonne gold (see Table 1 below).
Table 1 – Granite Creek Underground Resource Estimate
Tonnage
(kt)
Au Grade
(g/t)
Gold
(Koz)
Measured & Indicated
562
10.49
190
Inferred
1,520
11.90
581
Notes:
CIM Definition Standards (2014) were used for reporting the Mineral Resources.
Ms D. Nussipakynova, P.Geo., of AMC takes responsibility for the Mineral Resources.
The Mineral Resource COG is based on a metal price of $1,550/oz Au. (cost and other assumptions shown in Table 14.13).
Underground Mineral Resources as stated are constrained within modelled underground stope shapes using a nominal 15' minimum thickness, above a gold cut-off grade
of 0.15 opt Au.
Drilling results up to 31 December 2015.
Drilling database provided 18 April 2019.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The numbers may not compute exactly due to rounding.
See technical report titled "Getchell Project NI 43-101 Technical Report Premier Gold Mines Limited and i-80 Gold Corp" effective date July 23, 2020 and filed on sedar
January 22, 2021.
Source: AMC Mining Consultants (Canada) Ltd.
The primary goal of the 2021 program is to advance underground drilling and test mining with a
target to make a production decision. Underground drilling and advancements will be focused on
delineating sufficient resources for near-term mine development and initial mined material from
Granite Creek is expected to be trucked for processing at the nearby Twin Creeks processing
facility via an interim processing arrangement with
Nevada Gold Mines
that was announced as part
of a transaction announced on
September 7, 2021
.
"The interim processing arrangement with
Nevada Gold Mines
represents a key milestone event for
i-80, removing uncertainty of our ability to process refractory material from the Granite Creek Mine
Project," stated
Matt Gili
, President and Chief Operating Officer of i-80. "As a partner of NGM for
several years at South Arturo, which will be transferred to NGM as part of the broader transaction,
we have built a strong working relationship and we look forward to continuing to build on this
relationship as we realize our plan to develop multiple projects in the
State of Nevada
."
The test mining program at Granite Creek is verifying the appropriate mining methods, cycles, and
sequences for advancing the underground ore headings, while controlling open excavations and
maintaining safe mining conditions. Testing will include both mechanical cutting and conventional
mining methods.
In addition to the underground drill program at Granite Creek, the surface drilling program testing
near–surface mineralization for metallurgical purposes and open pit definition is now complete. This
part of the program was competed primarily to advance permitting for open pit mining including heap
leach processing on-site. A Preliminary Economic Assessment for the Granite Creek Mine Project is
nearing completion and expected to be released in the near future.
Technical Information
Tim George, PE, is the Qualified Person for the information contained in this press release and a
Qualified Person within the meaning of NI43-101.
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. The Company expects to close the acquisitions of the Lone Tree Complex and the Ruby Hill
Project in H2 2021 and is advancing an underground development program for the Granite Creek
Project. i-80 is well financed with more than
$70.1 million
(as at
June 30
, 2021) in cash and has
recently signed financing agreements with
Nevada Gold Mines
and a non-binding term sheet with
Orion Mine Finance.
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, completion
of the transactions contemplated by the Exchange Agreement, completion of the transactions
contemplated by the Ruby Hill Agreement, completion of the equity private placement with NGM,
Equinox Gold Corp. and/or other subscribers, completion of the financing transaction with Orion,
completion of refurbishment and development activities at the Long Tree project, commencement of
mining operations at the Lone Tree project or the Ruby Hill mine or mineral resource and reserve
estimates and exploration, development and production potential. 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: failure to satisfy of the relevant conditions to the completion of the
transactions described herein, failure to obtain the relevant regulatory approvals, material adverse
changes, exercise of termination rights by any relevant party, unexpected changes in laws, failure to
complete the Orion financing transaction on satisfactory terms, 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,
refurbishment, development or mining programs or studies to deliver anticipated results or results
that would justify and support continued exploration, studies, development or operations.
Cautionary Note to U.S. Investors Concerning Estimates of Resources: This press release uses the
term "inferred resources." "Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility
study, except in rare cases. Information contained in the press release containing descriptions of any
mineral deposits may not be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements under
the United States
federal securities laws
and the rules and regulations thereunder that disclose mineral reserves and mineral resources in
accordance with Industry Guide 7 or the SEC's new mining disclosure rules in Regulation S-K 1300.
SEC Industry Guide 7 does not recognize the existence of resources. Under Regulation S-K 1300,
reserve and resource definitions are substantially similar to the corresponding CIM Definition
Standards; however, there are differences between NI 43-101 and Regulation S-K 1300 and
therefore information contained in the press release may not be comparable to similar information
made public by public U.S. companies pursuant to the Regulation S-K 1300 or SEC Industry Guide
7.
SOURCE
i-80 Gold Corp
View original content:
http://www.newswire.ca/en/releases/archive/September2021/14/c9155.html
%SEDAR: 00052022E
For further information:
Ewan Downie - CEO, Matt Gili - President & COO, Matthew Gollat - EVP
Business & Corporate Development, 1.866.525.6450, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 07:34e 14-SEP-21