i-80 Gold Intersects High-Grade Gold in Initial Drilling of the Ogee Zone at Granite Creek Including 27.7 g/t Au over 12.6 m , 54.7 g/t Au over 5.9 m , 22.9 g/t over 6.4m & 11.2 g/t over 11.1 m
i-80 Gold Intersects High-Grade Gold in Initial Drilling of the Ogee
Zone at Granite Creek
Including 27.7 g/t Au over
12.6 m
, 54.7 g/t Au over
5.9 m
, 22.9 g/t over
6.4m
& 11.2 g/t over
11.1 m
RENO, Nev.
,
May 5, 2022
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (OTCQX: IAUCF)
("i-80", or the "Company")
is pleased to announce results
from the final four holes completed in the 2021 underground drill program at the Company's Granite Creek Property including positive results from
initial drilling to test the down-dip potential of the Ogee Zone, the primary target for near-term development at Granite Creek. The ongoing surface
and underground drill program at the Company's Granite Creek Property ("Granite Creek" or "the Property") located in
Humboldt County, Nevada
is focused on defining mineralization for mining and to complete a revised resource estimate at the end of the ~30,000 metre drill program.
Towards the end of 2021, underground drilling platforms were completed so that drilling could commence to test the expansion opportunity of the
Ogee Zone that is expected to provide the bulk of mineralization to be mined in the next twelve months. Initial drilling is primarily focused on defining
mineralization immediately below existing mine workings (see Figure 1 and Table 1). Drilling in 2022 is continuing to focus on further expansion in
the area between the bottom level of the mine workings and the deepest hole drilled by i-80 so far to test the Ogee Zone depth extension (from
surface), iGS21-15, that intersected multiple high-grade mineralized horizons including
13.3 g/t Au over
13.1 m
, 20.3 g/t Au over
7.5 m
and 10.1
g/t Au over
17.5 m
.
Highlight results from 2021 underground drilling at Granite Creek:
iGU21-35: 19.3 g/t Au over
5.1 m
(0.56 opt – 16.7 ft) & 14.4 g/t Au over
3.7 m
(0.42 opt – 12.1 ft)
iGU21-37: 27.7 g/t Au over
12.6 m
(0.81 opt – 41.3 ft) & 54.7 g/t Au over
5.9 m
(1.59 opt – 19.4 ft)
iGU21-38: 14.8 g/t Au over
3.8 m
(0.43 opt – 12.5 ft)
iGU21-39: 22.9 g/t Au over
6.4 m
(0.67 opt – 21.0 ft) & 11.2 g/t Au over
11.1 m
(0.33 opt – 36.4 ft)
The Company is in the process of expanding the underground workings such that multiple headings are available for mining. The decline is being
driven to depth and initial work is being performed to assess to potential to access the new South Pacific Zone located immediately below and to
the north of the mine workings. It is expected that first mineralization from the underground operation will be trucked to Twin Creeks for processing
in mid-2022, pursuant to the agreement with
Nevada Gold Mines
, until such time that the Company's
Lone Tree
facility is operational.
"We are just in the initial phase of developing the Ogee Zone for mining and these results confirm the high
grade nature of one of our primary
underground targets at Granite Creek", stated
Tyler Hill
, Senior Geologist of i-80. "Our previously released surface drill hole, iGU21-15, intersected
multiple high-grade zones within a broader intercept of 7.4 g/t Au across 73.2 metres at depth, demonstrating the substantial upside opportunity of
multiple structures at depth that will complement the new South Pacific Zone."
The Granite Creek Property is strategically located proximal to
Nevada Gold Mines'
Turquoise Ridge and Twin Creeks mines at the north end of
the Battle Mountain-Eureka Trend, at its intersection with the Getchell gold belt in
Nevada
(See Figure 2). High-grade mineralization occurs in a
near-identical geological setting as that at the multi-million-ounce Turquoise Ridge Mine located immediately to the north; proximal to a major
regional fault (the Getchell or Range Front fault) on the eastern edge of the large Osgood Mountains intrusive complex. The Granite Creek deposit
remains open at depth and along strike from the existing underground workings and step-out drilling aimed at expanding resources is currently
underway.
Table 1 – Summary Assay Results from Ogee Zone Underground Drilling
New 2021 Drill Results from Granite Creek –Estimated true widths 70-90%
Drillhole ID
Zone
Type
From (m)
To (m)
Length (m)
Au (g/t)
iGU21-35
Otto
Core
28.7
32.3
3.7
14.4
And
Range Front
Core
86.3
87.9
1.7
12.6
And
Range Front
Core
90.6
95.7
5.1
19.3
iGU21-36
No significant intercepts – hole lost at 20.0 m
iGU21-37
N/A
Core
30.2
42.8
12.6
27.7
And
Ogee
Core
202.1
208.0
5.9
54.7
iGU21-38
Ogee
Core
149.0
152.8
3.8
14.8
iGU21-39
Ogee
Core
145.5
151.9
6.4
22.9
And
Ogee
Core
157.8
168.9
11.1
11.2
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iGU21-35
478103
4554243
1416
327
-1
iGU21-36
478103
4554243
1416
322
-11
iGU21-37
478106
4554237
1416
110
-53
iGU21-38
478250
4554070
1453
338
-36
iGU21-39
478250
4554070
1453
346
-35
Figure 1 – Cross Section View of the Ogee Zone (CNW Group/i-80 Gold Corp)
Figure 2 – Property Location Map (CNW Group/i-80 Gold Corp)
Investor Day Webcast & Conference Call
The Company will host an Investor Day presentation in person at the
Toronto
Board of Trade on
May 10, 2022
, commencing at 4:30 pm EDT,
providing the opportunity for shareholders, analysts, and investors to learn more about the Company's growth plans and ask questions of i-80
Gold's executive team. A live conference call and webcast will also be available to those that are unable to attend in person. Details of the
conference call and webcast can be found below.
Conference Call
North American Toll-free: 1-888-204-4368
Confirmation #: 3896886
Webcast Link
Click
HERE
to access the webcast or visit our website at
www.i80gold.com
.
Conference Call Replay
A recording of the call can be accessed until
May 17, 2022
.
North American Toll-free Replay: 1-888-203-1112
Replay Code: #3896886
QAQC Procedures
All samples were submitted to ALS Minerals (ALS) of
Sparks, NV
, which is ISO 9001 and 17025 certified and accredited laboratories, independent
of the Company. Samples submitted through ALS are run through standard prep methods and analyzed using Au-AA23 (Au; 30g fire assay) and
ME-ICP41 (35 element suite; 0.5g Aqua Regia/ICP-AES) for ALS. ALS also undertakes their own internal coarse and pulp duplicate analysis to
ensure proper sample preparation and equipment calibration. Historic holes were assayed by various accredited laboratories. Refer to the
November 9
th
, 2021 Granite Creek Mine Project Preliminary Economic Assessment NI 43-101 Technical Report for information on historic assays.
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
Tim George, PE, Mine Operations Manager, reviewed the technical and scientific information contained in this press release and is a Qualified
Person within the meaning of NI 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 to complement existing gold production from the Ruby
Hill open pit.
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, commencement of trading of i-80 Gold on the Toronto Stock Exchange and completion of the
acquisition of the Getchell 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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/i-80-gold-intersects-high-grade-gold-in-initial-drilling-of-the-ogee-zone-at-granite-creek-301540479.html
SOURCE
i-80 Gold Corp
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2022/05/c9733.html
%SEDAR: 00052022E
For further information:
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 05-MAY-22