i-80 Gold Intersects High-Grade Gold in Underground Drilling at Granite Creek Including 41.3 g/t Au over 7.1 m & 16.0 g/t Au over 7.3 m
i-80 Gold Intersects High-Grade Gold in Underground Drilling at
Granite Creek
Including 41.3 g/t Au over
7.1 m
& 16.0 g/t Au over
7.3 m
RENO, Nev.
,
Oct. 28, 2021
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (OTCQX: IAUCF)
("i-80", or the "Company")
is pleased to
announce positive initial assay results from the ongoing underground drill program at the Company's Granite Creek Property ("Granite
Creek" or "the Property") located in
Humboldt County, Nevada
.
High-grade results from drilling from the 4740 Level targeting mineralization in the Otto and Adam Peak fault horizons proximal to and
below existing mine workings confirm consistency of mineralization in one of the initial areas being defined for underground mining (see
Table 1). When combined with historic high–grade drilling in this area, that returned numerous high-grade results including
20.8 g/t Au
over
6.1 m
in hole PRC-13-084 and 17.8 g/t Au over
6.1 m
in hole APRF-225
, a continuous zone of mineralization is being defined
that remains open at depth (see Figure 1). The Otto fault horizon is one of the multiple target areas being drilled, and several holes
intersected gold mineralization in multiple horizons. The current program is expected to comprise more than 20,000 metres (m) from
surface and underground with continued assay results to be provided as received.
Highlight results from initial underground drilling from Level 4740 include:
41.3 g/t (grams per tonne) Au (gold) over
7.1 m
in hole iGU21-07
11.0 g/t Au over
3.4 m
& 16.5 g/t Au over
3.0 m
in hole iGU21-08
16.0 g/t Au over
7.3 m
in hole iGU21-09
11.3 g/t Au over
4.6 m
in hole iGU21-11
10.5 g/t Au over
3.8 m
in hole iGU21-12
17.5 g/t Au over
2.3 m
& 17.6 g/t Au over
2.0 m
in hole iGU21-14
The primary goal of the 2021 drill program is to advance underground and open pit opportunities to production. It is expected that
refractory mineralization from the underground operation at Granite Creek will initially be trucked to Twin Creeks for processing,
pursuant to the agreement recently entered into with
Nevada Gold Mines
, until such time that the Company's
Lone Tree
facility is
operational. A Preliminary Economic Assessment for Granite Creek is nearing completion and expected to be released in the near
future.
Tyler Hill
, Senior Geologist of i-80, commented: "These results confirm the high-grade opportunity that we are developing at Granite
Creek and demonstrate excellent continuity of mineralization within the Otto and Adam Peak fault horizons that appear to broaden with
depth. Step-out drilling is being completed along strike and at depth, and we have intersected strong alteration and faulting in most
holes drilled to-date".
High-grade mineralization at Granite Creek 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 Level 4740 Drilling
New 2021 Drill Results from Granite Creek
True Widths are 60%-90%
(Estimate Only – True Widths are Unknown)
Drillhole ID
Zone
Type
From
(m)
To
(m)
Length
(m)
Au
(g/t)
iGU21-04
Ogee
Core
121.6
123.1
1.5
11.7
iGU21-05
N/A
Core
89.3
91.9
2.6
11.5
iGU21-05
Range Front
Core
203.6
208.5
4.9
8.0
iGU21-07
Otto
Core
119.8
126.9
7.1
41.3
iGU21-07
Adam Peak
Core
150.3
153.3
3.0
6.8
iGU21-08
Otto
Core
99.6
103.0
3.4
11.0
iGU21-08
Adam Peak
Core
150.6
153.6
3.0
16.5
iGU21-09
Adam Peak
Core
136.9
144.2
7.3
16.0
iGU21-09
Range Front
Core
151.2
157.9
6.7
6.4
iGU21-10
N/A
Core
75.9
77.4
1.5
38.9
iGU21-10
Otto
Core
116.4
117.4
1.0
15.8
iGU21-11
Otto
Core
133.5
138.1
4.6
11.3
iGU21-12
Otto
Core
163.8
167.6
3.8
10.5
iGU21-13
Otto
Core
126.7
128.0
1.3
6.9
iGU21-13
Range Front
Core
176.8
178.3
1.5
12.1
iGU21-14
N/A
Core
59.6
61.9
2.3
7.6
iGU21-14
Otto
Core
80.9
83.2
2.3
17.5
iGU21-14
Adam Peak
Core
100.3
102.3
2.0
17.6
iGU21-14
Range Front
Core
126.5
131.2
4.7
6.9
Table 1a
Collar Coordinates
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iGU21-04
478175
4554229
1446
152
-62
iGU21-05
478173
4554232
1446
334
-68
iGU21-07
478172
4554232
1446
311
-61
iGU21-08
478172
4554232
1446
291
-65
iGU21-09
478172
4554231
1446
284
-54
iGU21-10
478172
4554231
1446
279
-46
iGU21-11
478172
4554232
1446
299
-61
iGU21-12
478172
4554232
1446
331
-73
iGU21-13
478172
4554232
1446
301
-77
iGU21-14
478172
4554234
1447
340
-30
Figure 1 – Long Section View of the Otto Zone (CNW Group/i-80 Gold Corp)
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).
Figure 2 – Property Location Map (CNW Group/i-80 Gold Corp)
The majority of the ongoing program, expected to consist of more than 20,000 metres of drilling, is focused on defining and expanding
mineralization within several high-grade target areas proximal to existing underground mine workings at Granite Creek. i-80 has
completed initial underground rehabilitation and has commenced underground drilling. As part of an aggressive plan to re-commence
mining from underground, the Company is in the process of rehabilitating several areas for the purposes of commencing test mining in
H2-2021.
QAQC Procedures
All samples were submitted to either American Assay Laboratories (AAL) or Paragon Geochemical Assay Laboratories (PAL) both of
Sparks, NV
, which are ISO 9001 and 17025 certified and accredited laboratories, independent of the Company. Samples submitted
through PAL and AAL are run through standard prep methods and analysed using FA-Pb30-ICP (Au; 30g fire assay) and 48MA-MS (48
element Suite; 0.5g 4–acid digestion/ICP-MS) methods. PAL and AAL also undertake 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. Historic holes PRC-13-084 and
APRF-225 were assayed by Inspectorate American Laboratories (IAL) in
Sparks, NV
, which was an ISO 9002 accredited facility.
Samples submitted through IAL and were run through standard prep methods and analysed using a 30 gram fire assay. Historic hole
BRFC-026 was assayed by AAL with standard prep methods and analysed using a 30 gram fire assay.
Qualified Person
Tim George, PE, Manager of Engineering Services, 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, , the potential of the Granite Creek and
Lone Tree
projects, the timing of
completion of technical and economic studies. 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 - EVP Business & Corporate
Development, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 28-OCT-21