i-80 Gold Intersects High-Grade Gold in Underground Drilling at Granite Creek Including 10.7 g/t Au over 9.4 m , 8.2 g/t Au over 5.6 m & 14.5 g/t Au over 2.7 m
i-80 Gold Intersects High-Grade Gold in Underground Drilling at
Granite Creek
Including 10.7 g/t Au over
9.4 m
, 8.2 g/t Au over
5.6 m
& 14.5 g/t Au over
2.7 m
RENO, Nev.
,
Jan. 26, 2022
/CNW/ -
i-80 GOLD CORP
. (TSX: IAU) (OTCQX: IAUCF)
("i-80", or the "Company")
is pleased to
announce positive 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 drill results from the 4790 Level targeting mineralization in the Otto,
Adam Peak
and Range Front fault horizons proximal to
and below existing mine workings are designed to confirm continuity in one of the initial areas being defined for underground mining (see
Table 1). The Otto,
Adam Peak
, and Range Front fault horizons are three of multiple target areas being drilled with several holes
intersecting gold mineralization in multiple horizons. The 2022 program has been upsized and is expected to comprise more than 30,000
metres (m) from surface and underground. The Company anticipates providing regular updates throughout the year as assay results are
received.
Highlight results from initial underground drilling (ten holes) from Level 4790 include:
20.3 g/t (grams per tonne) Au (gold) over
1.3 m
in hole iGU21-15
8.2 g/t Au over
5.6 m
in hole iGU21-17
14.5 g/t Au over
1.5 m
in hole iGU21-18
24.4 g/t Au over
1.2 m
in hole iGU21-22
14.5 g/t Au over
2.7 m
& 10.6 g/t over
1.5m
& 9.9 g/t over
1.1 m
in hole iGU21-23
10.7 g/t Au over
9.4 m
in hole iGU21-24
As part of the program targeting development and mining at Granite Creek, definition drilling utilizing two underground Cubex drills has
started in areas where encouraging assays results were received in 2021. This drilling is being completed to define initial stoping areas
as the Company advances towards a production decision.
The primary goal of the 2022 drill program is to delineate and expand underground mineralization as the Company ramps up mining on
the Property. 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 entered into with
Nevada Gold Mines
, until such time that the Company's Lone Tree
facility is operational.
Matt Gili
, President and Chief Operating Officer of i-80 commented: "These results further confirm the high–grade opportunity that we
are developing at Granite Creek. We are focused on bringing these near–mine areas into reserves and then into production."
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 with step-out drilling aimed at expanding resources currently underway with multiple surface drill rigs.
Table 1 – Summary Assay Results from Level 4790 Drilling
New 2021 Drill Results from Granite Creek
Estimated true widths 50-90%
Drillhole ID
Type
From
(m)
To
(m)
Length
(m)
Au
(g/t)
iGU21-15
Core
6.3
7.6
1.3
20.3
iGU21-15
Core
73.1
73.8
0.7
10.9
iGU21-15
Core
98.5
99.2
0.7
10.0
iGU21-15
Core
102.8
105.5
2.7
6.8
iGU21-17
Core
15.8
21.5
5.6
8.2
iGU21-17
Core
27.1
29.9
2.7
5.5
iGU21-18
Core
95.7
97.2
1.5
14.5
iGU21-18
Core
116.4
117.2
0.8
19.0
iGU21-20
Core
34.9
35.9
1.0
12.8
iGU21-20
Core
58.2
61.0
2.7
5.8
iGU21-20
Core
87.8
90.5
2.7
5.6
iGU21-22
Core
48.8
50.0
1.2
24.4
iGU21-22
Core
101.8
103.3
1.5
5.2
iGU21-23
Core
16.8
19.5
2.7
14.5
iGU21-23
Core
27.2
28.7
1.6
10.6
iGU21-23
Core
30.9
32.0
1.1
9.9
iGU21-24
Core
82.9
92.4
9.4
10.7
Holes iGU21-16, iGU21-19, and iGU21-21 contained no significant intercepts
Table 1a
Collar Coordinates
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
iGU21-15
478062
4554228
1460
340
-26
iGU21-16
478062
4554228
1460
328
-35
iGU21-17
478062
4554228
1460
354
-67
iGU21-18
478062
4554228
1460
343
-45
iGU21-19
478062
4554228
1460
312
7
iGU21-20
478062
4554228
1460
300
7
iGU21-21
478062
4554228
1460
291
-22
iGU21-22
478062
4554228
1460
285
-25
NAD83 Zone 11
iGU21-23
478062
4554228
1460
346
-72
iGU21-24
478062
4554228
1460
329
-28
Figure 1 – 3D View of Mineralized Zones Being Drilled from Underground Workings (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)
QAQC Procedures
All samples were submitted to Paragon Geochemical Assay Laboratories (PAL) of
Sparks, NV
, which is an ISO 9001 and 17025
certified and accredited laboratory, independent of the Company. Samples submitted through PAL are run through standard prep
methods and analyzed using FA-Pb30-ICP (Au; 30g fire assay) and 48MA-MS (48 element Suite; 0.5g 4-acid digestion/ICP-MS)
methods. PAL 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.
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 four new open pit and underground mining operations that will ultimately process ore at the Company's central Lone Tree
complex that includes an 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, 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 development activities at the Company's projects and
resource updates in respect of certain properties, the objectives set out under 2022 Scorecard – Key Goals & Catalysts in this press
release and the ESG initiatives. 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 obtain the relevant regulatory approvals, material adverse changes, exercise of termination rights
by any relevant party, unexpected changes in laws, 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.
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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 26-JAN-22