i-80 Provides 2023 Summary & 2024 Plans - Highlighting Numerous Achievements & Catalysts
i-80 Provides 2023 Summary & 2024 Plans - Highlighting Numerous
Achievements & Catalysts
RENO, Nev.
,
Jan. 9, 2024
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80", or the "Company")
is pleased to provide an update on the
Company's exploration and development programs at its Granite Creek, Ruby Hill, McCoy-Cove and Lone Tree Properties, highlighting key
achievements realized in 2023 including; the commencement of mining operations, increasing gold production and continued success in defining and
expanding gold and polymetallic mineralization at all core project sites. Numerous programs continue to be advanced to reach the Company's goal of
building one of the largest precious metals producing companies in
the United States
. Key achievements in 2023 include:
Ruby Hill Property
Multi-year drill program continued, confirming multiple discoveries and expanding mineralization in several zones - positive results from 2023 drilling
include
15.6 % Zn, 8.7 % Pb, 420.4 g/t Ag & 0.6 g/t Au over
40.4 m
in hole iRH23-41 (Blackjack),
15.9 % Zn, 4.3 g/t Au & 284.4 g/t Ag over
7.2 m
in hole iRH23-39 (East Hilltop CRD),
20.8 % Zn & 15.0 g/t Ag over
11.6 m
in hole iRH23-30 (East Hilltop Skarn), 6.9 g/t Au over
50.7
m
in hole iRH23-40 (Ruby Deeps) and 45.4 g/t Au & 50.2 g/t Ag over
17.5 m
in hole iRH23-18A (Tyche)
(see press releases dated
August 2
nd
,
August 24
th
and
September 12
th
, 2023)
Advanced permitting for underground development, detailed metallurgical work and processing plan under development
Completed the acquisition of Paycore Minerals and its high-grade FAD deposit
Advanced metallurgical testwork on Hilltop zones and FAD deposit
Announced planned accretive partnership to augment the development of the Property and reduce capital requirements
Granite Creek Property
Completed positive test mining programs in the Otto and Ogee Zones, resulting in the construction of six mining levels during the year and steady
mining of mineralization in H2-2023
Confirmed the potential of the South Pacific Zone with numerous highlight intercepts from surface and underground drilling programs including
15.5
g/t Au over
19.7 m
in hole iGS23-05
, 31.1 g/t Au over
21.9 m
in hole GCPU23-22, and 28.7 g/t Au over
16.5 m
in hole GCPU23-30
(see
press releases dated
October 11
th
, 2023 and
December 14
th
, 2023)
Secured oxide ore sale agreement
Commenced shipping of sulphide mineralization stockpiles to Twin Creeks (NGM) for processing – processing commenced in December
Completed the installation of "Well 6" to improve dewatering capabilities for the development of the South Pacific Zone in 2024
Following additional definition drilling and test mining of the SPZ in 2024, the Company plans to release updated economic studies and resource
estimates
McCoy-Cove Property
Completed the Phase 1 underground development program (portal and decline)
Positive results from the ongoing ~40,000 metre underground drill program defining the CSD/Gap and Helen Zones include
10.6 g/t Au over
38.8
m
in hole iCHU23-14,
28.0 g/t Au over
10.4 m
in hole iCHU23-23 and 25.4 g/t Au over
20.1 m
in hole iCHU23-28
(see press releases dated
September 7
th
and
November 20
th
, 2023)
Completed 40-day continuous pump test for final hydrological model, permitting and mine construction
"Though a difficult year for the mining sector, we are proud of the numerous achievements realized in 2023 and outstanding results from multiple
projects.", stated
Ewan Downie
, CEO of i-80. "Once again, 2024 is expected to be an exciting and catalyst-rich year for i-80 with exploration,
development, and mining projects complemented by economic studies and resource updates."
Ruby Hill Property
Ruby Hill is expected to become the Company's flagship project with ongoing plans to develop both gold and poly-metallic base metal deposits on the
Property. With the expected incoming partnership, five main initiatives are planned at Ruby Hill for 2024 including the continuation of the multi-year
drilling program, initial economic work for the planned gold and poly-metallic underground mine, permitting to allow for the commencement of
underground development, initial resource estimates for the Blackjack, Hilltop and FAD deposits, and advancing metallurgical work related to the
recoveries of gold and poly-metallic base metal mineralization for mining and processing planning.
In mid-2022, i-80 commenced a regional exploration program at Ruby Hill that has resulted in the discovery of five new mineralized horizons including
Carlin
-type gold, polymetallic CRD and zinc-rich skarn mineralization intersected in several new target areas located in close proximity to the
underground infrastructure being planned for the Property (see Figure 1). Early in the 2023 program, a new zone of high
grade CRD mineralization was
discovered in the eastern extension of the Hilltop fault structure that will be one of the primary targets of the 2024 program. To properly test this
discovery, permitting of new roads was completed for access to this high-potential zone located approximately
200 m
to the east of, and along strike
from, the Upper Hilltop Zone where drilling has returned high-grade intercepts including
515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over
28.3 m
,
1.9 g/t Au, 631.3 g/t Ag, 7.4 % Zn & 33.0 % Pb over
18.3 m
and 60.2 g/t Au, 908.7 g/t Ag, 1.1 % Zn & 15.7 % Pb over
10.0 m
(see press releases
dated
November 14
th
, 2022 and
February 23
rd
, 2023).
The 2024 drill program will continue to focus on defining and expanding high-grade mineralization in multiple target areas including the Blackjack (skarn)
and the Hilltop (skarn and polymetallic CRD) Zones, and advancing metallurgical work associated with these deposits. Drilling at Blackjack returned
multiple world-class intercepts including
10.1 % Zn, 0.6 % Pb, 37.0 g/t Ag & 0.3 g/t Au over
116.3 m
in hole iRH23-42, 16.1 % Zn, 0.1 % Pb, 12.4
g/t Ag & 0.5 g/t Au over
16.4 m
in hole iRH23-
43B
and 15.6 % Zn, 8.7 % Pb, 420.4 g/t Ag & 0.6 g/t Au over
40.4 m
(CRD) and 10.7 % Zn, 0.4 %
Pb, 0.2 g/t Au & 37.0 g/t Ag over
47.9 m
(skarn) in hole iRH23-41
(see press releases dated
September 12
th
, 2023 and
December 4
th
, 2023 ).
"The exceptional results realized at Ruby Hill have attracted significant interest and in late 2023, i-80 signed an exclusivity agreement with a third party
related to a joint venture to advance Ruby Hill.", stated
Tyler Hill
, Chief Geologist of i-80. "Much of the ongoing work, which includes drilling and
metallurgical testing, is being funded by our planned partner."
Permit submissions are in progress related to the commencement of underground development being constructed from the Archimedes pit. This
underground development will provide improved access for definition drilling of the multiple gold, polymetallic and base metal deposits, test mining and
advanced economic studies prior to mining. Detailed metallurgical testing programs are being completed for both gold and polymetallic base metal
mineralization at Ruby Hill. This work will be utilized in economic studies for processing of both types of mineralization from the Ruby Hill Mine including
advancing plans for the potential construction of a floatation plant on the property.
Figure 1 – Polymetallic Mineralization – Surface Plan - (all assays previously released) (CNW Group/i-80 Gold Corp)
Drilling of the FAD deposit that is located approximately two kilometres to the south of Ruby Hill was also completed in 2023. Earlier drilling completed
by Paycore returned intercepts of up to
8.0 g/t Au, 79.0 g/t Ag, 10.0 % Zn & 1.0 % Pb over
27.4 m
in hole PC22-10, and 7.1 g/t Au, 376.3 g/t Ag,
6.3 % Zn & 10.3 % Pb over
14.8 m
in hole PC22
08A
(see press releases dated
November 14
th
, 2022 and
December 6
th
, 2022). This drill program
has demonstrated that the deposit remains open for expansion and multiple results remain pending that will be the subject of a separate press release.
The Eureka (Ruby Hill) Mining District has a history of high-grade polymetallic CRD production that began in the 1860's and spanned a period of more
than one hundred years. Historic mined grades rank amongst the highest for any CRD district in the world. Since the 1960's, the CRD potential of the
Eureka District has been largely overlooked in favour of exploration for
Carlin
-type gold deposits and the Company considers the opportunity to be
substantial. The Ruby Hill Property is one of the Company's primary assets and is host to the core processing infrastructure within the Eureka District,
including an idle leach plant and an active heap leach facility.
Granite Creek Property
Significant progress was made at Granite Creek in 2023 despite prevailing market conditions that resulted in operating with a smaller budget than
planned. Initial test mining was completed in the upper portions of the mine workings that successfully demonstrated that the Otto and Ogee Zones can
be mined effectively. Six levels were subsequently constructed and regular mining commenced in the second half of the year. The Granite Creek
Property is strategically located proximal to
Nevada Gold Mines'
(NGM) 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). NGM began processing sulphide stockpiles from
Granite Creek at the Twin Creeks processing plant in December.
Figure 2 – Property Location Map (CNW Group/i-80 Gold Corp)
A surface and underground drill program was initiated in H2-2023 with a focus on the South Pacific Zone ("SPZ") to demonstrate continuity of high-
grade mineralization in two core areas of the deposit (see Figure 3). To-date, results from this program have been extremely positive with grades
consistently in excess of 10 g/t Au and frequently in excess of 15 g/t Au. Highlight results from the surface program and the first three holes released
to-date include
26.1 g/t Au over
5.7 m
in hole iGS23-01, 25.6 over
5.5 m
in hole iGS23
03B,
and
15.5 g/t Au over
19.7 m
in hole iGS23-05
(see
press release dated
October 11
th
, 2023). Highlights from initial underground drilling include
37.7 g/t Au over
7.6 m
in hole GCPU23-20,
31.1 g/t Au
over
21.9 m
in hole GCPU23-22, and 28.7 g/t Au over
16.5 m
in hole GCPU23-
30 m
(see press release dated
December 14th
, 2023)
.
Multiple
results remain pending from the 2023 program and additional definition and expansion drilling is planned in 2024.
Figure 3 – Long Section View of the Granite Creek Deposit (all assays previously released) (CNW Group/i-80 Gold Corp)
To facilitate the development of the SPZ, an additional dewatering well was installed and commissioned in the fourth quarter. The decline to access the
South Pacific zone is expected to be completed in the first half of 2024, providing additional headings for mining and expected increased mining rates.
Initial test mining of the SPZ, that is expected to become the primary mine horizon at Granite Creek, will be advanced in the first half of the year.
McCoy-Cove Property
The Cove deposit is one of
North America's
highest-grade gold deposits and is expected to be a core project within the Company's gold business. In
2023, the Phase 1 development program, consisting of the decline and exploration platform for a large-scale underground definition drill program was
completed (Figure 4). The ongoing drill program, expected to comprise a total of more than 40,000 metres, is being completed on 30 metre spacing in
advance of an updated resource estimate and economic study related to the construction of mining operation at McCoy-Cove. This program is focused
on the CSD Gap and Helen Zones (Figure 5) that comprise the northwestern portion of the deposit.
Results from this program to date continue to confirm excellent grades, frequently in excess of 10 g/t Au, with widths that are consistently meeting or
exceeding expectations. Highlight results from this drilling include (see press releases dated
June 7
th
, 2023,
July 10
th
, 2023,
September 7
th
, 2023, and
November 20
th
, 2023):
12.8 g/t Au over
14.2 m
,
and
13.8 g/t Au over
7.6 m
(iCHU23-05)
11.1 g/t Au over
3.1 m
,
and
24.1 g/t Au over
14.0 m
(iCHU23-07)
14.9 g/t Au over
32.7 m
(iCHU23-10)
15.7 g/t Au over
22.5 m
and
18.9 g/t Au over
29.3 m
(iCHU23-11)
10.6 g/t Au over
38.8 m
and
11.1 g/t Au over
20.6 m
(iCHU23-14)
21.8 g/t Au over
10.3 m
(iCHU23-22)
28.0 g/t Au over
10.4 m
and
21.0 g/t Au over
10.8 m
(iCHU23-23)
25.4 g/t Au over
20.1 m
and
9.9 g/t Au over
6.2 m
(iCHU23-28)
In addition to the underground drill program, the Company is also advancing development plans and the approvals required for a mining operation at
Cove. During 2023, multiple holes were drilled for the installation of piezometers and a 40-day continuous pump test was completed for hydrological
model for the Property and final dewatering permits.
Figure 4 – Portal and Decline at Cove (CNW Group/i-80 Gold Corp)
Figure 5 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
Cove is one of the Company's primary assets and is host to a resource of:
Mineral Resources
1
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
1. 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 and an effective date of January 1, 2021.
Please
click here
for further information on abbreviations and conversions referenced in this press release.
QAQC Procedures
All samples were submitted to either American Assay Laboratories (AAL) or ALS Minerals (ALS) both of Sparks, NV, which are ISO 9001 and 17025
certified and accredited laboratories, independent of the Company. Samples submitted through AAL and ALS are run through standard prep methods
and analysed using Au-AA23 (ALS) or FA-PB30-ICP (AAL) (Au; 30g fire assay for both) and ME-ICP61a (35 element suite; 0.4g 4 acid/ICP-AES) for
ALS and IO-4AB32 (35 element suite; 0.5g 4-acid ICP-OES+MS) for AAL. Both AAL and ALS 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. All assays in this press release have been previously
released.
Qualified Person
Tyler Hill
, CPG-12146, Chief Geologist at i-80 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 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 with processing at i-80's centralized milling facilities. i-80 Gold's common shares are
listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets
and long-term growth strategy is available at
www.i80gold.com
or by email at
.
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 the Company's Properties and the potential of its Properties. 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 - Executive Vice-President,
1.866.525.6450, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 09-JAN-24