RENO, Nev., May 19, 2021 /PRNewswire/ - i-80 GOLD CORP.
(TSX: IAU) ("i-80", or the "Company") is pleased to
provide an update of Q1 2021 South Arturo production as well as
full year production guidance.
South Arturo
- Q1 2021 Production 15,752 ounces (ozs) of gold (Au) and 1,440
ounces of silver (Ag) (100% basis)
- Q1 2021 Cash Costs of $836/oz Au
and all-in sustaining costs (AISC) of $926/oz Au sold
- 8,000 m drill program planned for
the year is currently under way
- Updated mineral reserve and resource estimate expected
H2-2021
- i-80 Gold attributable 2021 South Arturo production
guidance:
-
- 15,000 to 20,000 ounces Au
- Cash costs of $900/oz Au and
$1,000/oz Au sold
- AISC of $1,100/oz Au and
$1,200/oz Au sold
"South Arturo continues to deliver positive exploration success
and mining results" stated Ewan
Downie, Chief Executive Officer of i-80 Gold Corp. "2021
will be pivotal year for the project as we incorporate the 2020
drill results into an updated reserve estimate and the joint
venture progresses its work on the Phase 3 tradeoff study and
planning for the development of the Phase 1 open pit
operation".
The South Arturo mine is a joint venture with Nevada Gold Mines
LLC, operated by Barrick Gold Corporation ("Barrick"). Several
opportunities to expand production exist on the property including
the continued expansion of the recently developed El Nino
underground mine that represents the second operation developed at
South Arturo and has delivered consistent production results since
being put into production in the second half of 2019.
During the first quarter of 2021, South Arturo produced 15,752
ounces of gold and 1,440 ounces of silver from El Nino, on a 100%
basis. Cash cost per ounce of gold sold was $836 and all-in sustaining cost per ounce of gold
sold was $926 during the quarter,
below annual guidance and a reduction from previous quarters.
In 2020, 3,800 metres of drilling was completed from underground
drilling stations at El Nino. The results were very positive and
will be included in an updated mineral reserve and resource
estimate that is expected to be completed in H2-2021. Following up
on the success of this drill program, more than 8,000 metres of
surface and underground exploration drilling are planned in 2021,
focused on extending mineralization further down dip at the Lower
El Nino and Cloud Nine targets.
Additionally, the development of a ramp to access the deeper
mineralization at El Nino is under way and is expected to be
completed in Q1-2023. Production of orebodies accessed from the
ramp is expected to begin in Q2-2022.
Production guidance for i-80's 40% interest in El Nino in 2021
is expected to be between 15,000 to 20,000 ounces of gold during
the year with cash costs per ounce of gold sold between
$900/oz Au and $1,000/oz and all-in sustaining costs per
ounce of gold sold between $1,100/oz
Au and $1,200/oz Au.
Tim George, PE, Manager of Engineering Services, 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. In addition to its
producing mine, El Nino at South Arturo, i-80 is beginning to plan
for future production growth through the potential addition of the
Phases 1 & 3 projects at South Arturo, advancing the Getchell
Project through economic studies and then on to development, and
the advanced exploration for the 100%–owned McCoy-Cove
Property.
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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, actual production
results and costs, outcomes and timing of updated technical studies
and future exploration results. 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.
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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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SOURCE i-80 Gold Corp