RENO, Nev., Sept.14, 2021
/PRNewswire/ - i-80 GOLD CORP. (TSX: IAU) (OTCQX:
IAUCF) ("i-80", or the "Company") is pleased to
announce that initial rehabilitation of the underground workings
has been completed at the Company's Granite Creek Mine ("Granite
Creek" or "the Property") property located in Humboldt County, Nevada and an underground
test mining program is now underway.
Granite Creek hosts both open pit and underground resources and
is located proximal to Nevada Gold
Mines' ("NGM") Twin Creeks and Turquoise Ridge mines
at the north end of the Battle Mountain-Eureka Trend at its
intersection with the Getchell gold belt in Nevada. The underground deposit at Granite
Creek represents one of the highest-grade gold deposits in
North America with resource grades
in excess of 10 grams per tonne gold (see Table 1 below).
Table 1 – Granite
Creek Underground Resource Estimate
- CIM Definition
Standards (2014) were used for reporting the Mineral
- Ms D.
Nussipakynova, P.Geo., of AMC takes responsibility for the Mineral
- The Mineral
Resource COG is based on a metal price of $1,550/oz Au. (cost and
other assumptions shown in Table 14.13).
- Underground Mineral
Resources as stated are constrained within modelled underground
stope shapes using a nominal 15' minimum thickness, above a gold
cut-off grade of 0.15 opt Au.
- Drilling results up
to 31 December 2015.
- Drilling database
provided 18 April 2019.
- Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
- The numbers may not
compute exactly due to rounding.
- See technical
report titled "Getchell Project NI 43-101 Technical Report Premier
Gold Mines Limited and i-80 Gold Corp" effective date July 23, 2020
and filed on sedar January 22, 2021.
Source: AMC Mining
Consultants (Canada) Ltd.
The primary goal of the 2021 program is to advance underground
drilling and test mining with a target to make a production
decision. Underground drilling and advancements will be focused on
delineating sufficient resources for near-term mine development and
initial mined material from Granite Creek is expected to be trucked
for processing at the nearby Twin Creeks processing facility via an
interim processing arrangement with Nevada
Gold Mines that was announced as part of a transaction
announced on September 7, 2021.
"The interim processing arrangement with Nevada Gold Mines represents a key milestone
event for i-80, removing uncertainty of our ability to process
refractory material from the Granite Creek Mine Project," stated
Matt Gili, President and Chief
Operating Officer of i-80. "As a partner of NGM for several years
at South Arturo, which will be transferred to NGM as part of the
broader transaction, we have built a strong working relationship
and we look forward to continuing to build on this relationship as
we realize our plan to develop multiple projects in the
State of Nevada."
The test mining program at Granite Creek is verifying the
appropriate mining methods, cycles, and sequences for advancing the
underground ore headings, while controlling open excavations and
maintaining safe mining conditions. Testing will include both
mechanical cutting and conventional mining methods.
In addition to the underground drill program at Granite Creek,
the surface drilling program testing near–surface mineralization
for metallurgical purposes and open pit definition is now complete.
This part of the program was competed primarily to advance
permitting for open pit mining including heap leach processing
on-site. A Preliminary Economic Assessment for the Granite Creek
Mine Project is nearing completion and expected to be released in
the near future.
Tim George, PE, is the Qualified Person for the information
contained in this press release and a Qualified Person within the
meaning of NI43-101.
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. The Company expects to
close the acquisitions of the Lone Tree Complex and the Ruby Hill
Project in H2 2021 and is advancing an underground development
program for the Granite Creek Project. i-80 is well financed with
more than $70.1 million (as at
June 30, 2021) in cash and has
recently signed financing agreements with Nevada Gold Mines and a non-binding term sheet
with Orion Mine Finance.
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 the transactions contemplated by the Exchange
Agreement, completion of the transactions contemplated by the Ruby
Hill Agreement, completion of the equity private placement with
NGM, Equinox Gold Corp. and/or other subscribers, completion of the
financing transaction with Orion, 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 or
mineral resource and reserve estimates and exploration, development
and production potential. 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
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 satisfy of
the relevant conditions to the completion of the transactions
described herein, failure to obtain the relevant regulatory
approvals, material adverse changes, exercise of termination rights
by any relevant party, unexpected changes in laws, failure to
complete the Orion financing transaction on satisfactory terms,
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, refurbishment, development
or mining programs or studies to deliver anticipated results or
results that would justify and support continued exploration,
studies, development or operations.
Cautionary Note to U.S. Investors Concerning Estimates of
Resources: This press release uses the term "inferred resources."
"Inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases. Information contained
in the press release containing descriptions of any mineral
deposits may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements under the United
States federal securities laws and the rules and regulations
thereunder that disclose mineral reserves and mineral resources in
accordance with Industry Guide 7 or the SEC's new mining disclosure
rules in Regulation S-K 1300. SEC Industry Guide 7 does not
recognize the existence of resources. Under Regulation S-K 1300,
reserve and resource definitions are substantially similar to the
corresponding CIM Definition Standards; however, there are
differences between NI 43-101 and Regulation S-K 1300 and therefore
information contained in the press release may not be comparable to
similar information made public by public U.S. companies pursuant
to the Regulation S-K 1300 or SEC Industry Guide 7.
SOURCE i-80 Gold Corp