First four holes return 14.7 g/t Au over
10.2 m, 16.3 g/t Au over 7.1 m, 12.8 g/t Au over 6.1 m, & 16.5 g/t Au over 5.3m
RENO, Nev., Nov. 16, 2021 /PRNewswire/ - i-80 GOLD
CORP. (TSX: IAU) (OTCQX: IAUCF) ("i-80", or the
"Company") is pleased to announce positive results from
the ongoing surface drill program, that includes step-out drilling
at depth, at the Company's Granite Creek Property ("Granite Creek"
or "the Property") located in Humboldt
County, Nevada.
High-grade results from drilling from the surface drill program
is targeting the expansion of mineralization at depth below the
mine workings at Granite Creek suggest significant expansion
potential. To-date, fourteen holes have been completed, testing at
depth. Assays have been received for the first four holes and all
having returned impressive gold grades and widths of
mineralization.
Highlight results from initial deep drilling:
- 12.8 g/t Au over 6.1 m in hole
iGS21-01
- 16.3 g/t Au over 7.1 m in hole
iGS21-03
- 14.7 g/t Au over 10.2 m and
16.4 g/t Au over 3.4 m in hole iGS21-04
- 16.5 g/t Au over 5.3 m and 5.1
g/t Au over 6.7 m in hole
iGS21-05
The step-out program is one of multiple target areas being
drilled in the current program that will comprise more than 20,000
metres from surface and underground and continue well into the new
year. While the primary goal of the 2021 drill program is to
advance underground and open pit opportunities to production, an
important part of the program is to expand resources at depth and
along strike where the deposit remains open. When combined with
wide-spaced historic drilling in the down-dip expansion area,
drilling has defined high-grade mineralization over a strike length
of at least 600 metres and 250 metres of dip length and remains
wide open at depth and along strike to the north (see Figures 1 and
2).
"The expansion program at Granite Creek is demonstrating the
significant upside opportunity and confirm the potential to
materially increase high-grade resources", stated Tyler Hill, Senior Geologist of i-80. "The fault
structures are becoming more competent at depth suggesting the
potential for increased widths, improved ground conditions and
mineability, and enhanced continuity within the gold-bearing
structures. Visually, every hole of the step-out program has
intersected strong alteration and faulting".
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 (see
figure 3); 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.
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
was released last week based on the current resource and
demonstrated the economic opportunity that is being advanced with
an NPV@5% of US$244.9 M and an
After-Tax IRR of 34.2% prior to considering the potential benefits
that could be realized by utilizing the existing processing
facilities at Lone Tree or incorporating any of the drilling
performed by the Company in 2021.
Table 1 – Summary Assay Results from Initial Surface
Drilling
New 2021 Drill
Results from Granite Creek Estimated true widths 70-80% of Drill
Intercept
|
Drillhole
ID
|
Type
|
From (m)
|
To
(m)
|
Length (m)
|
Au
(g/t)
|
iGS21-01
|
Core
|
386.6
|
392.7
|
6.1
|
12.8
|
iGS21-03
|
Core
|
391.4
|
398.5
|
7.1
|
16.3
|
iGS21-04
|
Core
|
288.0
|
289.6
|
1.5
|
37.4
|
iGS21-04
|
Core
|
326.3
|
329.8
|
3.4
|
16.4
|
iGS21-04
|
Core
|
336.7
|
337.9
|
1.2
|
44.1
|
iGS21-04
|
Core
|
468.3
|
478.5
|
10.2
|
14.7
|
iGS21-05
|
Core
|
398.4
|
403.7
|
5.3
|
16.5
|
iGS21-05
|
Core
|
444.7
|
451.4
|
6.7
|
5.1
|
*Hole iGS21-02 was
drilled into the near-surface Mag Pit target and is not included in
this release.
|
Table
1a
Collar
Coordinates
|
UTM
|
Drillhole
ID
|
East
m
|
North
m
|
Elevation
m
|
Azimuth
|
Dip
|
NAD83 Zone
11
|
iGS21-01
|
478579
|
4554235
|
1468
|
308
|
-46
|
iGS21-03
|
478323
|
4554116
|
1554
|
352
|
-55
|
iGS21-04
|
478323
|
4554116
|
1554
|
340
|
-64
|
iGS21-05
|
478323
|
4554116
|
1554
|
351
|
-59
|
Of the more than 20,000 metres of drilling planned in the
ongoing drill program, approximately 12,500 metres have been
completed. Initial underground rehabilitation to facilitate
definition drilling has been completed as part of an aggressive
plan to re-commence mining from the existing mine workings and
several areas are being prepared for test mining in advance of
production ramp-up targeted for H1-2022.
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 analysed 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. Historic holes were assayed by various accredited
laboratories. Refer to the November
9th, 2021 Granite Creek Mine Project Preliminary
Economic Assessment NI 43-101 Technical Report for information on
historic assays.
Qualified Person
Tim George, PE, 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 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, commencement of
trading of i-80 Gold on the Toronto Stock Exchange and completion
of the acquisition of the Getchell Project. 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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SOURCE i-80 Gold Corp