RENO, Nev., Nov. 22, 2021 /CNW/ - i-80 GOLD CORP.
(TSX: IAU) (OTCQX: IAUCF) ("i-80", or the
"Company") is pleased to announce it is proceeding with
its planned underground, advanced-exploration program at the
Company's 100%-owned McCoy-Cove Property ("McCoy-Cove" or "the
Property") located in Nevada.
McCoy-Cove is one of four projects currently being advanced by
i-80 and is one of the key projects contemplated in the Company's
plans to restart the Lone Tree processing facility that includes an
autoclave. The underground plan will include the construction of a
decline and a level that will include multiple drill bays in order
to upgrade resources and complete a Feasibility Study. The Cove
deposit on the Property represents one of North America's higher grade gold deposits
with grades in excess of 10 grams per tonne gold (g/t Au) (Table
1). See Premier Gold Mines press release dated January 18, 2021. The deposit remains open for
expansion to the southeast.
Table 1 – McCoy Cove Resource
Mineral
Resources
|
|
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
|
Mineral Resources
have been estimated at a gold price of $1,500 per troy
ounce;
2. Mineral Resources
have been estimated using gold metallurgical recoveries of 79.5%
and 85.2% for roasting and pressure oxidation
respectively;
3. Mineral Resources
have been estimated using a gold equivalent cutoff grade of 0.141
opt;
4. One ounce of gold
is equivalent to 98 ounces of silver;
5. The effective date
of the Mineral Resource estimate is January 1, 2021;
6. Mineral Resources,
which are not Mineral Reserves, do not have demonstrated economic
viability. The estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title,
socio-political, marketing, or other relevant factors;
7. An Inferred
Mineral Resource is that part of a Mineral Resource for which
quantity and grade or quality are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade or quality continuity.
An Inferred Mineral Resource has a lower level of confidence than
that applying to an Indicated Mineral Resource and must not be
converted to a Mineral Reserve. It is reasonably expected that the
majority of Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources with continued exploration;
and
8. The reference
point for mineral resources is in situ.
|
"McCoy-Cove is one of the four projects being advanced, with
mineralization anticipated to be processed at the Company's
recently acquired Lone Tree Complex", stated Matt Gili, President & COO of i-80. "With
the processing arrangement we have with Nevada Gold Mines, in addition to our autoclave,
we have secured the required processing that will allow us to build
this high-grade mine that is an important component in our growth
plans".
Formal Request for Proposal (RFP) documents were submitted to
six underground mining contractors and site visits were completed
in November. Contractor selection will take place in December 2021. i-80 is anticipating breaking
ground for the underground plan at McCoy-Cove in early 2022.
The initial Scope of Work for the Cove Exploration Decline
consists of a new portal and over 1,000 meters of underground
development. From this decline and drill platform we will commence
a 40,000 meter in-fill and definition drilling campaign, primary
focused on upgrading the known resource.
The McCoy-Cove Property is strategically located approximately
50 km south of the Company's Lone Tree Complex, and immediately
south of Nevada Gold Mines' Phoenix
Mine within the Battle Mountain-Eureka Trend (Figure 1). The
Property is accessed via an all-season road from Highway 55 in
Nevada.
Qualified Person
The technical and scientific information contained in this press
release has been reviewed by Tim George, PE, Manager, Engineering
Services of the Company, and a 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, timing of the
commencement and completion of the underground plan work at the
McCoy-Cove Property, the timing of completion of a feasibility
study at the McCoy Cove Property, timing of commencement of
processing minerals from the McCoy Cove Property-. 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