Mr. Matt Gili reports
I-80 GOLD TO PROCEED WITH UNDERGROUND PROGRAM AT MCCOY-COVE
i-80 Gold Corp. is proceeding with its planned underground, advanced-exploration program at the company's 100-per-cent-owned McCoy-Cove 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) (see attached table). See Premier Gold Mines press release dated Jan. 18, 2021. The deposit remains open for expansion to the southeast.
MCCOY COVE RESOURCE
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 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 per cent and 85.2 per cent for roasting and
pressure oxidation respectively.
3. Mineral resources have been estimated using a gold equivalent
cut-off grade of 0.141 ounce per ton.
4. One ounce of gold is equivalent to 98 ounces of silver.
5. The effective date of the mineral resource estimate is Jan. 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.
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 and chief operating officer 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 metres of underground development. From this decline and drill platform the company will commence a 40,000-metre infill and definition drilling campaign, primary focused on upgrading the known resource.
The McCoy-Cove property is strategically located approximately 50 kilometres south of the company's Lone Tree complex, and immediately south of Nevada Gold Mines' Phoenix mine within the Battle Mountain-Eureka trend. The property is accessed via an all-season road from Highway 55 in Nevada.
The technical and scientific information contained in this press release has been reviewed by Tim George, PE, manager, engineering services of the company, a qualified person within the meaning of National Instrument 43-101.
About i-80 Gold Corp.
i-80 Gold 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.
We seek Safe Harbor.
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