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i-80 Gold Corp
Symbol IAU
Shares Issued 240,268,218
Close 2022-05-09 C$ 3.15
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i-80 Gold to acquire Cove project water rights

2022-05-10 09:19 ET - News Release

Mr. Matt Gili reports

I-80 GOLD ACQUIRES KEY WATER RIGHTS FOR THE COVE PROJECT

i-80 Gold Corp. has signed an agreement to acquire a strategic property package located in Lander county, Nevada, that includes, among other things, 582 acre-feet of water rights, a rail heading on the Nevada Central Railway, several advanced-stage barite deposits, full barite processing infrastructure and known gold mineralized zones from Baker Hughes Oilfield Operations LLC. This strategic acquisition provides i-80 with water rights for development and operation of the Cove open-pit mine, marking a major milestone for executing on the Cove project dewatering strategy.

Highlights of the acquisition include:

  • 582 acre-feet per annum of water rights to be used for the operation and eventual closure of the Cove project;
  • Barite processing facilities and associated infrastructure;
  • A rail siding to provide the company with access to the Northern Nevada Railway and property to be used or leased out for a variety of commercial purposes.

At closing, i-80 will own a 100-per-cent interest in the property and associated infrastructure and assume certain reclamation and related bonding liabilities on the property. The U.S. Geological Survey lists barite as a critical mineral and the company will complete a review of options related to mining and processing.

McCoy-Cove is one of four projects currently being advanced for development and is expected to be a key project in the company's plans to restart the Lone Tree autoclave. Construction of the decline at Cove is now under way with more than 300 feet advanced to date. This phase 1 program will also include construction of an initial level with multiple drill bays to provide access for upgrading resources. Approximately 40,000 metres of underground definition and expansion drilling is anticipated to commence in H2 2022 followed by a feasibility study anticipated to be completed in 2023. The Cove deposit represents one of North America's highest-grade gold deposits with grades in excess of 10 grams per tonne gold (g/t Au). The deposit remains open for expansion down dip.

"Acquiring the Baker Hughes property and the water rights associated with it is a significant step forward in our execution of the development of the Cove mine," stated Matt Gili, president and chief operating officer of i-80 Gold. "The on-site team continues to advance the project as planned and on schedule."

The McCoy-Cove property is strategically located approximately 84 kilometres south (by road) 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.

Qualified person

The scientific and technical information contained in this press release was reviewed by Tim George, PE, mine operations manager and 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.

We seek Safe Harbor.

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