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i-80 Gold Corp
Symbol IAU
Shares Issued 298,150,335
Close 2023-11-17 C$ 1.83
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i-80 Gold drills 20.1 m of 25.4 g/t Au at McCoy-Cove

2023-11-20 09:50 ET - News Release

Mr. Ewan Downie reports


i-80 Gold Corp. has released positive results from continuing underground drilling at the company's 100-per-cent-owned McCoy-Cove property located in Lander county, Nevada. The new results are from definition drilling in the CSD/Gap zone and initial drilling in the Helen zone that continue to confirm continuity of high-grade mineralization in both horizons.

Drilling is now under way to define the Helen zone, confirming high-grade mineralization over appreciable widths with intercepts up to 25.4 grams per tonne gold over 20.1 metres. The initial holes are designed to define the westernmost extremity of the deposit prior to proceeding east into the heart of the deposit. Initial results have been extremely positive, similar to what was encountered in the initial drilling of the Gap zone, where previously released results include intercepts of up to seven g/t Au over 119.6 m in hole iRH23-14 that included four higher-grade zones of gold mineralization of up to 10.6 g/t Au over 38.3 m. This release also includes results from drilling in the northwest extremity of the CSD/Gap zone.

Highlight new results from 2023 drilling program at Cove include:

CSD/Gap zone:

  • iCHU23-19: 15.7 g/t Au and 16.8 g/t silver over 4.5 m;
  • iCHU23-20: 7.6 g/t Au and two g/t Ag over 12.2 m;
  • iCHU23-22: 21.8 g/t Au and 4.8 g/t Ag over 10.3 m.

Helen zone:

  • iCHU23-23: 28 g/t Au and 5.1 g/t Ag over 10.4 m;
    • 21 g/t Au and 7.4 g/t Ag over 10.8 m.
  • iCHU23-24: 18 g/t Au and 9.4 g/t Ag over 4.6 m;
  • iCHU23-25: 11.1 g/t Au and 14.4 g/t Ag over 3.7 m;
    • 7.8 g/t Au and 3.7 g/t Ag over 6.7 m;
    • 15.4 g/t Au and 3.3 g/t Ag over 1.6 m.
  • iCHU23-26: 8.4 g/t Au and 2.7 g/t Ag over 9.1 m;
  • iCHU23-28: 25.4 g/t Au and 5.1 g/t Ag over 20.1 m;
    • 8.8 g/t Au and 2.4 g/t Ag over 8.5 m.

"Results continue to confirm that the Cove deposit is one of North America's highest-grade gold deposits," stated Ewan Downie, chief executive officer of i-80 Gold. "These results, when combined with previously released results, highlight Cove as a Tier 1 Nevada deposit. Mineralization remains open for expansion and significant exploration targets exist on the large land package."

To date, 40 holes have been completed (28 with results released) out of approximately 120 holes planned that will comprise more than 40,000 metres on approximate 30-metre centres in advance of an updated resource estimate and economic study. This program is focused on the CSD/Gap and Helen zone portions of the deposit while mineralization below the pit in the Cove South Deep and 2201 deposits is not being drilled as part of this program.

Cove is one of three projects currently being advanced to realize the company's goal of becoming one of the largest producers in Nevada. In addition to the underground drill program at Cove, the company is completing a 40-day pump test for the completion of a final hydrological model for the property and final mine permitting.

Quality assurance/quality control procedures

All samples were submitted to ALS Minerals of Sparks, Nev., which is an ISO 9001 and 17025 certified and accredited laboratory, independent of the company. Samples submitted through ALS are run through standard prep methods and analyzed using Au-AA23 (ALS) (Au; 30-gram fire assay) and ME-MS61 (35-element suite; 0.4-gram four-acid/inductively coupled plasma atomic emission spectroscopy). ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold's QA/QC program includes regular insertion of certified reference material standards, duplicates and blanks into the sample stream with a stringent review of all results.

Qualified person

Tyler Hill, CPG-12146, chief geologist at i-80, 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 is a 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 with processing at i-80's centralized milling facilities.

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