02:09:06 EST Sat 02 Mar 2024
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i-80 Gold Corp
Symbol IAU
Shares Issued 298,155,335
Close 2024-02-06 C$ 1.99
Market Cap C$ 593,329,117
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i-80 Gold drills 4.4 m of 28.1 g/t at Granite Creek

2024-02-07 09:39 ET - News Release

Mr. Ewan Downie reports


i-80 Gold Corp. has released the results from the successful 2023 surface drilling program designed to define and expand high-grade gold mineralization in the lower South Pacific zone at the company's Granite Creek property located in Humboldt county, Nevada.

The South Pacific zone (SPZ) is expected to become the primary horizon for mining once initial development has been extended to provide access. In the second half of 2023, drilling was completed from underground in the upper portion of the SPZ where initial stoping is expected and where recently released results include 31.1 grams per tonne gold over 21.9 metres, 28.7 g/t over 16.5 m and 37.7 g/t Au over 7.6 m. Thirteen holes were drilled from surface (12 reached target) to better define an area where initial drilling suggested the potential for increased grades and mining widths -- these results are summarized in this release.

Highlight results from 2023 surface drilling in the South Pacific zone (core width):

  • 26.1 g/t Au over 5.7 m (0.76 ounce/ton Au over 18.7 feet) in hole iGS23-01*;
  • 10.6 g/t Au over 9.4 m (0.31 oz/ton Au over 30.9 feet) in hole iGS23-02A;
  • 25.6 g/t Au over 5.5 m (0.75 oz/ton Au over 18.2 feet) in hole iGS23-03*;
  • 28.1 g/t Au over 4.4 m (0.82 oz/ton Au over 14.5 feet) in hole iGS23-04;
  • 15.5 g/t Au over 19.7 m (0.45 oz/ton Au over 64.7 feet) in hole iGS23-05*;
  • 8.3 g/t Au over 8.7 m (0.24 oz/ton Au over 28.2 feet) in hole iGS23-08;
  • 27 g/t Au over 2.1 m (0.79 oz/ton Au over 6.9 feet) in hole iGS23-09;
  • 13.6 g/t Au over 5.2 m (0.40 oz/ton Au over 17.2 feet) in hole iGS23-10A.

*Previously released

The South Pacific zone is a subvertical, Carlin-type, mineralized horizon that occurs predominately at the faulted contact of the Upper and Lower Comus (limestone) rock units. Following successful 2021/2022 drilling campaigns that identified a continuous zone of high-grade mineralization over a significant strike length in the SPZ target, the 2023 surface and underground drilling programs targeted the definition of two areas within this horizon to assess continuity of mineralization in preparation for initial mine planning. Both programs have been extremely successful, demonstrating true widths of up to 15 metres and results frequently in excess of 10 g/t Au.

With improved definition, an initial SPZ development plan is being advanced in the first half of 2024. Upon completion of a successful test mining program, additional underground drilling will be completed for the release of an updated resource estimate and feasibility study. The SPZ remains open for expansion at depth and along strike to the north toward Nevada Gold Mines' Turquoise Ridge mine

"The continuity of high-grade mineralization in the South Pacific zone is outstanding," stated Ewan Downie, chief executive officer of i-80. "The results from our 2023 definition programs demonstrate the potential for the SPZ to be a significant deposit located on strike from one of North America's largest gold mining operations. Mineralization remains open at depth and along strike to the north with the average intercept grade in the northern extension definition program of approximately 15 g/t gold with true widths ranging up to 15 metres."

The SPZ is a priority for development and the company is extending the decline to depth in order to provide access to the SPZ for it the become part of the Granite Creek mine plan in H1 2024. High-grade mineralization at Granite Creek occurs in a similar geological setting to the multimillion-ounce Turquoise Ridge mine located immediately north; 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.

Quality assurance/quality control procedures

All samples were submitted to ALS Minerals (ALS) 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-ICP41 (36-element suite; 0.5-gram aqua regia/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, reviewed the technical and scientific 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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