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i-80 Gold Corp
Symbol IAU
Shares Issued 300,597,535
Close 2024-04-15 C$ 1.69
Market Cap C$ 508,009,834
Recent Sedar Documents

i-80 Gold drills 7.2 m of 29.6 g/t Au at McCoy-Cove

2024-04-15 09:45 ET - News Release

Mr. Ewan Downie reports

I-80 GOLD ANNOUNCES HIGH-GRADE RESULTS FROM UNDERGROUND DRILLING AT COVE

i-80 Gold Corp. has released additional results from 2023 drilling in the Helen zone that continues to realize significant high-grade results from the underground drilling program at the company's 100-per-cent-owned McCoy-Cove property located in Lander county, Nevada.

The new results are from the 2023 underground drilling program to define the Helen zone, the first horizon expected to be accessed at the Cove mine. The most recently received results from the Helen zone complement recently released intercepts that returned up to 22.6 grams per tonne (g/t) gold (Au) over 19.1 metres in hole iCHU23-37, 32.9 g/t Au over 14.9 m in hole iCHU23-38 and 23.5 g/t Au over 12.8 m in hole iCHU23-39 (see company press release dated March 5, 2024). Three of the new holes were drilled to only intersect the Upper Helen mineralized horizon that typically contains thinner mineralized zones when compared with the Lower Helen. A complete summary of new results is provided in the table entitled "Highlight new assay results from Cove underground drilling."

Highlight new results from drilling at McCoy-Cove include:

  • iCHU23-40: 11.5 g/t Au over 3.7 m (Upper Helen zone);
  • iCHU23-41: 37.2 g/t Au over 3.7 m (Upper Helen zone);
  • iCHU23-42: 29.6 g/t Au over 7.2 m (Lower Helen zone);
  • iCHU23-43: 9.2 g/t Au over 5.3 m (Upper Helen zone):
    • 12.3 g/t Au over 6.6 m (Lower Helen zone);
    • 18.7 g/t Au over 8.3 m (Lower Helen zone).

The McCoy-Cove property is strategically located in heart of the prolific Battle Mountain trend immediately south of Nevada Gold Mines' Phoenix mine and the company's Lone Tree processing facility. Cove is one of three deposits being advanced to realize the company's goal of building one of the largest producers in the United States.

"Results received to date continue to confirm that Cove is one of the highest-grade, development-stage, gold deposits in North America," stated Tyler Hill, chief geologist of i-80 Gold. "New results continue to return significant high-grade gold mineralization, consistently in excess of 10 grams per tonne gold."

Carlin-style mineralization in the Helen and CSD Gap zones is hosted primarily in the Favret limestone rock unit with enhanced grades and thicknesses of mineralized zones occurring at structural intersections, along the margins of dikes and sills, and within the axis of the northwest striking Cove anticline. The Helen zone has both upper and lower mineralized horizons, with the upper zone comprising a smaller, narrower, zone of gold mineralization hosted in the Panther Canyon and Home Station formations, and the lower zone comprising the main horizon hosted within the Favret limestone formation.

Polymetallic mineralization also occurs on the property, particularly in the 2201 zone that occurs below and to the east of Carlin-style mineralization. This polymetallic mineralization remains a significant upside opportunity.

The McCoy-Cove property comprises a large package of approximately 13,000 hectares covering an area roughly 15 kilometres by 10 km that offers substantial exploration upside as the bulk of work completed to date has been focused on the main deposit areas. Earlier exploration, mostly completed in 20214, resulted in several new discoveries that have received little to no follow-up, including polymetallic mineralization in the 2201 and Davenport targets. One of the primary future targets at McCoy-Cove is the pediment area to the east of the Cove deposit where only two holes have drilled to a sufficient depth to intersect the favourable Favret limestone unit. Both holes intersected broad zones of Carlin-type alteration with assays of up to 1.7 g/t Au and 364 g/t silver (Ag) over 11.4 m proximal to an interpreted large untested structural trend that represents a major future exploration target.

Annual report on Form 40-F for the year ended Dec. 31, 2023

As previously disclosed in its annual report on Form 40-F for the year ended Dec. 31, 2023, which was filed on March 12, 2024, with the Securities and Exchange Commission, the audited financial statements contained an unqualified audit opinion from its independent registered public accounting firm that included an explanatory paragraph related to the company's ability to continue as a going concern. See further discussion in Footnote 2 to the company's financial statements included in the company's annual report on Form 40-F. This announcement is made pursuant to NYSE American LLC company guide Section 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the company's financial statements or to its annual report on Form 40-F for the year ended Dec. 31, 2023.

Quality assurance/quality control (QA/QC) 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 g, four-acid/ICP-AES (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 CRM (certified reference materials) 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.

We seek Safe Harbor.

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