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i-80 Gold Corp
Symbol IAU
Shares Issued 370,295,585
Close 2024-05-06 C$ 1.65
Market Cap C$ 610,987,715
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i-80 to focus on definition drilling at Granite Creek

2024-05-07 09:52 ET - News Release

Mr. Ewan Downie reports


i-80 Gold Corp. has provided an update on planned programs at the company's Granite Creek property located in Humboldt county, Nevada. This work being conducted in 2024 is expected to include definition and expansion drilling, underground development and test mining of the South Pacific zone, and a feasibility study.

The primary focus is bringing the South Pacific zone (SPZ) into the long-term mine plan. The SPZ is expected to become the primary horizon for mining once initial development has been extended to provide access. As part of the 2024 program, definition drilling to support increasing measured and indicated mineral resources will be accelerated in advance of the completion of a feasibility study for the Granite Creek underground mining operation. Additionally, expansion and exploration drilling will also be completed.

The 2024 drilling program will follow up on the successful 2023 phase 1 drilling completed from underground and surface. Drilling from underground was completed in the upper portion of the SPZ, where initial stoping is expected, and surface drilling was completed in the northern portion of the deposit. Both programs returned exceptional high-grade results including:

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

  • 16.9 grams per tonne gold over 5.7 metres (0.49 ounce/ton Au over 18.8 feet) in hole GCPU23-19*;
  • 37.7 g/t Au over 7.6 m (1.10 oz/ton Au over 25 feet) in hole GCPU23-20*;
  • 19.2 g/t Au over 4.3 m (0.56 oz/ton Au over 14 feet) in hole GCPU23-21*;
  • 31.1 g/t Au over 21.9 m (0.91 oz/ton Au over 72 feet) in hole GCPU23-22*;
  • 27.3 g/t Au over four m (0.80 oz/ton Au over 13 feet) in hole GCPU23-25*;
  • 19.5 g/t Au over 4.1 m (0.57 oz/ton Au over 13.5 feet) in hole GCPU23-26*;
  • 28.7 g/t Au over 16.5 m (0.84 oz/ton Au over 54 feet) and 11.9 g/t Au over 21.6 m (0.35 oz/ton Au over 71 feet) in hole GCPU23-30*;
  • 20.6 g/t Au over 6.1 m (0.60 oz/ton Au over 20 feet) in hole GCPU23-31*;
  • 15.4 g/t Au over 7.9 m (0.45 oz/ton Au over 26 feet) and 31.0 g/t Au over 2.4 m (0.90 oz/ton Au over eight feet) in hole GCPU23-32*.

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

  • 26.1 g/t Au over 5.7 m (0.76 oz/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 30.8 feet) in hole iGS23-02*;
  • 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*;
  • 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 iGS23-10*.

*Previously released, see original press releases for true width, collar and survey data.

With improved definition drilling, initial development and test mining of the SPZ, the company will plan to complete 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 recently completed financing significantly bolsters the company's balance sheet and we are now in a position to accelerate the advancement of i-80's portfolio of high-grade projects," stated Ewan Downie, chief executive officer of i-80. "Drilling continues to demonstrate excellent continuity of high-grade gold mineralization in the South Pacific zone, confirming Granite Creek as a significant deposit located on strike from one of North America's largest gold mining operations."

High-grade mineralization at Granite Creek occurs in a near-identical geological setting as that at the multimillion-ounce Turquoise Ridge mine located immediately to the north; hosted within Comus limestone rock units and 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 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 their 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.

We seek Safe Harbor.

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