i-80 Gold Announces High-Grade Drill Results from Granite Creek
- Successful 2023 surface drilling program
- High-grade gold mineralization in the South Pacific Zone
- Demonstrated true widths of up to 15 meters
- Results frequently in excess of 10 g/t Au
- Initial SPZ development plan being advanced in the first half of 2024
- SPZ remains open for expansion at depth and along strike to the north
- None.
Insights
The reported drill results from i-80 Gold Corp's Granite Creek Property present significant findings for stakeholders, indicating substantial high-grade gold mineralization. The continuity and grade of the gold deposits, particularly with assays such as 28.1 g/t Au over 4.4 m, are indicative of a potentially economically viable deposit. These results may lead to an increase in the company's resource estimates, positively influencing its market valuation.
From a mining perspective, the true widths of up to 15 meters and grades frequently exceeding 10 g/t Au are noteworthy. In the context of gold mining, grades above 5 g/t Au are often considered high-grade, thus these results suggest the potential for a profitable mining operation, provided other factors such as depth, accessibility and ore recovery rates are favorable. The mention of the deposit's geological similarity to the nearby Turquoise Ridge Mine, a significant gold producer, further underscores the prospectivity of the SPZ.
Investors will likely focus on the implications these drilling results have for i-80 Gold Corp's financials and growth prospects. The announcement of advancing an initial development plan for the SPZ in the first half of 2024 could be a catalyst for future revenue growth. Furthermore, the proximity to Nevada Gold Mines' Turquoise Ridge Mine suggests potential for strategic partnerships or acquisitions, which could impact the company's stock performance.
It is also important to consider the costs associated with advancing the project to the production stage, which will require significant capital expenditure. However, given the high-grade nature of the deposit, the long-term return on investment could be substantial, enhancing the company's appeal to growth-oriented investors.
The SPZ's classification as a Carlin-type deposit is significant, as these are known for their large endowment of gold and typically low extraction costs due to the disseminated nature of the gold. The geological setting is conducive to large-scale gold systems, which is supported by the reported drilling results. The sub-vertical orientation and location at the contact of limestone units are characteristic of Carlin-type deposits and suggest potential for further discoveries at depth and along strike.
The QAQC procedures mentioned, including the use of independent and accredited labs, as well as the insertion of standards and blanks, provide confidence in the reported assay results. Such rigorous quality control is crucial in accurately defining the extent and grade of mineralization for resource estimation and future feasibility studies.
Highlights 28.1 g/t Au over 4.4 m, 10.6 g/t Au over 9.4 m & 13.6 g/t Au over 5.2 m
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 g/t Au over 21.9 m, 28.7 g/t over 16.5 m and 37.7 g/t Au over 7.6 m. Thirteen holes were drilled from surface (twelve 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 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 30.9 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
- 27.0 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 sub-vertical,
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 towards Nevada Gold Mines' Turquoise Ridge Mine (see Figure 2). Table 1 provides a summary of results from surface definition drilling in the SPZ in 2023.
"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
Table 1 – Summary of Assay Results from 2023 Surface Drilling in SPZ
2023 Drill Results from Granite Creek, estimated true widths 70 | |||||
Drillhole ID | Type | From (m) | To (m) | Length (m) | Au (g/t) |
iGS23-01* | Core | 458.1 | 463.8 | 5.7 | 26.1 |
iGS23-02A | Core | 432.8 | 442.2 | 9.4 | 10.6 |
iGS23-03B* | Core | 459.1 | 464.7 | 5.5 | 25.6 |
iGS23-04 | Core | 453.5 | 458.0 | 4.4 | 28.1 |
iGS23-05* | Core | 465.9 | 485.6 | 19.7 | 15.5 |
iGS23-06B | Core | 458.2 | 460.5 | 2.3 | 10.6 |
and | Core | 465.9 | 467.3 | 1.3 | 18.6 |
iGS23-07 | Core | 477.1 | 478.2 | 1.1 | 27.9 |
iGS23-08 | Core | 477.7 | 486.3 | 8.7 | 8.3 |
and | Core | 499.7 | 501.1 | 1.4 | 30.9 |
iGS23-09 | Core | 529.5 | 531.6 | 2.1 | 27.0 |
iGS23-10A | Core | 469.5 | 474.8 | 5.2 | 13.6 |
iGS23-11 | Core | Hole abandoned at 183 m | |||
iGS23-12A | Core | 441.7 | 443.6 | 1.9 | 5.5 |
iGS23-13B | Core | 490.4 | 492.3 | 1.8 | 16.1 |
*Previously released assay |
Table 1a - Collar Coordinates | ||||||
UTM | Drillhole ID | East m | North m | Elevation m | Azimuth | Dip |
NAD83 Zone 11 | iGS23-01 | 478547 | 4554155 | 1471 | 331 | -51 |
iGS23-02A | 478549 | 4554154 | 1471 | 323 | -49 | |
iGS23-03B | 478547 | 4554158 | 1471 | 329 | -54 | |
iGS23-04 | 478580 | 4554202 | 1467 | 327 | -58 | |
iGS23-05 | 478581 | 4554202 | 1467 | 322 | -60 | |
iGS23-06B | 478576 | 4554413 | 1552 | 289 | -76 | |
iGS23-07 | 478582 | 4554415 | 1552 | 291 | -80 | |
iGS23-08 | 478579 | 4554414 | 1552 | 292 | -82 | |
iGS23-09 | 478582 | 4554413 | 1552 | 333 | -80 | |
iGS23-10A | 478524 | 4554452 | 1558 | 295 | -83 | |
iGS23-11 | 478522 | 4554448 | 1558 | 325 | -85 | |
iGS23-12A | 478527 | 4554455 | 1558 | 343 | -81 | |
iGS23-13B | 478523 | 4554450 | 1558 | 006 | -81 |
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 multi-million-ounce Turquoise Ridge Mine located immediately north (see Figure 2); 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.
Please click here for further information on abbreviations and conversions referenced in this press release.
All samples were submitted to ALS Minerals (ALS) of
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 NI 43-101.
i-80 Gold Corp. is a
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, the expansion or mineral resources at Granite Creek and the potential of the Granite Creek project. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
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SOURCE i-80 Gold Corp
FAQ
What were the highlights of the 2023 surface drilling program at the Granite Creek Property?
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