i-80 Gold Announces High-Grade Results from Underground Drilling at Cove
- Continued positive results from underground drilling at McCoy-Cove Property.
- High-grade gold mineralization in the Helen Zone with appreciable thickness.
- Comparison of Helen Zone results with Gap Zone results showcasing significant gold intercepts.
- McCoy-Cove Property strategically located in the prolific Battle Mountain Trend.
- Company's goal to become one of the largest producers in Nevada with three projects in progress.
- Completion of a 40-day pump test for final hydrological model and mine permitting.
- Ongoing drill program focused on updating resource estimate and economic study.
- Significant exploration targets in Cove South Deep and 2201 zones for future drilling.
- Large land package of McCoy-Cove Property offers substantial exploration upside.
- Previous discoveries like polymetallic mineralization in 2201 and Davenport targets with high-grade intercepts.
- QA/QC procedures followed with samples analyzed by ALS Minerals.
- Qualified Person Tyler Hill overseeing the information in the press release.
- None.
Insights
The reported drilling results from i-80 Gold Corp's McCoy-Cove Property in Nevada indicate the presence of high-grade gold mineralization, which could have significant implications for the company's valuation and future production potential. The high-grade intercepts, such as 14.4 grams per tonne (g/t) gold over 20.2 meters, are indicative of a robust mineral system. In the context of gold mining, grades above 5 g/t are generally considered high-grade, thus these results are particularly noteworthy. The continuity of the mineralization, along with the thickness of the intercepts, suggests that the Helen Zone could be a lucrative area for gold extraction.
From a geological perspective, the mention of Carlin-style mineralization hosted primarily in the Favret limestone is significant. Carlin-type deposits are among the most productive and economically important gold deposits in Nevada, often characterized by microscopic gold particles dispersed in sedimentary rocks. The structural intersections and dike margins mentioned are typical loci for higher gold concentrations in such deposits. The exploration upside of the large land package and the potential for new discoveries, as indicated by previous drilling results in the 2201 and Davenport targets, could further enhance the property's value. These factors combined suggest that i-80 Gold Corp's property could contribute positively to its resource base and future production profile.
The exploration results from i-80 Gold Corp's McCoy-Cove Property have direct implications for the company's financial outlook and stock market performance. The reported high-grade gold intercepts are likely to lead to an increase in the company's estimated mineral resources, which can have a positive impact on the company's stock as it reflects potential for increased future revenues. Investors typically value mining companies based on their resource base, production profile and operational efficiency. The proximity of the McCoy-Cove Property to the company's Lone Tree processing facility could lead to synergies and cost savings in terms of ore processing logistics.
Furthermore, the planned drilling program of approximately 120 holes over more than 40,000 meters is an aggressive exploration strategy that demonstrates i-80 Gold Corp's commitment to expanding its resource estimate and advancing the project towards production. The updated resource estimate and economic study, once completed, will provide critical data to assess the project's feasibility and profitability. If the results continue to be favorable, they could lead to re-rating of the company's shares and attract investment, especially from investors who focus on growth-oriented mining stocks with near-term production potential.
The gold mining sector is influenced by a variety of factors including gold prices, geopolitical stability and exploration success. i-80 Gold Corp's announcement of high-grade gold intercepts at its McCoy-Cove Property can be seen as a positive development within the industry, especially given the current global economic climate where investors are looking for safe-haven assets like gold. The company's positioning within the prolific Battle Mountain Trend, alongside the strategic location immediately south of Nevada Gold Mines' Phoenix Mine, enhances the property's appeal and suggests potential for further discoveries in the region.
It is also important to note that the mining industry is subject to strict regulatory requirements and the completion of a 40-day pump test for hydrological modeling and full mine permitting indicates progress towards meeting these requirements. This progress can be seen as a de-risking factor for the project, which may be well-received by the market. The focus on high-grade zones and the company's exploration strategy could set i-80 Gold Corp apart from its peers, potentially leading to increased interest from institutional investors and analysts who track undervalued or high-potential mining stocks.
Results from the Helen Zone Include 14.4 g/t Au over 20.2 m, 12.7 g/t Au over 24.4 m and 14.3 g/t Au over 8.0 m
The new results are from drilling completed in 2023 designed to define the Helen Zone, the first horizon expected to be accessed at the Cove Mine. The program continues to confirm high-grade mineralization over appreciable thickness, with several holes intersecting multiple lenses in the western-most extremity of the deposit (see Figures 2 & 4). Helen Zone results compare favourably with initial results from the Gap Zone where previously released results included intercepts of up to 12.9 g/t Au over 36.1 m in hole iCHU23‑04, 14.9 g/t Au over 32.7 m in hole iCHU23-10, 18.9 g/t Au over 29.3 m in hole iCHU23-11, and 7.0 g/t Au over 119.6 m in hole iCHU23-14 (including four higher-grade zones of gold mineralization of up to 10.6 g/t Au over 38.3 m). This release includes results from drilling in the northwest portion of the Helen Zone with a complete summary provided in Table 1.
Highlight new results from the 2023 drilling program at McCoy-Cove include:
Helen Zone
- iCHU23-33: 14.4 g/t Au over 20.2 m
And 13.3 g/t Au over 3.7 m
- iCHU23-34: 12.7 g/t Au over 24.4 m
- iCHU23-35: 10.1 g/t Au over 7.9 m
And 14.3 g/t Au over 8.0 m
- iCHU23-36: 9.7 g/t Au over 9.6 m
And 33.9 g/t Au over 2.8 m
"Deposits with continuous high-grade gold mineralization over substantial widths like those at Cove are rare.", stated Tyler Hill, Chief Geologist of i-80 Gold. "Our ongoing program continues to confirm that Cove is one of the highest-grade, development-stage, projects in
The McCoy-Cove Property is strategically located in the prolific Battle Mountain Trend immediately south of Nevada Gold Mines' Phoenix Mine and located within 83 km of the Company's Lone Tree processing facility (see Figure 1). It is one of three projects currently being advanced to realize the Company's goal of becoming one of the largest producers in
The program being completed will consist of approximately 120 holes comprising more than 40,000 m of drilling on approximate 30 metre spacing 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 zones are not being drilled as part of this program, (Figure 3) but offer a significant upside opportunity.
Table 1 – Highlight New Assay Results from Cove Underground Drilling
New 2023 results from McCoy-Cove, estimated true thickness 75 | |||||||
Drillhole ID | Zone | Type | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) |
iCHU23-29 | Helen | Core | 223.1 | 230.5 | 7.4 | 7.0 | 1.8 |
iCHU23-30 | Helen | Core | 268.3 | 271.5 | 3.2 | 12.6 | 1.3 |
and | Helen | Core | 284.4 | 285.4 | 1.0 | 37.8 | 6.1 |
iCHU23-31 | Helen | Core | 132.7 | 133.7 | 1.1 | 33.8 | 5.4 |
and | Helen | Core | 140.8 | 143.8 | 3.0 | 19.2 | 3.1 |
and | Helen | Core | 243.2 | 249.7 | 6.5 | 7.3 | 0.9 |
iCHU23-32 | Helen | Core | 148.2 | 153.3 | 5.1 | 7.0 | 3.3 |
and | Helen | Core | 221.4 | 224.0 | 2.6 | 12.2 | 0.4 |
and | Helen | Core | 270.2 | 272.7 | 2.5 | 14.5 | 3.0 |
and | Helen | Core | 284.4 | 291.3 | 6.9 | 8.4 | 2.5 |
and | Helen | Core | 295.4 | 296.8 | 1.4 | 21.3 | 11.8 |
and | Helen | Core | 334.9 | 336.4 | 1.5 | 7.1 | 1.3 |
iCHU23-33 | Helen | Core | 290.4 | 310.6 | 20.2 | 14.4 | 3.2 |
and | Helen | Core | 321.1 | 324.8 | 3.7 | 13.3 | 3.6 |
iCHU23-34 | Helen | Core | 271.6 | 295.9 | 24.4 | 12.7 | 1.5 |
iCHU23-35 | Helen | Core | 270.1 | 274.0 | 4.0 | 11.9 | 1.1 |
and | Helen | Core | 283.2 | 290.8 | 7.6 | 6.8 | 2.0 |
and | Helen | Core | 303.6 | 311.5 | 7.9 | 10.1 | 4.0 |
and | Helen | Core | 323.6 | 331.6 | 8.0 | 14.3 | 5.8 |
and | Helen | Core | 337.7 | 341.1 | 3.3 | 7.9 | 1.6 |
iCHU23-36 | Helen | Core | 268.7 | 278.3 | 9.6 | 9.7 | 1.2 |
and | Helen | Core | 299.6 | 302.4 | 2.8 | 33.9 | 11.9 |
UTM | Drillhole ID | East m | North m | Elevation m | Azimuth | Dip |
NAD83 Zone 11 | iCHU23-29 | 481771 | 4466011 | 1427 | 311 | -67 |
iCHU23-30 | 481771 | 4466012 | 1428 | 323 | -78 | |
iCHU23-31 | 481772 | 4466012 | 1428 | 000 | -77 | |
iCHU23-32 | 481772 | 4466011 | 1428 | 355 | -83 | |
iCHU23-33 | 481773 | 4466012 | 1428 | 019 | -80 | |
iCHU23-34 | 481773 | 4466011 | 1428 | 045 | -77 | |
iCHU23-35 | 481773 | 4466011 | 1428 | 073 | -82 | |
iCHU23-36 | 481774 | 4466011 | 1428 | 087 | -77 |
The Helen and CSD Gap zones are comprised of Carlin-style mineralization hosted primarily in the Favret limestone. Enhanced grades and thicknesses of mineralized zones occur at structural intersections, along the margins of dikes and sills, and within the axis of the northwest striking Cove anticline. The McCoy-Cove Property comprises a large package of approximately 13,000 hectares covering an area roughly 15 km by 10 km that offers substantial exploration upside as the bulk of work completed to-date has been focused on the main deposit areas. This work has resulted in several new discoveries that have received little to no follow-up including polymetallic mineralization in the 2201 and
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All samples were submitted to ALS Minerals (ALS) of
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.
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 McCoy-Cove and the potential of the Cove 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
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