i-80 Gold Commences Underground Mining Program at Granite Creek

Rhea-AI Summary

i-80 Gold Corp. (TSX:IAU, OTCQX:IAUCF) has initiated an underground mining program at its Granite Creek Mine in Humboldt County, Nevada. Following a successful 2021 drill program that delineated high-grade mineralization, two Cubex rigs are now on-site for further drilling. The company aims to ramp up production in 2022, with mined material prepared for transportation to Nevada Gold Mines for processing. The Granite Creek project features one of North America's highest-grade gold deposits, with grades over 10 g/t gold.

Positive

• Successful 2021 drill program identified high-grade mineralization.
• Initiation of the underground mining program, advancing towards production in 2022.
• Interim processing arrangements with Nevada Gold Mines enhance operational efficiency.
• Granite Creek hosts one of North America's highest-grade gold deposits, attracting investor interest.

Negative

• None.

RENO, Nev., Feb. 23, 2022 /PRNewswire/ - i-80 GOLD CORP. (TSX:IAU) (OTCQX:IAUCF) ("i-80", or the "Company") is pleased to announce that they have started the underground mining program at the Company's Granite Creek Mine ("Granite Creek" or "the Property") property located in Humboldt County, Nevada.

The 2021 drill program was successful in delineating high-grade mineralization in multiple areas proximal to the existing mine workings and two Cubex rigs are on site drilling to complete definition in advance of underground mining (see Figure 1).  The first stoping area has been defined and mining of the stope access to  this area is now underway. The Company remains on target to ramp up to production in 2022. Mined material will be stockpiled on-site in preparation for trucking to Nevada Gold Mines' ("NGM") nearby Twin Creeks facility pursuant to interim arrangements entered into with NGM to process mineralization from i–80's properties until the Company's Lone Tree facility is operational.

*See Press Release dated February 8, 2022 and Preliminary Economic Assessment NI 43-101 Technical Report Granite Creek Mine Project, Humboldt County, Nevada, USA dated November 9, 2021 for more information on referenced assay results

The Granite Creek Mine Project hosts both open pit and underground resources and is strategically located proximal to Nevada Gold Mines' Twin Creeks and Turquoise Ridge mines at the north end of the Battle Mountain-Eureka Trend at its intersection with the Getchell gold belt in Nevada (see Figure 2). The underground deposit at Granite Creek represents one of the highest-grade gold deposits in North America with resource grades in excess of 10 grams per tonne ("g/t) gold.

"The interim processing arrangement with Nevada Gold Mines has allowed us to fast-track the development of the Granite Creek underground operation, such that it will become Nevada's newest gold mine", stated Matt Gili, President and Chief Operating Officer of i-80.  "Granite Creek is one of four sites being prepared by the Company for mining in advance of the restart of our Lone Tree processing facility that includes an autoclave. Additionally, our highly successful drill program has not only defined areas for mining but has also resulted in new discoveries including the South Pacific Zone that has the potential to materially increase resources at Granite Creek."

Owing to the success of the ongoing drilling in expanding mineralization, the program has been increased to 30,000 metres in 2022. In addition to the underground program at Granite Creek, the Company continues to advance permitting for open pit mine on the Property including heap leach processing on-site.

Qualified Person

Tim George, PE, 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 Corp. is a well-financed, 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.

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 is the significance of the underground mining program at i-80 Gold Corp's Granite Creek Mine?

The underground mining program marks a crucial step for i-80 Gold Corp. as it seeks to begin production in 2022, capitalizing on high-grade mineralization identified in previous drilling.

What are the resource grades at Granite Creek Mine?

The Granite Creek Mine is noted for its high-grade resources, with gold grades in excess of 10 grams per tonne.

When did i-80 Gold Corp announce the commencement of the underground mining program?

i-80 Gold Corp announced the commencement of its underground mining program on February 23, 2022.

How will i-80 Gold Corp process the mined material?

Mined material will be stockpiled on-site and trucked to Nevada Gold Mines' Twin Creeks facility for processing until i-80's Lone Tree facility is operational.

What is the estimated length of the drilling program for i-80 Gold Corp in 2022?

The drilling program for i-80 Gold Corp has been expanded to 30,000 metres in 2022 to further define mineralization.