i-80 Gold Releases High-Grade Results from Underground Drilling at Granite Creek
i-80 Gold announced high-grade results from its underground drilling at the Granite Creek Property in Nevada. The latest results from seven new drill holes in the South Pacific Zone include 22.0 g/t Au over 29.0 m and 60.5 g/t Au over 4.1 m. These findings confirm substantial gold mineralization and continuity in the area, which is expected to become the primary mining zone in H1-2024. The company aims to extend mine workings to access initial stopes. Additionally, a large-scale surface drill program with four rigs is planned to further define and expand the South Pacific Zone ahead of a new resource estimate and Feasibility Study.
- High-grade gold results: 22.0 g/t Au over 29.0 m and 60.5 g/t Au over 4.1 m.
- Confirmed continuity of mineralization in the South Pacific Zone.
- Planned initial stopes in the SPZ for H1-2024.
- Large-scale surface drill program with four rigs planned.
- Upcoming updated resource estimate and Feasibility Study.
- No immediate production or revenue generation from these findings.
- Potential financial strain from the large-scale surface drill program.
Insights
The reported drilling results from i-80 Gold's Granite Creek Property indicate exceptionally high-grade gold mineralization in the South Pacific Zone (SPZ). The grades mentioned, such as 22.0 g/t Au over 29.0 meters and 60.5 g/t Au over 4.1 meters, are notably high by industry standards, suggesting a potentially profitable mining operation. These results are essential because they confirm the continuity of high-grade zones, which can lead to consistent and predictable extraction rates once mining commences. This reliability is important for long-term operational planning and financial modeling.
Furthermore, the strategic location of the Granite Creek Property adjacent to established mining operations like the Turquoise Ridge and Twin Creeks mines boosts its attractiveness. Proximity to these operations likely means shared infrastructure and lower transportation costs, enhancing overall project economics. The expected commencement of initial stopes in the SPZ by H1-2024 indicates a clear timeline towards production, which is important for investor confidence.
For retail investors, these results suggest that i-80 Gold has a solid resource base with significant upside potential. However, it's also important to monitor the costs associated with the ramp-up and any potential operational challenges as the project progresses.
The financial implications of i-80 Gold's recent drilling results are substantial. High-grade mineralization directly translates to higher revenue potential due to the increased amount of gold that can be extracted per ton of ore. With grades like 22.0 g/t Au, the company can expect lower production costs as less material needs to be processed to obtain the same amount of gold compared to lower-grade deposits. This factor significantly enhances the project's Net Present Value (NPV) and Internal Rate of Return (IRR), making it an attractive investment.
Additionally, the ongoing drilling program and plans for an updated resource estimate and feasibility study indicate that i-80 Gold is in a strong position to secure further funding or partnerships. The company's improved financial position and the use of four drill rigs to expedite the exploration process are positive signals of their commitment and capability to advance the project efficiently.
Investors should consider the potential for increased share value as the project moves closer to production. However, they should also remain cautious about any delays or cost overruns that could impact the overall financial performance.
The high-grade results from i-80 Gold's Granite Creek Property are likely to positively influence market perceptions of the company's stock. The impressive grades and continuity of mineralization reported are significant because they indicate strong potential for future production and revenue generation. These factors often drive investor interest and can lead to an increase in stock price as market confidence grows.
The timing of these results is also advantageous, given the current trend in gold prices. With geopolitical uncertainties and inflationary pressures, gold continues to be viewed as a safe-haven asset. This market environment could amplify the positive impact of i-80 Gold's drilling results on its stock price.
Retail investors should note that while the news is promising, the actual market reaction will depend on broader market conditions and investor sentiment. It’s also important to watch for the outcomes of the upcoming feasibility study and any further updates on the drilling program, which will provide additional insights into the project's viability and potential profitability.
Including 22.0 g/t Au over 29.0 m, 18.4 g/t Au over 14.4 m & 60.5 g/t Au over 4.1 m
The new results are from seven new holes drilled in the underground campaign focused on the delineation of mineralization within the South Pacific Zone ("SPZ"). The SPZ is located immediately north of the current mine workings and is expected to become the primary zone for mining (see Figure 1). Initial stopes in the SPZ are being planned for H1-2024 once mine workings are extended to provide access.
The underground drill program is focused on the southern and upper part of the deposit, where initial mining is planned. Results from the underground program continue to demonstrate continuity of high-grade mineralization with some of the best results received to-date in the South Pacific Zone.
Highlight results from the most recent seven new underground drill holes testing the South Pacific Zone at Granite Creek include:
- GCPU23-33: 17.7 g/t Au over 7.0 m
- GCPU23-45A: 27.2 g/t Au over 4.0 m
- GCPU24-01: 18.1 g/t Au over 14.4 m
- GCPU24-02: 22.0 g/t Au over 29.0 m
- GCPU24-04: 11.0 g/t Au over 22.4 m
- GCPU24-04: 60.5 g/t Au over 4.1 m
"The ongoing surface and underground drilling program at Granite Creek continues to confirm impressive high-grade gold mineralization, including over substantial widths.", stated Tyler Hill, Chief Geologist of i‑80. "Importantly, the South Pacific Zone is expected to become the primarily source of mineralization at Granite Creek and remains open along strike to the north and at depth, providing considerable upside."
Drillhole ID | Zone | Type | From (m) | To (m) | Length (m) | Au (g/t) |
GCPU23-33 | SPZ | Core | 75.0 | 75.7 | 0.7 | 37.7 |
And | SPZ | Core | 158.2 | 161.2 | 3.0 | 8.9 |
And | SPZ | Core | 194.8 | 195.7 | 0.9 | 37.3 |
And | SPZ | Core | 206.7 | 213.7 | 7.0 | 17.7 |
GCPU23-44 | SPZ | Core | 92.2 | 92.8 | 0.6 | 10.5 |
GCPU23-45A | SPZ | Core | 168.2 | 172.2 | 4.0 | 27.2 |
GCPU24-01 | SPZ | Core | 34.3 | 36.0 | 1.6 | 14.7 |
And | SPZ | Core | 153.7 | 168.0 | 14.4 | 18.1 |
GCPU24-02 | SPZ | Core | 200.9 | 229.8 | 29.0 | 22.0 |
GCPU24-03 | SPZ | Core | 8.2 | 9.0 | 0.8 | 18.3 |
GCPU24-04 | SPZ | Core | 181.2 | 203.6 | 22.4 | 11.0 |
And | SPZ | Core | 208.5 | 210.0 | 1.5 | 14.6 |
And | SPZ | Core | 214.6 | 215.8 | 1.2 | 23.9 |
And | SPZ | Core | 219.9 | 224.0 | 4.1 | 60.5 |
True widths estimated 10 |
Table 1a - Collar Coordinates | ||||||
UTM | Drillhole ID | East m | North m | Elevation m | Azimuth | Dip |
NAD83 | GCPU23-33 | 478223 | 4554278 | 1328 | 046 | -40 |
GCPU23-44 | 478223 | 4554278 | 1328 | 052 | -47 | |
GCPU23-45A | 478223 | 4554277 | 1328 | 076 | -57 | |
GCPU24-01 | 478223 | 4554276 | 1329 | 096 | -62 | |
GCPU24-02 | 478223 | 4554277 | 1328 | 057 | -77 | |
GCPU24-03 | 478224 | 4554277 | 1328 | 067 | -75 | |
GCPU24-04 | 478224 | 4554278 | 1328 | 055 | -51 | |
With its improved financial position, the Company is in the process of ramping up a large-scale surface drill program to complete further definition and expansion drilling of the SPZ in advance of an updated resource estimate and Feasibility Study for the Granite Creek Property. Four (4) drill rigs will be used to complete this program. Additionally, the main decline is being extended to provide access to the SPZ and initial stoping of this new zone is expected mid-year.
The Granite Creek Property is strategically located proximal to Nevada Gold Mines' Turquoise Ridge and Twin Creeks mines at the north end of the Battle Mountain-Eureka Trend, at its intersection with the Getchell gold belt in
The Company will hold an "Investor Day" presentation immediately following its Annual General Meeting (AGM) today, May 14, 2024, being held at Bennett Jones LLP office – 100 King St W Suite 3400,
Webcast URL: https://app.webinar.net/eb85pbLyxrG |
Phone Number Information: |
North American Toll-free: 1-888-664-6383 |
Local Toronto: 1-416-764-8650 |
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
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