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Tuesday, May 21, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


i-80 GOLD CORP works towards a feasibility study for its South Pacific Zone

The 2024 drilling program will build on the success of the 2023 ‘Phase 1’ drilling

i-80 GOLD CORP works towards a feasibility study for its South Pacific Zone
Image via i-80 Gold Corp.

i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) provided an update on Tuesday regarding its Granite Creek Property in Humboldt County, Nevada.

The company expects the work from 2024 to include both definition and expansion drilling, as well as underground development and test mining of the South Pacific Zone (SPZ). Furthermore, it will include a feasibility study.

The primary focus will be to integrate the SPZ into the long-term mine plan. The SPZ will become the main mining horizon after the company extends the initial development to provide access.

The 2024 drilling program will build on the success of the 2023 ‘Phase 1’ drilling, which was conducted from both underground and surface positions. i-80 completed the underground drilling in the upper portion of the SPZ, where it expect initial stoping.  The company also conducted surface drilling in the northern portion of the deposit.

Both programs yielded exceptionally high-grade results, including:

  • 16.9 g/t Au over 5.7 m (0.49 oz/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 25.0 feet) in hole GCPU23-20
  • 19.2 g/t Au over 4.3 m (0.56 oz/ton Au over 14.0 feet) in hole GCPU23-21
  • 31.1 g/t Au over 21.9 m (0.91 oz/ton Au over 72.0 feet) in hole GCPU23-22
  • 27.3 g/t Au over 4.0 m (0.80 oz/ton Au over 13.0 feet) in hole GCPU23-25

As part of the 2024 program, the company intends to accelerate definition drilling to increase Measured and Indicated Mineral Resources before completing a Feasibility Study for the Granite Creek Underground mining operation. It will also carry out expansion and exploration drilling.

Read more: Calibre Mining high grade results to be used towards 2024 mining decisions

Read more: Calibre Mining intercepts rich gold mineralization at Nicaragua’s Limon complex

i-80 is aiming for an updated resource estimate and feasibility study

i-80 intends on completing an updated resource estimate and feasibility study at the SPZ after performing improved definition drilling, initial development and test mining.

“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,” said Ewan Downie, CEO of i-80.

Recently, i-80 has said it will sink USD$81.9 million into the project’s Helen and Gap zones in the McCoy-Cove property, over the next two years.

The McCoy-Cove property covers a vast area, approximately 15 kilometers by 10 kilometers. Historically, the site has produced 3.3 million ounces of gold and over 100 million ounces of silver. In 2021, the company completed the latest economic assessment for the operation, stating it will invest US$81.9 million in the project’s Helen and Gap zones over the next two years.

Located immediately south of the Phoenix operation run by Nevada Gold Mines, the Cove project sits within Nevada’s Battle Mountain gold trend.

Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) has also been exploiting the Battle Mountain trend since 2017 through its Pan mine. This mid-tier miner plans to start production at the neighbouring Gold Rock project this year. According to Calibre, this heap leach mine features grades that are 30 percent higher than those at Pan. Calibre expects the production from Gold Rock to raise its annual Nevada gold production to over 100 kilo ounces.


 Calibre Mining is a sponsor of Mugglehead news coverage


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