i-80 Gold Corp. (TSX:IAU) (NYSE:IAUX) revealed a groundbreaking discovery at its McCoy-Cove Property in Nevada, showing the company’s highest grade intercepts to date.
The company said on Monday that these results show the continuity of high-grade mineralization at the CSD/Gap Zone.
The current program aims to conduct approximately 40,000 meters of drilling at McCoy-Cove. The drilling is being done at 30-meter intervals to gather data for an updated resource estimate and economic study. The program specifically focuses on the CSD/Gap and Helen Zone sections of the deposit It’s important to note that the drilling does not cover the Cove South Deep and 2201 deposits, which contain mineralization below the pit but are not included in this particular program.
The company’s drilling camapaign at Cove brought back results like:
- iCHU23-10:
- 14.9 g/t Au over 32.7 meters, including 22.8 g/t Au over 14.8 meters
- iCHU23-11 :
- 15.7 g/t Au over 22.5 meters, including 21.8 g/t Au over 11.5 meters
- 18.9 g/t Au over 29.3 meters, including 27.8 g/t Au over 14.9 meters
Cove is one of the three projects that the company is currently working on to achieve its goal of becoming the second-largest gold producer in Nevada. Along with the underground drilling program, the exploration and development program will involve completing the initial phase of the underground tunnel and conducting thorough tests on water and metal properties. These activities are essential in preparing for a Feasibility Study, which will be carried out after the underground drilling program to assess the project’s viability.
“Grades and widths continue to meet or exceed expectations and are consistently at or above the current resource grade,” said Tyler Hill, chief geologist of i-80 Gold.
“With the Phase 1 underground decline nearing completion, the focus will shift entirely to the drill program, permitting and final mine approvals.”
The ongoing drill program, which includes infill and step-out drilling, is crucial for the company’s plan to build an underground mine at Cove.
After completing the underground drilling program, i-80 intends to carry out an updated mineral resource estimate and conduct a Feasibility Study.
Shares of i-80 Gold rose by 3.2 per cent to $3.02 on Monday on the Toronto Stock Exchange.
3D section view gap drill program. Image via i-80 Gold.
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Nevada offers a favourable environment for mining
Nevada offers a favourable environment for mining because of its abundant and valuable gold deposits. Over the years, Nevada has consistently produced a significant amount of gold due to its geological conditions that are conducive to gold formation.
Addtionally, Nevada offers a favorable environment for the mining industry. The state has mining-friendly regulations and policies, ensuring a stable and supportive framework for mining operations. With a well-developed mining infrastructure and a skilled workforce, mining companies have access to essential resources and expertise.
Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) also operates out of Nevada, and it recently recovered high grade gold assay results from its 2023 expansion drilling program at Pan Mine at the Battle Mountain Eureka gold trend in Nevada.
In a recent announcement, the company revealed that the results from the Palomino target, located south of the pit operation, indicate higher grades compared to the current mineral resource demonstrated at the Pan mine.
These results include:
- 2.08 g/t Au over 27.4 metres including 2.67 g/t Au over 19.8 metres in Hole PR23-058
- 3.84 g/t Au over 15.2 metres including 4.19 g/t Au over 13.7 metres in Hole PR23-026
- 2.02 g/t Au over 27.4 metres including 2.19 g/t Au over 24.4 metres in Hole PR23-030
- 1.89 g/t Au over 12.2 metres including 2.45 g/t Au over 9.1 metres in Hole PR23-062
Earlier this year, Nevada King Gold Corp (TSXV: NKG) (OTCQX: NKGFF) reported significant results from their drilling campaign at the Atlanta Mine Fault Zone in Nevada. Multiple drill holes returned high-grade mineralization, including 5.64 grams per g/t over 42.8 meters, with a section of 7.6 meters containing 28.5 g/t.
The company released assay results from nine vertical reverse circulation holes, which were drilled at the Atlanta Gold Mine Project. Situated in the Battle Mountain Trend, approximately 264 kilometers northwest of Las Vegas, Nevada, the drilling aimed to assess the grade and thickness of mineralized fault blocks in the Atlanta Mine Fault Zone (AMFZ) and the West Atlanta Graben. The holes were specifically drilled along Section 22-15N, located north of the Atlanta pit, as they moved towards the North Extension Target zone.
A few other companies operating in Nevada include Franco-Nevada (TSX: FNV) (NYSE: FNV), Barrick Gold (NYSE: GOLD) (TSX: ABX), and Newmont Corporation (NYSE: NEM) (TSX: NGT).
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