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Wednesday, May 29, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

i-80 Gold finds high grade Carlin type gold results in Nevada

The company is ramping up a large-scale surface drill program to further define and expand the South Pacific Zone

i-80 Gold finds high grade Carlin type gold results in Nevada
Image via i-80 Gold Corp.

i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) has discovered high-grade results from its ongoing drill program intended to define mineralization in the upper part of the South Pacific Zone (SPZ) at the company’s Granite Creek Property in Humboldt County, Nevada.

Announced on Thursday, the new results from the seven new holes focused on mapping out the mineral deposits in the South Pacific Zone. The zone is north of the current mine and is expected to become the primary zone for mining.

The underground drill program targets the southern and upper part of the deposit, where initial mining will start. Results show continuous high-grade mineralization, with some of the best findings so far in the South Pacific Zone.

Some of the highlights from the seven new underground drill holes 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

With its improved financial position, the company is ramping up a large-scale surface drill program to further define and expand the South Pacific Zone (SPZ) before updating the resource estimate and conducting a Feasibility Study for the Granite Creek Property.

i-80 will use four drill rigs to complete this program. Additionally, the company is extending the main decline to access the SPZ, with initial stoping of this new zone expected by mid-year.

Property Location Map. Image from i-80 Gold Corp.

Read more: U.S. Gold to present at New York’s Current Trends in Mining Finance Conference

Read more: U.S. Gold secures US$4.9 million to advance Wyoming copper-gold asset

Carlin-type deposits characterized by gold particles

The Granite Creek Property is close to Nevada Gold Mines’ Turquoise Ridge and Twin Creeks mines, at the intersection of the Battle Mountain-Eureka Trend and the Getchell gold belt in Nevada.

High-grade mineralization occurs in a geological setting similar to the multi-million ounce Turquoise Ridge Mine just to the north, near the Getchell or Range Front fault on the eastern edge of the large Osgood Mountains intrusive complex. The Granite Creek deposit remains open at depth and along strike.

Carlin-type gold deposits, named after the Carlin Trend in Nevada, are a significant source of gold in the state and globally. These deposits are characterized by microscopic gold particles disseminated within sedimentary rocks, particularly carbonates. Carlin-type gold is typically invisible to the naked eye and requires complex processing to extract unlike other gold deposits that may contain visible gold or larger gold particles.

Nevada hosts several major Carlin-type gold mining jurisdictions, including the Carlin Trend, Battle Mountain-Eureka Trend, Getchell Trend, and the Cortez Trend.

Prominent companies operating in these regions include Nevada Gold Mines, a joint venture between Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and Newmont Corporation (NYSE: NEM) (TSX: NGT), as well as US Gold Corp. (NASDAQ: USAU).

US Gold is actively exploring and developing its Keystone and Maggie Creek projects on the Cortez and Carlin Trends respectively. Kinross Gold Corporation (TSX: K) (NYSE: KGC) is another notable mining firm in Nevada.

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U.S. Gold Corp. is a sponsor of Mugglehead news coverage

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