i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) reported a series of high-grade drill results from five holes at its McCoy-Cove property in Nevada on Thursday.
The McCoy-Cove project is situated in the state’s Battle Mountain Trend and has a land package spanning 31,000 acres. Most notably, the company intercepted 10.6 g/t gold over 38.8 metres and 27 g/t Au over 8 metres. Additional high-grade results include the following:
Hole iCHU23-13:
- 49.3 g/t Au and 21.0 g/t Ag over 2.2 metres
- 37.1 g/t Au and 19.1 g/t Ag over 3.6 metres
Hole iCHU23-14:
- 11.1 g/t Au and 3.4 g/t Ag over 20.6 metres
The company says the Phase I development of the Cove project consisting of the decline and exploration platform is now complete. i-80 has also completed drilling needed for the installation of piezometer wells for monitoring water pressure and says that preparations for a 40-day pump test are currently underway to complete the property’s final hydrological model.
A large-scale 40,000-metre drill program is now underway prior to i-80 releasing an updated mineral resource estimate and economic assessment applicable to the development of mining infrastructure at the site.
3D view of the Cove deposit and drill program. Image via i-80 Gold
Read more: Calibre Mining reports record breaking sales and increased net income in Q2
Read more: Calibre Mining expands resources from open pit at Nevada’s Pan Gold Mine
i-80 aims to be one of Nevada’s top gold producers
i-80 currently has a goal of becoming Nevada’s second-largest gold producer, being dwarfed only by Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and its Nevada Gold Mines joint venture with Newmont Corporation (NYSE: NEM) (TSX: NGT). Barrick operates the JV and Newmont holds a 38.5 per cent stake.
Cove is one of the projects the company is developing to try and accomplish that goal. The company also operates the Lone Tree, Granite Creek and Ruby Hill projects in the state.
“The drilling program in the CSD/Gap zone continues to confirm that Cove is one of North America’s highest-grade gold deposits with grades and widths that are consistently exceeding expectations, frequently above the current resource grade,” said i-80’s CEO Ewan Downie. A 2021 preliminary economic assessment determined that the property contained 351,000 indicated gold ounces.
i-80 shares dropped by 1.4 per cent Thursday to $2.52 on the Toronto Stock Exchange and have steadily declined by almost 38 per cent since the beginning of this year.
Open pit at the McCoy Cove project. Photo via i-80 Gold
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another gold producer that has intercepted high-grade drill results in Nevada recently. Significant lengths of high-grade mineralization from the Palomino target at the company’s Pan Gold Mine reported in July left analysts from Haywood Securities “gobsmacked” at the consistency of gold mineralization.
The most notable result consisted of 15.2 metres grading at 3.84 g/t Au including 13.7 metres with 4.19 g/t Au in Hole PR23-026.
Calibre Mining shares have risen by over 57 per cent since the beginning of this year and are currently trading for $1.43 on the TSX.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
