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Monday, Feb 26, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

i-80 Gold intercepts 15.5 g/t over 19.7 m at Nevada’s Granite Creek project

The company reported record mill feed production at the project for the month of August

i-80 Gold intercepts 15.5 g/t over 19.7 metres at Nevada's Granite Creek project
Underground portal at the Granite Creek project, Humboldt County, Nevada. Photo via i-80 Gold

The Nevada miner i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) reported a series of new high-grade drill results from its Granite Creek project in the state’s north along with significant operational highlights for the month of August.

The company announced Wednesday that it intercepted 15.5 g/t gold over a significant length of 19.7 metres along with two higher-grade intercepts within shorter intervals. Specifically, i-80 reported 26.1 g/t Au over 5.7 metres and 25.6 g/t Au within 5.5 metres in two of the other holes at the site’s South Pacific zone.

The new drill results are superior to intercepts reported from the South Pacific zone in October last year, which most notably included 15.7 g/t Au over 6.6 metres and 25.2 g/t Au in a 5.3 metre interval. However, they are inferior to intercepts from November, which included 28.2 g/t Au over 17.8 metres and 39 g/t Au throughout 9.5 metres.

i-80 also reported record mill feed production at the project averaging 592 tons of mineralized material production daily, completed 467 feet of lateral development, mobilized a water treatment plant and started underground in-fill and stope delineation drilling in the South Pacific zone’s upper levels.

“Initial results from our ongoing drilling program in the South Pacific zone have confirmed high-grade gold mineralization over mineable widths including some of the highest-grade results received so far from the multiple programs that have been completed on this zone,” said i-80’s Chief Geologist Tyler Hill.

The company’s shares rose by 5.9 per cent Wednesday to $2.15 on the Toronto Stock Exchange.

Read more: Calibre Mining reports strong Q3 cash flow with 26% increase to US$97M

Read more: Calibre Mining publishes open pit gold estimate for Cerro Volcan Gold, Nicaragua

Nevada is a prime mining jurisdiction

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is another company with substantial gold mining infrastructure in Nevada, primarily including its Pan gold mine — a continually expanding open pit operation with exceptional resources. Its operations in the state helped the company achieve a 50 per cent increase in gold production year-over-year at the end of Q3.

Calibre produced 9,729 ounces from its Nevada operations during the third quarter of 2023 and has seen its cash balance increase by 72 per cent since the beginning of the year to US$97 million.

Calibre shares rose by 5.75 per cent Wednesday to $1.47 on the Toronto Stock Exchange and have risen substantially by 61.5 per cent since the beginning of 2023.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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