i-80 Gold Corp (TSX: IAU) (NYSE: IAUX) latest drilling campaign returned positive results at its McCoy-Cove Property in Lander County, Nevada.
The company said on Wednesday that it’s ongoing drill program is focusing on resource upgrades in the Helen and CSD/Gap Zones ahead of the completion of a resource estimate and feasibility study.
The underground drilling campaign returned assay results such as:
- 12.8 g/t Au over 14.2 metres, and 13.8 g/t Au over 7.6 metres (iCHU23-05)
- 11.1 g/t Au over 3.1 metres, and 24.1 g/t Au over 14.0 metres, and 44.2 g/t Au over 2.1 metres (iCHU23-07)
- 10.0 g/t Au over 3.6 metres, and 20.0 g/t Au over 2.3 metres, and 11.4 g/t Au over 7.9 metres (iCHU23-08)
- 9.6 g/t Au over 22.8 metres (iCHU23-09)
The company is currently advancing three projects to achieve its goal of becoming the second largest gold producer in Nevada. Alongside the underground drill program, the exploration and development program will involve completing the initial phase of the underground decline and drift.
Additionally, the company intends to complete detailed hydrological and metallurgical test work before its feasibility study is finished and following the underground definition drill program.
The company’s ongoing infill and step-out drill program will play a crucial role in advancing its plan to establish an underground mine at Cove. This will involve utilizing the existing decline, with the mined material being transported to the company’s Lone Tree facility for processing. Additionally, as per the processing agreement between the two companies, the material will also be processed at Nevada Gold Mines.
“The underground drilling program at Cove is focused on defining mineralization for ultimate mine planning,” said Tyler Hill, chief geologist of i-80 Gold.
“The first nine holes drilled have demonstrated continuity of gold mineralization in the upper portion of the CSD Gap horizon, confirming Cove as one of the highest-grade development-stage gold deposits in North America.”
Open pit mine at Cove. Image via i-80 Gold.
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i-80’s McCoy-Cove project historical production is 3.3m gold ounces
i-80 owns a 100 per cent interest in the McCoy-Cove project, which is located on the Battle Mountain Trend and is located immediately south of Newmont Corporation (NYSE: NEM) (TSX: NGT) joint venture, Nevada Gold Mines’ Phoenix operation.
The property’s historical production includes around 3.3 million ounces of gold and over 100 million ounces of silver. It harbours one of the highest-grade undeveloped gold deposits in Nevada. The company performed a preliminary economic assessment (PEA) study in 2021 for the property, revealing strong economic indicators.
The McCoy-Cove property comprises approximately 31,000 acres of land, offering significant potential for exploration.
i-80 Gold shares dipped 2 per cent to $2.99 on Wednesday on the Toronto Stock Exchange.
Vancouver-based Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is another gold explorer operating in Nevada.
Earlier this year, the company released its updated mineral resources and mineral reserves results for its operations in Nevada.
It’s pit-constrained mineral reserves at the Pan Mine, located in east-central Nevada, grew by 23 per cent to 234,000 ounces of gold. There was also a 12 per cent increase in the measured and indicated mineral resource at Pan Mine to 359,900 ounces of gold.
Other companies operating in Nevada include Americas Gold And Silver Corporation (TSX: USA), Kinross Gold (TSX: K) (NYSE: KYGC) and SSR Mining Inc. (TSX: SSRM) (NASDAQ: SSRM).
Calibre Mining shares dipped by 3.2 per cent to $1.51 on Wednesday on the Toronto Stock Exchange.
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