i-80 Gold Corp (TSX: IAU) (NYSE: IAUX) has reported positive initial results from its new 40,000-metre underground drill program at the McCoy Cove project in Lander County, Nevada.
The Reno Nevada-based miner announced the results on Tuesday and in addition to its drill program at the site, i-80 will be completing metallurgical and hydrological test work at McCoy prior to conducting a feasibility study and mineral resource estimate once the drill program has concluded.
The highest grade intercept the company obtained consisted of 12.9 grams per tonne of gold over 36.1 metres in hole iCHU23-04. Additional results include the following:
- iCHU23-01: 6.6 g/t Au over 6.0 metres
- iCHU23-02 13.2 g/t Au over 3.0 metres and 10.3 g/t Au over 7.8 metres
- iCHU23-03: 13.0 g/t Au over 6.0 metres
i-80 Gold Closes Deal To Takeover Paycore And Reports High-Grade Gold From Cove Project@i80GoldCorp pic.twitter.com/iohrk5qNJ6
— Allan Barry Laboucan (@allanbreports) May 9, 2023
Read more: NevGold intercepts quartz veining on the surface of Nutmeg Mountain
Read more: NevGold finds high-grade gold underneath the surface at Nutmeg Mountain
Prior to the new drill program, the McCoy Cove site had been inactive since 2018. McCoy is one of the projects i-80 is currently focused on with the goal of becoming the second largest gold producer in Nevada.
“Having not drilled the Cove deposit since 2018 as mine permitting was being advanced, many may have forgotten that it is one of the highest-quality deposits within i-80’s portfolio,” said the company’s CEO Ewan Downie.
“Our early results in the CSD Gap Zone confirm high-grade mineralization that makes Cove one of the highest-grade development-stage gold deposits in North America.”
3D View of the Cove Deposit and Drill Program. Photo via i-80 Gold
The ongoing drill program at McCoy will help the company to advance and develop the site’s underground mine through utilization of the current ramp with mined material expected to be sent to the company’s Lone Tree processing facility once it becomes operational.
i-80 also announced on Monday that it had finalized its acquisition of Toronto’s Paycore Minerals Inc. (TSX-V: CORE).
In February, the company expanded its land package at the Ruby Hill project in northern Nevada’s Battle Mountain Trend by approximately 14,250 acres.
Canada’s Fraser Institute, an independent education and public policy think-tank, recently ranked Nevada as the world’s number-one mining jurisdiction to invest in.
i-80 shares dropped by 5.44 per cent Tuesday to $3.13 on the Toronto Stock Exchange. Those shares have risen in value by 9.82 per cent over the past six months.
rowan@mugglehead.com
