i-80 Gold Corp. [IAU-TSX; IAUX-NYSE] reported additional positive results from underground drilling at the 100%-owned McCoy-Cove property located in Lander County, Nevada. The ongoing ~40,000-metre drill program is focused on upgrading resources in the Helen and CSD/Gap Zones in advance of completing an updated resource estimate and a full feasibility study.
Highlight results from recent 2023 drilling at Cove include 12.8 g/t gold over 14.2 metres, and 13.8 g/t gold over 7.6 metres (iCHU23-05); 11.1 g/t Au over 3.1 m, and 24.1 g/t Au over 14.0 m, and 44.2 g/t Au over 2.1 m (iCHU23-07); 10.0 g/t Au over 3.6 m, and 20.0 g/t Au over 2.3 m, and 11.4 g/t Au over 7.9 m (iCHU23-08); and 9.6 g/t Au over 22.8 m (iCHU23-09).
The underground drilling program at Cove is focused on defining mineralization for ultimate mine planning,” stated 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.”
Cove is one of three projects currently being advanced to realize the Company’s goal of becoming the second largest gold producer in Nevada. In addition to the underground drill program, the exploration and development program will also include the completion of the first phase of the underground decline and drift, and detailed hydrological and metallurgical test work in advance of completing a Feasibility Study following the underground definition drill program. The ongoing infill and step-out drill program will aide in the advancement of the Company’s plan to develop an underground mine at Cove utilizing the current decline with material trucked to the Company’s Lone Tree facility, once operational, for processing in addition to Nevada Gold Mines pursuant to the processing agreement between the two companies. Following the underground drill program, i-80 plans to complete an updated mineral resource estimate and a Feasibility Study.
Cove is one of the company’s primary assets and is host to indicated resources of 1,007,000 tonnes of 10.9 g/t gold and 29.1 g/t silver, for e351,000 oz gold and 943,000 oz silver. Inferred resources are 3,867,000 tonnes of 10.9 g/t gold and 20.6 g/t silver, for 1,353,000 oz gold and 2,565,000 silver.