Mr. Tyler Hill reports
I-80 GOLD INTERSECTS HIGH-GRADE GOLD IN EXPANSION DRILLING AT GRANITE CREEK
i-80 Gold Corp. has released positive results from the continuing surface drill program, which includes stepout drilling at depth, at the company's Granite Creek property located in Humboldt county, Nevada.
High-grade results from drilling from the surface drill program that is targeting the expansion of mineralization at depth below the mine workings at Granite Creek suggest significant expansion potential. To date, 14 holes have been completed, testing at depth. Assays have been received for the first four holes and all have returned impressive gold grades and widths of mineralization.
Highlight results from initial deep drilling:
12.8 grams per tonne gold over 6.1 metres in hole iGS21-01;16.3 g/t Au over 7.1 m in hole iGS21-03;14.7 g/t Au over 10.2 m and 16.4 g/t Au over 3.4 m in hole iGS21-04;16.5 g/t Au over 5.3 m and 5.1 g/t Au over 6.7 m in hole iGS21-05.
The stepout program is one of multiple target areas being drilled in the current program that will comprise more than 20,000 metres from surface and underground and continue well into the new year. While the primary goal of the 2021 drill program is to advance underground and open-pit opportunities to production, an important part of the program is to expand resources at depth and along strike where the deposit remains open. When combined with wide-spaced historic drilling in the downdip expansion area, drilling has defined high-grade mineralization over a strike length of at least 600 metres and 250 metres of dip length and remains wide open at depth and along strike to the north.
"The expansion program at Granite Creek is demonstrating the significant upside opportunity and confirm the potential to materially increase high-grade resources," stated Tyler Hill, senior geologist of i-80. "The fault structures are becoming more competent at depth suggesting the potential for increased widths, improved ground conditions and minability, and enhanced continuity within the gold-bearing structures. Visually, every hole of the stepout program has intersected strong alteration and faulting."
High-grade mineralization at Granite Creek occurs in a near-identical geological setting as that at the multimillion ounce Turquoise Ridge mine located immediately to the north; proximal to a major regional fault (the Getchell or Range Front fault) on the eastern edge of the large Osgood Mountains intrusive complex. The Granite Creek deposit remains open at depth and along strike from the existing underground workings.
It is expected that refractory mineralization from the underground operation at Granite Creek will initially be trucked to Twin Creeks for processing, pursuant to the agreement recently entered into with Nevada Gold Mines, until such time that the company's Lone Tree facility is operational. A preliminary economic assessment for Granite Creek was released the past week based on the current resource and demonstrated the economic opportunity that is being advanced with an NPV5 (net present value at a 5-per-cent discount)of $244.9-million (U.S.) and an after-tax IRR (internal rate of return) of 34.2 per cent prior to considering the potential benefits that could be realized by utilizing the existing processing facilities at Lone Tree or incorporating any of the drilling performed by the company in 2021.
SUMMARY ASSAY RESULTS FROM INITIAL SURFACE DRILLING Drill hole IDFromToLengthAu(m) (m) (m) (g/t)iGS21-01386.6 392.7 6.112.8iGS21-03391.4 398.5 7.116.3iGS21-04288.0 289.6 1.537.4iGS21-04326.3 329.8 3.416.4iGS21-04336.7 337.9 1.244.1iGS21-04468.3 478.510.214.7iGS21-05398.4 403.7 5.316.5iGS21-05444.7 451.4 6.7 5.1* Hole iGS21-02 was drilled into the near-surface Mag pit target and is not included in this release.The new 2021 drill results from Granite Creek have estimated true widths of 70 to 80 per cent of drill intercept.
Of the more than 20,000 metres of drilling planned in the continuing drill program, approximately 12,500 metres have been completed. Initial underground rehabilitation to facilitate definition drilling has been completed as part of an aggressive plan to recommence mining from the existing mine workings and several areas are being prepared for test mining in advance of production ramp-up targeted for the first half of 2022.
Quality assurance/quality control procedures
All samples were submitted to Paragon Geochemical Assay Laboratories (PAL) of Sparks, Nev., which is an International Organization for Standardization 9001- and 17025-certified and -accredited laboratory, independent of the company. Samples submitted through PAL are run through standard prep methods and analyzed using FA-Pb30-ICP (Au; 30 g fire assay) and 48MA-MS (48-element suite; 0.5 g four-acid digestion/ICP-MS (inductively coupled plasma mass spectrometry)) methods. PAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold's QA/QC program includes regular insertion of CRM (certified reference materials) standards, duplicates and blanks into the sample stream with a stringent review of all results. Historic holes were assayed by various accredited laboratories. Refer to the Nov. 9, 2021, Granite Creek mine project preliminary economic assessment National Instrument 43-101 technical report for information on historic assays.
Qualified person
Tim George, PE, is the qualified person for the information contained in this press release and is a qualified person within the meaning of National Instrument 43-101.
About i-80 Gold Corp.
i-80 Gold is a well-financed Nevada-focused mining company with a goal of achieving mid-tier gold producer status. The company is one of the largest holders of gold and silver resources in the state of Nevada with plans to advance multiple projects to production.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.