i-80 Gold Launches Underground Mine Testing Program in Granite Creek, Nevada

RENO, Nev., Sept. 14, 2021 / PRNewswire / – i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) (“i-80”, or the “Company”) is pleased to announce that the initial underground work rehabilitation has been completed on the Granite Creek Mine Property (“Granite Creek” or “the Property”) located at Humboldt County, Nevada and an underground mine testing program is currently underway.

Granite Creek is home to both surface and underground resources and is located close to Nevada Gold Mines (“NGM “) Twin Creeks and Turquoise Ridge Mines at the north end of Battle Mountain-Eureka Trend at its intersection with the Getchell Gold Belt in Nevada. The Granite Creek underground deposit represents one of the richest gold deposits in North America with resource grades greater than 10 grams per tonne of gold (see Table 1 below).

Table 1 – Granite Creek underground resource estimate


Tonnage
(kt)

Level At
(g / t)

Gold
(Koz)

Measured and Indicated

562

10.49

190

Inferred

1,520

11.90

581

Remarks:

  • The ICM (2014) defining standards were used to report mineral resources.
  • Ms. D. Nussipakynova, P.Geo., AMC takes responsibility for mineral resources.
  • The mineral resource COG is based on a metal price of $ 1,550 / oz Au. (cost and other assumptions shown in Table 14.13).
  • Underground mineral resources, as noted, are limited in the forms of underground workings modeled using a nominal minimum thickness of 15 ‘, above a gold cut-off grade of 0.15 opt Au.
  • Drilling results until December 31, 2015.
  • Drill database provided April 18, 2019.
  • Mineral resources that are not mineral reserves have not demonstrated their economic viability.
  • Numbers may not be calculated exactly due to rounding.
  • See the technical report entitled “Getchell Project NI 43-101 Technical Report Premier Gold Mines Limited and i-80 Gold Corp” effective July 23, 2020 and filed January 22, 2021.

Source: AMC Mining Consultants (Canada) Ltée.

The main objective of the 2021 program is to advance underground drilling and test mining with the objective of making a production decision. Underground drilling and advancements will focus on delineating sufficient resources for near-term mining development and the initial material mined from Granite Creek is expected to be trucked for processing at the nearby Twin Creeks processing facility via a interim treatment agreement with Nevada Gold Mines which was announced as part of a transaction announced on September 7, 2021.

“The interim treatment arrangement with Nevada Gold Mines represents a milestone for the i-80, removing the uncertainty about our ability to process refractory materials from the Granite Creek mine project, ”said Matt Gili, president and chief operating officer of i-80. “As NGM’s partner for several years in South Arturo, which will be transferred to NGM as part of the larger transaction, we have built a strong working relationship and look forward to continuing to strengthen this relationship as we realize our plan to develop several projects in the State of nevada. “

The test mining program at Granite Creek verifies the proper mining methods, cycles and sequences to advance underground ore titles, while controlling surface excavations and maintaining conditions of safe operation. Testing will include both mechanical cutting and conventional mining methods.

In addition to the underground drilling program at Granite Creek, the surface drilling program testing near surface mineralization for metallurgical purposes and the definition of an open pit is now complete. This part of the program was competed primarily to advance permits for surface mining, including on-site heap leach treatment. A preliminary economic assessment of the Granite Creek mining project is nearing completion and is expected to be released in the near future.

Technical informations

Tim George, PE, is the qualified person for the information contained in this press release and a qualified person within the meaning of NI43-101.

About i-80 Gold Corp.

i-80 Gold Corp. is a Nevada-focused mining company with the goal of achieving mid-level gold producer status. The Company expects to complete the acquisitions of the Lone Tree complex and the Ruby Hill project in the second half of 2021 and is advancing an underground development program for the Granite Creek project. i-80 is well funded with over $ 70.1 million (like a June 30th, 2021) in cash and recently signed funding agreements with Nevada Gold Mines and a non-binding condition sheet with Orion Mine Finance.

Certain statements contained in this press release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including, but not limited to, the completion of transactions contemplated by the exchange agreement, completion of the transactions contemplated by the Ruby Hill Accord, completion of the private placement with NGM, Equinox Gold Corp. and / or other underwriters, completion of the financing transaction with Orion, completion of the refurbishment and development activities of the Long Tree Project, commencement of mining operations at the Lone The Tree Project or the Ruby Hill Mine or estimates of mineral resources and reserves and the potential for exploration, development and production. These statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its plans or the results of the industry to be materially different from any future results, performances or achievements expressed or implied. by such forward-looking statements or information. Such statements may be identified by the use of words such as “could”, “”, “expected”, “predict”, “predict” and other similar terminology, or indicate that certain actions, events or results “may” , “could”, “would”, “could” or “will” be made, occur or be achieved. These statements reflect the current expectations of the company concerning future events, performance and results and are valid only as of the date of this press release.

Forward-looking statements and information involve significant risks and uncertainties, should not be interpreted as guarantees of future performance or results and will not necessarily be precise indicators of the achievement or otherwise of these results. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: failure to comply with the conditions relevant to the completion of the transactions described in the this document, failure to obtain relevant regulatory approvals, material adverse changes, exercise of termination rights by any relevant party, unforeseen changes in laws, failure to complete the Orion financing transaction according to satisfactory conditions, rules or regulations, or their application by the applicable authorities; failure of the parties to contracts with the company to be performed as agreed; social or work unrest; changes in commodity prices; and the failure of any exploration, reclamation, development or mining programs or studies to produce anticipated results or results which would justify and support the continuation of the exploration, studies, development or operations.

Cautionary Note to US Investors Regarding Resource Estimates: This press release uses the term “inferred resources”. “Inferred resources” present great uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources cannot form the basis of a feasibility study or a pre-feasibility study, except in rare cases. Information in the press release containing descriptions of mineral deposits may not be comparable to similar information made public by US companies subject to reporting and disclosure requirements under United States Federal securities laws and subsequent rules and regulations that disclose mineral reserves and mineral resources in accordance with Industry Guide 7 or the new SEC mining disclosure rules in Regulation SK 1300. The Industry SEC Guide 7 does not recognize the existence of resources. Under SK 1300, the definitions of reserves and resources are essentially similar to the corresponding CIM definition standards; However, there are differences between NI 43-101 and Regulation SK 1300 and, therefore, the information in the press release may not be comparable to similar information made public by US public companies in accordance with Regulation SK 1300 or SEC Industry Guide 7.

SOURCE i-80 Gold Corp

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