Exhibit 99.1
i-80 Gold Announces High-Grade Results from Underground Drilling at Cove
Results Include 24.1 g/t Gold over 14.0 m – 12.8 g/t Gold over 14.2 m – 9.6 g/t Gold over 22.8 m
RENO, Nev., June 7, 2023 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the "Company") is pleased to announce additional positive results from underground drilling at the Company's 100%-owned McCoy-Cove Property ("Cove" or "the 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 Au over 14.2 m, and 13.8 g/t Au over 7.6 m (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)
- 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."
Figure 1 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
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.
| Table 1 – Highlight Assay Results from Cove Underground Drilling | ||||||
| New 2023 results from McCoy-Cove, estimated true thickness 80-95% | ||||||
| Drillhole ID | Zone | Type | From (m) | To (m) | Length (m) | Au (g/t) |
| iCHU23-05 | CSD Gap | Core | 322.0 | 336.2 | 14.2 | 12.8 |
| and | CSD Gap | Core | 342.9 | 350.5 | 7.6 | 13.8 |
| and | CSD Gap | Core | 374.4 | 377.3 | 2.9 | 8.8 |
| iCHU23-06 | CSD Gap | Core | NSI | |||
| iCHU23-07 | CSD Gap | Core | 301.1 | 304.3 | 3.1 | 11.1 |
| and | CSD Gap | Core | 317.3 | 331.3 | 14.0 | 24.1 |
| iCHU23-08 | CSD Gap | Core | 320.3 | 322.5 | 2.1 | 44.2 |
| and | CSD Gap | Core | 327.1 | 330.7 | 3.6 | 10.0 |
| and | CSD Gap | Core | 334.9 | 337.2 | 2.3 | 20.0 |
| and | CSD Gap | Core | 342.6 | 350.5 | 7.9 | 11.4 |
| iCHU23-09 | CSD Gap | Core | 317.8 | 340.6 | 22.8 | 9.6 |
| UTM | Drillhole ID | East m | North m | Elevation m | Azimuth | Dip |
| NAD83 Zone 11 |
iCHU23-05 | 482204 | 4465760 | 1418 | 153 | -82 |
| iCHU23-06 | 482203 | 4465760 | 1417 | 111 | -78 | |
| iCHU23-07 | 482202 | 4465760 | 1417 | 173 | -86 | |
| iCHU23-08 | 482204 | 4465757 | 1416 | 174 | -80 | |
| iCHU23-09 | 482204 | 4465757 | 1416 | 173 | -86 |
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 a resource of:
| Mineral Resources1 | |||||
| Tonnage | Au Grade | Ag Grade | Gold | Silver | |
| (kt) | (g/t) | (g/t) | (koz) | (koz) | |
| Indicated | 1,007 | 10.9 | 29.1 | 351 | 943 |
| Inferred | 3,867 | 10.9 | 20.6 | 1,353 | 2,565 |
| 1. Mineral Resources were calculated at a gold price of US$1500/oz, cut-off grade 0.141 opt Au, and is based on the Preliminary Economic Assessment issued by i-80 on April 13, 2021. | |||||
Please click here for further information on abbreviations
and conversions referenced in this press release.
QAQC Procedures
All samples were submitted to ALS Minerals (ALS) of Sparks, NV, which is an ISO 9001 and 17025 certified and accredited laboratory, independent of the Company. Samples submitted through ALS are run through standard prep methods and analysed using Au-AA23 (ALS) (Au; 30g fire assay) and ME-ICP61 (35 element suite; 0.4g 4 acid/ICP-AES). ALS also undertakes their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold Corp's QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.
Qualified Person
Tyler Hill, CPG-12146, Chief Geologist at i-80 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 Corp. is a Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company's advanced-stage property portfolio with processing at i-80's centralized milling facilities. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available at www.i80gold.com or by email at info@i80gold.com.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, the expansion or mineral resources at McCoy-Cove and the potential of the Cove project. Such 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 projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. 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: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
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SOURCE i-80 Gold Corp
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For further information: Ewan Downie - CEO; Matt Gili - President & COO; Matthew Gollat - Executive Vice-President, 1.866.525.6450, Info@i80gold.com, www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 07-JUN-23