i-80 Gold Corp. has announced that it is proceeding with its planned underground, advanced-exploration program at the company's 100%-owned McCoy-Cove property in Nevada.
McCoy-Cove is one of four projects currently being advanced by i-80 and one of the “key projects” contemplated in the company's plans to restart the Lone Tree processing facility that includes an autoclave.
“The underground plan will include the construction of a decline and a level that will include multiple drill bays in order to upgrade resources and complete a feasibility study,” said the company.
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The Cove deposit on the property represents one of North America's higher grade gold deposits with grades of more than 10 grams per tonne gold (g/t Au). The deposit remains open for expansion to the southeast.
"McCoy-Cove is one of the four projects being advanced, with mineralization anticipated to be processed at the company's recently acquired Lone Tree complex," said Matt Gili, President and COO of i-80, said in a statement. "With the processing arrangement we have with Nevada Gold Mines, in addition to our autoclave, we have secured the required processing that will allow us to build this high-grade mine that is an important component in our growth plans."
The company said that a formal request for proposal (RFP) document was submitted to six underground mining contractors and site visits were completed in November. “Contractor selection will take place in December 2021,” noted the company. i-80 is anticipating breaking ground for the underground plan at McCoy-Cove in early 2022.
The initial scope of work for the Cove Exploration Decline consists of a new portal and over 1,000 meters of underground development, according to the company. “From this decline and drill platform we will commence a 40,000 meter in-fill and definition drilling campaign, primary focused on upgrading the known resource,” added i-80.
The McCoy-Cove property is strategically located approximately 50 kilometers south of the company's Lone Tree complex, and immediately south of Nevada Gold Mines' Phoenix Mine within the Battle Mountain-Eureka Trend. The property is easily accessible through an all-season road from Highway 55 in Nevada.
i-80 Gold is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within its advanced-stage property portfolio to complement existing gold production from the Ruby Hill open pit.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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