i-80 Gold Corp revealed that the company has kicked off its underground, advanced-exploration program at its 100%-owned McCoy-Cove property in Nevada, achieving another goal as part of its 2022 comprehensive plan.
In addition, industry veteran Jon Laird has joined the company as the manager of the Cove Mine project and will oversee the development program.
McCoy-Cove is one of four projects currently being advanced and is expected to be a key component in the company's plans to restart the Lone Tree autoclave. Construction of the decline is now underway, and the Phase 1 program will include construction of an initial level with multiple drill bays to provide access for upgrading resources, said the company.
READ: i-80 Gold aims to become Nevada’s second-largest gold producer
Nearly 40,000 metres (m) of underground definition and expansion drilling is expected to begin in the second half of 2022, followed by a feasibility study anticipated to be completed in 2023, it added. The Cove deposit represents one of North America's highest grade gold deposits with grades more than 10 grams per tonne (g/t) gold (Au).
The deposit remains open for expansion down-dip, according to the company.
Meanwhile, Laird, who has joined i-80 to as the Cove Mine project manager, was previously the project manager responsible for bringing the El Nino mine (Nevada Gold Mines joint venture) into production. More recently, he worked at Hycroft Resources as well as the Underground Mine Operations Superintendent at Barrick Gold's Hemlo Mine in northwestern Ontario.
"McCoy-Cove is one of three underground mining projects being advanced, ultimately with mineralization to be processed at the company's recently acquired Lone Tree Complex,” said i-80 president and COO Matt Gili, in a statement.
"With interim processing arrangements with Nevada Gold Mines, in addition to our autoclave, we have secured the required processing that will allow us to build our portfolio of high-grade projects including the Cove Mine that is an important component in our growth plans," he added.
The McCoy-Cove property is strategically located around 84 kilometres (km) south by road from the company's Lone Tree Complex and immediately south of Nevada Gold Mines' Phoenix Mine within the Battle Mountain-Eureka Trend. The property is accessed by an all-season road from Highway 55 in Nevada.
i-80 Gold Corp is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status. The firm’s portfolio now has five projects — Lone Tree, Brooks/Buffalo Mountain, Granite Creek, McCoy-Cove, and Ruby Hill. Lone Tree will act as the hub of i-80’s operation, providing integrated processing infrastructure for all types of ore.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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