Unless otherwise stated, all amounts referred to herein are in
2022 First Quarter Highlights:
- Recorded first gold sales from the assets acquired in 2021 - 1,489 ounces at AISC of
$1,249 per ounce sold - Completed ~100 metres of main ramp development and ~10,000 metres of drilling at
Granite Creek - Commenced refurbishment study at the Lone Tree autoclave
- Commenced construction of the underground decline at Cove
- Completed ~8,000 metres of the Company's ongoing +20,000 metre drilling program at Ruby Hill
- Continued to secure key personnel in building i-80's Tier One mine development team
"The quarter saw the Company progress on plan and within our budget as we aggressively pursue our peer-best production growth strategy to achieve our plan of becoming one of the leading gold producers in
Three months ended | |||||||||||
Three months ended | |||||||||||
(in thousands of | Total | ||||||||||
Revenue | 2,857 | ||||||||||
Cost of sales | (1,525) | ||||||||||
Depletion, depreciation, and amortization | (167) | ||||||||||
Mine operating income | 1,165 | ||||||||||
Expenses | |||||||||||
Exploration, evaluation, and pre-development | 9,254 | ||||||||||
General and administrative | 3,273 | ||||||||||
Property maintenance | 326 | ||||||||||
Share-based payments | 1,4426 | ||||||||||
Operating (loss) | (13,130) |
Production and sales from
Exploration, evaluation, and pre-development total costs of
Lone Tree is expected to become the hub of i-80's
During the quarter, the Company awarded the contract to complete a detailed engineering study for the restart of the autoclave to
i-80 considers the Lone Tree infrastructure to be the most strategically located processing facility in
Residual leaching activities at Lone Tree produced 843 ounces gold during the period at a cash cost per ounce sold and All-in sustaining cost per ounce sold of
In the first quarter, 2022, six drill rigs were active at
In addition to the drilling program the Company commenced twenty-four hour per day seven day per week mining and advanced the main decline 300 feet. The Company also initiated new ore access ramps.
The primary goal of the 2022 program is to advance the underground deposit to production and advance permitting and feasibility work on the open pit opportunity. Underground drilling is focused on delineating sufficient resources for mine development and sustained mining operations.
McCoy-Cove
Expenditures during the quarter were for construction of an exploration decline that has advanced approximately 300 feet in addition to metallurgical and hydrology studies, engineering of de-watering and mining options, and reclamation activities associated with the inactive tailings storage facility.
Multiple gold and polymetallic exploration targets exist on the property and i-80 will begin permitting for the construction of a decline to access the high-grade Ruby Deeps deposit and the
In the first quarter, 2022, three drill rigs were utilized, drilling a total of 18 holes for 8,078 meters. Thirteen holes were completed, and drilling completed was in-line with the plan. Drilling targets included infill and step-out drilling of the Ruby Deeps, the 426 Zone, and will test additional targets during the year.
Residual leaching activities ramped up at Ruby Hill with 646 ounces of gold sold during the period at a cash cost per ounce sold and All-in sustaining cost per ounce sold of
Investor Day Webcast & Conference Call –
In lieu of a management call on the quarter, the Company will host an Investor Day presentation in person at the
Conference Call
North American Toll-free: 1-888-204-4368
Confirmation #: 3896886
Webcast Link
Click HERE to access the webcast or visit our website at www.i80gold.com.
Conference Call Replay
A recording of the call can be accessed until
North American Toll-free Replay: 1-888-203-1112
Replay Code: 3896886
Qualified Person
The scientific and technical information contained in this press release was reviewed by Tim George, PE, Mining Operations Manager, and a Qualified Person within the meaning of National Instrument 43‑101.
About
www.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, actual production results and costs, results of operation outcomes and timing of updated technical studies at the Company's mineral projects, timing to advance mineral projects to production and advance permitting and feasibility work on the on its mineral projects and future production, development and exploration results. 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. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.
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