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i-80 completed multiple strategic transactions in 2021, the first year of it being a publicly traded Company, that position the Company to achieve its goal of becoming a prominent, stand alone, gold producer in the state of Nevada. i-80 acquired the
Importantly, the Company secured the ability to process all types of gold mineralization, including refractory gold bearing mineralization, through the acquisition of the Lone Tree processing complex and also through interim processing agreements with
To execute its "Hub and Spoke" development plan, i-80 intends to construct four new mining operations over the next three years, complete multiple large-scale drill programs, advance permitting, build a tier-one exploration, development and mining operations team, and restart the Lone Tree autoclave.
"With a strong balance sheet, we are concentrated on achieving our goal of becoming one of Nevada's largest gold producers", stated
"Executing our aggressive growth platform is the key focus for 2022 and management is in the process of building a tier-one management team with a track record of operational excellence in
Table 1 - 2022 Scorecard – Key Goals & Catalysts
Corporate Growth | |
Goal | Status |
Build Tier-One Management Team | Underway – Several key positions secured |
Secure Finances to Execute Growth | Currently |
Align with ICMM Principles | Underway |
Goal | Status |
Complete autoclave and metallurgy studies | Underway - Awarding Study Contracts |
Place long lead time orders for autoclave refurbishment | To be ordered once appropriate studies are completed |
Residual leaching program | Underway – Gold production expected in 20221 |
Goal | Status |
Achieve consistent ramp up mining rate | Ramp up plan underway |
Commence delivery of mineralization to NGM for processing | Targeting first delivery in H2-2022 |
Complete 20,000 m drill program | Underway – drill results throughout the year |
Complete updated mineral resource estimate | To be completed after drill program – update plan YE 2022 |
Complete underground feasibility study | Targeting completion in H2-2022 |
Goal | Status |
Complete +20,000 metre surface drilling campaign | Underway – drill results throughout the year |
Submit permitting for an underground mining operation | Work to initiate permitting underway |
Heap leach processing of 2021 mined material | Underway – Gold production expected in 2022 |
Complete updated mineral resource estimate | To be completed after drill program – update plan YE 2022 |
Complete PEA or Pre-Feasibility study | Targeting completion in H2-20221 |
McCoy-Cove | |
Goal | Status |
Initiate underground development program | Award Development Contract Q1-2022 |
Commence 40,000 metre Underground Drill Program | Targeting H2-2022 start once ramp is sufficiently developed |
Complete mine dewatering strategy | Underway – Targeting completion in 2022 |
Goal | Status |
Complete permitting of the heap leach open pit operation | Underway – Targeting completion in 2022 |
Complete resource estimate | Underway – Targeting release in H2-2022 |
1See Cautionary Note Below |
Lone Tree is expected to become the hub of i-80's Nevada operations, and the central processing facility for mineralization from the first four planned mining projects. Importantly, Lone Tree is host to infrastructure that, following successful refurbishment efforts, will allow it to process refractory and oxide mineralization. Currently on care and maintenance, the property hosts existing infrastructure that includes a whole ore autoclave with capacity of 1M Tonnes/year, a flotation circuit with capacity of 1.8M Tonnes/year, a CIC circuit & leach pad with 6.5M Tonnes of remaining capacity, a tailings dam with 1.5M Tonnes of remaining constructed capacity and an additional 10 M Tonnes of designed capacity, a waste dump, along with several buildings useful for the development of all i-80's projects including a warehouse, maintenance shop, administration building and assay lab.
In Q1-2022, the Company plans to award the contract to complete a detailed engineering study for the restart of the autoclave and secure key personnel to execute the restart plan. Additionally, permitting for the development of the Buffalo Mountain open pit mine is underway, where gold mineralization is expected to be processed at the Lone Tree leach pad facility. An initial resource for Buffalo Mountain is expected to be complete in H1-2022.
i-80 considers the Lone Tree infrastructure to be the most strategically located processing facility in
Granite Creek Property
The fully permitted
Table 2 – Granite Creek Underground Mineral Resources | ||||
Resource Class | Tonnes (1000's) | Gold Grade (g/t) | Gold Oz (000's) | |
Measured | 483 | 10.07 | 156 | |
Indicated | 525 | 10.70 | 181 | |
M&I | 1,008 | 10.40 | 337 | |
Inferred | 741 | 13.41 | 319 | |
Notes: | ||||
The primary goal of the 2021/2022 drill program is to advance underground drilling and test mining with a target of ramping up to production in H1-2022. Underground drilling will be focused on delineating sufficient resources for near-term mine development and full production, and a cubex drill was recently added to define initial stoping areas. Initially, material mined from Granite Creek will be trucked for processing at the nearby NGM's Twin Creeks processing facility through the interim processing arrangement that was entered into for processing until the Company's Lone Tree facility is operational.
In addition to the underground program at Granite Creek, the surface drilling program testing near-surface mineralization for metallurgical purposes and open pit definition was completed in 2021. This part of the program was competed primarily to advance permitting for open pit mining including heap leach processing on-site. A Preliminary Economic Assessment for the
Ruby Hill includes an open pit mine and related infrastructure (mill / heap leach) and is located immediately west of the town of
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
McCoy-Cove Property
In
Table 3 – McCoy Cove Mineral Resources | |||||
Resource Classification | Tonnes (000's) | Gold Grade (g/t) | (g/t) | Gold Ounces (000's) | Silver Ounces (000's) |
Indicated | 1,007 | 10.9 | 29.1 | 351 | 943 |
Inferred | 3,867 | 10.9 | 20.6 | 1,353 | 2,565 |
Notes: |
In the coming weeks, the Company will engage contractors to proceed with the initial underground development plan and drilling of approximately 40,000 metres that is expected to commence in the second half of 2022 followed by a Feasibility Study.
The McCoy-Cove Property is strategically located approximately 50 km south of the
ESG Initiative
The Company is focused on achieving industry best ESG practices. Since i-80's inception in
Financial Strength
In 2021, i-80 closed financings that will result in the Company having a strong balance sheet including nearly
About
Table 4 - i-80 Mineral Resources | ||||||||||||||
Resource Classification | Tonnes (000's) | (g/t) | (g/t) | Au Ounces (000's) | Ag Ounces (000)'s | |||||||||
Measured | ||||||||||||||
Granite Creek - | 20,857 | 1.47 | 988 | |||||||||||
Granite Creek -Underground | 483 | 10.07 | 156 | |||||||||||
Lone Tree - | ||||||||||||||
McCoy-Cove - Underground | ||||||||||||||
Ruby Hill - | ||||||||||||||
Ruby Hill - Underground | ||||||||||||||
Indicated | ||||||||||||||
Granite Creek - | 7,448 | 1.27 | 304 | |||||||||||
Granite Creek - Underground | 525 | 10.70 | 181 | |||||||||||
Lone Tree - | 7,223 | 1.77 | 410 | |||||||||||
McCoy-Cove - Underground | 1,007 | 10.90 | 29.1 | 351 | 943 | |||||||||
Ruby Hill - | 224,400 | 0.54 | 14.3 | 3,874 | 103,335 | |||||||||
Ruby Hill - Underground | 1,200 | 5.22 | 0.6 | 202 | 22 | |||||||||
Measured & Indicated | 263,144 | 0.76 | 12.33 | 6,465 | 104,300 | |||||||||
Inferred | ||||||||||||||
Granite Creek - | 1,531 | 1.26 | 62 | |||||||||||
Granite Creek - Underground | 741 | 13.41 | 319 | |||||||||||
Lone Tree - | 50,734 | 1.69 | 2,764 | |||||||||||
McCoy-Cove - Underground | 3,867 | 10.90 | 20.6 | 1,353 | 2,565 | |||||||||
Ruby Hill - | 162,700 | 0.39 | 14.0 | 2,062 | 73,472 | |||||||||
Ruby Hill - Underground | 8,210 | 6.02 | 1.7 | 1,588 | 439 | |||||||||
Inferred | 227,783 | 1.11 | 10.4 | 8,148 | 76,476 | |||||||||
Notes: | ||||||||||||||
Technical Information
The scientific and technical information contain in this press release has been reviewed by Tim George, PE, Manager of Engineering Services of i-80 and a Qualified Person within the meaning of NI43-101.
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, , completion of refurbishment and development activities at the Long Tree project, commencement of mining operations at the Lone Tree project or the Ruby Hill mine development activities at the Company's projects and resource updates in respect of certain properties, the objectives set out under 2022 Scorecard – Key Goals & Catalysts in this press release and the ESG initiatives. 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: failure to obtain the relevant regulatory approvals, material adverse changes, exercise of termination rights by any relevant party, unexpected changes in laws, 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, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Cautionary Note to U.S. Investors Concerning Estimates of Resources: This press release uses the term "inferred resources." "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. Information contained in the press release containing descriptions of any mineral deposits may not be comparable to similar information made public by
Cautionary Statement:
A production decision at each of the
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