i-80 Gold shares jump on high-grade results from underground drilling at Cove

Bruno Venditti | August 12, 2024 | 8:13 am News 
Image source: i-80 Gold

i-80 Gold Corp. (TSX: IAU, NYSE: IAUX) shares jumped on Monday after the company announced high-grade results from its underground drilling program at its 100%-owned McCoy-Cove Property in Lander County, Nevada.

The new results from the Helen and CSD Gap Zones complement previously released intercepts from the 2023 program, which returned up to 22.6 g/t Au over 19.1 m in hole iCHU23-37, 32.9 g/t Au over 14.9 m in hole iCHU23-38, and 23.5 g/t Au over 12.8 m in hole iCHU23-39.

New results from drilling at Cove include:

  • iCHU24-01: 48.3 g/t Au over 3.0 m (Lower Helen Zone) and 15.8 g/t Au over 15.8 m (Lower Helen Zone)
  • iCHU24-04: 14.3 g/t Au over 13.5 m (Lower Helen Zone)
  • iCHU24-08: 15.1 g/t Au over 7.4 m (Lower Helen Zone) and 22.6 g/t Au over 7.1 m (Lower Helen Zone)
  • iCHU24-12: 7.8 g/t Au over 28.7 m (Lower Helen Zone)
  • iCHU24-14: 13.7 g/t Au over 7.2 m (Lower Helen Zone) and 10.4 g/t Au over 38.8 m (Lower Helen Zone) and 11.0 g/t Au over 20.6 m (Lower Helen Zone)

Shares of i-80 surged 13% by 10:51 a.m. EDT, bringing the company’s market capitalization to C$458 million ($333 million).

“Definition drilling continues to return high-grade mineralization over impressive widths, making Cove an anchor project in the company’s future growth plans,” said Ewan Downie, CEO of i-80 Gold.

The McCoy-Cove project, located on the Battle Mountain trend, has historically produced about 3.3 million ounces of gold and over 100 million ounces of silver. The property hosts one of the highest-grade gold-silver deposits in Nevada.

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