RENO, Nev. - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) announced today the latest drilling results from its McCoy-Cove Property in Lander County, Nevada, revealing significant high-grade gold mineralization within the Helen Zone. This development-stage gold deposit has been identified as one of the highest-grade in North America by the company.
The results, derived from the 2023 drilling program, include notable intercepts such as 22.6 grams per tonne (g/t) gold over 19.1 meters, 32.9 g/t gold over 14.9 meters, and 23.5 g/t gold over 12.8 meters. These findings are part of ongoing efforts to delineate the Helen Zone, which is anticipated to be the first area accessed in the Cove Mine.
Tyler Hill, Chief Geologist at i-80 Gold, expressed that the drilling outcomes have met or surpassed expectations, underscoring the rarity of deposits with such high-grade gold over considerable widths. He also highlighted the potential for expansion at McCoy-Cove and identified multiple high-potential exploration targets on the property.
The McCoy-Cove Property spans approximately 13,000 hectares and is strategically located in the Battle Mountain Trend, close to the Phoenix Mine owned by Nevada Gold Mines and within 83 kilometers of i-80's Lone Tree processing facility. The underground drill program at Cove is set to exceed 40,000 meters, focusing on the CSD Gap and Helen Zone portions of the deposit, with other zones like Cove South Deep and 2201 providing additional upside opportunities.
This news article is based on a press release statement from i-80 Gold Corp.
InvestingPro Insights
As i-80 Gold Corp. (NYSE: IAUX) showcases promising drilling results from its McCoy-Cove Property, investors are keen to understand the financial health and market sentiment surrounding the company. According to InvestingPro data, i-80 Gold Corp. currently holds a market capitalization of $450.9 million. Despite the company's significant revenue growth of 60.88% in the last twelve months as of Q3 2023, it's important to note that the company has a negative gross profit margin of -34.1% for the same period, indicating challenges in profitability.
Investors should also be aware of the company's stock price volatility. The one-week price total return as of day 65 of 2024 shows a notable increase of 12.4%, reflecting a significant return over the last week. However, this should be weighed against the broader context of the stock's performance, with a six-month price total return showing a decline of -23.68%, illustrating the stock's fluctuating nature.
Two key InvestingPro Tips for i-80 Gold Corp. investors to consider are the company's rapid cash burn and the lack of dividend payments to shareholders. These factors could influence investment decisions, especially for those looking for stable income or long-term sustainability in their investments. For a comprehensive list of tips, including analysts' profitability projections for the year and additional insights on stock price movements, investors can explore more at Investing.com/pro/IAUX. There are 7 additional InvestingPro Tips available, which can provide a deeper understanding of i-80 Gold Corp's financial and operational outlook. Don't forget to use the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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