$i-80 GOLD CORP. (TSX:IAU) Own 40% & Barrick Gold own 30% & Newmount 30% (“i-80”, or the “Company”) is pleased to provide an update for its 40%-owned South Arturo Property located in the Carlin Trend of Nevada. Reno, Nevada, April 21, 2021 –
$South Arturo is a joint venture with Nevada Gold Mines (“NGM”) and includes the high-grade El Nino underground mine, which is in production.
Work completed in 2020 included a successful expansion drill program at El Nino as well as work targeting the advancement of two additional development opportunities on the property; the Phase 1 open pit and the Phase 3 project.
El Nino
The 3,800 metre drill campaign completed in 2020 from underground drilling stations demonstrated the ability to extend mine life at depth with numerous high grade intercepts (previously released) including 26.76 g/t Au across 18.3 m, 17.11 g/t Au across 39.6 m and 5.73 g/t Au across 100.6 m.
Additional highlight results from new results received from the 2020 program are provided below. Following up on the success of this drill program, more than 8,000 meters of exploration drilling are planned in 2021 focused on extending mineralization further down dip at the Lower El Nino and Cloud Nine targets.
Highlight assay results for previously unreleased intercepts from the 2020 drill program include:
19.8 m of 12.20 g/t Au (SEC20012) 29.0 m of 6.20 g/t Au (SEC20014) 25.9 m of 14.05 g/t Au (SEC20015) Development of a ramp to access the deeper mineralization is under way and is expected to be completed in Q1 2023. Production of orebodies accessed from the ramp is expected to begin in Q2 2022.
Phase 1
More than 3,500 metres of drilling was completed on the near surface portion of the planned Phase 1 open pit to increase confidence in the ore reserves and upgrade mineral resources. This drilling returned higher than expected grade-thicknesses and Barrick has moved heap leach material from Phase 1 into their year-end 2020 mineral reserves. In 2021, the joint venture plans to complete further metallurgical work in advance of mine construction.
Phase 3
2020 drilling completed in the Phase 3 project area also returned favorable results and the joint venture partners have commenced trade-off studies to optimize the economics of the project as an underground versus open pit project, or a combination scenario. Initial work on the underground option has been encouraging and 3,500 metres of exploration drilling is planned to test the Hendrix target located between the El Nino and Phase 3 deposits.
“El Nino continues to deliver excellent results as demonstrated by the latest intercepts of our 2020 drill campaign. Multiple holes intersected zones of impressive grade over a mineable width”, stated Matt Gili, President and COO of i-80 Gold. “We expect to see these results incorporated into an updated mineral resource model expected later in 2021. The deposit remains open at depth and along strike”.
Figure 1 – El Nino isometric view – Drilling from underground platforms
i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. In addition to its producing mine, El Nino at South Arturo, i-80 is beginning to plan for future production growth through the potential addition of the Phases 1 & 3 projects at South Arturo and advancing the development of the Company’s Getchell and McCoy-Cove Projects.
Qualified Person
Tim George, PE, Manager of Engineering Services, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
The primary assay laboratories for the South Arturo Mine are ALS Minerals and American Assay Labs in Reno, Nevada. For a complete description of sample preparation, analytical methods and QA/QC procedures, refer to the technical report dated January 25, 2021 (effective date December 1, 2020), titled “Preliminary Feasibility Study for the South Arturo Mine, Elko County, NV” located on i-80’s website https://i80gold.com
and at www.sedar.com.
Abbreviations used in this press release are available by following this link (click here).
$MONETA EXTENDS GOLD MINERALIZATION ON THE DISCOVERY DEPOSIT AT GOLDEN HIGHWAY Toronto, Ontario – April 29, 2021 -
$Moneta Porcupine: One of the Largest Undeveloped Gold Projects in North America.
$Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta”) is pleased to announce the results from drilling on the extensions of the Discovery Deposit outside of the current NI 43-101 resource.
The drill holes were drilled as part of the expanded 2020/2021 winter drill program on the Golden Highway Project, 100 kilometres (“km”) east of Timmins, Ontario.
Highlights:
Drilling has intersected significant gold mineralization to extend the NI 43-101 underground gold resource estimate at Discovery:
• MGH20-165, located up-dip of the current Discovery resource: o Intersected 13.00 m @ 1.80 grams per tonne “g/t” gold “Au”, including 3.00 m @ 3.34g/t Au, including 1.00 m @ 4.05 g/t Au
o Intersected 4.00 m @ 2.70 g/t Au, including 2.00 m @ 4.25 g/t Au, including 1.00 m @ 5.63 g/t Au
• MGH20-166, located west and up-dip of the current Discovery gold resource:
o Intersected 7.00 m @ 2.06 g/t Au, including 1.00 m @ 3.91 g/t Au
• MGH20-167, located west and down plunge of the current Discovery resource:
o Intersected 20.40 m @ 0.89 g/t Au, including 0.90 m @ 2.39 g/t Au
• MGH20-171, located 500 m west of the current Discovery resource:
o Intersected 6.50 m @ 1.30 g/t Au, including 2.70 m @ 2.28 g/t Au,
including 1.00 m @ 4.55 g/t Au
“We are pleased to be continuing to intersect new gold mineralization outside of our current gold resources with our latest drilling,” commented CEO, Gary O’Connor.
“The drilling has intersected extensions of gold mineralization at Discovery, located on the northern splay of the Destor Porcupine Fault Zone, north of the South West underground resource and Windjammer South open pit deposit.
Significant gold mineralization has been intersected up to 500 m west, 150 m east and up to 100 m below the current Discovery resource.
$The drill results highlight the opportunity to continue to expand the underground resources at Discovery.
$The adjacent Discovery and Windjammer North underground resources currently contain 39,100 ounces gold in the indicated category and 191,200 ounces of gold in the inferred category at a 3.0 g/t Au cut-off, within a total project gold resource endowment of 3,967,000 ounces gold indicated and 4,399,000 ounces gold inferred.”
The latest assay results are from seven (7) drill holes, including one hole extension, for a total of 2,680.0 m of drilling, completed as part of the current 70,000 m 2020/2021 winter drill program.
The seven reported holes were targeting extensions of the Discovery resource that occurs north of the current Windjammer South and South West resources.
Drilling was focussed on extending the mineralization to the west and east as well as at depth.
The resource expansion drill program is continuing on the 2 Westaway, 55 Zone, South West, Windjammer South and new Halfway areas and further results are pending.
Safe jurisdiction in Timmins, Ontario with well established infrastructure.
Growing resources and new discoveries. Recent partnership with O3
$Mining’s Garrison Project to increase resources by 85% to 4.0MM gold ounces indicated and
by 32% to 4.4MM gold ounces inferred.
Moneta will hold one of the largest undeveloped gold projects in North America.
PEA results on South West deposit proves a robust gold project at US$1,500/ounce that produces C$236 million after-tax NPV5% and on our new partnership with O3 Mining’s Garrison project at US$1,450/ounce C$321 million after-tax NPV5%.
C$694 million after tax cash flow over the life of mine, South West and Garrison combined.
Regional scale exploration potential.
Creates largest land holder by a gold development company in the Timmins camp.
Expanding resource base.
An updated resource estimate will be announced in Q3, 2021 followed by an updated PEA on a much larger scale for the combined projects in early 2022.
Low cost discovery ounces.
Significant and growing resource with an active exploration program in Timmins, surrounded by major mining firms such as Pan American Silver, Kirkland Lake Gold, Newmont, OIII and McEwen Mining.
Insiders and investors aligned for long-term value creation.
Shareholders include Eric Sprott, K2 & Associates, Dundee Corporation, RBC, Mackenzie Funds, US Global, 1832 Asset Management.
Potential to fast track to feasibility study and production. Experienced management team.
About Moneta The Company holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The main Golden Highway Project covers 12 km of prospective ground along the DPFZ of which 2 km hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 676,900 ounces gold contained within 5.11 Mt @ 4.12 g/t Au and a total of 1,386,600 ounces gold contained within 10.78 Mt @ 4.00 g/t Au in the inferred category at a 2.60 g/t Au at South West and 3.00 g/t Au cut-off for the other deposits. A PEA study completed on the South West Deposit, one of 6 deposits located on the Golden Highway project, highlighted an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 year payback, generating C$371MM LOM after-tax free cash flow. The project envisaged underground mining producing 76,000 oz/pa at a cash cost of US$590/oz.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO 416-357-3319
Linda Armstrong, Investor Relations 647-456-9223
The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release includes certain forward-looking information and ----arry out its anticipated goals and objectives.
Forward-looking statements are based on the current opinions and expectations of management---to revise or update these forward-looking statements.
Newsfile Corp. October 22, 2020 - 5:00 AM PDT Tags: INDUSTRIAL METALS & MINERALS 1 Moneta Porcupine commences drilling 'We think we're going to play a big role in the future of Timmins'
Andrew Autio, Local Journalism Initiative reporterAndrew Autio, Local Journalism Initiative reporter Published on: October 19, 2020 | Last Updated: October 19, 2020 8:32 PM EDT
O’Connor said they are very excited to be a new developer in the Timmins camp, alongside some major players, and they have high hopes attached to The Golden Highway project.
“We should be able to grow significantly,” he said. “We think we’re going to play a big role in the future of Timmins.”
South West Deposit PEA Returns Positive Economics on Both Stand-Alone and Toll Milling Scenarios
This morning, Moneta released a PEA (Exhibits 1-4) for the South West deposit, part of its Golden Highway project in Timmins, Ontario. A conference call will be held tomorrow at 10:30am ET; dial-in: 343.761.2596.
Highlights
• Works as Stand-Alone Mine: The base case models a 1,750tpd processing plant (94% recovery) that will ramp up (over two years) production in the UG mine to ~86Koz pa (by year 5; average 76Koz pa @ 3.9g/t diluted LOM). The initial capex on the 11 year mine is $144M (includes 15% contingency). The average long-hole stoping mining width is projected to be 8m (minimum 3m). The ore will be brought to surface via a ramp that’ll use 30t trucks. Costs are expected to be around $90/t and during the LOM the average AISC is forecasted at US$747/oz. Using a $1,500/oz Au price the PEA returned a NPV5% of $236M and ~30% IRR.
• Works as a Toll Milling Mine: The alternate scenario would be a quick, low capex operation whereby ore is trucked to an existing plant in the area. In this option the company would incur no processing plant and tailings facility costs and permitting would be a breeze. The toll milling options assumed lower recoveries at 92%, removing the cheaper gravity circuit from the plan. The production profile is similar (average 74Koz pa over the 11 year LOM) but operating costs would be higher at $119/t and US$938 AISC. However, with the lower upfront capex at $65M the IRR improves to ~44% (NPV5%: $197M).
• Growing Resource Presents Upside: The PEA used a lower cut-off at 2.6g/t (from 3.0g/t) from the previously stated South West resource. This increased the size of the total indicated and inferred South West resource by 22% to 1.8Moz (from ~1.5Moz). We note, this PEA was based on where the majority of drilling has been so far, the South West deposit and is more than enough to get started. Satellite deposits could offer additional upside in the future.
• Surrounded by Operating Mines/Mills: Toll milling could occur at any of the existing mills in the area including Holt Holloway, Black Fox, Hoyle Pond, Hollinger, Timmins West, and Bell Creek. Kirkland Lake’s (KL-T, Not Rated) and Newmont’s (NEM-N, Not Rated) recent formation of a strategic alliance on exploration in the area also bodes well for the camp and Moneta.
Valuation – Cheap on Existing Resource
Our $0.35/share price target is based on an in-situ multiple (~US$50/oz Au or ~3% of our long-term gold price) on the 1.7Moz Golden Highway resource.
Bottom Line – Build it or Toll It, Either Way Works
The resource growth, stock valuation, and gold price will make the decision in the next year or so if industry players don’t act first. With a desirable location in an existing camp with many underutilized mills the existing resource alone renders Moneta undervalued. We maintain our Buy recommendation and $0.35/share target price.
bigone yes its exciting, well I held on to Moneta for long time and I think it precious resources can help to feed Dome Mill - ex....
Close to The Old Moneta Mine's large property on the South part is Dome Gold Mine: Ex.... Goldcorp/Newmont makes headway with plan to give Dome mine a new life Cecilia Jamasmie | July 4, 2017
(Image courtesy of Goldcorp via Flickr)
Goldcorp/Newmont makes headway with plan to give Dome mine a new life Porcupine’s Dome started as an open pit and then went underground. Newmont’s Goldcorp (TSX:NGT) (NYSE:NEM), the world’s number one bullion miner in terms of output, is moving forward with its Century project, which aims to extend the life its century-old Dome mine in Ontario.
The Dome mine received a negative sentence in January 2016, when Goldcorp announced it was closing the operation in the summer due to weak bullion prices that nearly half the company’s share price over the previous year.
A few months later, however, the company literally stroke gold as it found indicated mineral resource of 4.5 million ounces and a gold inferred mineral resource of 0.9 million ounces (for a total of 5.4 million ounces) at what is now being called the Dome Century Project.
GOLDCORP MAY BE ABLE TO BEGIN DEVELOPING THE OPEN-PIT CENTURY PROJECT -
Goldcorp kicked off then a conceptual study to expand the open-pit mine, which has just completed, and the project is entering its prefeasibility stage, expected to take about 18 months.
“If we want to be economically viable and continue to contribute to Timmins, we need projects like this to make that happen (…) this is just an example of some of the ideas we have to take PGM (Porcupine Gold Mines) into a second century,” Marc Lauzier, general manager at PGM-Goldcorp told Timmins Today.
Dome is one of the oldest operating gold mines in North America and one of the other two assets — Hoyle Pond and Hollinger open pit — that are part of the Porcupine operation.
While Dome has been what Goldcorp calls a “prolific” gold producer since it began production in 1910, reserves are declining fast. That leaves Porcupine with the Hollinger open pit, set to shut down by 2019, the Hoyle Pond underground operations and the processing facility, which is fed by all three mines.
The potential large-scale open pit Century mine is expected to be close to its development stage by the time Dome approaches the end of its life, Lauzier said.
Despite having sold quite a few mines recently, Goldcorp expects to produce approximately 2.5 million ounces of gold in 2017 and has set itself some ambitious targets for the next five years.
The Vancouver-based miner expects gold production to increase 20% to approximately 3 million ounces, excluding potential production from its Canadian projects and its NuevaUnión joint venture in Chile.
Beside Moneta Gold Mine property is Hollinger Gold Mines. Lord Conrad Black has been the major owner of Hollinger Mines for many years. The large Hollinger Mines underground workings butt right up to Moneta Porcupine Mine border -
Recently Lord Conrad Black was at Gold Show in Vancouver and questioned by Kitco about what he was thinking about that the dollar again be backed by: A Gold Standard return? Here’s how Lord Conrad Black sees it - 27,421 views • Jan 21, 2020