RENO,
Nev., Nov. 7, 2022 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce the results of a Scoping
Study completed by DRA Americas Inc. ("DRA") that was
commission by the Company to provide preliminary capital and
operating cost estimates for the potential restart of the existing
Ruby Hill mill and leach circuits to operating status.
The study was completed in two Parts to consider processing of
oxide gold and/or base metal mineralization. Part 1 was to provide
a preliminary estimate of capital and operating cost required for
the potential restart of the existing process facilities at Ruby
Hill for the processing of oxide mineralized material. Part 2 was
to provide a preliminary estimate of the capital and operating cost
required for converting the process plant from a mill/leach
facility processing oxide gold mineralized material to a base metal
flotation plant producing two concentrates (lead/silver and zinc
concentrates). Capital estimates for the possible restart and
conversion of the mill facility were developed at AACE Class 5
(Order of Magnitude) level, consistent with industry best practices
for scoping studies. The Study was not specifically based on
mineralized material from the Company's projects.
Highlight of the Study
include:
- A preliminary estimate of US$8.9
Million in capital, including contingency, indirects and
EPCM costs for the restart to process oxide material
- A preliminary estimate of US$65.7
Million in capital, including contingency, indirects and
EPCM costs for the conversion to a floatation plant producing two
concentrates (Part 2)
Drilling programs completed at Granite Creek and Ruby Hill have
identified more high-grade oxide mineralized material than
anticipated. At Granite Creek, drilling and mining of the Ogee Zone
has encountered a significant amount of oxide mineralization
including high-grade material that is currently being stockpiled
on-site. Drilling in the upper portion of the "426 Zone"
within the Ruby Deeps deposit has also encountered significant
oxide mineralization and the recently discovered "007 Zone" appears
to also be oxide. The 426 Zone is being modeled in the ongoing work
for an updated resource estimate and is expected be included in the
planned Preliminary Economic Assessment for the Ruby Deeps
deposit.
"With appreciable oxide mineralization having been identified at
both Ruby Hill and Granite Creek, we felt it was prudent to assess
the possible restart of the Ruby Hill CIL Plant as a second Company
operated processing facility.", stated Matt
Gili, President and Chief Operating Officer of i-80.
"Owing to the anticipated low capital cost, and accelerated
timeline for restart, this plant has the potential to enhance our
proposed stand-alone operating capabilities in Nevada. We plan to incorporate the results of
this work in our planned upcoming economic studies being completed
for Granite Creek and Ruby Hill."
Part 1 – Summary of estimates for
the restart of the existing process facilities at Ruby Hill
for the processing of oxide material
The Study contemplates that Run-of-Mine (ROM) mineralized
material would be fed to the existing primary and secondary
crushing circuits. A radial stacker conveyor would feed a
high-grade stockpile from where slot/tube feeders and a reclaim
conveyor located in a reclaim tunnel would feed a tertiary crushing
and screening circuit followed by a fine ore silo. The material
would then be fed from the fine ore silo to the ball mill and
classification circuit located in the mill building. The cyclone
overflow would feed a new trash screen installed prior to the
thickener. The thickener underflow would feed the leach tank, with
leach tailings reporting to belt filters. The filter cake produced
will deposit onto a conveyor feeding a new Agglomerator (Part of
the Low-Grade Oxide circuit) for placement on the existing leach
pad. The thickener overflow and filtrate would be fed to the carbon
absorption columns (CIC circuit). Nameplate feed rates for
the high grade and low-grade circuits are 298,297 and 867,107 tons
per year respectively. According to the study, the preliminary
estimate for the capital cost and associated Operating Cost
estimates are provided in Tables 1 & 2 below.
![Table 1 – Capital Cost for the Restart of the Oxide Plant (CNW Group/i-80 Gold Corp) Table 1 – Capital Cost for the Restart of the Oxide Plant (CNW Group/i-80 Gold Corp)](https://mma.prnewswire.com/media/1939664/Nov_7__2022_Table_1___Capital_Cost_for_the_Restart_of_the_Oxide_Plant.jpg)
![Table 2 – Operating Cost Estimate for the Oxide Plant Combined Low and High Grade Circuit (CNW Group/i-80 Gold Corp) Table 2 – Operating Cost Estimate for the Oxide Plant Combined Low and High Grade Circuit (CNW Group/i-80 Gold Corp)](https://mma.prnewswire.com/media/1939661/Nov_7__2022_Table_2___Operating_Cost_Estimate_for_the_Oxide_Plant_Combined_Low_and_High_Grade_Circui.jpg)
Part 2 – Summary of estimates for
conversion to a floatation plant yielding two
concentrates
The Study contemplates that ROM material would be fed to the
existing primary and secondary crushing circuit. A radial stacker
conveyor would feed a stockpile in the same location as the
High-Grade Oxide Stockpile in the Oxide Circuit. A reclaim tunnel
conveyor would feed a tertiary crushing and screening circuit
followed by a fine ore silo. The material would then flow from the
fine ore silo to the ball mill and classification circuit located
in the mill building.
It is contemplated that the flotation area would include
sequential lead/silver and zinc flotation circuits, each consisting
of a rougher followed by concentrate regrinding and three stages of
cleaning. Lead concentrate, zinc concentrate and flotation tailings
would each be dewatered and deposited in stockpiles. The tailings
would be transported to a filtered tailings storage area (Lined
Area) and would have a return pump feeding back captured solution
to the flotation process water tank. Nameplate feed rates through
the plant is 268,640 tons per annum. According to the study, the
preliminary estimate for the capital cost for the conversion to a
floatation plant and associated Operating Cost estimates are
provided in Tables 3 & 4 below.
Qualified Person
Tim George, PE, Mine Operations Manager, reviewed the technical
and scientific information contained in this press release and is a
Qualified Person within the meaning of NI 43-101.
About i-80 Gold Corp.
i-80 Gold Corp. is a well-financed, Nevada-focused, mining company with a goal of
achieving mid-tier gold producer status through the development of
multiple deposits within the Company's advanced-stage property
portfolio with processing at i-80's centralized milling facility
that includes an autoclave.
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, the
expansion or mineral resources at Ruby Hill and the potential of
the Ruby Hill project. 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.
The Scoping Study is not definitive and subject to further study
by the Company and not specifically based on material from the
Company's Projects but generic in nature.
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SOURCE i-80 Gold Corp