PRECIOUS METALS

i-80's hub-and-spoke plan starts to roll

TSX-listed i-80, which is creating a comprehensive mining complex in Nevada, US, has sold its first gold, which comes via the Lone Tree and Ruby Hill heap-leach operations.

Nathan Richardson
i-80's hub-and-spoke plan starts to roll

The company's share price has hit a record high. 

"After less than a year in existence, we have produced our first gold from ongoing residual leach projects. We continue to execute the development of several projects within our portfolio as planned, with the goal of becoming a significant operator in the State of Nevada," i-80's executive vice president Matthew Gollat said. 

The milestone for the company - which has a market capitalisation of C$850.24 million (US$663.22) - followed two weeks of strong gains to its share price. 

From February 25 to March 9, the stock rose from C$2.67/share to C$3.55/share. The March 9 price was the highest i-80 had seen since listing on the TSX in April last year. 

The company, spun out of Premier Gold Mines following the latter's acquisition by Equinox Gold, is using the Lone Tree processing complex as the hub in its Nevada-based hub and spoke model.

Mineralisation from Granite Creek, Ruby Hill, and McCoy-Cove are to feed the Lone Tree autoclave, and mineralisation from the Brooks and Buffalo Mountain open pit will be processed at the Lone Tree heap-leach facility. 

"Current gold production is the result of leaching existing heap-leach pads. The nearby Brooks and Buffalo Mountain mining operations are currently being advanced, with material to be trucked to the Lone Tree leach pad," i-80 said. 

"Mining of the Brooks deposit is anticipated to commence in the second half of 2022," the company added. 

The company's goal is to ultimately produce more than 500,000 ounces of gold annually.

 

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