I-80 Gold (TSX: IAU, NYSE: IAUX) shares jumped 15.7% on Monday after the company announced high-grade results from underground drilling at its McCoy-Cove Property in Lander County, Nev.
Highlights from the Helen and CSD Gap zones include 48.3 grams gold per tonne over 3 metres and 15.8 grams gold over 15.8 metres in the Lower Helen zone in hole iCHU24-01; 14.3 grams gold over 13.5 metres in the Lower Helen zone in hole iCHU24-04; and 15.1 grams gold over 7.4 metres and 22.6 grams gold over 7.1 metres in the Lower Helen Zone in hole iCHU24-08.
“Definition drilling continues to return high-grade mineralization over impressive widths, making Cove an anchor project in the company’s future growth plans,” CEO Ewan Downie said in a news release.
I-80 shares traded for $1.25 apiece on Monday, valuing the company at $462.9 million. They’ve traded between $1.05 and $2.76 over the past 52 weeks.
The results come as gold prices continue to touch historic highs, with the price of the yellow metal hitting US$2,463.60 per oz. on Monday.
The new results from the Helen and CSD Gap Zones complement previously released intercepts from the 2023 program, which returned up to 22.6 grams gold over 19.1 metres in hole iCHU23-37, 32.9 grams over 14.9 metres in hole iCHU23-38, and 23.5 grams over 12.8 metres in hole iCHU23-39.
The McCoy-Cove project, located on the Battle Mountain trend, historically produced about 3.3 million oz. of gold and over 100 million oz. of silver. The property hosts one of the highest-grade gold-silver deposits in Nevada.
The project is located south of Nevada Gold Mines’ Phoenix Mine and its Lone Tree property.
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