New Canadian gold miner i-80 acquired Getchell project in Nevada
(Kitco News) - i-80 Gold (TSX:IAU), the new Canadian Nevada-focused gold mining company, announced today that it completed acquisition of the Getchell project in the Getchell gold belt near Winnemucca, Nevada, from Waterton for consideration consisting of US$50 million in cash and common shares, plus contingent value rights and warrants.
The Getchell project is located at the intersection of the Getchell gold belt and the Battle Mountain-Eureka trend immediately south of Nevada Gold Mines’ Turquoise Ridge operation.
The company said that open pit mining occurred on the property between 1980 and 1999 and underground test mining (the Pinson mine) was conducted in the early 2010s. The project currently hosts both a high grade open-pit and underground deposits with the combined Measured, Indicated and Inferred resources amounted to 2.1 million ounces of gold.
The company is currently progressing work on a Preliminary Economic Assessment for the project that is expected to be released during the current quarter. Permitting for the purposes of developing an open pit at Getchell is expected to be initiated in the near future.
i-80 Gold 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.