Gold price nears month high ahead of US inflation data
Investors are preparing for both US producer price and consumer price index numbers due this week.
i-80 Gold (TSX: IAU, NYSE: IAUX) shares jumped on Monday after the company announced high-grade results from underground drilling at its McCoy-Cove property in Lander county, Nevada.
Highlights from the Helen and CSD Gap zones include 48.3 grams per tonne (g/t) gold over 3 metres, 15.8 g/t over 15.8 metres, 14.3 g/t over 13.5 metres, 15.1 g/t over 7.4 metres and 22.6 g/t over 7.1 metres.
“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.
The results come as gold prices continue to touch historic highs, with the price of the yellow metal hitting $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 g/t over 19.1 metres, 32.9 g/t over 14.9 metres and 23.5 g/t over 12.8 metres.
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.
i-80 shares traded for $1.25 apiece for a 15.7% intraday gain on Monday, valuing the company at $462.9 million. Its shares traded in a 52-week range of $1.05 and $2.76.
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