Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Bullion has fallen six days in a row and is set for a weekly loss of more than 4%.
i-80 Gold (TSX: IAU) has closed its offering and overallotment of approximately 69.7 million units priced at C$1.65 each to raise C$115 million ($83m) primarily for its projects in Nevada. The company has four advanced projects in the state.
Each unit consists of one common share and one-half of one share purchase warrant. The warrants are exercisable for 48 months from closing at an exercise price of C$2.15 each.
i-80 owns the Lone Tree property, including the former mine of the same name, in the Battle Mountain trend. Historically, the mine produced 4.2 million oz. gold, and substantial processing infrastructure remains. This includes a whole-ore autoclave, leach pad, carbon circuit, and flotation circuit. The company plans to make this the hub of its Nevada operations.
The past producing open pit Ruby Hill mine also has infrastructure, including a gold oxide processing plant, leach pad, and carbon circuit. i-80 plans to permit an underground mine at this site. Ore would be trucked to the Lone Tree property for processing.
The Granite Creek project is located at the intersection of the Getchell and Battle Mountain trends. Both high-grade open pit and underground resources have been outlined. The underground mine is permitted, and development is underway for mining this year.
i-80 also owns the McCoy-Cove project on the Battle Mountain trend. The historic mining operation produced about 3.3 million oz. gold and more than 100 million oz. silver. The property hosts one of the highest-grade gold-silver deposits in Nevada. A preliminary economic assessment (PEA) was completed in 2021, and exploration drilling has moved underground. A full feasibility study is being prepared.
