i-80 Gold shares up after land acquisition at Getchell

i-80 Gold (TSX: IAU) has completed a property acquisition with members of the Christison family and Seven Dot Cattle Co. LLC to secure mineral and surface interests at the recently acquired Getchell project in Humboldt County, Nevada.

The lands acquired include an approximate 42% interest in certain claims that host a significant portion of the open pit resource at Getchell and the potential extension of the Pinson underground deposit, the company said in a press release.

The property interests also include private surface ownerships that will allow for the development of an open pit. 

The total consideration consisted of $10 million in cash and 2,430,488 common shares of i-80 Gold.

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.

In 2021, the company plans to complete a Preliminary Economic Assessment and major drill programs, both on the surface and underground.

The goal is to advance the Pinson underground mine, currently under care and maintenance, to a production decision on an expedited basis. 

Pinson is host to a high-grade resource that includes 190,000 ounces of gold (Measured & Indicated) at a grade of 10.49 g/t and 581,000 ounces of gold (Inferred) at a grade of 11.90 g/t making it one of the highest‑grade, fully permitted gold deposits in North America.

Midday Wednesday, i-80 Gold’s stock was up 2% on the TSE. The company has a C$457 million market capitalization.