i-80 Gold has acquired the Getchell Project in the Getchell gold belt near Winnemucca, Nevada, US, for a $50m consideration in cash and common shares.
The deal was signed by i-80 Gold, together with its subsidiary Premier Gold Mines USA, (PG USA) with affiliates of Waterton Global Resource Management.
With the deal now closed, i-80 Gold acquired all of the outstanding membership interests of Osgood Mining Company, which owns the Getchell Project.
i-80 CEO Ewan Downie said: “The Getchell Project is strategically located proximal to the Turquoise Ridge and Twin Creeks mining operations of Nevada Gold Mines.
“We look forward to immediately commencing a major drill campaign aimed at advancing the development of the high-grade Pinson underground mine within the next 12 months while at the same time progressing permitting of the open pit, heap leach, mining opportunity.”
The Getchell Project is located at the intersection of the Getchell gold belt and Battle Mountain-Eureka trend.
Following the completion of open-pit mining operations on the property between 1980 and 1999, underground test mining (the Pinson Mine) was conducted in the early 2010s.
Currently, the project hosts both a high grade open-pit and underground deposits. The Pinson Mine, since 2015, has been placed on care and maintenance.
i-80 Gold plans to undertake a drill campaign exceeding 22,000m at the Getchell Project to upgrade and expand mineralisation within both the underground and open-pit horizons.
With work underway on a project’s preliminary economic assessment, the firm plans to initiate permitting process in the near future for open-pit development of the project.