i-80 Gold completed the previously announced purchase agreement of Waterton Global Resource Management Inc.’s interest in Osgood Mining Co. LLC, for $50 million in cash and common shares. Osgood is the owner of the Getchell Project near Winnemucca, Nevada.
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 project currently hosts both a high grade open-pit and underground deposits and the Pinson mine has been in care and maintenance since 2015.
The Getchell Project will be i-80’s focus in 2021 with a 22,000-plus meter drill campaign designed to upgrade and expand mineralization within both the underground and open-pit horizons, according to the company. The company is progressing work on a preliminary economic assessment for the project, which it expects 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.
“The Getchell Project is strategically located proximal to the Turquoise Ridge and Twin Creeks mining operations of Nevada Gold Mines,” CEO Ewan Downie said. “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.”
i-80 recently spun out of Premier Gold Mines Ltd. and holds it gold projects in Nevada, with Equinox Gold holding 30% of the company.
