Gold Company Finds 26.1 G/T Gold in Nevada

I-80 Gold Corp. (AU:TSX; IAUCF:OTCQX) recently put out a press release providing an update on its progress with the Granite Creek project, located in Humboldt County, Nevada. The company reports that its focus is on the Ogee and the South Pacific Zones, which both host deposits of high-grade gold.

According to the press release, the highlights of the results include 592 tons per day of mine production, representing a record for the company, including "467 feet of lateral development, including 225 feet of capitalized advance," increased mining availability on the Ogee zone, the installation of a new well and water treatment plant, and the start of a delineation program in the South Pacific Zone.

Drilling on the South Pacific Zone in 2023 included 26.1 g/t gold (Au), 25.6 g/t Au, and 15.5 g/t Au, reported the press release.

Matt Gili, the president and CEO of the company, commented, "We are very pleased with progress made throughout the year, resulting in substantial monthly mining increases that will see increased gold production. Refractory mineralization is now being delivered from stockpiles to Twin Creeks for processing, and we continue to progress development towards the SPZ, which is expected to result in increased production and enhanced mining operations."

Precious Metals See Resurgence of Interest

According to Richard Mills of Ahead of the Herd, copper and silver are going strong on account of their importance to green energy and electronics. Mills commented that "the speed at which copper demand outpaces supply will depend on the successful meeting of net-zero emission goals."

Technical Analyst Clive Maund rated the company a "Strong Speculative Buy" and cited a strong likelihood that the company's stock will see an upswing.

As for silver, Mills points out that there is a critical supply gap for the precious metal: "It took just two years of undersupply — the 2022 deficit and the 51.1 million oz shortfall from 2021 — to wipe out the cumulative surpluses from the previous decade, and this demand-supply gap is likely to remain for the foreseeable future."

The recent unrest caused by the conflict between Israel and Hamas has bolstered the price of gold, reported Stockhead. Gold, which is often seen as a safe haven investment by buyers, has also seen an uptick in interest from the Chinese market as the Yuan falters, concluded Stockhead.

A History of Positive Reviews

Technical Analyst Clive Maund rated the company a "Strong Speculative Buy" and cited a strong likelihood that the company's stock will see an upswing.

In September of 2022, Chen Lin visited the company's Granite Creek Mine, and this year, it was on the list of silver stocks he favored. Chen said of the company, "They continue making the discoveries of very high-grade gold, silver, and base metals in the middle of Nevada. I like the price."

Maund stated, "Given its very positive fundamentals, there is thought to be a good chance that it just hit bottom with yesterday's bullish candle, but if it should be forced even lower in a market crash situation, it could drop a little more to the red trendline and perhaps briefly below it, after which it should come back strongly."

In September of 2022, Chen Lin visited the company's Granite Creek Mine, and this year, it was on the list of silver stocks he favored. Chen said of the company, "They continue making the discoveries of very high-grade gold, silver, and base metals in the middle of Nevada. I like the price."

According to a company presentation, the company's 2023 drill program will target mineralization on the Ruby Deeps, Blackjack, Hilltop, and FAD Zones, and the company expects to establish infrastructure, including underground platforms and the Ruby Hill plant.

Ownership and Share Structure

Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own 2.18% of the company. According to Reuters, CEO and director Ewan Stewart Downie owns 2.18% of the company with 6.34 million shares.

Reuters reports that institutions own 53.36% of the company, as Equinox Gold Corporation owns 17.23% of the company with 50.24 million shares, Sprott Asset Management LP owns 8.06% of the company with 23.49 million shares, Orion Resource Partners (USA) LP owns 6.96% of the company with 20.30 million shares, Sprott Asset Management USA Inc. owns 5.64% of the company with 16.44 million shares, Fidelity Management & Research Company LLC owns 4.29% of the company with 12.50 million shares, BlackRock Institutional Trust Company, N.A. owns 3.10% of the company with 9.04 million shares, Waterton Global Resource Management owns 3.04% of the company with 8.88 million shares, Van Eck Associates Corporation owns 2.94% of the company with 8.57 million shares, and Goldman Sachs & Company, Inc. owns 2.10% of the company with 6.13 million shares.

According to Reuters, there are 291.54 million shares outstanding and 203.66 million free-float traded shares. Reuters also reports that the company has a market cap of CA$461.46 million and trades in the 52-week period between CA$1.93 and CA$4.22.

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1. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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