i-80 Gold Announces Initial Assay Results From Mineral Point Open Pit Project in Nevada Including a Step-Out Hole of 1.33 g/t Au and 39.2 g/t Ag Over 225.6 Meters

Strong step-out drilling confirms mineralization and underpins a large, well-funded expansion program.

What the company is saying

i-80 Gold is highlighting initial 2026 infill and step-out drill results from the Mineral Point open pit heap leach project, emphasizing that all 19 step-out holes intersected mineralization, with over half yielding more than 100 meters of gold-silver intercepts. The company frames these results as evidence for potential resource growth beyond the 2025 PEA pit shell, and points to a large, ongoing drill program targeting 130,000 meters across 300 holes. The narrative stresses the scale of the existing resource—216.98 Mt indicated (3.38 Moz Au, 104.33 Moz Ag) and 194.44 Mt inferred (2.12 Moz Au, 91.47 Moz Ag)—and the robust economics outlined in the 2025 PEA: a 17-year mine life, ~280,000 oz/year gold equivalent production, $614 million after-tax NPV(5%), and 12% IRR at $2,175/oz Au and $26/oz Ag. Funding is presented as secure, with $50 million from Franco-Nevada, of which $25 million is already allocated. The tone is confident but measured, explicitly noting that resources are not reserves and that the PEA relies partly on inferred resources, so further technical work is needed.

What the data suggests

The reported drill results are specific and material: 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters (iMP26-07), 1.70 g/t Au and 61.5 g/t Ag over 170.7 meters (iMP26-23), and 0.82 g/t Au and 40.1 g/t Ag over 202.7 meters (iMP26-09). Of 35 holes, 19 were step-outs, all mineralized, with more than half exceeding 100 meters of gold-silver intercepts, supporting the claim of mineralization continuity outside the current resource. The Mineral Point open pit resource stands at 216.98 Mt indicated (3.38 Moz Au, 104.33 Moz Ag) and 194.44 Mt inferred (2.12 Moz Au, 91.47 Moz Ag), but these are not reserves. The 2025 PEA projects a 17-year mine life, ~280,000 oz/year gold equivalent production, $614 million after-tax NPV(5%), and 12% IRR at $2,175/oz Au and $26/oz Ag. The 2026/2027 drill program is ambitious—targeting 130,000 meters, with 30,000 meters completed by August—and is funded by a $50 million Franco-Nevada royalty, with $40–45 million earmarked for exploration and $5 million for technical and pre-permitting work. The evidence supports the narrative of a large, advancing project, but the reliance on inferred resources and absence of reserves means economic viability is not yet established.

Analysis

The announcement provides detailed and specific technical results from the ongoing 2026 drill program, including multiple long gold-silver intercepts and a clear summary of current resources. The tone is measured, with most claims supported by disclosed data, and the forward-looking elements (completion of drilling, pre-feasibility study, and potential resource growth) are appropriately caveated. The capital program is significant ($40–45 million exploration plus $5 million technical/pre-permitting), but funding is already secured via a $50 million Franco-Nevada royalty, reducing financial risk. The main gap between narrative and evidence is the reliance on PEA projections (NPV, IRR, mine life) that are based in part on inferred resources and not yet supported by reserves or a feasibility study. However, the company explicitly notes these limitations. The benefits (production, cash flow) are long-term, with drilling to finish in Q1 2027 and a pre-feasibility study targeted for mid-2027, so no near-term earnings impact is implied. Overall, the language is proportionate to the stage and results.

Risk flags

• ●The project relies heavily on inferred resources, which are geologically less certain and cannot be converted directly into reserves without further drilling and technical studies. This introduces significant uncertainty into the economic projections and mine planning.
• ●The 2025 PEA's economics—$614 million after-tax NPV(5%) and 12% IRR—are based on $2,175/oz Au and $26/oz Ag price assumptions, which may not reflect future market conditions. Any sustained drop in commodity prices would materially impact project viability.
• ●The timeline to a pre-feasibility study is long, with drilling not expected to finish until Q1 2027 and the study targeted for mid-2027. This exposes the project to execution risk, including potential delays, cost overruns, or technical setbacks during the remaining 100,000 meters of drilling.
• ●Planned spending is high—$40–45 million for exploration and $5 million for technical and pre-permitting work over 2026/2027—placing pressure on capital discipline and project management, even though funding is secured via the Franco-Nevada royalty.
• ●The step-out drilling results, while positive, do not yet translate into a resource upgrade or reserve conversion. Until a new resource estimate and pre-feasibility study are delivered, the scale and economics of any future mine remain unproven.

Bottom line

i-80 Gold's initial 2026 drill results at Mineral Point confirm mineralization in all step-out holes, supporting the case for potential resource growth beyond the current pit shell. The project is large, with an indicated and inferred resource base totaling over 6.5 million ounces of gold and nearly 200 million ounces of silver, and is backed by a $50 million Franco-Nevada royalty financing. The 2025 PEA outlines attractive headline economics—$614 million after-tax NPV(5%) and 12% IRR at $2,175/oz Au and $26/oz Ag—but these are scenario-based and rely on inferred resources, not reserves. The path to value is long, with drilling to finish in Q1 2027 and a pre-feasibility study targeted for mid-2027, so no near-term production or cash flow is expected. Key risks include the heavy reliance on inferred resources, commodity price sensitivity, and execution challenges in delivering the remaining drill program and technical studies. Investors should view this as a well-funded, high-potential but early-stage project where the most important next milestone is the delivery of a pre-feasibility study with upgraded resources and initial reserves.

Announcement summary

(NYSE:IAUX) i-80 Gold announced initial 2026 infill and step-out drill results from the Mineral Point open pit heap leach project. Highlighted intercepts include 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters in hole iMP26-07, 1.70 g/t Au and 61.5 g/t Ag over 170.7 meters in hole iMP26-23, and 0.82 g/t Au and 40.1 g/t Ag over 202.7 meters in hole iMP26-09. Of the 35 holes reported, 19 were step-outs outside the existing mineral resource, and all 19 encountered mineralization, with over half returning more than 100 meters of gold-silver intercepts. The current Mineral Point open pit resource is 216.98 million tonnes indicated (3.38 million ounces Au, 104.33 million ounces Ag) and 194.44 million tonnes inferred (2.12 million ounces Au, 91.47 million ounces Ag). The 2025 preliminary economic assessment (PEA) outlined a 17-year mine life and approximately 280,000 ounces per year gold equivalent production after ramp-up, with an after-tax NPV(5%) of $614 million and a 12% IRR at $2,175/oz Au and $26/oz Ag. The 2026/2027 drill program targets approximately 130,000 meters across 300 holes, with about 30,000 meters completed by the end of August. Planned spending is $40–45 million on exploration plus approximately $5 million on technical and early pre-permitting work, funded from a $50 million Franco-Nevada royalty financing. An initial $25 million has already been allocated, with a second $25 million available after the first tranche is spent. Drilling is expected to finish around Q1 2027, supporting a pre-feasibility study targeted for mid-2027. All 19 step-out holes were mineralized, with over half showing more than 100 meters of gold-silver intercepts, indicating potential resource growth outside the 2025 PEA pit shell. The release notes that Mineral Point’s reported resources are not mineral reserves, and the PEA partly relies on inferred resources.

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