i-80 Gold (TSX: IAU) closed its private placement and overallotment of 69.7 units at CAD$1.65, and raised CAD$115 million for its Nevada-based projects.
Each unit includes a share and one-half of a share purchase warrant. The warrants are exercisable for four years at CAD$2.15 each.
i-80 owns the Lone Tree property. It includes the former mine with the same name in the Battle Mountain trend. The mine produced 4.2 million ounces of gold and still possesses all the processing infrastructure. A few examples include a whole-ore autoclave, leach pad, carbon circuit and flotation circuit and the company intends on making this the hub of its operations in Nevada.
Additionally, the company plans to permit an underground mine at the Ruby Hill site, which also has leftover infrastructure in place. This includes a gold oxide processing plant, leach pad, and carbon circuit. The company will truck ore to the Lone Tree property for processing.
The Granite Creek project is located at the intersection of the Getchell and Battle Mountain trends. It contains both high-grade open pit and underground resources. Authorities have permitted the underground mine, and i-80 has started development for mining this year.
i-80 also owns the McCoy-Cove project on the Battle Mountain trend. This is a historic mining operation that produced approximately 3.3 million ounces of gold and over 100 million ounces of silver in its lifetime. This property hosts one of the highest-grade gold-silver deposits in Nevada. i-80 completed a preliminary economic assessment (PEA) in 2021 and has transitioned to underground exploration drilling. The company is preparing a full feasibility study.