i-80 Gold Reports High-Grade Assay Results at Archimedes Underground Project Including 24.6 g/t Au Over 23.6 Meters; Development Advancing on Schedule
Archimedes drill intercepts spark confidence as i‑80 Gold stays on schedule for Q3 2026 production
- On April 8 2026 i‑80 Gold announced high‑grade assay results from its Archimedes Underground infill program, highlighted by a 24.6 g/t Au over 23.6 m intercept (hole iAU26‑05).
- Additional sulfide and oxide intercepts range from 8.0 g/t to 3.9 g/t Au over substantial widths, confirming continuity of mineralisation in the Upper Archimedes zone.
- The drilling programme is on track: 7,500 m drilled in 35 holes (Q4 2025‑Q1 2026) with a total target of 36 holes to be completed by Q2 2026.
- Underground development has reached ~1,200 m, permitting for Upper Archimedes is complete and the project remains within budget.
- The company reiterates its schedule to commence first gold production from Upper Archimedes in Q3 2026.
- Future milestones include an updated mineral resource estimate and a feasibility study due Q1 2027, incorporating ~60,000 m of additional drilling.
| Aspect | Prior expectation | New information | Impact |
|---|---|---|---|
| Drill grade | Expected high‑grade zones based on 2025 PEA (no oxide data) | 24.6 g/t Au over 23.6 m (plus several >8 g/t intercepts) – significantly higher than the historic average (~7–8 g/t) | Positive material – validates and upgrades the resource quality, supporting a stronger feasibility outlook |
| Project schedule | First production targeted Q3 2026 (per 2025‑26 financing announcements) | No delay; development continues on schedule with 1,200 m underground completed | Reinforces confidence; neutral to positive as it confirms prior guidance |
| Capital utilisation | Budgeted capital for Phase 1/2 was $1 bn (secured by March 2026) | Drilling and development remain “within budget” – no cost overruns reported | Neutral, but reduces execution risk |
| Resource estimate timing | Updated resource & feasibility expected Q1 2027 | Still on track; new high‑grade data will be fed into the upcoming study | Positive – higher grades may improve NPV/IRR assumptions |
Overall, the assay results are new and unexpected in magnitude, providing material upside to the Archimedes project’s economics while confirming schedule adherence. The news is therefore Material – Positive.
i‑80 Gold Corp. focuses on building a mid‑tier Nevada gold producer through five brownfield projects: Granite Creek (underground & open pit), Archimedes (underground), Cove (underground), Mineral Point (open‑pit oxide) and the Lone Tree processing complex.
- Archimedes Underground is the flagship, hosting 436 koz indicated and 988 koz inferred resources at ~7.6 g/t Au. The project targets first production in Q3 2026 with an eventual annual output of ~100 koz Au (AISC $1,893/oz).