Hey Jill, thanks everyone for being here this afternoon. I'm excited to be here and share with you the growth story that is i-80 Gold. I'll give a broad overview of the company, and then we'll jump into some exploration and drilling details across our projects. Just a cautionary disclaimer: there will be forward-looking statements. I'd encourage you to visit our website for more information. All right, with i-80, we operate in a Tier 1 mining jurisdiction. All of our projects are in Nevada, specifically Northern Nevada. We have an industry-leading pipeline of gold projects. We have a pathway to over 500,000 ounces of gold in annual production by the early 2030s. We're the fourth largest mineral resource holder in the state of Nevada, and all of our deposits are open for expansion. The total resources are about 14 million ounces, with 6.5 million in measured and indicated.
You can really think of us as three high-grade operations and two open pits. The high-grade underground operations, we have about 3.5 million ounces there at around 8.5 grams. Those are located at Granite Creek, Cove, and Ruby Hill. The open pit resources are located at Granite Creek and Ruby Hill as well. I'll touch on those in a bit. We operate this hub and spoke model. We have a central processing facility located at Lone Tree. We have an autoclave that we'll be refurbishing over the next couple of years. Material from Granite Creek, Cove, and Ruby Hill will all be trucked to that central facility for processing. At i-80, we have a strong resource base. Again, the underground resources there, Granite Creek, Archimedes, Cove, the two largest Archimedes and Cove. We do expect these to grow with additional drilling in the future.
The open pit resource base, a large portion of that is at Mineral Point, which is at Ruby Hill. That will be a big oxide open pit. It's currently 5.5 million ounces of gold and 200 million ounces of silver at about 0.5 gram gold and about 15 grams silver. Elsewhere at Granite Creek, about 1.4 million ounces there at 1.2 grams, and we'll talk about that in a bit. There's the Lone Tree Pit that's a little over 3 million ounces, but is not in our current or future plans right now. We're establishing a scalable multi-asset mid-tier gold producer, and we're taking a phased approach. In phase one, we'll produce 150,000 to 200,000 ounces of gold a year, and that will be from the Granite Creek Underground Project and the Archimedes Underground Project. That will be processed at our Lone Tree autoclave facility.
Granite Creek is already in production, and it continues to ramp up. Archimedes Underground, we just started construction last week, and it'll be about 14 months until we touch the first mineralized material there. In phase two, we'll bring on the Cove Underground Project and the Granite Creek open pit and reach 300,000 to 400,000 ounces of annual production. Mineral Point comes on a little later in the early 2030s and gets us to over 600,000 ounces of gold production a year. We have a new development plan, and we've sequenced all these assets to get to that production. There's a lot of information on this slide. It will be on our website, and I don't have a lot of time to go into detail here.
Again, it's kind of rehashing that plan: Granite Creek and Archimedes first, with the material going to Lone Tree for processing in 2028, once that's refurbished. Until then, it's toll milled through a third party. The second phase, then Cove Underground and Granite Creek come on, and those both start construction in 2028. Mineral Point has a fairly long permitting timeline with construction in 2030 and production in 2031. We have significant value embedded across our portfolio. We just put out five PEAs earlier this year on all of our projects. Those PEAs were run at a $2,175 gold price, and that gave a net present value of $1.6 billion at that $2,175 gold price. At a $2,900 gold price, the value rises to $4.5 billion. There's a lot of leverage to the price of gold with our projects.
We do expect the economics of these projects to improve with additional drilling ahead of the feasibility studies. All right, we'll dive into the projects a little more and talk a little bit about geology. This is Mineral Point, the green shape you see there. This is down at Ruby Hill, and then the Archimedes Underground in the red shape there. These are both adjacent to the historic Archimedes Pit, which produced 1.5 million ounces of gold in the 1990s and early 2000s by Homestake and Barrick. On the next slide, we'll look at a long section of the Archimedes Underground deposit, and then we'll talk a bit more about Mineral Point. This is our second planned underground mine, and as I mentioned, we started construction last week on this. We're portaling out of the historic Archimedes Pit there.
We're currently permitted to mine above the 5,100 level, and we're taking a sequential approach. We're currently permitting to mine below the 5,100 level. We expect a feasibility study in 2027 here, and we'll be drilling underground later this year on the upper portion, that orange shape you see, which we call Upper Archimedes. Later next year, we'll have a large infill campaign on Lower Archimedes, which is the red shape. There's still a good amount of exploration potential here. These shapes represent what made it into the Preliminary Economic Assessment as far as mineralized material. You'll note a hole we drilled in 2023 out there on the left contains 6.9 grams of gold over about 50 meters. That hole is kind of just off by itself there. We'll definitely look to infill around that hole.
Down at depth, those two holes are actually beneath the bottom of the pit, and those are the only two holes anywhere in that area. They're in the 5 to 10 meter range of 12 to 15 grams. They're in a separate stratigraphic unit compared to the mineralization you see here. That's an exciting upside target for us. As I mentioned, we'll begin drilling here Q4, infill drilling on Upper Archimedes, and then a bigger program next year for that feasibility study. Most of the resource here is inferred, so we need to get to measured and indicated for feasibility. One last thing, the deposit is also open to the north, which would be the right side of the image here. Production is starting in the second half of 2026 and ongoing construction right now. All right, Mineral Point.
Mineral Point is a very large oxide gold-silver deposit, and it's the largest deposit in our portfolio. It has the potential to become one of Nevada's largest open pit truck and shovel operations. The focus for this year is baseline studies in preparation for permitting applications, and we're doing a bit of drilling there for geotechnical and metallurgical work. This will need a significant amount of drilling in the future, probably on the scale of over 100,000 meters to do additional infill and step-out work. That is probably a few years out at this point. We currently have strategic evaluations underway, doing some optimization and looking at the timing of a pre-feas or feasibility study here. As I mentioned earlier, there is a longer permitting timeline here with construction expected in 2030, but this would be an on-site heap leach operation.
On the next slide, we'll look at a cross-section through the northern portion of Mineral Point. The southern half of Mineral Point, if you look at the bottom image, that's a long section. You'll see there's a lot of drilling down there to the south. It's mostly drilled out to measured and indicated in the southern portion. The northern portion has a bit more sparse drilling. That's where most of the inferred material is. If you look at a cross-section, it really remains open to the east and west. A lot of these holes have ended in mineralization. Off to the right there, that's under the active heap leach pad. Homestake drilled those holes. It would have been about the mid-1990s, drilled around 1,000 feet and stopped.
All of those holes end in mineralization, and it looks to me like it's just open over there, and we can expect to be able to infill drill out there to the east as well as over to the west. There's not much constraining mineralization in that direction. The mineralization is hosted in a dolomite. It's highly fractured. We see really deep oxidation down to depths of greater than 1,300 feet, and it sits in this broad fold. All the dolomite would be the brown unit there. Some of the intercepts you typically are looking at are on the scale of 200 to 250 meters, kind of that half a gram to 0.7 gram gold range, and then anywhere from 10 to 15 gram silver typically. Expected recoveries are around 78%, and that's based on metallurgical work that has already been conducted and was in the Preliminary Economic Assessment (PEA).
All right, we'll jump up to Granite Creek. Granite Creek is just 10 kilometers south of Nevada Gold Mines' Turquoise Ridge Complex, and that's host to about 20 million ounces of gold resources. Zooming in on the project, the project consists of historic open pits that were mined in the 1980s and 1990s, and then an underground operation. We're currently mining underground here. The portals are out of the CX pit, which you see in the bottom. The two main zones that we're mining mineralization from are the OG zone and the South Pacific zone, and we continue to grow both of those zones. We've done quite a bit of drilling here since 2021 when we acquired the project. The South Pacific zone remains open to the north and at depth, and there's historic drilling that suggests the potential to extend mineralization over a kilometer to the north.
This year, we have 14,000 meters planned of infill and some step-out drilling in that zone ahead of a feasibility study for Q1 next year. Production outlook this year is approximately 20,000 to 30,000 ounces of gold, and we'll continue to ramp up into steady state production. The next slide, we're going to look at this cross-section here from A to A' prime of the South Pacific zone. We had a press release this morning, the first holes out of this infill program. We released six holes. I would say five of those are just kind of as expected. They're infill. They're what we expected. What I really want you to take away from that press release and this presentation is this hole down here at depth, IGS 2502A. This was a pretty significant step-out for us. It's about 150 meters away from the next nearest hole.
It intersected 2.9 meters of 33.6 grams and 3.6 meters of 29.7 grams. We intersected that structure right where we thought it would be based on the model. It continues to be open at depth, and it gives us really good confidence we're going to be able to infill between that hole and the holes further up dip. You see the holes there in green. Those are holes we've already completed. We're about halfway done with this program. The holes in yellow remain to be drilled or are in progress. I really think there's excellent potential here to continue to expand this to the north and at depth. The grades are quite good. All right, looking at the open pit project here at Granite Creek. This is simply pushback on existing pits. It's going deeper on material that was left behind. It's still oxide and transitional material here.
There's a series of pits, the B pit, A pit, CX, and MAG, with the CX and MAG being the two largest. 95% of this resource is already in the measured and indicated categories. We're currently working on some permitting, and we expect a pre-feas or feasibility study next year on this. Construction then in 2028 with production in the second half of 2029. The next slide, we'll look at a couple of cross-sections, A to A' prime and B to B' prime here. I'll also note the grade on this is quite good. It's about 1.2 grams, so pretty high grade for an oxide open pit. All right, looking at some sections here, most of this is just historic drilling from when these pits were going into production. I think kind of 1970s and 1980s timeframe.
A lot of these holes end in mineralization, so there's still upside at depth as well as along the margins of the pits. We do understand the structural and stratigraphic controls really well. We've got these open pits. We've got great pit maps and a lot of historic data. The bottom image here, the MAG pit, we know mineralization continues to the south. It's just sparse drilling there, but that could use some more infill. All right, that was Granite Creek. We'll jump over to Cove quickly. We've completed over 40,000 meters of infill drilling on our Helen and Gap zones ahead of an FS we had planned for Q1 of next year. We anticipate success upgrading these resources, and we expect the same at our other projects. These are all Carlin-type systems. They're disseminated. Infill drilling typically goes really well.
I'll note here only the Helen and Gap are currently included in the mine plan in the PEA. 2201 zone and CSD offer further upside. The 2201 zone has an average grade of 26.7 grams gold. Those are high-grade quartz vein systems, visible gold, so they're different than the Carlin-type mineralization above. We expect further expansion of these zones concurrent with mining and future exploration work. To wrap it up here, the autoclave, this is really the key to controlling our own destiny and unlocking the value of these deposits. It eliminates the reliance on the costly third-party toll milling. We go from a 55% to 60% payability up to around 92%. This facility is already permitted. It just needs refurbishment. A few additional permits and renewals are required.
We'll put out a class three engineering study later this year on this project and expect construction to start soon after that. I think I'm about out of time, so I'll just leave you with this.