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i-80 Gold Corp
Symbol IAU
Shares Issued 240,268,218
Close 2022-05-10 C$ 3.05
Recent Sedar Documents

i-80 Gold drills 41.8 m of 10.1 g/t Au at Ruby Hill

2022-05-10 17:37 ET - News Release

Mr. Ewan Downie reports

I-80 GOLD DRILLING INTERSECTS 7.1 G/T AU OVER 78.6 M INCLUDING 10.1 G/T AU OVER 41.8 M AT RUBY HILL

i-80 Gold Corp. has released positive initial drill results from its maiden drill program at the company's 100-per-cent-owned Ruby Hill property, located in Eureka county, Nevada.

Initial drilling in 2021 was focused on confirming high-grade mineralization within the Ruby Deeps zone. In addition to the high-grade tenor of mineralization, several positive observations have been made: Significant oxide mineralization has been encountered in the upper zones; ground conditions appear to be very favourable; and intersection widths have met or exceeded expectations. Assay results for the first five holes have been received and demonstrate the potential for impressive gold grades and widths of mineralization. In 2022, drilling continues to focus on defining and expanding the Ruby Deeps zone in addition to the upper 426 horizon while also testing several additional high-potential targets on the property.

Highlight results from initial drilling in the Ruby Deeps horizon:

  • iRH21-02: 7.0 grams per tonne gold over 71.6 metres (0.20 ounce per ton -- 235.0 feet) including 9.0 g/t Au over 15.8 m (0.26 oz/ton -- 52.0 ft) and 7.7 g/t Au over 16.5 m (0.23 oz/ton -- 54.0 ft);
  • iRH21-03: 9.0 g/t Au over 18.3 m (0.26 oz/ton -- 60.0 ft) including 10.7 g/t Au over 12.2 m (0.31 oz/ton -- 40.0 ft);
  • iRH21-04: 9.1 g/t Au over 24.7 m (0.26 oz/ton -- 81.0 ft) including 11.0 g/t Au over 16.2 m (0.32 oz/ton -- 53.0 ft);
  • iRH21-05: 7.1 g/t Au over 78.6 m (0.21 oz/ton -- 258.0 ft) including 10.1 g/t Au over 41.8 m (0.29 oz/ton -- 137.0 ft).

Initial drilling in 2021 was focused on confirming high-grade mineralization within the Ruby Deeps zone. In addition to the high-grade tenor of mineralization, several positive observations have been made: Significant oxide mineralization has been encountered in the upper zones, ground conditions appear to be very favourable, and intersection widths have met or exceeded expectations. Assay results for the first five holes have been received and demonstrate the potential for impressive gold grades and widths of mineralization. In 2022, drilling continues to focus on defining and expanding the Ruby Deeps zone in addition to the upper 426 horizon while also testing several additional high-potential targets on the property.

Highlight results from initial drilling in the Ruby Deeps horizon:

  • iRH21-02: 7.0 g/t Au over 71.6 m (0.20 oz/ton -- 235.0 ft) including 9.0 g/t Au over 15.8 m (0.26 oz/ton -- 52.0 ft) and 7.7 g/t Au over 16.5 m (0.23 oz/ton -- 54.0 ft);
  • iRH21-03: 9.0 g/t Au over 18.3 m (0.26 oz/ton -- 60.0 ft) including 10.7 g/t Au over 12.2 m (0.31 oz/ton -- 40.0 ft);
  • iRH21-04: 9.1 g/t Au over 24.7 m (0.26 oz/ton -- 81.0 ft) including 11.0 g/t Au over 16.2 m (0.32 oz/ton -- 53.0 ft);
  • iRH21-05: 7.1 g/t Au over 78.6 m (0.21 oz/ton -- 258.0 ft) including 10.1 g/t Au over 41.8 m (0.29 oz/ton -- 137.0 ft).

The continuing infill and stepout drill program will aid in the advancement of the company's plan to develop an underground mine at Ruby Hill, reached through a ramp from the Archimedes open pit. Infill drilling is being completed for initial mine planning and to upgrade resources for the completion of an economic study. Stepout drilling is also being completed with a focus on expanding mineralization in advance of completing a revised resource estimate at year-end. The current program at Ruby Hill is one of several continuing and planned drill programs in 2022 that are expected to comprise in excess of 50,000 metres.

The Carlin-type mineralization at Ruby Hill is composed of an upper zone of mixed oxide and sulphide mineralization known as 426 and a lower zone of sulphide mineralization known as the Ruby Deeps. It is expected that the 426 zone will be the first mineralized body reachable underground. Hole iRH21-01 experienced excessive deviation, veering west and crossing the Holly fault prior to intersecting the projected target, while all other holes intersected mineralization as projected.

It is expected that refractory mineralization mined from the underground operation at Ruby Hill will be trucked to the company's Lone Tree facility, once operational. Oxide mineralization can be processed on site at the existing heap leach pad or at the existing CIL (carbon-in-leach) plant. i-80's substantial existing infrastructure at Lone Tree and Ruby Hill is expected to reduce potential exposure to the current inflationary environment.

"Ruby Hill is one of several projects that we are looking to advance to mine development in the next 12 months, and early results from our first ever drill program have confirmed our belief that the property has excellent potential to host a world-class, Carlin-type gold deposit," stated Ewan Downie, chief executive officer of i-80. "The extent of Carlin-type alteration and mineralization in the Eureka district is comparable to Nevada's most productive gold districts on the Carlin, Getchell and Battle Mountain trends. We are excited not only by the impressive widths of high-grade mineralization we are seeing in our early drilling, but also by the apparent rock quality that appears more competent than expected and bodes well for mining."

The Ruby Hill property is one of the company's primary assets and is host to the core infrastructure within the Eureka district of the Battle Mountain-Eureka trend. The property is host to multiple gold, gold-silver and polymetallic (base metal) deposits.

Investor day webcast and conference call

Ruby Hill will be highlighted at the company's investor day presentation being held today at the Toronto Board of Trade commencing at 4:30 p.m. EDT. The in-depth presentation will provide the opportunity for shareholders, analysts and investors to learn more about the company's growth plans and ask questions of i-80 Gold's executive team. A live conference call and webcast will also be available to those who are unable to attend in person. Details of the conference call and webcast can be found below.

Conference call

North American toll-free:  1-888-204-4368

Confirmation No.:  3896886

A webcast will be available on the company's website.

Conference call replay

A recording of the call will be available until May 17, 2022.

North American toll-free replay:  1-888-203-1112

Replay code:  3896886

Quality assurance/quality control procedures

All samples were submitted to either ALS Minerals or Paragon Geochemical Assay Laboratories, both of Sparks, Nev., which are ISO 9001- and 17025-certified and accredited laboratories, independent of the company. Samples submitted through PAL and ALS are run through standard prep methods and analyzed using FA-Pb30-ICP (gold; 30-gram fire assay) and 48MA-MS (48-element suite; 0.5-gram four-acid digestion/ICP-MS) methods for PAL and Au-AA23 (gold; 30-gram fire assay) and ME-ICP41 (35-element suite; 0.5-gram aqua regia/ICP-AES) for ALS. ALS and PAL also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold's QA/QC program includes regular insertion of CRM standards, duplicates and blanks into the sample stream with a stringent review of all results.

Qualified person

Tim George, PE, mine operations manager, reviewed the technical and scientific information contained in this press release and is a qualified person within the meaning of National Instrument 43-101.

About i-80 Gold Corp.

i-80 Gold is a well-financed, Nevada-focused mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the company's advanced-stage property portfolio to complement existing gold production from the Ruby Hill open pit.

We seek Safe Harbor.

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