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i-80 Gold Corp
Symbol IAU
Shares Issued 298,152,335
Close 2023-12-04 C$ 2.25
Market Cap C$ 670,842,754
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i-80 Gold drills 116.3 m of 10.1% Zn at Ruby Hill

2023-12-04 09:49 ET - News Release

Mr. Tyler Hill reports


i-80 Gold Corp. has released continued high-grade polymetallic results from the continuing drill program at the company's Ruby Hill property, located in Eureka county, Nevada.

The current drill program is focused on both defining and expanding high-grade mineralization in multiple target areas, including the Blackjack (skarn) and the Hilltop (skarn and polymetallic CRD (carbonate replacement deposit)) zones, and advancing metallurgical work associated with these deposits. The most recent intercepts in the Blackjack zone include the first hole drilled from the east side of the Archimedes pit, which intersected significant high-grade mineralization at depth in the southern portion of the deposit, where it remains open for expansion. Highlight results from new drilling include:

Blackjack zone:

  • iRH23-42 -- 8.3 per cent zinc, 0.6 per cent lead, 50.1 grams per tonne silver and 0.6 gram per tonne gold over 20.1 metres;
  • iRH23-42A -- 10.1 per cent Zn, 0.6 per cent Pb, 37.0 g/t Ag and 0.3 g/t Au over 116.3 m:
    • Including 16.3 per cent Zn, 0.5 per cent Pb, 42.3 g/t Ag and 0.3 g/t Au over 39.7 m;
    • And 14.5 per cent Zn, 1.0 per cent Pb, 59.9 g/t Ag and 0.2 g/t Au over 16.3 m;
  • iRH23-43B -- 16.1 per cent Zn, 0.1 per cent Pb, 12.4 g/t Ag and 0.5 g/t Au over 16.1 m:
    • Also 12.2 per cent Zn, 0.1 per cent Pb, 20.1 g/t Ag and 0.9 g/t Au over 8.6 m.

"The exceptional results being realized at Ruby Hill have attracted significant interest, with high-grade polymetallic mineralization being defined in multiple target areas," stated Tyler Hill, chief geologist of i-80. "Recent drilling has returned some of the highest-grade mineralization to date in the Blackjack zone as we continue to step out to the south and at depth. Additionally, following the construction of the new drill stations better suited to intersect the East Hilltop zones, substantial CRD and skarn mineralization is being defined highlighting the potential to expand mineralization in these recently discovered zones."

These new intercepts are complemented by other recent drilling at Blackjack, including iRH23-41, which intersected both CRD and skarn mineralized zones that assayed 15.6 per cent Zn, 8.7 per cent Pb, 420.4 g/t Ag and 0.6 g/t Au over 40.4 m (CRD) and 10.7 per cent Zn, 0.4 per cent Pb, 0.2 g/t Au and 37.0 g/t Ag over 47.9 m (skarn). Skarn mineralization in the Blackjack zone occurs proximal to the contact of the Graveyard Flats intrusive, and identical geological setting at the East Hilltop skarn zone, located approximately 300 m to the south. Future drilling will test this large area as no previous drilling has been completed between these two high-grade horizons.

Drilling is also being completed in the Upper and East Hilltop zones situated along the Hilltop fault structure where multiple zones of mineralization have now been defined over a strike length of approximately 750 metres, including the Upper, Lower and East Hilltop zones. As part of the continuing drilling campaign, several holes are currently being drilled to advance metallurgical knowledge related to the polymetallic mineralization at Ruby Hill. This work is being financed by a third party company that has recently entered into exclusivity with i-80 to acquire a minority joint venture interest in the Ruby Hill property.

The continuing drill program is also testing the Fad deposit, which is located approximately two kilometres to the south of Ruby Hill, where earlier drilling completed by Paycore returned intercepts of up to 8.0 g/t Au, 79.0 g/t Ag, 10.0 per cent Zn and 1.0 per cent Pb over 27.4 m in hole PC22-10 and 7.1 g/t Au, 376.0 g/t Ag, 6.3 per cent Zn and 10.3 per cent Pb over 14.8 m in hole PC22-08.

The company has submitted for approval its plan to develop an underground mine at Ruby Hill with mineralization accessed through a ramp from the Archimedes open pit. The target is to commence construction in 2024 to provide underground platforms for definition drilling and mining operations.

Multiple types of mineralization have been identified in the Hilltop corridor including skarn (Blackjack), CRD (Hilltop/historic mines), distal disseminated gold-silver mineralization (Mineral Point) and locally Carlin-type gold.

The Eureka (Ruby Hill) mining district has a history of high-grade polymetallic CRD production that began in the 1860s and spanned a period of more than 100 years. Historic mined grades rank amongst the highest for any CRD district in the world. Since the 1960s, the CRD potential of the Eureka district has been largely overlooked in favour of exploration for Carlin-type gold deposits and the company considers the opportunity to be substantial. The Ruby Hill property is one of the company's primary assets and is host to the core processing infrastructure within the Eureka district of the Battle Mountain/Eureka trend, including an idle leach plant and an active heap leach facility, and is host to multiple gold, gold-silver and polymetallic (base metal) deposits.

Quality assurance/quality control procedures

All samples were submitted to American Assay Laboratories (AAL) of Sparks, Nev., which is an ISO 9001 and ISO 17025 certified and accredited laboratory, independent of the company. Samples submitted through AAL and are run through standard prep methods and analyzed using FA-PB30-ICP (gold; 30-gram fire assay) and IO-4AB32 (35-element suite; 0.5 gram four-acid ICP-OES+MS). Select high-grade gold samples were also completed with metallic screen fire assays using G-FASFAu11. AAL undertakes its 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 (certified reference material) standards, duplicates and blanks into the sample stream with a stringent review of all results.

Qualified person

Tyler Hill, CPG-12146, chief geologist at i-80, is the qualified person for the 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 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 with processing at i-80's centralized milling facilities. i-80 Gold's common shares are listed on the Toronto Stock Exchange and the NYSE American under the trading symbols IAU on the TSX and IAUX on the NYSE.

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