IAU.TO · 2023-08-24 12:00:00

i-80 Gold Announces High-Grade Results from Drilling at Ruby Hill Blackjack Zone - 19.14 % Zn, 0.4 g/t Au & 29.2 g/t Ag over 30.4 m East Hilltop Zone – 20.8 % Zn & 15.0 g/t Ag over 11.6 m and 235.5 g/t Ag, 5.7 % Pb, & 7.0 % Zn over

Drill Results

i-80 Gold Announces High-Grade Results from Drilling at

Ruby Hill

Blackjack Zone - 19.14 % Zn, 0.4 g/t Au & 29.2 g/t Ag over

30.4 m

East Hilltop Zone – 20.8 % Zn & 15.0 g/t Ag over

11.6 m

and 235.5 g/t Ag, 5.7 % Pb, & 7.0 % Zn over

14.0 m

RENO, Nev.

Aug. 24, 2023

/CNW/ -

i-80 GOLD CORP.

(TSX: IAU) (NYSE: IAUX)

("i-80", or the "Company")

is pleased

to report additional positive results from exploration drilling at the Company's 100%-owned Ruby Hill Property ("

Ruby Hill

or "

the Property

") located in

Eureka County, Nevada

. The 2023 program continues to expand high-grade polymetallic

mineralization in multiple zones and has resulted in new discoveries.

While awaiting approvals (now received) for additional land disturbance permitting the Company to construct road and drill

pads for the expansion of the exploration program along the Hilltop Corridor, drilling has been focused on the Blackjack

deposit and also the East Hilltop Zones. These zones were discovered late in the 2022 program (East Hilltop skarn) and

early in 2023 (East Hilltop CRD). Drilling in 2023 has intersected high-grade mineralization in multiple target areas including

in step-out drilling where mineralization remains wide open for expansion. Table 1 provides a summary of recent drill results

and recent highlight results include:

Blackjack Zone

19.14 % Zn, 0.4 g/t Au & 29.2 g/t Ag over

30.4 m

(iRH23-18A)

17.8 % Zn, 0.9 g/t Au & 59.8 g/t Ag over

16.4 m

(iRH23-29)

East Hilltop Skarn

12.5 % Zn & 5.7 g/t Ag over

5.0 m

(iRH23-16)

12.8 % Zn & 4.6 g/t Ag over

10.7 m

(iRH23-16A)

11.6 % Zn & 5.8 g/t Ag over

6.1 m

AND 14.7 % Zn & 3.7 g/t Ag over

4.6 m

(iRH23-27)

20.8 % Zn & 15.0 g/t Ag over

11.6 m

(iRH23-30)

East Hilltop CRD (iRH23-26)

6.8 % Zn, 3.6 % Pb, 0.9 g/t Au & 136.3 g/t Ag over

9.1 m

AND

10.4 % Zn, 7.1 % Pb, 0.6 g/t Au & 257.2 g/t Ag over

4.6 m

AND

7.4 % Zn, 7.3 % Pb, 1.0 g/t Au & 323.5 g/t Ag over

6.1 m

Gold Mineralized Zones

45.4 g/t Au & 50.2 g/t Ag over

17.5 m

(iRH23-18A) – Tyche Discovery

Recent drilling has intersected CRD mineralization proximal to Blackjack (assays pending)

"Drilling at Ruby Hill continues to return results that confirm the Property's capability to be a flagship asset for i-80 with high-

grade polymetallic base metal mineralization occurring immediately adjacent to the high

grade Ruby Deeps gold deposit.",

stated

Tyler Hill

, Chief Geologist of i-80. "Our drill program demonstrates significant potential to expand mineralization with

all zones open for expansion and multiple high-priority anomalies identified from geophysical surveys remain untested."

In addition to drilling, geophysical surveys are being completed to cover the Hilltop Corridor to the FAD deposit that was

acquired earlier in the year with the takeover of Paycore Minerals. Multiple anomalies have been identified for follow-up

exploration.

Drill Program

In mid-2022, the Upper Hilltop Zone was discovered with an intercept of

515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn and 0.9 g/t

Au over

28.3 m

in hole iRH22-43 (see press release dated

August 30, 2022

). This led to the definition of multiple

polymetallic CRD and skarn zones to the south of the Blackjack deposit, on the south side of the Archimedes pit, situated

along the Hilltop fault structure. Mineralization has now been defined over a strike length of approximately 750 metres

including the Upper, Lower and East Hilltop Zones (see Figures 1 & 2). Current drilling is focused on the Blackjack and East

Hilltop Zones until new drill set-ups are constructed for delineation and expansion drilling and to resume definition of the

Upper Hilltop Zone.

Blackjack Zone

– The Blackjack deposit was identified by previous owners, Homestake and Barrick, immediately under the

Archimedes pit when poly-metallic skarn mineralization was discovered below the Archimedes pit (see Figure 1). Due to its

location beneath an inaccessible area in the pit, the Company is utilizing directional core drilling to upgrade Blackjack to

resource status.

Step-out drill hole iRH23-18A extends mineralization to the south with the most impressive skarn intercept received to date

since i-80 commenced drilling at Ruby Hill. New intercepts from the 2023 drill program include:

iRH23-18A - 19.4 % Zn, 29.2 g/t Ag and 0.4 g/t Au over

30.4 m

iRH23-29 - 17.8 % Zn, 59.8 g/t Ag and 0.9 g/t Au over

16.4 m

Recent drilling in the Blackjack Zone has also identified CRD mineralization in drilling in the upper central portion of the

deposit (assays pending). The Blackjack deposit occurs to the west of the Graveyard Flats intrusive and is underlain by

Carlin

-type gold mineralization (Lower Jack), neither of which are part of the current mineral resource at Ruby Hill.

East Hilltop Skarn

– Late in the 2022 drilling program, high-grade skarn mineralization was discovered in the East Hilltop

target area with an intercept of

12.3 % Zn over

39.6 m

(see press release dated

Dec. 19, 2022

, and Fig. 1). This

mineralization is located to the south of, and in a near-identical geological setting as the Blackjack deposit. Follow-up drilling

continues to expand skarn mineralization at East Hilltop and has also discovered high-grade CRD mineralization. New

intercepts in the East Hilltop skarn zone include:

iRH23-16 - 12.5 % Zn & 5.7 g/t Ag over

5.0 m

– hole lost prior to main zone

iRH23-16A - 12.8 % Zn & 4.6 g/t Ag over

10.7 m

– wedge hole – main zone

iRH23-27 - 11.6 % Zn & 5.8 g/t Ag over

6.1 m

AND 14.7 % Zn & 3.7 g/t Ag over

4.6 m

iRH23-30 - 20.8 % Zn & 15.0 g/t Ag over

11.6 m

East Hilltop CRD

– Early in the 2023 drill program, high-grade CRD mineralization was discovered to the east of the Upper

Hilltop Zone and proximal to the East Hilltop Skarn Zone with an intercept of

9.7 % Zn, 10.0 % Pb and 226.1 g/t Ag over

8.4 m

in hole iRH23-10 (see press release dated

April 25, 2023

and Figure 1). New hole iRH23-26 was drilled to follow-up

the initial discovery, returning high-grade mineralization, and ongoing drilling continues to expand CRD mineralization at East

Hilltop with assays pending. Hole iRH23-26 intersected multiple zones of mineralization including:

6.8 % Zn, 3.6 % Pb, 0.9 g/t Au & 136.3 g/t Ag over

9.1 m

10.4 % Zn, 7.1 % Pb, 0.6 g/t Au & 257.2 g/t Ag over

4.6 m

7.4 % Zn, 7.3 % Pb, 1.0 g/t Au & 323.5 g/t Ag over

6.1 m

Tyche Zone

– High-grade gold-sulphide mineralization was discovered during the current program in a previously untested

area along the contact of the Graveyard Flats intrusive (stock). Exceptional high-grade gold mineralization assaying

45.4 g/t

Au and 50.2 g/t Ag over

17.5 m

was intersected in drill hole iRH23

18A (see press release dated

August 2, 2023

and

Figure 1). Once new drill set-ups are constructed, the Company plans to complete additional follow-up drilling to better

assess the potential of this high-grade target.

FAD Zone

– Drilling is also underway at the FAD deposit which was secured through the acquisition of Paycore Minerals

earlier in 2023. Delineation and expansion drilling is being completed in advance of a revised resource estimate. Drilling

completed to-date has returned multiple intervals of visually impressive massive sulphide mineralization (assays pending)

that compliment previous drilling completed by Paycore that demonstrate significant potential to expand mineralization in the

East Lobe, which continues to remain open for expansion. Paycore drilling returned intercepts of

8.0 g/t Au, 79.0 g/t Ag,

10.0 % Zn & 1.0 % Pb over

27.4 m

in hole PC22-10, 7.1 g/t Au, 376.0 g/t Ag, 6.3 % Zn & 10.3 % Pb over

14.8 m

hole PC22

08 and 1.1 g/t Au, 155.0 g/t Ag, 22.0 % Zn & 1.5 % Pb over

12.5 m

in hole PC22-07

TL Target (Exploration)

– While awaiting approvals to expand the drill program onto the BLM lands, eight of the listed

holes were drilled to test for potential mineralization in the vicinity of the historic TL Mine. These holes generally intersected

narrower widths of modest grade CRD mineralization with highlight intercepts of

0.3 g/t Au, 236.0 g/t Ag, 0.7 % Zn and 5.7

% Pb over

3.1 m

(iRH23-13) and

8.5 g/t Au, 85.5 g/t Ag, 0.9 % Zn and 7.3 % Pb over

3.0 m

(iRH23-21).

Figure 1 – Hilltop and Blackjack Surface Plan (CNW Group/i-80 Gold Corp)

Figure 2 – Cross Section Hilltop Target (CNW Group/i-80 Gold Corp)

Geophysical Surveys

Previous geophysical surveys (MT, gravity and magnetic) have identified several highly perspective anomalies that are

believed to have the potential to represent additional massive sulfide targets including the

Spring Valley

and Deep Blue

anomalies. Several of these surveys stopped at the south side of the Archimedes pit and are now being extended to cover

the southern extension and the recently acquired FAD Property including the largely untested Hilltop Corridor.

The Hilltop Corridor is a 1.5 km long, alluvial covered, trend immediately south of the Archimedes pit. It is believed to be

host to multiple feeder fault structures and is largely untested by previous drilling owing to the alluvial cover. The

identification of a major northwest striking fault structure that is closely associated with the discovery of the Hilltop Zones

confirms the Company's geological teams' model that the Ruby Hill Property could be host to multiple types of mineralization

and several large-scale deposits.

Table 1 – Highlight New Assay Results from Ruby Hill

Drillhole ID

Zone

Type

From (m)

To (m)

Length (m)

Au (g/t)

Ag (g/t)

Pb (%)

Zn (%)

iRH23-11

Blackjack

Core

NSI

iRH23-12

Exploration

NSI

iRH23-13

160.0

164.6

4.6

0.6

76.3

3.6

3.0

and

172.2

173.3

3.1

0.3

236.0

5.7

0.7

iRH23-14

Exploration

242.3

257.6

15.2

0.6

40.5

iRH23-15

East Hilltop

Core

NSI

iRH23-16

East Hilltop

Core

296.8

298.4

1.6

4.0

9.1

and

East Hilltop

Core

303.2

308.2

5.0

5.7

12.5

and

East Hilltop

Core

311.9

313.8

1.9

4.0

10.5

iRH23-16A

East Hilltop

Core

410.0

420.6

10.7

4.6

12.8

iRH23-17

Upper Hilltop

Core

230.2

232.6

2.3

0.9

50.1

0.3

1.2

iRH23-18

Blackjack

Hole abandoned at 172 m

iRH23-18A

Tyche

Core

551.8

569.3

17.5

45.4

50.2

and

Blackjack

Core

592.2

622.6

3.0

0.8

25.5

10.7

and

Blackjack

Core

592.2

622.6

30.4

0.4

29.2

0.2

19.1

iRH23-19

187.5

208.8

21.3

1.1

74.6

0.4

iRH23-20

88.4

91.4

3.0

1.1

192.0

1.9

0.4

iRH23-21

330.7

333.8

3.0

8.5

85.5

7.3

0.9

iRH23-22

187.5

193.5

6.1

1.1

121.5

3.0

0.3

iRH23-23

TL Exploration

NSI

iRH23-24

East Hilltop

Core

305.1

311.5

6.4

3.0

5.1

iRH23-25

TL Exploration

NSI

iRH23-26

East Hilltop

Core

265.9

272.0

6.2

3.5

150.6

3.8

1.4

and

East Hilltop

Core

278.3

287.4

9.1

0.9

136.3

3.6

6.8

and

East Hilltop

Core

320.7

334.7

14.0

0.7

235.5

5.7

7.0

including

East Hilltop

Core

320.7

325.5

4.8

0.6

257.2

7.1

10.4

and incl.

East Hilltop

Core

328.6

334.7

6.1

1.0

323.5

7.3

7.4

iRH23-27

East Hilltop

Core

341.1

348.7

4.6

1.8

6.7

and

East Hilltop

Core

351.7

354.8

3.0

2.5

7.6

and

East Hilltop

Core

359.4

365.5

6.1

5.8

11.6

and

East Hilltop

Core

438.6

443.2

4.6

3.7

14.7

iRH23-28

199.6

201.2

1.5

0.1

12.0

0.3

4.9

iRH23-29

Blackjack

Core

597.4

613.8

16.4

0.9

59.8

0.8

17.8

and

Blackjack

Core

660.6

664.4

3.8

0.1

8.8

0.1

10.3

iRH23-30

East Hilltop

Core

419.6

421.9

2.3

14.6

17.6

and

East Hilltop

Core

437.5

449.1

11.6

15.0

20.8

* True widths estimated at 70-90%. Numbers may not add due to rounding.

UTM

Drillhole ID

East m

North m

Elevation m

Azimuth

Dip

iRH23-11

587344

4375328

1979

047

-52

iRH23-12

585534

4376118

1934

072

-62

iRH23-13

586789

4374862

1999

013

-81

iRH23-14

586061

4376210

1936

093

-70

iRH23-15

587525

4375145

1994

067

-73

iRH23-16&(A)

587526

4375147

1995

094

-59

iRH23-17

587385

4375282

1986

034

-77

iRH23-18

588152

4375782

1962

235

-48

iRH23-18A

588154

4375786

1962

231

-48

NAD83 Zone 11

iRH23-19

586709

4374949

2000

076

-71

iRH23-20

586874

4374812

1993

251

-70

iRH23-21

586708

4374947

2000

260

-75

iRH23-22

586642

4374882

1996

103

-46

iRH23-23

587028

4374585

2009

081

-70

iRH23-24

587521

4375183

1994

094

-64

iRH23-25

587163

4374796

2010

266

-59

iRH23-26

587519

4375185

1994

089

-70

iRH23-27

587523

4375185

1994

094

-59

iRH23-28

586717

4374948

1999

120

-64

iRH23-29

588154

4375787

1962

243

-49

iRH23-30

587525

4375150

1994

106

-57

The

Eureka

(Ruby Hill) Mining District has a history of high-grade polymetallic CRD production that began in the 1860's and

spanned a period of more than one hundred years. Historic mined grades rank amongst the highest for any CRD district in

the world. Since the 1960's, 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, an active heap leach facility, and is host to multiple gold, gold-silver and

polymetallic (base metal) deposits.

Multiple types of mineralization have been identified in the Hilltop Corridor including skarn (Blackjack), CRD (Hilltop/historic

mines), distal disseminated Au-Ag (Mineral Point),

Carlin

-type gold (Ruby Deeps/428/Lower Jack) and more recently gold-

sulphide (Tyche).

The Company has submitted for approval its plan to develop an underground mine at Ruby Hill with mineralization accessed

via a ramp from the Archimedes open pit. Work is also progressing for the completion of updated mineral resource

estimates (gold and polymetallic zones) and an initial economic study for the gold zones (only).

Please

click here

for further information on abbreviations and conversions referenced in this press release.

QAQC Procedures

All samples were submitted to American Assay Laboratories (AAL) of

Sparks, NV

, which is an ISO 9001 and 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 (Au; 30g fire assay) and IO-4AB32 (35 element suite; 0.5g 4-acid

ICP-OES+MS). Select high-grade gold samples were also completed with metallic screen fire assays using G-FASFAu11.

AAL undertakes their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment

calibration. i-80 Gold Corp'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

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 Corp.

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 TSX and the NYSE American under the trading

symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is

available at

www.i80gold.com

or by email at

[email protected]

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the

meaning of applicable securities laws, including but not limited to, the expansion or mineral resources at Ruby Hill and the

potential of the Ruby Hill project. Such statements and information involve known and unknown risks, uncertainties and other

factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to

be materially different from any future results, performance or achievements expressed or implied by such forward-looking

statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will",

"intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology,

or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

These statements reflect the Company's current expectations regarding future events, performance and results and speak

only as of the date of this release.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of

future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved.

A number of factors could cause actual results to differ materially from the results discussed in the forward-looking

statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or

regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as

agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver

anticipated results or results that would justify and support continued exploration, studies, development or operations.

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SOURCE

i-80 Gold Corp

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%SEDAR: 00052022E

For further information:

Ewan Downie - CEO; Matt Gili - President & COO; Matthew Gollat - Executive Vice-President,

1.866.525.6450, [email protected], www.i80gold.com

CO: i-80 Gold Corp

CNW 06:00e 24-AUG-23

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