IAU.TO · 2022-08-30 12:00:00

i-80 Gold Discovers High-Grade Silver-Rich CRD Mineralization at Ruby Hill Results Include 515.3 g/t Silver, 28.9 % Lead, 10.5 % Zinc and 0.9 g/t Gold over 28.3 m

Drill Results

i-80 Gold Discovers High-Grade Silver-Rich CRD

Mineralization at Ruby Hill

Results Include 515.3 g/t Silver, 28.9 % Lead, 10.5 % Zinc and 0.9 g/t Gold over

28.3 m

RENO, Nev.

Aug. 30, 2022

/CNW/ -

i-80 GOLD CORP.

(TSX: IAU) (NYSE: IAUX)

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

is pleased to

announce that high-grade, silver-rich, polymetallic CRD mineralization has been discovered in drilling the Hilltop target at the

Company's 100%-owned Ruby Hill Property ("

Ruby Hill

" or "

the Property

") located in

Eureka County, Nevada

Highlight results from initial drilling at the Hilltop target:

iRH22-25 (lower horizon) – four intercepts:

671.0 g/t Ag, 7.7 % Zn & 26.4 % Pb over

0.9 m

(19.6 oz/ton silver – 3.0 ft)

238.8 g/t Ag, 11.0 % Zn & 9.0 % Pb over

9.4 m

(7.0 oz/ton Ag – 31.0 ft)

469.5 g/t Ag, 11.8 % Zn & 18.2 % Pb over

2.1 m

(13.7 oz/ton Ag – 7.0 ft)

1006.0 g/t Ag, 10.9 % Zn, 27.7 % Pb & 1.6 % Cu over

0.9 m

(29.4 oz/ton Ag – 3.0 ft)

iRH22-43 (upper horizon):

515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over

28.3 m

(15.0 oz/ton Ag – 92.5 ft)

Additionally, two historic holes in the Hilltop target area contain significant intercepts

HC1427 (lower horizon):

769.2 g/t Ag, 12.4 % Zn, 13.9 % Pb, 1.0 % Cu over

5.8 m

(22.4 oz/ton Ag – 19.0 ft)

BRH-22 (upper horizon):

929.7 g/t Ag & 21.6 % Pb over

4.6 m

(27.1 oz/ton Ag – 15.0 ft)

The Hilltop target is one of five conceptual exploration targets drilled in the 2022 program at Ruby Hill and was identified for its

potential to host polymetallic (silver-lead-zinc) mineralization. The new zone of mineralization is located approximately 400 metres

southwest of the poly-metallic Blackjack Zone (see Figure 1) and immediately south of the Archimedes pit and the planned portal

that the Company is advancing for construction.

Mineralization in the Hilltop target consists of polymetallic carbonate replacement (CRD) in the form of massive and semi-massive

sulphide mineralization containing high-grade silver (including 515.3 g/t Ag over

28.3 m

& 929.7 g/t Ag over

4.6 m

) and has been

intersected in two areas within the Hilltop target (see Images 1 & 2). Definition and expansion drilling is underway, and the horizon

remains open along strike and at depth. Mineralization has been intersected in additional holes 50 metres west of iRH22-43, for

which assays remain pending.

The Ruby Hill district has a long history of high-grade polymetallic CRD mining that began in the late 1800's, resulting in production

of 1.65

Moz Au

, 39 Moz Ag, 625 Mlb Pb and 12 Mlb Zn from just 2 Mtons of ore through 1964

. Since then, the CRD potential of

the district has been largely overlooked, providing the Company what it believes to be a substantial opportunity.

For information on historic district production and QAQC procedures, refer to the NI 43-101 Report on 2021 Ruby Hill Mineral Resource Estimate Eureka County, Nevada, USA dated July 31, 2021

The discovery of the Hilltop zone opens up a greater than 1.5 km corridor between the Archimedes pit and the original Ruby Hill

mine that has historically been underexplored due to post-mineral alluvial cover. Importantly, iRH22-43 intersected massive sulfide

mineralization immediately below the alluvium at a depth of

146 m

. Discovery International Geophysics of

Saskatchewan, Canada

has been contracted to conduct downhole electromagnetic (EM) and induced polarization (IP) surveys over the area, with the goal

of defining additional massive sulfide zones.

The Company is completing a large-scale surface (+20,000 metre) drill program at Ruby Hill for both deposit delineation and

exploration purposes. Definition and expansion drilling is focused on the initial areas planned to be mined including the 426 Zone and

the deeper Ruby Deeps Zone where recently released results include

19.8 g/t Au over

33.2 m

and 7.1 g/t Au over

78.6 m

in the

Ruby Deeps deposit and

15.6 g/t Au over

12.2 m

and 13.9 g/t Au over

13.4 m

in the 426 deposit. Multiple gold and polymetallic

exploration targets are also being drilled.

"At current metal prices, the rock value of the initial drill intercepts in the Hilltop Zone represent some of the highest-grade

mineralization identified, on a per tonne basis, to-date at Ruby Hill", stated

Ewan Downie

, CEO of i-80. "Given its proximity to the

underground infrastructure planned in 2023, this zone is expected to fit in to our future development and mine plans such that we

ultimately expect to produce gold, silver and base metals."

Figure 1 – Ruby Hill Surface Plan (CNW Group/i-80 Gold Corp)

It is expected that refractory mineralization from the planned underground operation at Ruby Hill will be trucked to the Company's

Lone Tree facility, once operational, and oxide mineralization can be processed on-site at the existing heap leach pad, or at the

existing leach plant, once refurbished. The Company is commissioning a study that will contemplate retrofitting the leach plant, once

oxide mineralization is depleted, to a floatation plant that would recover base metals. i-80's substantial existing infrastructure at

Lone Tree and Ruby Hill is expected to reduce potential exposure to the current inflationary environment.

The ongoing infill and step-out drill program will aide in the advancement of the Company's plan to develop an underground mine at

Ruby Hill, accessed via ramp from the Archimedes open pit. Following the 2022 program, an updated mineral resource estimate is

planned for the completion of an economic study. The current program at Ruby Hill is one of several ongoing and anticipated drill

programs on i-80 projects in 2022 that are collectively budgeted to comprise more than 50,000 metres.

Table 1 – Highlight Assay Results from Ruby Hill Hilltop Zone

New 2022 Drill Results from Ruby Hill – Estimated true widths unknown

Drillhole ID

Zone

Type

From

(m)

Length

(m)

(g/t)

(%)

iRH22-25

Hilltop Lower

Core

550.3

551.2

0.9

0.1

671.0

26.4

7.7

0.3

and

Hilltop Lower

Core

561.9

571.3

9.4

0.1

238.8

9.0

11.0

0.3

and

Hilltop Lower

Core

587.5

589.6

2.1

0.2

469.5

18.2

11.8

0.2

and

Hilltop Lower

Core

745.7

746.6

0.9

1.4

1006.0

27.7

10.9

1.6

iRH22-43

Hilltop Upper

Core

145.9

174.2

28.3

0.9

515.3

28.9

10.5

0.2

UTM

Drillhole ID

East m

North m

Elevation m

Azimuth

Dip

NAD83 Zone 11

iRH22-25

587338

4375328

1978

045

-83

iRH22-43

587502

4375201

1994

340

-83

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 poly-metallic (base metal) deposits.

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

Figure 3 – Core from iRH22-25 showing massive sphalerite (brown), galena (gray) and pyrite (yellow) (CNW Group/i-80 Gold Corp)

Figure 4 – Core from iRH22-43 showing massive sphalerite (brown), galena (gray) and pyrite (yellow) (CNW Group/i-80 Gold Corp)

Please

click here

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

QAQC Procedures

2022 drilling 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 are run through standard prep

methods and analyzed using FA-Pb30-ICP (Au; 30g fire assay) and 48MA-MS (48 element Suite; 0.5g 4-acid digestion/ICP-MS)

methods. AAL also 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

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 NI 43-101.

About i-80 Gold Corp.

i-80 Gold Corp.

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 with processing at i-80's centralized

milling facility that includes an autoclave.

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.

www.i80gold.com

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SOURCE

i-80 Gold Corp

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For further information:

Ewan Downie - CEO; Matt Gili - President & COO; Matthew Gollat - EVP Business & Corporate

Development, 1.866.525.6450, [email protected]

CO: i-80 Gold Corp

CNW 06:00e 30-AUG-22

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