i-80 Gold Discovers New Gold High-Grade Zone and Expands Mineralization at Ruby Hill Highlight Results include 11.8 g/t Au over 18.3m , 11.9 g/t Au over 16.8m & 14.8 g/t Au over 12.3m
i-80 Gold Discovers New Gold High-Grade Zone and Expands
Mineralization at Ruby Hill
Highlight Results include 11.8 g/t Au over
18.3m
, 11.9 g/t Au over
16.8m
& 14.8 g/t Au over
12.3m
RENO, Nev.
,
Oct. 5, 2022
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80", or the "Company")
is pleased to announce the
discovery of a new gold horizon, the "007 Zone", and additional high-grade drill results that continue to demonstrate the potential to expand
mineralization in the Ruby Deeps deposit at the Company's 100%-owned Ruby Hill Property ("
Ruby Hill
" or "
the Property
") located in
Eureka
County, Nevada
.
Owing to the substantial success of the 2022 program, drilling has been expanded to include more than 30,000 metres (m) of drilling, focused on
defining and expanding gold mineralization in the primary zones while also testing several high-potential targets on the Property including the recent
Hilltop discovery. Continued results confirm substantial expansion potential at the Ruby Deeps deposit, and has discovered new high-grade
mineralization in the 007 and Blue Sky exploration targets
Ruby Deeps Deposit
The Ruby Deeps deposit is the primary target of the 2022 drill program with new results demonstrating excellent continuity of mineralization,
impressive widths and grades, often in excess of 10 grams per ton gold (g/t Au), and favourable ground conditions. Hole iRH22-13 expands
mineralization in the Ruby Deeps 125 metres to the northeast (see Figure 1 and Table 1).
Highlight results from drilling in the Ruby Deeps and 426 Deeps horizons:
iRH22-12: 13.5 g/t Au over
11.4 m
(0.39 ounces per ton (opt) – 37.5 ft)
iRH22-13: 13.4 g/t Au over
6.1 m
(0.39 opt – 20.0 ft)
iRH22-14: 14.8 g/t Au over
12.3 m
(0.43 opt – 40.2 ft)
iRH22-16: 10.8 g/t Au over
7.6 m
(0.32 opt – 25.0 ft)
iRH22-20: 11.8 g/t Au over
18.3 m
(0.34 opt - 60.0 ft) & 11.9 g/t Au over
16.8 m
(0.35 opt – 55.0 ft)
The Ruby Deeps deposit is comprised of the 426 Zone, the upper part of the deposit interpreted to consist of more vertical mineralization hosted
within or proximal to the northeast striking 426 fault structure, and the deeper Ruby Deeps Zone, a flat-lying, north-south striking, sulphide zone
located in the hanging wall of the Holly and 150 fault structures. Both zones remain open for expansion.
New Discovery – 007 Zone
A new zone of high-grade gold mineralization was discovered when testing the Graveyard Flats fault structure located in close proximity to the 426
Zone (see Figure 1 and Table 1). The first hole to test this structure intersected what appears to be oxide mineralization and multiple follow-up
holes have been drilled to follow up this discovery with assays pending. Highlight results from hole iRH22-18 include:
iRH22-18: 10.5 g/t Au over
11.1 m
(0.31 oz/ton – 36.5 ft)
New Discovery – Blue Sky Target
Hole iRH22-17 is the first hole testing the Blue Sky target located approximately 600 metres northeast of the northern extent of the Ruby Deeps
and returned multiple significant intervals of low to moderate grade mineralization accompanied by strong alteration, similar to what is observed in
the Ruby Deeps deposit (see Figure 1 and Table 1) including
1.4 g/t Au over
35.1 m
and 7.7 g/t Au over
3.0 m
.
"Step-out drilling in the 426 and Ruby Deeps Zones continue to confirm our belief that Ruby Hill has excellent potential to host a world-class,
Carlin
-type, gold deposit", stated
Ewan Downie
, CEO of i-80. "Generative exploration drilling has now resulted in multiple new discoveries
including at the 007, Hilltop and Blue Sky targets with extensive alteration and mineralization, further demonstrating a system comparable to
several of
Nevada's
most productive gold districts."
Figure 1 – Ruby Hill Surface Oblique Plan View
Figure 1 – Ruby Hill Surface Oblique Plan View (CNW Group/i-80 Gold Corp)
The ongoing infill and step-out drill program will aid in the advancement of the Company's plan to develop an underground mine at Ruby Hill,
accessed via 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. Step-out 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 ongoing and planned drill programs in 2022 that
combined are expected to comprise in excess of 50,000 metres.
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 its operational and oxide mineralization can be processed on-site at the existing heap leach pad, or at the existing 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.
Table 1 – Highlight Assay Results from
Ruby Hill Drilling
New 2022 Drill Results from Ruby Hill – Estimated true widths 80-95%
Drillhole ID
Zone
Type
From (m)
To (m)
Length (m)
Au (g/t)
iRH22-11
Blue Sky
Core
NSI
iRH22-12
Ruby Deeps
Core
702.0
713.4
11.4
13.5
incl.
Ruby Deeps
Core
708.1
713.4
5.3
21.7
iRH22-13
Ruby Deeps
Core
634.0
640.1
6.1
13.4
iRH22-14
426
Core
423.1
432.2
9.1
4.0
and
Lower 426
Core
472.9
485.2
12.3
14.8
and
Lower 426
Core
500.2
505.1
5.0
5.0
and
Lower 426
Core
514.6
518.9
4.4
8.0
iRH22-15
Ruby Deeps
Core
642.8
652.0
9.1
5.3
iRH22-16
Ruby Deeps
Core
724.8
732.4
7.6
10.8
iRH22-17
Blue Sky
Core
504.7
539.8
35.1
1.4
and
Blue Sky
Core
569.4
572.4
3.0
7.7
and
Blue Sky
Core
801.2
808.8
7.7
2.7
and
Blue Sky
Core
821.1
828.8
7.7
2.0
iRH22-18A
007
Core
439.7
450.8
11.1
10.5
iRH22-19
Ruby Deeps
Core
591.3
592.8
1.5
8.9
and
Ruby Deeps
Core
621.8
624.8
3.0
6.7
iRH22-20
Ruby Deeps
Core
601.1
619.4
18.3
11.8
and
Ruby Deeps
Core
677.0
693.7
16.8
11.9
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iRH22-11
587294
4376430
1984
265
-78
iRH22-12
587187
4376062
1980
140
-88
iRH22-13
587280
4376239
1982
290
-86
iRH22-14
587272
4376008
1974
185
-84
iRH22-15
587196
4376128
1982
110
-86
iRH22-16
587189
4376126
1981
180
-80
iRH22-17
587514
4376530
1983
335
-76
iRH22-18
587491
4376037
1965
090
-87
iRH22-19
587288
4376229
1982
177
-83
iRH22-20
587163
4376006
1967
255
-89
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 poly-metallic (base metal) deposits.
QAQC Procedures
All samples were submitted to either American Assay Laboratories (AAL) or ALS Minerals (ALS) both of
Sparks, NV
, which are ISO 9001 and
17025 certified and accredited laboratories, independent of the Company. Samples submitted through AAL and ALS are run through standard
prep methods and analyzed using FA-Pb30-ICP (Au; 30g fire assay; AAL) and Au-AA23 (Au; 30g fire assay; ALS) and ME-ICP41 (35 element
suite; 0.5g Aqua Regia/ICP-AES; ALS). AAL and ALS also undertake 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, Senior 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 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.
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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/i-80-gold-discovers-new-gold-high-grade-zone-and-expands-mineralization-at-ruby-hill-301641373.html
SOURCE
i-80 Gold Corp
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2022/05/c5228.html
%SEDAR: 00052022E
For further information:
please contact: Ewan Downie - CEO, Matt Gili - President & COO, Matthew Gollat - EVP Business & Corporate
Development, 1.866.525.6450, [email protected], www.i80gold.com
CO: i-80 Gold Corp
CNW 06:00e 05-OCT-22