i-80 Gold Intersects 12.3 g/t Au Over 10.7 m in New Target at Ruby Hill
i-80 Gold Intersects 12.3 g/t Au Over 10.7 m in New Target at
Ruby Hill
RENO, Nev.
,
Feb. 8, 2023
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80", or the "Company")
is pleased to
announce that drilling has identified new zone of high-grade gold mineralization in its first hole drilled to test a new target area at
the Company's 100%-owned Ruby Hill Property ("
Ruby Hill
" or "
the Property
") located in
Eureka County, Nevada
.
High-grade gold mineralization was intersected in the first hole drilled to test continuity of a historic intercept below the Archimedes
pit. A historic hole (HC1428) drilled by Homestake Mining Company intersected
15.0 g/t Au over
5.5 m
, however no additional
drilling was ever completed. Late in the 2022 drill program, this target was tested with a step-out hole, iRH22-65, that intersected
high-grade mineralization at the projected target depth (see Figures 1 & 2 and Table 1).
Highlight results from hole iRH22-65 drilled to test the 428 Zone:
428 Zone : 12.3 g/t Au over
10.7 m
(0.36 oz/ton – 35.0 ft)
The 428 Zone is located approximately 300 metres east of the southern portion of the Ruby Deeps Zone and is one of several
brownfields exploration targets tested in the highly successful 2022 exploration program at Ruby Hill. This program resulted in
multiple gold, polymetallic and base metal discoveries including the Hilltop Zones where drilling has returned significant high-grade
carbonate replacement mineralization (CRD) including
515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over
28.3 m
in hole
iRH22-43 (Upper Hilltop). The 428 Zone is located below the Archimedes pit and appears to be a combination of distal-
disseminated gold mineralization overprinted by later
Carlin
-type gold mineralization. The mineralization is hosted within the top of
the
Hamburg
dolomite at the contact with overlying metamorphosed Dunderberg Shale with close proximity to the Blanchard fault.
The Blanchard fault structure was one of the primary feeder structures of the multiple mineralized zones mined in the pit. No other
holes have tested this contact in proximity to the Blanchard fault presenting a significant upside target at Ruby Hill. Additionally,
the
Hamburg
dolomite represents a new host of
Carlin
-type mineralization on the Property and follow-up drilling will be completed
during the ongoing 2023 exploration program.
"Our multiple discoveries made in 2022 highlight the potential of the mineralized system at Ruby Hill and confirm our model for the
occurrence of multiple types of world-class, high-grade, deposits", stated
Tyler Hill
, Senior Geologist of i-80. "Drilling is currently
focused on expanding mineralization within the Hilltop Zones and the Blackjack horizon, both of which are located in close proximity
to the underground infrastructure currently being planned and permitted".
23 drill holes from the 2022 Ruby Hill drill program remain outstanding at assay labs and the Company expects to be in a position
to provide an update from this drilling within a few weeks.
Table 1 – Highlight Assay Results from Ruby Hill Drilling
Drillhole ID
Zone
Type
From (m)
To (m)
Length (m)
Au (g/t)
iRH22-65
428
Core
506.6
517.2
10.7
12.3
*True width is estimated to be 90%
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iRH22-65
587310
4375741
1780
138
-72
Figure 1 – Ruby Hill Surface Plan (CNW Group/i-80 Gold Corp)
Figure 2 – Cross Section 428 Zone (CNW Group/i-80 Gold Corp)
The Ruby Hill Property is one of the Company's flagship assets and is host to the core infrastructure within the
Eureka
District of
the Battle Mountain-Eureka Trend. The Property is located approximately 2 km from the town of
Eureka, Nevada
and is host to
multiple gold, gold-silver and polymetallic (base metal) deposits.
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 are run through standard prep methods and
analyzed using FA-Pb30-ICP (Au; 30g fire assay) and a custom multi-element package (35 element Suite; 0.5g 4-acid
digestion/ICP-MS) methods. AAL 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. Historic holes were assayed by various accredited
laboratories. Refer to the
July 31, 2021
, NI 43-101 Report on 2021 Ruby Hill Mineral Resource Estimate,
Eureka County, Nevada
,
USA for information on historic assays.
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 with processing at i-80's
centralized milling facilities.
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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For further information:
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 08-FEB-23