i-80 Gold Reports High-Grade Gold in Drilling at Ruby Hill - 426 Zone Results Include 13.9 g/t Au over 13.4 m , 9.7 g/t Au over 23.2 m & 15.6 g/t Au over 12.2 m
i-80 Gold Reports High-Grade Gold in Drilling at Ruby Hill -
426 Zone
Results Include 13.9 g/t Au over
13.4 m
, 9.7 g/t Au over
23.2 m
& 15.6 g/t Au over
12.2 m
RENO, Nev.
,
Aug. 16, 2022
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80", or the "Company")
is pleased to
announce that initial drilling to test the 426 Zone, part of the Ruby Deeps deposit, has intersected multiple zones of high-grade
mineralization at the Company's 100%-owned Ruby Hill Property ("
Ruby Hill
" or "
the Property
") located in
Eureka County,
Nevada
.
Highlight results from initial infill and step-out drilling in the 426 horizon:
iRH22-02 – four intervals:
9.6 g/t Au over
15.5 m
(0.28 oz/ton – 51.0 ft)
7.7 g/t Au over
10.1 m
(0.22 oz/ton – 33.0 ft)
13.9 g/t Au over
13.4 m
(0.40 oz/ton – 44.0 ft)
11.6 g/t Au over
7.6 m
(0.34 oz/ton – 25.0 ft)
iRH22-05
9.9 g/t Au over
9.8 m
(0.29 oz/ton – 32.0 ft)
iRH22-07 – four intervals
8.2 g/t Au over
2.1 m
(0.24 oz/ton – 7.0 ft)
9.7 g/t Au over
23.2 m
(0.28 oz/ton – 76.0 ft)
10.7 g/t Au over
10.1 m
(0.31 oz/ton – 33.0 ft)
10.4 g/t Au over
15.8 m
(0.30 oz/ton – 52.0 ft)
iRH22-08
15.6 g/t Au over
12.2 m
(0.45 oz/ton – 40.0 ft)
iRH22-09
7.7 g/t Au over
9.4 m
(0.22 oz/ton – 31.0 ft), incl. 10.6 g/t Au over
5.3 m
(0.31 oz/ton – 17.5 ft)
iRH22-10
10.4 g/t Au over
13.7 m
(0.30 oz/ton – 45.0 ft)
The 426 Zone is the upper portion of the Ruby Deeps deposit, is interpreted to consist of stratigraphic and fault controlled
sub-horizontal mineralization hosted within or proximal to the northeast striking 426 fault structure and is anticipated to be the
first zone accessed from underground. Drilling in the 426 Zone is designed to define mineralization for initial mine planning, to
provide geotechnical work for the design of the underground decline, and to complete additional metallurgical test work. The
426 Zone remains open along strike to the south and at depth with very little drilling existing along the 426 fault at depth above
its intersection with the Ruby Deeps. Drill holes iRH22-02 and iRH22-07 each intersected four significant intervals within this
gap. Several holes intersected multiple structures, suggesting the potential to define resources in multiple horizons (see
Figures 1 & 2 and Table 1) and, as in previous drilling in the Ruby Deeps Zone, ground conditions appear to be very
favourable and intersection widths and grades have met or exceeded expectations. Additionally, significant oxide
mineralization has been observed in the upper portions of the deposit.
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 recent results include
19.8 g/t Au over
33.2 m
and 7.1 g/t Au over
78.6 m
.
Multiple gold and poly-metallic exploration targets are also being drilled.
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.
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 CIL plant, once refurbished. i-80's substantial existing infrastructure at Lone Tree and Ruby Hill is
expected to reduce potential exposure to the current inflationary environment.
"The grades of mineralization at Ruby Hill continue to impress as we define one of the premier
Carlin
-type, gold deposits in
Nevada
", stated
Ewan Downie
, CEO of i-80. "We have a CIL plant at Ruby Hill that could factor into our future processing
plans given that we are intersecting appreciable oxidized mineralization in the 426 Zone. Additionally, significant alteration and
mineralization has been observed in multiple conceptual exploration targets that have been tested to-date that also include
oxidized mineralization."
Figure 1 – Ruby Hill Oblique Surface Plan (CNW Group/i-80 Gold Corp)
Table 1 – Highlight Assay Results from Ruby Hill 426 Zone
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)
iRH22-01
426
Core
312.7
324.9
12.2
4.2
and
426
Core
342.9
362.7
19.8
3.4
iRH22-02
426
Core
423.1
438.6
15.5
9.6
and
426
Core
467.6
477.6
10.1
7.7
and
426
Core
489.5
502.9
13.4
13.9
and
426
Core
515.1
522.7
7.6
11.6
iRH22-03
426
Core
NSI – Hole deviated from target
iRH22-04
426
Core
299.5
313.3
13.9
4.6
and
426
Core
346.3
350.4
4.1
12.7
iRH22-05
426
Core
354.5
364.2
9.8
9.9
iRH22-06
Ruby Deeps
Core
Previously released
iRH22-07
426
Core
401.1
403.3
2.1
8.2
and
426
Core
408.6
431.7
23.2
9.7
and
426
Core
455.4
465.4
10.1
10.7
and
426
Core
482.2
498.0
15.8
10.4
iRH22-08
426
Core
393.2
405.4
12.2
15.6
iRH22-09
426
Core
336.3
345.8
9.4
7.7
including
426
Core
336.3
341.7
5.3
10.6
and
426
Core
360.9
371.6
10.7
4.1
and
426
Core
385.3
388.3
3.0
8.9
iRH22-10
426
Core
388.0
401.7
13.7
10.4
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iRH22-01
587267
4376014
1974
127
-72
iRH22-02
587268
4376015
1974
131
-84
iRH22-03
587065
4375987
1958
130
-55
iRH22-04
587267
4376014
1973
165
-70
iRH22-05
587065
4375988
1958
141
-53
iRH22-07
587267
4376017
1974
163
-80
iRH22-08
587343
4376133
1983
123
-78
iRH22-09
587267
4376016
1974
097
-74
iRH22-10
587340
4376132
1982
108
-76
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 CIL plant and an active heap leach facility. The Property
is host to multiple gold, gold-silver and poly-metallic (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 ALS Minerals (ALS) of
Sparks, NV
, which is an ISO 9001 and 17025 certified and accredited
laboratory, independent of the Company. Samples submitted through ALS are run through standard prep methods and
analysed using Au-AA23 (Au; 30g fire assay) and ME-ICP41 (35 element suite; 0.5g Aqua Regia/ICP-AES) for ALS. ALS 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.
www.i80gold.com
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.
Figure 2 – Cross Section – 426 Zone (CNW Group/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 16-AUG-22